YAVNE, ISRAEL – Orbotech Ltd. reported first-quarter revenue fell 9% from last year to $91.9 million. Quarter-on-quarter, it dropped 29%.
 
GAAP net loss was $7.9 million for the quarter, compared to a net income of $3.7 million last year. Non-GAAP net loss was $1.4 million, down from a net income of $6 million in 2008.

Flat panel display (FPD) inspection equipment saw the greatest year-over-year gain. Sales came in at $50 million, up from $20.4 million last year. Equipment sales to the PCB industry showed the weakest performance, at $10.6 million for the quarter compared to $36.5 million in 2008.
 
Orbotech completed the quarter with cash, cash equivalents and marketable securities of nearly $119 million.
 
Financial results were in line with expectations, and the company remains optimistic. It expects to continue to benefit from its cost-saving measures, cash flow management and monitoring of discretionary spending.