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Orbotech trims guidance; responds to korea allegations - PCB Separation - V-Cut PCB Separator by airbru airbru
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Orbotech trims guidance; responds to korea allegations - PCB Separation - V-Cut PCB Separator by AIRBRU AIRBRU
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| Article Posted: 02/26/2013 |
| Article Views: 170 |
| Articles Written: 1137 - MORE ARTICLES FROM THIS AUTHOR |
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Orbotech trims guidance; responds to korea allegations - PCB Separation - V-Cut PCB Separator |
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Business,Business News,Business Opportunities
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Orbotech Ltd. is revising previously provided revenue guidance tocover a range of possible revenue outcomes. For the full year 2012,revenue guidance is revised to the range of $430 to $450 millionfrom $500 million; however, the company still expects to meet thepreviously announced first half revenue guidance of approximately$200 million. The current low level of capital spending in the flat panel display(FPD) industry is expected to continue through 2012 and into thefirst half of 2013, as LCD manufacturers delay scheduled‘move in" dates for their new fabrication facilities to2013.
Lead times for delivery of the company"s FPD productshave become shorter, which has decreased the visibility into thecompany"s expected business. At the same time, the level ofactivity in the PCB industry has, and is expected, to remainconsistent with 2011 levels throughout 2012. The company has recorded legal and other expenses in connectionwith the previously announced investigation in Korea in the secondquarter and expects to record additional expenses in the secondhalf of the year. As a result of this and the revised revenueexpectations discussed above, the company is withdrawing all of itspreviously announced 2012 earnings per share guidance, which shouldno longer be relied upon.
Separately, the company today announced that it has receivednotification of charges filed by government officials in the SeoulCentral District Court of the Republic of Korea related to thealleged acquisition and misuse of confidential customerinformation. The company"s Korean subsidiary and six localemployees have been indicted and the investigation into the actionsof employees of the company and its subsidiaries outside of Koreais ongoing. The company"s Korean subsidiary continues toco-operate with the Korean authorities in this matter. The company is disappointed by the groundless allegations made bythe prosecutor and intends to defend itself and its employeesvigorously.
Orbotech denies any criminal intent and it hasconfidence in the Korean judicial system and that the applicablefacts and defenses will be given full and fair consideration. Orbotech has been a world-leading supplier in the electronicsindustry supply chain for over 30 years and has been operatingsuccessfully in Korea for more than 20 years. With an extensivecustomer base including all major participants in the industries itserves, the company has maintained a long-standing reputation forintegrity, professionalism and individual client confidentiality.Throughout its history, Orbotech has routinely worked in closeco-operation with its customers, which necessarily involves theconfidential exchange of sensitive data, to develop and provide theenabling production solutions and support needed to keep pace withthe rapid technological advancement in consumer and industrialelectronic devices. Orbotech has always been uncompromisingly committed to upholdingthe highest ethical standards in its workplace and businessdealings.
The company fully understands and respects the value ofintellectual property and its major significance as a core asset ofany company or country. The company has strict policies to protectthe intellectual property of its customers and other third parties,and takes any violation of these policies seriously. The companybelieves that all of the customer information referred to in thismatter was obtained and used solely for appropriate purposes,including providing requested support to the customers and was notdistributed outside the company. In addition, all technologicalinformation at issue was already in Orbotech"s possession orwas readily available from other materials already inOrbotech"s possession.
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