YAVNE, ISRAEL -- Orbotech reported fourth-quarter net income fell 37.5% from last year to $2.5 million on a large inventory writedown.

For the period ended Dec. 31, the AOI equipment maker saw revenues climb 3.8% to $133.3 million. Net income included a write-down of $6.7 million related to excess inventories of components for flat panel display products.

PCB equipment sales rose 5% year-over-year to $52.6 million in the quarter, and were up 30% for the year.

For the year, the company reported revenues climbed 6.8% to $565.3 million. Net income jumped 39% to $47.3 million, including the write-down of $6.7 million.