Israel's Orbotech Q1 net profit falls

TEL AVIV, May 12 (Reuters) - Israel's Orbotech Ltd (ORBK.O: Quote, Profile, Research), which makes equipment used in inspecting circuit boards and flat display panels, posted lower first-quarter net profit on Monday despite higher sales, partly due to the weaker dollar.

Quarterly net income fell to $3.7 million or 11 cents per diluted share compared with $5.6 million or 17 cents a share a year earlier, the company said on Monday.

Revenues in the quarter rose to $100.5 million from $86.1 million a year earlier.

The weakness in the dollar versus the shekel adversely affected net income in the quarter by 4 cents a share compared with the fourth quarter of 2007.

"If the shekel-dollar exchange rate remains at current levels, it is expected to result in a similar adverse impact on net income in the second quarter of 2008," the company said. (Reporting by Tova Cohen; Editing by Quentin Bryar)