Elbit Systems Reports Fourth Quarter and Full Year 1999 Results.Business Editors HAIFA Haifa (hī`fä), city (1994 pop. 246,700), NW Israel, a port on the Mediterranean Sea, at the foot of Mt. Carmel. Haifa is the chief city of N Israel and the country's principal oil refining center. , Israel--(BUSINESS WIRE)--March 8, 2000 Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ESLTF) today announced audited results for the fourth quarter and full year ended December December: see month. 31, 1999. Revenues for the quarter were $115.5 million versus $110 million in the fourth quarter of 1998. Net income for the quarter ended December 31, 1999 was $8.8 million, or $0.33 per share, compared with $7.8 million, or $0.30 per share, for the same period in 1998. Gross profit for the fourth quarter was $32.5 million compared with $30.3 million in the corresponding period of 1998. Revenues for the full year ended December 31, 1999 were $436 million compared with $414.7 million for the same period last year. Net income for the year ended December 31, 1999 was $31 million, or $1.17 per share, compared with $27.8 million, or $1.04 per share, for the corresponding period of 1998. Gross profit for the year was $121.7 million compared with $114.7 million in the corresponding period of 1998. The Company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of orders as of December 31, 1999 was $736 million versus $710 million at the end of 1998. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 70% of the backlog are orders from outside Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. . Commenting on the results, Mr. Joseph Ackerman, President and Chief Executive Officer said, "We are pleased with our financial performance for this fourth quarter and fiscal year overall. This past year we completed the acquisitions of Cyclone cyclone, atmospheric pressure distribution in which there is a low central pressure relative to the surrounding pressure. The resulting pressure gradient, combined with the Coriolis effect, causes air to circulate about the core of lowest pressure in a Aviation Products in Israel and International Enterprises, Inc in the U.S. With both acquisitions, we have extended our reach in the area of maintenance and logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , a growing segment in the defense market." "We also announced the merger with El-Op Electro E`lec´tro n. 1. An electrotype. Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study , which is expected to be completed in the near future. The merger will, in addition to increasing the critical mass of Elbit Systems, allow us to penetrate new markets globally and provide comprehensive technological solutions to our global customer base. With this merger, Elbit Systems is playing a leading role in the consolidation of the Israeli defense industry. Our merger with Elop Electro Optics is a major corporate milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. and signifies the execution of our growth strategy through the merger and acquisition of complementary businesses, " concluded Mr. Ackerman. The Board of Directors has declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. an annual dividend for 1999 of $0.30 per share. Interim quarterly dividends totaling $0.21 per share were previously declared during 1999. The balance of $0.09 will be paid on May 15, 2000, net of taxes and levies to be withheld at the rate currently estimated to be 18%. The record date for the dividend is May 2, 2000. Elbit Systems Ltd. is engaged in a wide range of defense-related airborne airborne /air·borne/ (ar´born) suspended in, transported by, or spread by air. airborne, adj carried through the air. In health care settings, viruses or bacteria may become airborne, e.g. , ground and command, control and communications ("C3") programs throughout the world. The Company focuses on upgrading of existing military platforms and developing new technologies for defense applications. Forward looking statements with respect to the Company's business, financial condition and results of operations, in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings.
ELBIT SYSTEMS LTD.
Condensed Statements of Operations
(U.S. Dollars in thousands, except per share data)
Three Months Ended Full Year Ended
12/31/99 12/31/98 12/31/99 12/31/98
(Unaudited) (Unaudited) (Audited) (Audited)
Revenues $115,472 $110,040 $436,030 $414,666
Cost of revenues 82,935 79,714 314,309 299,957
------ ------ ------- -------
Gross Profit 32,537 30,326 121,721 114,709
------ ------ ------- -------
Operating expenses:
Research & development
costs, net 7,830 8,119 32,655 31,619
Marketing and
selling expenses 9,643 8,412 34,049 31,527
General and
administrative
expenses 4,692 3,705 14,997 13,319
----- ----- ------ ------
Total Operating
expenses 22,165 20,236 81,701 76,465
------ ------ ------ ------
Operating income 10,372 10,090 40,020 38,244
Financial income 232 110 1,645 384
Other income
(expenses) (225) (331) (164) (187)
----- ----- ----- -----
Income before
income taxes 10,379 9,869 41,501 38,441
Provision for
income taxes 2,202 1,479 9,743 9,279
----- ----- ----- -----
8,177 8,390 31,758 29,162
Company's share of
partnership and
affiliated company
income (loss) 638 (543) (723) (1,337)
--- ----- ----- -------
Net income $8,815 $7,847 $31,035 $27,825
====== ====== ======= =======
Basic Earnings
per share $0.35 $0.32 $1.24 $1.13
===== ===== ===== =====
Weighted average
number of shares
used in computation
equivalents outstanding
(In thousands): 25,416 24,697 25,128 24,654
====== ====== ====== ======
Diluted net income
per share $0.33 $0.30 $1.17 $1.04
===== ===== ===== =====
Weighted average
number of shares
used in computation
(In thousands):
26,445 26,522 26,488 26,879
====== ====== ===== ======
ELBIT SYSTEMS LTD.
Condensed Balance Sheet
[U.S. Dollars in thousands]
December 31
1999 1998
Assets (Audited) (Audited)
Current Assets
Cash and short term deposits $44,992 $57,363
Trade receivables and others 130,786 75,953
Inventories, net of advances 65,835 66,376
------ ------
Total Current Assets 241,613 199,692
Deposits and long-term loans 17,465 17,375
Investment, long-term receivables
and others 119,721 97,361
Fixed assets and Other assets, net 77,718 39,742
------ ------
$456,517 $354,170
======== ========
Liabilities and Shareholders' Equity
Current liabilities 224,155 158,696
Long-term liabilities 59,656 38,017
Shareholders' equity, net 172,706 157,457
------- -------
$456,517 $354,170
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