FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934

For the month of August 2006

Commission File Number 000-12790

ORBOTECH LTD.

(Translation of registrant’s name into English)

SANHEDRIN BOULEVARD, NORTH INDUSTRIAL ZONE, YAVNE 81101, ISRAEL

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under

cover of Form 20-F or Form 40-F:

Form 20-F      X            Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as

permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether by furnishing the information contained in this Form,

the registrant is also thereby furnishing the information to the Commission pursuant

to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                      No      X    

Attached hereto and incorporated by reference herein are the following documents:

1. Press release issued by the Registrant on, and dated, August 7, 2006, and entitled “Orbotech Announces Second Quarter 2006 Results”.

2. Registrant’s Condensed Consolidated Balance Sheet at June 30, 2006.

3. Registrant’s Condensed Consolidated Statements of Income for the Six Month and Three Month Periods ended June 30, 2006.

*    *    *    *    *    *

This report on Form 6-K is incorporated by reference into the Registration Statements on Form S-8 (Registration No. 33-25782, Registration No. 33-78196, Registration No. 333-05440, Registration No. 333-06542, Registration No. 333-08404, Registration No. 333-09342, Registration No. 333-11124, Registration No. 333-12692 and Registration No. 333-127979) of Orbotech Ltd. previously filed with the Securities and Exchange Commission.

FOR IMMEDIATE RELEASE

ORBOTECH ANNOUNCES SECOND QUARTER 2006 RESULTS

YAVNE, ISRAEL — August 7, 2006 — ORBOTECH LTD. (NASDAQ/NM SYMBOL: ORBK) today announced its consolidated financial results for the second quarter and six months ended June 30, 2006.

Revenues for the second quarter of 2006 totaled $104.9 million, compared to $101.4 million recorded in the first quarter of 2006 and $89.3 million in the second quarter a year ago. Net income for the second quarter of 2006 was $15.3 million, or $0.46 per share (diluted), compared to net income of $14.1 million, or $0.43 per share (diluted), in the first quarter of 2006 and $9.5 million, or $0.29 per share (diluted), in the second quarter of 2005.

These results reflect the adoption, on January 1, 2006, of revised Financial Accounting Standard No.123, “Share Based Payment”, which resulted in increased compensation expenses totaling approximately $1.4 million, without any reduction in income taxes, and a corresponding decrease in diluted earnings per share of $0.04 for the second quarter. Excluding these compensation expenses, net income would have been $16.7 million, or $0.50 per share, for the second quarter of 2006.

Revenues for the first six months of 2006 totaled $206.3 million, compared to $189.8 million recorded in the first half of 2005. Net income for the first six months of 2006 was $29.4 million, or $0.89 per share (diluted), compared to net income of $20.1 million, or $0.61 per share (diluted), in the first six months of 2005.

Sales of equipment to the printed circuit board (“PCB”) industry relating to bare PCBs were $44.0 million in the second quarter of 2006, compared to $41.0 million in the first quarter of 2006, and $35.1 million in the second quarter of 2005. Sales of flat panel display (“FPD”) inspection equipment were $29.3 million, compared to $30.0 million in the first quarter of 2006, and $27.5 million in the second quarter of last year. Sales of equipment to the PCB industry relating to assembled PCBs were $9.4 million, compared to $9.2 million in the first quarter this year, and $5.4 million in the second quarter of 2005. Sales of automatic check reading products were $1.9 million in the second quarter of 2006, compared to $2.3 million in the first quarter of 2006, and $2.0 million recorded in the second quarter of 2005. In addition, service revenue for the second quarter increased to $20.1 million from $18.9 million in the first quarter of 2006, and $19.3 million in the second quarter of 2005.

The Company completed the quarter with cash, cash equivalents and marketable securities of approximately $236.1 million, compared to $207.9 million at the end of the first quarter, due principally to a positive operating cash flow for the quarter of approximately $24 million. Non-operating disbursements totaled approximately $1.6 million, comprised mainly of capital expenditures.

The increase in revenues from bare and assembled PCB equipment reflects the continued strong sales of the Company’s Discovery PCB-AOI series, the Paragon solid state laser direct imaging systems and the Symbion Assembly AOI series, and contributed to another quarter of record AOI and Direct Imaging systems delivered to its customers.

In the FPD industry, several manufacturers have recently announced delays in their capacity expansion plans due to excess inventories. While this is expected to affect the Company’s 2006 FPD revenues, the Company believes this will be short lived as end-user LCD product demand is expected to pick up in late 2006.

Commenting on the results, Rani Cohen, Chief Executive Officer, said: “We are pleased with our strong financial results for the quarter, which are a reflection of our diverse product portfolio and strong operational capabilities. While the PCB industry remains strong, the FPD industry may have somewhat over-extended its capacity expansion in the short term. However, we do not anticipate any change in the long term outlook for the LCD television sector of this industry, which is still in its early stages, and believe that we are well positioned to benefit from the future growth opportunities that it will offer.”

An earnings conference call is scheduled for Monday, August 7, 2006, at 9:00 a.m. EDT. The dial-in number for the conference call is 201-234-8000, and a replay will be available, until August 21, 2006, on telephone number 402-530-8093. The pass code is Q2. A live web cast of the conference call and replay can also be heard by accessing the investor relations section on the Company’s website at www.orbotech.com.

About Orbotech Ltd.

Orbotech is a world leader in providing yield-enhancing, production support solutions for specialized applications in the supply chain of the electronics industry, principally for printed circuit boards (PCBs) and flat panel displays (FPDs). The Company designs, develops, manufactures, markets and services automated optical inspection (AOI) systems for bare and assembled PCBs and for FPDs, and imaging solutions for PCB production. The Company’s innovative AOI, imaging and computer-aided manufacturing (CAM) technologies enable customers to achieve the increased yields and throughput essential to remaining at the forefront of electronics production. Through its subsidiary, Orbograph Ltd., the Company also develops and markets automatic check reading software to banks and other financial institutions. Of Orbotech’s employees, more than one quarter are scientists and engineers, who integrate their multi-disciplinary knowledge, talents and skills to develop and provide sophisticated solutions and technologies designed to meet customers’ long-term needs. Orbotech maintains its headquarters and its primary research, development and manufacturing facilities in Israel, and more than 35 offices worldwide. The Company’s extensive network of marketing, sales and customer support teams throughout North America, Europe, the Pacific Rim, China and Japan deliver its knowledge and expertise directly to customers the world over. For more information visit www.orbotech.com.

Except for historical information, the matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties which could cause the actual results to differ materially from those projected, including industry trends, the timing and strength of product and service offerings, changes in business or pricing strategies, changes in the prevailing political and regulatory framework in which the relevant parties operate or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis and other risks detailed from time to time in the Company’s SEC reports. The Company assumes no obligation to update the information in this press release.

COMPANY CONTACTS:
Adrian Auman	Michelle Harnish
Corporate Vice President of	Marketing Communications Manager
Finance and Investor Relations	Orbotech, Inc.
Orbotech Ltd.	+1-978-901-5120
+972-8-942-3560

ORBOTECH LTD.

CONDENSED CONSOLIDATED BALANCE SHEET

AT JUNE 30, 2006

	June 30 2006		December 31 2005
	U. S. dollars in thousands
Assets
CURRENT ASSETS:
Cash and cash equivalents	177,317		156,112
Marketable securities	21,104		24,165
Accounts receivable:
Trade	142,583		126,101
Other	18,923		16,884
Deferred income taxes	3,826		3,856
Inventories	75,800		70,885
Total current assets	439,553		398,003
INVESTMENTS AND NON-CURRENT ASSETS:
Marketable securities	37,672		31,096
Other long-term Investments	8,425		8,539
Non-current trade receivables	132		887
Severance pay fund	16,784		15,374
Deferred income taxes	713		1,264
	63,726		57,160
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation and amortization	19,117		19,149
GOODWILL AND OTHER INTANGIBLE ASSETS, net of accumulated amortization	14,640		14,930
	537,036		489,242
Liabilities and shareholders’ equity
CURRENT LIABILITIES:
Accounts payable and accruals:
Trade	32,881		35,781
Other	64,443		59,830
Total current liabilities	97,324		95,611
ACCRUED SEVERANCE PAY	29,939		26,584
Total liabilities	127,263		122,195
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARY	735		659
SHAREHOLDERS’ EQUITY:
Share capital	1,653		1,635
Additional paid-in capital	122,981		104,813
Deferred stock compensation	(7,202	)	(1,484	)
Retained earnings	320,290		290,889
Accumulated other comprehensive income	864		83
	438,586		395,936
Less treasury stock, at cost	(29,548	)	(29,548	)
Total shareholders’ equity	409,038		366,388
	537,036		489,242

ORBOTECH LTD.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE SIX MONTH AND THREE MONTH PERIODS ENDED JUNE 30, 2006

													12 months ended December 31 2005
	6 months ended June 30						3 months ended June 30
	2006			2005			2006			2005
	U.S. dollars in thousands (except per share data)
REVENUES		206,285			189,788			104,883			89,333			379,923
COST OF REVENUES		112,648			110,786			57,025			50,226			216,732
GROSS PROFIT		93,637			79,002			47,858			39,107			163,191
RESEARCH AND DEVELOPMENT COSTS - net		28,495			27,383			14,502			13,818			55,761
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		33,808			28,972			17,239			14,579			59,389
AMORTIZATION OF OTHER INTANGIBLE ASSETS		290			1,310			145			733			2,635
OPERATING INCOME		31,044			21,337			15,972			9,977			45,406
FINANCIAL INCOME - net		2,782			1,505			1,493			982			3,503
INCOME BEFORE TAXES ON INCOME		33,826			22,842			17,465			10,959			48,909
TAXES ON INCOME		4,224			2,703			2,170			1,474			5,598
INCOME FROM OPERATIONS OF THE COMPANY AND ITS SUBSIDIARIES AND JOINT VENTURE		29,602			20,139			15,295			9,485			43,311
MINORITY INTEREST IN PROFITS OF CONSOLIDATED SUBSIDIARY		(76	)		(70	)		(26	)		(36	)		(156	)
SHARE IN PROFITS (LOSSES) OF AN ASSOCIATED COMPANY		(125	)		20			15			54			102
NET INCOME		29,401			20,089			15,284			9,503			43,257
EARNINGS PER SHARE:
BASIC	$	0.90		$	0.62		$	0.47		$	0.29		$	1.32
DILUTED	$	0.89		$	0.61		$	0.46		$	0.29		$	1.30
WEIGHTED AVERAGE NUMBER OF SHARES (IN THOUSANDS) USED IN COMPUTATION OF EARNINGS PER SHARE:
BASIC		32,678			32,391			32,818			32,391			32,658
DILUTED		33,138			33,147			33,303			33,115			33,338

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ORBOTECH LTD.

(Registrant)

By:	/s/ Amichai Steinberg
	Amichai Steinberg
	Executive Vice President
	and Chief Financial Officer

Date: August 8, 2006