Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  
TRANSCRIPT SPONSOR
Better Than AdSense

Orbotech, Ltd. (NASDAQ:ORBK)

Q4 2006 Earnings Call

February 20th, 2007, 9:00 a.m. ET

Executives

Adrian Auman - Vice President of Finance and Investor Relations

Rani Cohen - Chief Executive Officer

Amichai Steinberg - Executive Vice President and CFO

Analysts

Joseph Wolf - UBS Warburg

Rami Rosen - Oscar Gruss

C.J. Muse - Lehman Brothers

Darice Liu - Maxim Group

Jim Ricchiuti - Needham & Co

Sergey Vastchenok - CIBC World Markets

Presentation

Operator

Good morning and welcome to the Orbotech Limited Q4 2006 conference call. At this time all participants are in a listen-only mode. During the question and answer session, if you’d like to ask a question, please press “*” “1” on your touchtone phone. Today’s conference is being recorded. If you have any objection, you may disconnect at this time. I will now turn the call over to Mr. Adrian Auman. Thank you, sir, you may begin.

Adrian Auman

Thank you, Operator. Good morning. This is Adrian Auman, Vice President of Finance and Investor Relations at Orbotech. Joining me on the call today are Rani Cohen, Chief Executive Officer; and Amichai Steinberg, Executive Vice President and CFO. You should’ve all received the copy of the press release, which was issued earlier today. If you have not received this release, please refer to Orbotech's website at www.orbotech.com. I would like to take this opportunity to inform everyone that management will be presenting at the upcoming USDC Needham Display Conference in New York on March 1st and at the Merrill Lynch Israel Equity One-On-One Forum in London on April 17th and in New York on April 19th.

Now before starting the call, I'd like to mention that certain statements that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements, and these forward-looking statements involve known and unknown risk and some uncertainties. Any factors could cause the actual results, performance or achievements of the Company to be materially different from those that maybe expressed or implied by such forward-looking information. Additional information regarding risk and uncertainties associated with the Company's business are included in but not limited to the Company's reports filed from time to time with the SEC. With that said, I would like to turn the call over to Rani Cohen.

TRANSCRIPT SPONSOR

Better Than AdSense

What if there was a way to promote your company to a perfectly targeted group of potential customers, partners, acquirers and investors? What if you could tailor your pitch to them at the moment of maximum interest? And what if you could do this for a no-brainer price?

This is exactly what Seeking Alpha is offering with transcript sponsorships.

Seven types of companies are sponsoring earnings transcripts on Seeking Alpha:

1. Company sponsors its own earnings call transcript (example).

2. Company sponsors partner's transcript (example).

3. Company sponsors competitor's transcript (example).

4. Issuer-sponsored research firm sponsors client's transcript (example).

5. Investment newsletter sponsors transcripts of successful stock picks (example).

6. IR firm sponsors transcript of micro-cap company (example).

7. Consulting company sponsors company's transcript in sector of interest (example).

Your company's name and promotion could have been on this transcript! Learn more, or email Zack Miller for details.

Rani Cohen

Thank you, Adrian. Hello everyone, and thank you for joining us. Our results for the fourth quarter close out a strong year during which we achieved record revenues and significantly increased profitability compared to 2005. Our flagship product lines, the Discovery, Paragon, and Symbion, are very well-established; and in FPD, we continue to be the supplier of choice present at every fab.

As usual, I will give you the details for the quarter and then discuss the major trends that characterize our environment, starting with PCB. We saw a modest sequential decline in PCB this quarter, both in bare board and assembly. There's no particular change in the business, nothing fundamental, and we think this is more a matter of timing of orders. To the extent that there was any weakness, it came from Europe and Japan. The Pacific Rim, where most of our business is, remains strong. The environment remains healthy and we continue to see plant expansion.

During the quarter, we sold 18 direct imaging systems, reaching our goal for the year of 75 systems versus 57 last year, and over 100 Discovery systems. We also introduced our new photo tool inspection system based on the successful Discovery platform. The system was very well received and we believe we now have the most comprehensive solution for this application as well. The sequential decline in PCB assembly derives primarily from pricing pressure in the Far East, where we will continue to remain focused on better margin opportunities.

Turning to the display market, last quarter we described how despite the strong demand for TVs and other flat-panel devices, manufacturers have become cautious regarding further investment. We expected this result in a decline in Q4 FPD revenues, and unfortunately, we were not disappointed. We continue to supply the Gen 8 inspection systems for Samsung, where we have delivered about half of a very large system deployment.

Last quarter, we told you that FPD manufacturers were talking about a decline in CapEx for 2007 of about 20%. That number is now looking more like 30%. This will obviously affect our first-half 2007 FPD results, but we expect to see improvement in the second half of 2007, and a strong environment in 2008. Focusing on some of the financial matters, gross margins for Q4 were a bit lower than we had forecast, mostly on the FPD side. Our R&D expenses for the quarter were a bit on the high side, reflecting the timing of certain projects that were on track for the year.

You will notice that we recorded a restructuring charge about $0.10 for the quarter. We had been doing R&D for assembled PCBs in both Germany and Israel, and decided that it would be more efficient to consolidate that work in Israel. This would result in an annual cost savings of about $1.6 million.

Now let me give you some guidance. Given the trends that I described above, we expect revenues in the first quarter of 2007 to range from about $85 to $90 million due primarily to the expected decline in FPD. We expect gross margins in the low 40s. For the full year 2007, we expect revenues of around $400 million, and gross margins back up to the mid-40s.

We continue to be confident in our business and in our outlook. We remain the industry leader in our market, and will continue to invest in order to respond to and anticipate our customers' needs. We are also confident in our ability to manage and adapt in such a dynamic market. With that, I will turn the call over to Adrian to review the numbers.

Adrian Auman

Thank you, Rani. Revenues for the fourth quarter of 2006 totaled $103.3 million compared to the $106.9 million in the third quarter of 2006, and the $96.5 million in the fourth quarter a year ago. Net income for the fourth quarter of 2006 was $9.4 million, or $0.28 a share diluted, compared to net income of $16.2 million, or $0.49 per share in the third quarter of '06, and net income of $12 million, or $0.36 a share in the fourth quarter of last year.

The Q4 results include a restructuring charge of $3.3 million, or $0.10 a share in connection with the Company's program to centralize its assembled PCB research and development activities at corporate headquarters in Israel. The results also reflect the adoption on January 1st, 2006 of revised FAS 123 share-based payment, which resulted in increased compensation expenses totaling approximately $800,000 in the fourth quarter without any reduction in income taxes and a corresponding decrease in diluted earnings per share of $0.02.

Sales of equipment to the printed circuit board industry relating to bare printed circuit boards were $40.8 million in the fourth quarter, compared to $44 million in the third quarter of 2006 and $38.4 million in the fourth quarter of '05. Sales of FPD inspection equipment were $27.8 million, compared to $30.5 million in the third quarter, and $28.1 million in the fourth quarter of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $8.5 million compared to $9.3 million in the third quarter and $8.4 million in the fourth quarter of last year. Sales of automatic check reading products were $3.2 million, compared to $1.5 million in the third quarter and $2.1 million in the fourth quarter of 2005.

In addition, service revenues for the fourth quarter of 2006 were a record $22.9 million compared to $21.3 million in the third quarter of '06 and $19.3 million in the fourth quarter of last year. Let me give you the usual breakdown for sales by products and geography by percent for the fourth quarter. PCB bare board equipment sales were 51%, PCB assembly 10%, flat-panel display 35%, and Orbograph (ph) 4%.

Geographically for the quarter: the Pacific Rim 64%, Japan 14%, North America 14%, Europe and other 8%. Of the Pacific Rim sales revenues, 25% came from Taiwan, 42% from China, and 29% from Korea. Our gross margins during the quarter declined to 44.7% due to lower FPD revenues.

Regarding R&D, the Company is continuing its efforts to expand into new technologies, develop new products and provide enhancements to existing products, and during Q4 our R&D expenses as a percent of revenues were approximately 16.2%, but for the year, they were within our target of allocating between 14% to 15% of our revenues to these R&D efforts. This led to lower operating margins for the quarter. However, our gross operating and net margins for the year were the highest they have been since early 2001.

Turning now to the balance sheet, our balance sheet remains extremely strong. We finished the quarter with cash and marketable securities of approximately $270 million, an increase of approximately $14 million from the end of Q3. This was driven by strong collections, which led to an operating cash flow of approximately $14 million for the quarter. Our DSOs increased to 126 days but were in line with the 120 to 130 days range we guided the street on the last call.

Non-operating disbursements totaled approximately $12.2 million, comprised mostly of the $9.1 million for the repurchase of approximately 357,000 shares pursuant to the Company's previously announced program. As of today, we have repurchased approximately 770 shares of the Company shares.

Looking ahead to 2007, we expect the continued strength of the Israeli shekel to have an effect of approximately $0.02 per share per quarter. We also expect the gross margin to be in the low 40s for the first quarter improving to the mid-40s to the full year 2007. Our strong results for the year reflect the combination of advantageous industry convictions, our well-tailored product portfolio and discipline in financial management. We will continue to carefully control expenditures and as well as our allocation of resources across product lines and geographic territories. This concludes our prepared remarks, and at this point, we’d be glad to answer your questions. Operator.

Question-and-Answer Session

Operator

Thank you sir. (Operator Instructions) Sir, our first question comes from Joseph Wolf. Please state your affiliation.

Joseph Wolf - UBS

UBS, thanks. A question regarding the PCB outlook for 2007. I'm wondering if you could give any guidance on the number of units or the growth that you expect in that business for 2007, and then talk about expectations for the assembly unit, you mentioned pursuing higher-margin business. How does that expect to play out; what kind of customers, and whether you're trying to downsize or get that business to the right size in terms of revenues that you're going after? And then just, should we still be looking at the typical 8% to 12% growth for the regular PCB business?

Rani Cohen

Okay. This is Rani. As we always say, and I have to repeat it, our visibility for the PCB market is very, very low. Giving a good, solid forecast for a year ahead is really impossible. What I can tell you is, first of all, if we look at the overall PCB market, not specifically our business, what the analysts, experts, customers, etc., etc. expect is a growth of around 6% to 7% of the PCB market. Traditionally in the past, we have grown a bit more than the market based on the fact that we sell our AOI systems go for both capacity and technology improvements. In addition, we have DI as a growth engine, which should grow faster than the market because it's still in penetration mode or -- I think we passed the initial penetration mode, but that definitely is a product and business that is growing faster than the regular growth of the market, it's not at the maturity stage that the AOI or plotters or CAM business is at. So that is the best I can tell you about the PCB. In assembly, we consolidated our operation. Obviously, the cost-cutting is an important part of that, but the major factor there was R&D efficiency, and developing into R&D centers is always much more difficult than doing it in one place, and over the past few years we have been contemplating this idea and finally decided that it would be the right thing to do with all of the difficulties that it presents on the issue of consolidating the knowledge and people and so on and so forth. As to the assembly business, very similar to the PCB, it's very, very hard to forecast. And as you know, our position in that market is not the same as it is in the bare board PCB market. We do not have plans to consolidate the revenue or reduce the revenue in that business, but we do have, if you want to call it, rules of engagement, or we better defined and specified the rules of the deal that we want to take or will walk away from in order to be more profitable.

Joseph Wolf - UBS

Okay, great. Thank you.

Operator

Thank you sir. Our next question comes from Rami Rosen. Please state your affiliation.

Rami Rosen - Oscar Gruss

It’s Oscar Gruss. Good morning. Just first a clarification regarding guidance. Rani, you said gross margin of low 40s in the first quarter. Right?

Rani Cohen

Correct.

Rami Rosen - Oscar Gruss

Okay.

Rani Cohen

[Voice overlap] for the rest of the year.

Rami Rosen - Oscar Gruss

Okay. Do you expect to any change in OpEx for the next quarter?

Adrian Auman

Rami, it's Adrian. Again, we do expect that the -- the timing of R&D is hard, because again, the increase in R&D in Q4 partly was due to the timing of certain R&D projects. We did -- for the first nine months of the year, we were below our target, so we won't be at the rate of the fourth quarter, in R&D a little less. However, in our SG&A, and it will effect also operating expenses, the dollar-shekel across the board for the Company will expect us at about $0.02 a share per quarter and about, if it remains at the current levels, of about NIS4.20 to NIS4.25 per dollar.

Rami Rosen - Oscar Gruss

Okay. Now, can you provide us some more color on the indication that you have now with respect to a rebound or a recovery in the FPD business? In the second half, I mean.

Rani Cohen

As I said, what we know now, or what we can forecast now, and then as we all know, the lead times in the FPD are a bit better than they are in the other markets. We know now that the first quarter is going to be low, and we gave guidance according to that. The second quarter doesn’t look that great either yet, but it's a bit -- there's still possibilities there. And based on what we hear from customers and anybody who reads all of the reports and forecasts and so on regarding the FPD industry, and what we hear specifically from when we talk to our customers and to other people, everybody expects it to pick up in the second half. It's not clear whether it's going to happen in the third quarter, it may be delayed for the fourth quarter. Everybody expects 2008 to be a strong year regarding CapEx. So that's what we're basing our forecast on, not more than that.

Rami Rosen - Oscar Gruss

Okay. Lastly for me, is there any change to your outlook regarding LDI growth in '07? Was there any decrease or any change in your gross margin for that activity during the quarter?

Rani Cohen

No, it's pretty much the same, Rami.

Rami Rosen - Oscar Gruss

Okay, thank you guys and good luck going forward.

Operator

Thank you. Our next question comes from C.J. Muse. Please state your affiliation.

C.J. Muse - Lehman Brothers

Yeah. Lehman Brothers. Good afternoon. A couple of questions I guess. First off, just to piggyback on the LDI question, it looks like you achieved roughly $50 million for that business and roughly 30% of your PCB revenues. What do you think that could look like in 2007? Getting up to 35%-40% achievable and part of $400 million revenue guidance?

Rani Cohen

First of all, the percentage depends on the overall pie, so the percentage couldn’t go up amazingly if the whole pie goes down, which is not our plan obviously. But I will talk specifically about the DI. We have very aggressive growth plans for 2007 and you can see DI grew very nicely from '05 to '06. And we plan to continue to grow at least at that rate, and I think it's a very reasonable plan. As I said before, direct imaging is definitely not at the maturity level of AOI or our other product offerings to the market, and we had some very, very nice achievements in placing machines for new applications and other things, and we have plans to do more of that in 2007, which should fuel the growth in that area.

C.J. Muse - Lehman Brothers

At your analyst day last year, you talked about the key driver here being handsets and then seeing other markets potentially adopting the technology. Can you, I guess give an update on what markets are driving adoption and what you think will drive adoption in 2007?

Rani Cohen

It's like you said, the HDI: high-density interconnect, that's one of the drivers of the market, and we -- as I said before, we have plans to put in -- to apply direct imaging to other applications. The ability of DI and registration and accuracy and things like that makes it a very good tool for other applications, other than the photoresist or exposure replacement in the photoresist area. So I think that gives us a big potential there to grow.

C.J. Muse - Lehman Brothers

Got you, and I guess a question on the gross margin for 4Q. I believe you said that was principally due to weakness on the flat-panel side. Was that directly due to one customer, or has something shifted in terms of ASPs for your tools?

Amichai Steinberg

No, C.J., it's not ASPs, primarily due to a one large order.

C.J. Muse - Lehman Brothers

So, similar to the same problem you had about 12 months ago?

Amichai Steinberg

Yes, it's not a problem.

C.J. Muse - Lehman Brothers

Alright. That's it for me. Thank you.

Operator

Thank you. Our next question comes from Darice Liu.

Darice Liu - Maxim Group

It's Darice Liu from Maxim Group. Regarding your '07 guidance of $400 million, can you breakout that mix between FPD and PCB?

Adrian Auman

Not exactly, Darice, but no doubt that the decrease in the CapEx in the flat-panel display will have a material impact on our business, and hopefully it will be subsidized, so to speak by modest growth on the PCB and assembly.

Darice Liu - Maxim Group

Are you assuming just a flat 30% drop based on the CapEx environment?

Amichai Steinberg

I don't know if 30% -- if 30% at the end of the day, but it might be somewhere in that neighborhood, yes.

Darice Liu - Maxim Group

Fair enough. And then from a product standpoint, you have mentioned in the past new products for both FPD and PCB segments for this year. Can you provide more color now, including the timing of these product launches?

Rani Cohen

The new product we have in the pipeline for those markets are probably not going to affect the 2007 revenues. We may be able to put part of them in the field to begin testing, but not more than that. So we don't expect any revenue from those new products. They are in different stages in R&D. We have -- I think we -- the result in very good product and with big advantages to our customers and will eventually be significant growth drivers for the Company. But that’s not going to happen in 2007.

Darice Liu - Maxim Group

But do you believe both these products will be able to be in this field for beta testing by the second half of this year?

Rani Cohen

No, not all of them. We hope that at least some of them we'll be able to put into field testing by the end of this year.

Darice Liu - Maxim Group

Can you specify whether it's FPD or the PCB product?

Rani Cohen

I prefer not to.

Darice Liu - Maxim Group

And I guess from a housekeeping question, your tax rate was a little bit lower this quarter, which added about $0.02 to the bottom line. What should we be modeling going forward for '07?

Adrian Auman

Darice, this is Adrian. As you know, having operations worldwide complicates a bit our tax computation. But as I tell analysts, for 2007, I recommend that you still use a 15% effective tax rate for your models.

Darice Liu - Maxim Group

Thank you guys.

Adrian Auman

You are welcome.

Operator

Thank you, our next question comes from Jim Ricchiuti. Please state your affiliation.

Jim Ricchiuti - Needham & Co

Thank you, Needham & Co. Good afternoon. The question just relates to your guidance for Q1. If I look at the low end of that guidance at $85 million, and if it sounds like Q2 may not be significantly better, it sounds like to get to your $400 million, you're assuming a pretty steep ramp in the second half of the year and (technical difficulty) you don't have a lot of visibility in PC. What gives you the confidence that you can get to (technical difficulty)?

Amichai Steinberg

Jim, we hardly heard your question, but I think we got the spirit. At the end of the day, it's all about the flat-panel display moving along the year. We all are unfortunately pretty sure that the first half will be weak. We are hoping, based on what as Rani said, based on what we are hearing and hearing from the Street and hearing from our customers that the second half will be much better than the first half. If that's going to be the case, it will come together with solid PCB and assembly business. So overall, I think the $400 million is really good.

Jim Ricchiuti - Needham & Co

Okay. I hope you can hear me a little better. Can you tell me what you're targeting for your R&D spend as a percent of revenues in '07?

Amichai Steinberg

It's going to be around $400 million; it's about 15%.

Jim Ricchiuti - Needham & Co

Okay. And do you have much flexibility in terms of SG&A expense? I assume that's going to go up as a percent of revenues.

Amichai Steinberg

Not by a lot. It will go up, but not like (inaudible). There are some flexibility, though.

Jim Ricchiuti - Needham & Co

Okay, that's helpful, thanks very much.

Operator

Thank you, our next question comes from Sergey Vastchenok. And please state your affiliation, sir.

Sergey Vastchenok - CIBC World Markets

Hi guys, Sergey Vastchenok, CIBC. In your guidance for Q1, you expect a pretty low number for both FPD and PCB. You expect the FPD business to improve, which drivers do you see in FPD business that will improve its position? Is it primarily the Korean or Japanese players?

Amichai Steinberg

Sergey, first of all, a clarification regarding the guidance for the first quarter. We didn't break it down between the businesses. We just said that the overall number would be 85 to 90. Most of it will be due to the reduction in the decrease in the flat-panel display business. Now, to the second half of your question, it is not specifically one segment or one generation or one country; it's the overall industry, all over Japan, Korea and Taiwan, and even China. So it's not related to only one segment or one niche in the flat-panel display.

Sergey Vastchenok - CIBC World Markets

You see some pockets of weakness, weakness in the FPD business, or it's just overall industry trends?

Amichai Steinberg

Can you repeat the question, Sergey?

Sergey Vastchenok - CIBC World Markets

You see some pockets of the weakness, or it's just a general industry trend in the flat panel?

Amichai Steinberg

It's the overall CapEx in the industry.

Sergey Vastchenok - CIBC World Markets

Okay. And PCB, you expect it to be flat in '07 versus '06? Or it will be slightly down from '06?

Rani Cohen

No, on the contrary, it's going to be up. We expect it, even though, again, I say this every time even though our visibility is not good, we expect our PCB business to go up in 2007 based on the overall growth in the market, in the PCB market. All indicators are that it's going to grow in 2007. We do see the additional plant expansions being planned and executed in the Far East. So based on that, based on the growth engines we have, the direct imaging and some other improvements we're bringing out in the products that we have, based on all of that, we see growth in the PCB year-over-year, even though, again, it's very hard to forecast and we will have to keep you -- we will update our guidance as we go along and we see how things span out.

Sergey Vastchenok - CIBC World Markets

Okay. How many direct imaging systems you sold in Q4?

Rani Cohen

18, One eight.

Sergey Vastchenok - CIBC World Markets

18. And you expect to have the same growth rate in DI business in ’07 either? It's about 40%-50% year-over-year, or it’s going to slowdown?

Rani Cohen

Something like that. The growth in 2005 to 2006 wasn't 40%-50%. It was something like 30% something, 32% or 30, something in that area. So, but yeah, we expect the same growth in 2007, and maybe even a little bit better.

Sergey Vastchenok - CIBC World Markets

Okay. And the PCB bare board, you expect it to be flat, or it will also be up versus '06?

Amichai Steinberg

It's too soon to know, Sergey. I mean, look at the business, the overall business, 6%-7% growth, and right now, to do the overall math is difficult.

Sergey Vastchenok - CIBC World Markets

Okay. The last question is regarding the M&A activities. Do we see some new areas which could interest you? What are you focusing on the M&A front in '07?

Rani Cohen

As I always say, we don't like to discuss M&A in details, and all I can say is that we're interested in all the areas of our business in strategic moves like that. And in addition to the new areas that we're trying to go into, namely medical imaging, or certain specific areas of medical imaging. In that, and in the existing markets that we operate, we're looking for M&A opportunities and we will execute them as soon as we see fit and we can reach a deal.

Sergey Vastchenok - CIBC World Markets

Okay, thank you, good luck.

Operator

(Operator instructions) At this time, I'm showing no further questions.

Adrian Auman

Thank you, everyone, for participating in the quarterly call. And, again, if you have any further questions, you could forward them directly to myself by e-mail, and thank you again. Bye.

Operator

This concludes today's conference. Thank you so much for joining. You may disconnect at this time.

TRANSCRIPT SPONSOR

Better Than AdSense

What if there was a way to promote your company to a perfectly targeted group of potential customers, partners, acquirers and investors? What if you could tailor your pitch to them at the moment of maximum interest? And what if you could do this for a no-brainer price?

This is exactly what Seeking Alpha is offering with transcript sponsorships.

Six types of companies are sponsoring earnings transcripts on Seeking Alpha:

1. Company sponsors its own earnings call transcript (example).

2. Company sponsors partner's transcript (example).

3. Company sponsors competitor's transcript (example).

4. Issuer-sponsored research firm sponsors client's transcript (example).

5. Investment newsletter sponsors transcripts of successful stock picks (example).

6. IR firm sponsors transcript of micro-cap company (example).

7. Consulting company sponsors company's transcript in sector of interest (example).

Your company's name and promotion could have been on this transcript! Learn more, or email Zack Miller for details.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Orbotech Q4 2006 Earnings Call Transcript
This Transcript
All Transcripts