12 MONTH
CERTIFICATE
6.00 0,0
Enemies, Now Friends
INTEREST RATE
6.13
OA)
Merger of two arch-rival Israeli companies results in
one powerhouse.
A.P.Y./'
NEIL COHEN SPECIAL TO THE JEWISH NEWS
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ORIENTAL RUGS
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Thinking for you
Marc H. Rosenblatt
Phone: 810.851.0180
Providing the Best
Prices and Service
in Oakland County!
-
541-4133 • (810) 656-9500
- please call
Fax: 810.851.7176
We buy them, sell them,
appraise them, clean them
repair them
and love them!
f you can't beat 'em, join 'em.
That's exactly what Orbot and
Optrotech did.
The two Israeli companies
were all but destroying each
other through cutthroat com-
petition for the same market.
Then, in 1992, they decided to
merge and everything began to
change.
A month ago, the company re-
ported record profits for 1994.
The company - and industry
analysts - believe there is even
better to come.
In fact, company management
has just returned from an inten-
sive road show in the United
States (where its shares are trad-
ed), aimed at raising investor
awareness of the company.
The story management was
telling is one that investors like
to hear from high-tech compa-
nies. Orbotech has a solid-base
business which is growing at a
steady, if unexciting rate, and it
also is beginning to penetrate a
new market which has the po-
tential for much faster growth.
Orbot and Optrotech between
them control about 75 percent of
the world market for printed cir-
cuit board (PCB) inspection sys-
tems.
The fierce competition be-
tween them resulted in poor busi-
ness results for both. So they
decided in the second half of 1992
to merge in an all-share trans-
action.
The merger received the bless-
In-Home & Office
Carpet Cleaning
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
(810) 399-2323
OAK PARK OUTLET • (810) 546-RUGS
• (810) 646-RUGS
BIRMINGHAM
• (810) 973-RUGS
ANN ARBOR
COATS
UNLIMITED
ing of both U.S. and Israeli fair-
trade officials. Goodwill of $16.8
million arising from the trans-
action is being written off over 10
years.
The companies merged
names, too - hence Orbotech.
In the fourth quarter of 1992,
the company took a one-time
charge of $16.9 million (aside
from the goodwill write-off) to ac-
count for facilities rationaliza-
tion, workforce reductions and
obsolete inventory.
Orbotech's base business is the
manufacture of automated op-
tical inspection equipment for
PCBs. According to U.S. broker-
age firm Furman Selz, the PCB
inspection market is about $75
million in size and growing at an
annual rate of 10-15 percent.
The main drivers of this
growth are cellular phones, note-
book computers, electronic per-
sonal organizers and on-board
automobile navigation systems.
Orbotech's main product line
enables PCB manufacturers to
detect board defects including
electrical shorts, open circuits,
and insufficient or excessive line
widths.
PCBs are expensive to manu-
facture, so losses to poor quality
control dent manufacturers' prof-
its. Orbotech's systems, which
sell for $350,000 to $600,000,
scan the finished PCB and com-
pare it with the artwork of the
board, i.e. how it should look.
Orbotech retains roughly 70
April 21
Symbol
Name
Exchange
April 13
SC IXF
Scitex
NASDAQ
'17.63
3
ECILF
ECI Telecom
NASDAQ
'15.00
'15.88
17.44
Change
-'0.18
TEVIY
Teva Pharm
NASDAQ
5
34.75
'35.63
Oak Park
Lincoln Center 26150 Greenfield Road
(313) 968-2060
Oak Park. MI 48237
I EC
PEC Israel
NYSE
'26.50
'25.63
ELBTF
Elbit Computers
NASDAQ
'18.88
'19.50
West Bloomfield
Orchard Mall 6337 Orchard Lake Road
West Bloomfield, Ml 48322 (313) 855-9955
ELT
Elscint LTD
NYSE
'1.88
'1.88
$0.00
ELRNF
Elron Electronics
NASDAQ
'8.63
'9.00
-Fs0.38
Troy
Troy Commons 871 E. Bi‘z. Beaver Road
528 9966
Troy. MI 48237
TAD
Tadiran
NYSE
5
17.13
'17.38
CMVT
Co mve rse
NASDAQ
'14.50
'14.25
-s0.25
LANTF
Lannet Data
NASDAQ
'18.00
'17.88
-'0.13
ISL
First Israel Fund NYSE
'10.630
'11.000 +"0.38
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Source: Allen °lender, Prudential Securities,
West Bloomfield.