Orbotech Ltd. (ORBK) said it is revising previously provided revenue guidance to cover a range of possible revenue outcomes. For the full year 2012, revenue guidance is revised to the range of $430 million- $450 million from $500 million. However, the company still expects to meet the previously announced first half revenue guidance of approximately $200 million.
On average, seven analysts polled by Thomson Reuters expect the company to report revenues of $494.06 million for full year. Analysts' estimates typically exclude special items.
Orbotech noted that it has recorded legal and other expenses in connection with the previously announced investigation in Korea in the second quarter and expects to record additional expenses in the second half of the year. As a result of this and the revised revenue expectations, the company is withdrawing all of its previously announced 2012 earnings per share guidance.
Separately, Orbotech announced that it has received notification of charges filed by government officials in the Seoul Central District Court of the Republic of Korea related to the alleged acquisition and misuse of confidential customer information. The company's Korean subsidiary and six local employees have been indicted and the investigation into the actions of employees of the company and its subsidiaries outside of Korea is ongoing. The company's Korean subsidiary continues to co-operate with the Korean authorities in this matter.
Orbotech is disappointed by the groundless allegations made by the prosecutor and intends to defend itself and its employees vigorously. Orbotech denies any criminal intent and it has confidence in the Korean judicial system and that the applicable facts and defenses will be given full and fair consideration.
At this time, given the preliminary stage of the matter, the company cannot predict the ultimate outcome of this matter on its business in Korea.
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