YAVNE, ISRAEL -- AOI OEM Orbotech swung to a fourth-quarter profit, reporting net income of $4 million, up from a net loss of $5.4 million last year.

Revenues were up 33% year-over-year and down 17.8% sequentially to $128.4 million. Net income fell 75% sequentially for the period ended Dec. 31.

For the year, sales were up 47% to $529.4 million, and net income was $34.1 million, up from a net loss of $19.9 million in 2009. s

Strong demand for tablets, smartphones and other electronics devices resulted in better-than-expected orders in the fourth quarter for the company’s PCB inspection and production solutions, in particular the laser direct imaging (LDI) equipment. Sales of equipment to the printed circuit board industry were $50.1 million in the quarter, up from $42.4 million in the third quarter and $26 million last year.

Orbotech reiterated its previously announced revenue for 2011 of approximately $560 million, with first-half revenues in the range of $280 million to $300 million.

President and chief executive Rani Cohen said, “We are very pleased with the strong results. During the year we increased our investments in the research and development of new products, including inspection and production solutions for PCB and FPD manufacturers and a new product for the solar energy industry. Orbotech is entering 2011 with an outstanding product portfolio in all areas of our business and very solid orders for each of our leading products. We believe we are well positioned to take advantage of the strong growth in the consumer demand for sophisticated devices such as smartphones, tablets and other electronic devices.”

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