YAVNE, ISRAEL -- Orbotech said first quarter revenue rose 9.7% from a year ago to $104.8 million, and net income rose 26% to $6.3 million.

Revenues fell 14.2% sequentially while net profits fell by half, the AOI maker said.

Sales of equipment to the printed circuit board industry were $41.5 million in the March quarter, compared to $45.3 million in the fourth quarter and $47.4 million a year ago.

"While the PCB industry experienced a low level of production utilization in certain segments during the first quarter, our FPD business experienced a very strong quarter, with over $65 million in new bookings for our recently introduced products, expected to be delivered mainly in late 2014 and early 2015," chief executive Asher Levy said. "This was driven, in turn, by large planned investments in China for anticipated demand for small to midsize electronic devices and a consumer trend towards larger LCD television screens. "

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