YAVNE, ISRAEL -- Orbotech today reported first-quarter net income swung to a net profit of $5 million, reversing a loss of $700,000 in the year ago period.

For the period ended March 31, the AOI maker had revenues of $95.5 million, down 1.6% from the fourth quarter 1% from last year.

Sales of equipment to the printed circuit board  industry were up 17% sequentially and 1.7% from the first quarter of 2012.

In a release, chief executive Asher Levy said, “We are benefiting from the steps we took last year to reduce our expense structure and improve our balance sheet, as well as from improved industry conditions. We remain focused on key areas, such as introducing new products, providing highest quality service to our customers and improving our operating leverage, which is clearly reflected in our results. Orbotech remains committed to seeking opportunities to utilize existing technologies for the development of new products, and for uses in new industries, in order to generate incremental growth and to continue to provide our customers with innovative solutions.”

Orbotech guided for second-quarter revenues of approximately $105 million.