Orbotech (ORBK) Annual Income Statement

Income Statement Summary

Orbotech (ORBK) annual income statement covering fiscal 2012 through 2017, as reported to the SEC.

Orbotech reported total Revenues of $900.86M in fiscal 2017, up 11.7% from $806.4M in fiscal 2016.
Gross profit was $425.32M, up 14.2% from $372.41M. That is a gross margin of 47.2%.
Operating income was $137.51M, up 17.6% from $116.94M. Operating margin was 15.3%.
Net income was $132.38M, up 66.7% from $79.44M. Net margin was 14.7%.
Diluted earnings per share was $2.71, up 58.5% from $1.71.
Total Cost of Revenues took 52.8% of total Revenues, net research and development costs 13.9% and selling, general and administrative expenses 15.9%.

Total Revenues have grown 18.4% a year on average since fiscal 2012, from $387.01M to $900.86M, rising in every year shown.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12
REVENUES:
Sales of products
674,466	588,396	537,370	403,963	294,027	238,920	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales of products						674,466	588,396	537,370	403,963	294,027	238,920	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Service rendered
226,390	218,006	215,147	178,783	145,968	148,088	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Service rendered						226,390	218,006	215,147	178,783	145,968	148,088	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Revenues
900,856	806,402	752,517	582,746	439,995	387,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Revenues						900,856	806,402	752,517	582,746	439,995	387,008	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF REVENUES:
Cost of products sold
337,077	304,455	285,503	223,981	156,702	129,601	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of products sold						337,077	304,455	285,503	223,981	156,702	129,601	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of service rendered
138,461	129,540	127,216	105,572	91,753	103,846	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of service rendered						138,461	129,540	127,216	105,572	91,753	103,846	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Write-down of inventories
-	-	-	-	-	14,255	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Write-down of inventories						-	-	-	-	-	14,255	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenues
475,538	433,995	412,719	329,553	248,455	247,702	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Cost of Revenues						475,538	433,995	412,719	329,553	248,455	247,702	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT
425,318	372,407	339,798	253,193	191,540	139,306	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT						425,318	372,407	339,798	253,193	191,540	139,306	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
RESEARCH AND DEVELOPMENT COSTS:
Expenses incurred
132,541	112,425	108,516	91,320	72,736	70,524	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Expenses incurred						132,541	112,425	108,516	91,320	72,736	70,524	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less - government participations
7,107	5,330	4,662	2,669	3,163	1,821	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Less - government participations						7,107	5,330	4,662	2,669	3,163	1,821	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET RESEARCH AND DEVELOPMENT COSTS
125,434	107,095	103,854	88,651	69,573	68,703	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET RESEARCH AND DEVELOPMENT COSTS						125,434	107,095	103,854	88,651	69,573	68,703	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
143,363	124,356	117,493	96,169	75,948	73,051	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES						143,363	124,356	117,493	96,169	75,948	73,051	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
EQUITY IN EARNINGS OF FRONTLINE
4,524	3,445	5,849	5,769	5,553	6,764	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
EQUITY IN EARNINGS OF FRONTLINE						4,524	3,445	5,849	5,769	5,553	6,764	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
AMORTIZATION OF INTANGIBLE ASSETS
25,006	27,456	30,224	19,235	4,041	9,907	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
AMORTIZATION OF INTANGIBLE ASSETS						25,006	27,456	30,224	19,235	4,041	9,907	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM THE SALE OF THE THERMAL PRODUCTS BUSINESS
-	-	628	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM THE SALE OF THE THERMAL PRODUCTS BUSINESS						-	-	628	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM RELEASE OF AMST EARN-OUT PAYMENT OBLIGATION
1,471	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM RELEASE OF AMST EARN-OUT PAYMENT OBLIGATION						1,471	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SPTS ACQUISITION COSTS
-	-	-	6,761	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SPTS ACQUISITION COSTS						-	-	-	6,761	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
RESTRUCTURING CHARGES
-	-	-	-	-	5,063	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
RESTRUCTURING CHARGES						-	-	-	-	-	5,063	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
IMPAIRMENT OF INTANGIBLE ASSETS
-	-	-	-	-	30,142	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
IMPAIRMENT OF INTANGIBLE ASSETS						-	-	-	-	-	30,142	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
ADJUSTMENT OF GOODWILL IMPAIRMENT
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
ADJUSTMENT OF GOODWILL IMPAIRMENT						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME
137,510	116,945	94,704	48,146	47,531	-40,796	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME						137,510	116,945	94,704	48,146	47,531	-40,796	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FINANCIAL EXPENSES - net
5,535	21,042	23,585	9,046	1,191	5,120	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
FINANCIAL EXPENSES - net						5,535	21,042	23,585	9,046	1,191	5,120	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME BEFORE TAXES ON INCOME
131,975	95,903	71,119	39,100	46,340	-45,916	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME BEFORE TAXES ON INCOME						131,975	95,903	71,119	39,100	46,340	-45,916	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE TAXES ON INCOME						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TAXES ON INCOME
1,088	16,308	13,788	3,419	6,927	456	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
TAXES ON INCOME						1,088	16,308	13,788	3,419	6,927	456	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SHARE IN LOSSES OF EQUITY METHOD INVESTEE
-	-600	-615	-417	-252	-165	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
SHARE IN LOSSES OF EQUITY METHOD INVESTEE						-	-600	-615	-417	-252	-165	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME (LOSS) FROM CONTINUING OPERATIONS						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM DISCONTINUED OPERATIONS, NET OF TAX
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GAIN FROM DISCONTINUED OPERATIONS, NET OF TAX						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME
130,887	78,995	56,716	35,264	39,161	-46,537	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME						130,887	78,995	56,716	35,264	39,161	-46,537	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
-1,498	-443	-55	-116	-840	-958	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS						-1,498	-443	-55	-116	-840	-958	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.
132,385	79,438	56,771	35,380	40,001	-45,579	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME ATTRIBUTABLE TO ORBOTECH LTD.						132,385	79,438	56,771	35,380	40,001	-45,579	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME (LOSS) FROM CONTINUING OPERATIONS						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.
132,385	79,438	56,771	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET INCOME (LOSS) ATTRIBUTABLE TO ORBOTECH LTD.						132,385	79,438	56,771	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
EARNINGS PER SHARE ATTRIBUTABLE TO ORBOTECH LTD.:
Basic
2.76	1.74	1.34	0.85	0.94	-1.05	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic						2.76	1.74	1.34	0.85	0.94	-1.05	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted
2.71	1.71	1.31	0.83	0.92	-1.05	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted						2.71	1.71	1.31	0.83	0.92	-1.05	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION OF EARNINGS PER SHARE - IN THOUSANDS:
Basic
47,989	45,534	42,412	41,703	42,571	43,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Basic						47,989	45,534	42,412	41,703	42,571	43,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted
48,850	46,461	43,322	42,757	43,253	43,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Diluted						48,850	46,461	43,322	42,757	43,253	43,501	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx