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CEO of Orbotech, Ltd. (NASDAQ: ORBK) Comments on Second Quarter Financial Results

Orbotech, Ltd. (NASDAQ: ORBK), a designer, developer, manufacturer and marketer of yield-enhancing and production solutions for specialized applications in the supply chain of the electronics industry, recently announced its consolidated financial results for the second quarter ended June 30, 2008. Rani Cohen, the chief executive officer of Orbotech, commented earlier this week on the company’s financial performance and provided guidance for the remainder of 2008.

Revenues for the second quarter of 2008 totaled $105.1 million, compared to $88.6 million recording during the second quarter of 2007, while net income for the second quarter climbed to $5.3 million, or $0.16 per share, compared to a net loss of $3.4 million, or $0.10 per share, during the same time period one year earlier. Mr. Cohen commented that, although the company is not exempt from the effects of the current economic environment, sales of flat panel display inspection equipment totaled $29.8 million, compared to $11.2 million in the second quarter of last year.

Despite the challenging economic environment, Mr. Cohen expects overall revenues in the third quarter to be consistent with second quarter results, and senior management is leaving their year-end guidance expectation unchanged. In recent news, Needham upgraded shares of Orbotech, Ltd. to Strong Buy from Buy with a price target of $21 per share.

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