Orbotech Reports First Quarter 2015 Results

 

 

ORBOTECH LTD.


RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA


U.S. dollars in thousands   (except per share data)

 (Unaudited)










3   m o n t h s   e n d e d 


12 months ended



  March 3 1


  December 31



2015


2014


2014
















Net income attributable to Orbotech Ltd. on GAAP basis

$11,802


$6,287


$35,380


Minority interest and equity losses 

253


134


301


Tax expenses

1,752


1,350


3,419


Financial expenses

6,471


327


9,046


Depreciation and amortization 

12,660


3,471


30,333


Equity- based compensation expenses

889


816


3,192


SPTS acquisition costs





6,761


ADJUSTED EBITDA

$33,827


$12,385


$88,432
















 

 

ORBOTECH LTD.

RECONCILIATION OF GAAP NET INCOME TO CREDIT FACILITY EBITDA

U.S. dollars in thousands   (except per share data)

 (Unaudited)











12 months ended




  March 31




2015










Net income attributable to Orbotech Ltd. on GAAP basis


$40,895


Minority interest and equity losses 


420


Tax expenses


3,821


Financial expenses


15,191


Depreciation and amortization 


39,521


Equity- based compensation expenses


3,265


SPTS acquisition costs


6,761


SPTS full 12 months contribution (1)


5,028


Litigation expenses


1,261


Other (2)




CREDIT FACILITY EBITDA (3)


$116,163










(1) The SPTS Acquisition was completed on August 7, 2014.  This adjustment gives full year effect to the SPTS Acquisition by reflecting SPTS's contribution to Credit Facility EBITDA for the period from April 1, 2014 to August 7, 2014, determined in accordance with the Credit Agreement.  This adjustment has been derived from SPTS's books and records, is unaudited and does not correspond to SPTS's historical accounting periods. This presentation does not reflect our pro forma results and should not used as indicative of our future results.


(2) Reflects adjustments permitted by the Credit Agreement, including with respect to employee and other matters.




(3) Credit Facility EBITDA does not reflect any annualized expense reductions anticipated as a result of operational changes made as part of the SPTS Acquisition estimated by us in good faith as permitted by the Credit Agreement.  Because we are in the preliminary stages of assessing our operations after the SPTS Acquisition, this adjustment does not include the approximately $10 million of annual cost savings that we believe may be available from our supply chain optimization project.  Although we are carefully assessing the efficiency of our business, we may not identify additional cost savings or achieve the estimated cost savings in the timeframe or amount we anticipate, if at all.  Accordingly, you should not place undue reliance on our ability to achieve cost savings or synergies.



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