YAVNE, ISRAEL – Orbotech Ltd. reported third-quarter revenues of $144.4 million, down 5.9% sequentially and down 7.5% year-over-year.

GAAP net income for the quarter was $14.7 million, down 22.2% sequentially and down 8.7% year-over-year.

Revenues for the first nine months of 2011 totaled $432 million, up 7.7% year-over-year. GAAP net income for the period was $44.8 million, up 48.3% compared to the same period in 2010.

“We are today separately announcing the introduction of new solutions across several areas of our PCB and ECM offerings," said Rani Cohen, president and CEO.
During the third quarter, the company sold a record number of laser-based direct imaging systems and also recognized initial revenues from its new Emerald UV laser drilling system.

Orbotech continued to receive new orders for FPD equipment for use in the manufacture of mobile devices.

Sales of equipment to the PCB industry were $56.6 million in the third quarter, down 3.7% sequentially and up 33.5% year-over-year.

Sales of equipment to the FPD industry were $49.6 million, down 12.4% sequentially and down 38.4% compared to the third quarter of last year.