YAVNE, ISRAEL, May 3 -- Orbotech Ltd. announced that revenues for the first quarter of 1999 totaled $64.2 million, an increase of 18% from the $54.2 million recorded in the first quarter a year ago. Net income for the first quarter of 1999 was $11.6 million, or $0.82 per diluted share, an increase of 20% over net income of $9.6 million, or $0.69 per diluted share, as recorded in the first quarter of 1998.The company, which makes automated optical inspection systems, said sales of equipment to the printed circuit board industry increased by 14%, with sales of flat panel display inspection equipment reported as especially strong. On a geographical basis, Orbotech recorded good revenue growth in the US and particularly strong growth in the Far East.