Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Jim Ricchiuti - Needham & Co.
Jim Ricchiuti - Needham & Co.
I was wondering if you could comment on pricing in the quarter, just given what we saw in margins. Are you seeing any unusual pricing pressure in either PCB or flat panel?
Amichai Steimberg
Pricing pressure not on the PCB, seen PCB both on AOR and directing imaging pricing is not an issue right now. We do see some pricing pressures on some of the FPD product, yes.
Jim Ricchiuti - Needham & Co.
Would that can have contributed in the quarter, or is that something you worry about as you start seeing the recovery in flat panel?
Amichai Steimberg
This is very much a future worry.
Jim Ricchiuti - Needham & Co.
Can you talk a little bit about bookings in flat panel in the quarter and how you see bookings in Q4? I know you don’t specifically give bookings, but maybe you could just talk qualitatively.
Amichai Steimberg
There was no big change in the trend of booking in the third quarter compared to this first and the second quarter. We believe that the change will materialize whoever will take in terms of new bookings during the fourth quarter.
Jim Ricchiuti - Needham & Co.
Is Q1 also a quarter where you expect to see increased order activity?
Amichai Steimberg
Yes. The other trends of order flow or increasing order flow, we believe should start as we speak, and will go somewhere to the summer of 2010. I’m talking about new orders flow that the deliveries and revenue is of course is a different story.
Jim Ricchiuti - Needham & Co.
Last question, do you think the flat panel business from a revenue standpoint would be up next year? You have some visibility. What’s your sense?
Amichai Steimberg
We have some visibility as you stated and based on some visibility we believe next year will be stronger than 2009.
Operator
Your next question comes from Sergey Vastchenok - Oppenheimer.
Sergey Vastchenok - Oppenheimer
I would like to ask you about visibility for the second half of the next year, it was very limited on the recent call and we see it improving. If you do expect the Q2 or else the second half of ‘10 will be stronger than the first half of ‘10?
Amichai Steimberg
I’m not sure I followed all of the questions, but in terms of second half of 2010 visibility, it is much better not because we have orders, but mainly because we see and hear all releases and forecast released by some of the main customers, and then analyst of course. Overall, the next wave in China, the next wave of new investments, a new fab in China should materialize into deliveries second half of 2010 and 2011.
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