OUR PEOPLE MAKE THE DIFFERENCE
'95 NISSAN ALTIMA
'95 NISSAN MAXIMA GXE
percent of the world PCB in-
spection equipment market and
its sales in this area in 1994 were
about $48 million.
The chief competition comes
from Dai Nippon Screen and
Nippon Steel in Japan and
Comtek and Gerber Scientific in
the United States.
In addition to product sales in
this area, Orbotech derives sub-
stantial revenues from servicing
the systems that it sells.
The service side is not an en-
tirely happy story, though, be-
cause the company is still
servicing systems sold by Orbot
and Optrotech before the merg-
These are older systems which
require more maintenance and
Orbotech is locked into contracts
dating back to the premerger
days where Optrotech and Or-
bot, in their eagerness to win
business, would offer customers
service contracts that were only
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+ tax/24 mos.
+ tax/24 mos.
'95 NISSAN 4X4 PICKUP
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Suburban $2 0995*
$1 8995* Air, convenience pkg, chrome
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Mon. & Thurs 8:30 am-9pm; Tues., Wed.,
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74 cc 38 mos cbeed erld lease w/approved creel& Lease
15,000 nv. per yr., w/ 15,
resulted in poor
business results for
So the profit margins on a fair
chunk of Orbotech's service busi-
ness are pretty slim. The upside
here, though, is that as the old-
er systems age, they are being re-
placed with new systems and
new service contracts, so service
margins should rise.
If PCB inspection systems are
Orbotech's bread and butter,
then the jam is flat-panel dis-
Flat panel displays (141)Ps) are
the screens for lap-top comput-
ers and personal organizers,
where space is a key issue.
Demand for FDPs is growing
rapidly and currently exceeds
supply. Because FDP manufac-
turing technology is still rather
unrefined and suffers from low
yields — i.e. a lot of rejects —
there are opportunities for com-
panies like Orbotech that con-
tribute to the quality-control
Orbotech was not the first
company to enter this market —
KLA. Acrotech, a joint venture be-
tween Nippon Mining and KLA
Instruments was — but Or-
botech claims that it captured the
biggest market share in 1994.
According to Furman Selz,
users conducted detailed evalu-
ations of the two systems and re-
ported that Orbotech detected
and classified more faults than
the ICA system.
Observers estimate that the
FDP inspection equipment mar-
ket was about $16 million in
1994 and it will grow at a rate of
50 percent a year for the next five
per mi. over . Lessee mew far access weer & tear. Lane.. awe.° option d PrO-
datemined prbe al rbeetion. T0 coot eaLskt monthly oyml x term plus 8% Lee tax Re-
fundable eed dep.. to $350, coq. fee, fe., titb , de., tar pyrre. $1800 deem on Mims
$1C00 down on 4x4, 12030 down on Maxima & 240 SC due at Ie. inception Flew ode.
excluded Subject lo Pads. Rob.. may . rep.ent act bal vehicles.
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First of Michigan Corporation
in cooperation with Fidelity Investments presents
An Evening with
A small investment of your time now could mean a major
financial return later. Because investment planning
has become more complex, there are no simple answers to your
financial questions, but there is a simple way to get the
answers you need. Come to our free investment planning seminar.
Take advantage of this opportunity to hear from and talk with
a knowledgeable investment professional
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So mark your calendar. and bring your investment questions.
First of Michigan Corporation is a registered broker/dealer, member NYSE. SIPC: Fidelity Advisor Funds arc
distributed by Fidelity Investments Institutional Services Company. Inc. 82 Devonshire Street. Boston. JMA 02109.
For more complete information on any Fidelity fund. including charges and expenses. call or write
for a tree prospectus. Please read it carefully before directing your investment.
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Find out about PAINEWEBBER ACCESS:
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Seating is limited.
Please call Suzy at 1-800-826-2039 (Southfield) or
Kathy at 1-800-654-1443 (West Bloomfield)
to make your reservations.
NISSAN It's time to expect
Gain Access to
We invest in relationships.
Mike Jenkins, Director, Investment Marketing - Fidelity Investments
Bruce Rockwell. Senior Vice President - First of Michigan Corporation
Date: May 9, 1995 Time: 7:30 p.m.
Location: Southfield Radisson
at Prudential Town Center
10 Mile at Evergreen, Southfield
Air, sunroof, ABS, tilt, int.
wipers, pwr. windows, dual
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Is Your Financial House In ,Order??
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Certified Financial Planning Professionals
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TRISH WELLMAN, CFP
17117 West 9 Mile Road, Southfield, MI 48075
Phase Four Advisory, Registered Investment Advisor
Securities offered through Vestax Securities Corporation, Member, NASD & SIPC,
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