Elbit Systems Reports Second Quarter 1997 Results.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)--August 4, 1997--Elbit Systems Ltd. (NASDAQ/NM symbol: ESLTF) today announced unaudited results for the second quarter, 1997. Revenues for the quarter were $87.2 million, an increase of 17.8% versus $74 million in the second quarter of 1996. Gross profit for the second quarter was $23.5 million compared with $17.8 million, in the corresponding period of 1996. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter was $7.8 million, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 38% compared with $5.7 million in the corresponding period of 1996. Net income for the quarter ended June June: see month. 30, 1997 was $5.1 million, or $0.23 per share, compared with $4.3 million, or $0.20 per share, for the same period in 1996. Revenues for the six month period ended June 30, 1997 were $179 million, an increase of 34.4% compared with $133.2 million for the same period last year. Gross profit for the six months ended June 30 1997 was $47.9 million compared with $32.5 million in the corresponding period of 1996. Operating income for the first six months of 1997 was $14.2 million, an increase of approximately 50% compared with $9.4 million in the corresponding period of 1996. Net income for the six months ended June 30, 1997 was $9.8 million, or $0.43 per share, compared with $7.7 million, or $0.36 per share, for the corresponding period of 1996. The increase in the Company's revenues during the second quarter and for the six months ended June 30, 1997 reflects primarily continuing production deliveries, mainly in the 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. systems segment. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. for the first six months of 1997 reached 26.7% compared to 24.4% for the same period of 1996. 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 June 30, 1997 was $636 million versus $614 million at the end of 1996. Approximately 79% 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 to report the second consecutive quarter of improved profitability compared to the Company's results for the same period in 1996. We are maintaining growth in revenues and the backlog as we continue to implement the Company's business strategy." The Board of Directors 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. a dividend for the second quarter of 1997 of $0.05 per share. The record date for the dividend is September September: see month. 7, 1997, and will be paid on September 22, 1997 net of taxes and levies to be withheld at the rate currently estimated to be 25%. 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. is engaged in a wide range of defense-related airborne, ground and command, control and communications ("C3") programs throughout the world. They focus 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. -0-
ELBIT SYSTEMS LTD.
Condensed Statements of Operations
[U.S. Dollars in thousands, except per share data]
Six Months Ended Three Months Ended
06/30/97 06/30/96 06/30/97 06/30/96
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenues $178,968 $133,165 $87,161 $74,013
Cost of revenues 131,105 100,631 63,675 56,214
Gross Profit 47,863 32,534 23,486 17,799
Research & development costs, net 14,572 8,837 6,217 4,513
Marketing and selling expenses 13,091 9,688 6,598 5,286
General and administrative expenses 6,047 4,605 2,879 2,348
33,710 23,130 15,694 12,147
Operating income 14,153 9,404 7,792 5,652
Financing income (expenses), net 100 565 (1) 432
Other income, net 122 165 92 45
Income before income taxes 14,375 10,134 7,883 6,129
Provision for income taxes 4,150 2,466 2,762 1,872
10,225 7,668 5,121 4,257
Company's share of partnership
income (loss) (420) 44 5 60
Net income $9,805 $7,712 $5,126 $4,317
Earnings per share $0.43 $0.36 $0.23 $0.20
Numbers of shares used in computation
(In thousands):
Shares outstanding 21,386 21,386 21,386 21,386
Shares in respect of employees
Stock options, not yet exercised 1,183 -- 1,207 --
22,569 21,386 22,593 21,386
-0-
ELBIT SYSTEMS LTD.
Consolidated Balance Sheet
[U.S. Dollars in thousands]
06/30/97 12/31/96
Assets (Unaudited) (Audited)
Current assets:
Cash and short term deposits $32,567 $23,374
Trade receivables and others 72,348 66,721
Inventories, net of advances 63,701 73,280
Total current assets 168,616 163,375
Deposits and long-term loans 30,996 40,531
Long-term receivables and others 32,825 11,044
Fixed assets, net 25,814 25,508
Other assets, net 950 896
259,201 241,354
Liabilities and Shareholders' Equity
Current liabilities 140,964 145,968
Long-term liabilities 32,882 17,760
Shareholders' equity 85,355 77,626
$ 259,201 $ 241,354
CONTACT: Elbit Systems Ltd. Arie Tal, Corporate Secretary Ilan Ilan or I-lan (both: ē`län`), city (1994 pop. 91,133), NE Taiwan. Located in an agricultural area, it is one of the largest rice markets in Taiwan. Fertilizers and wood and paper products are among the city's manufactures. Pacholder, Finance Director Tel: 972-4 831-6632 Fax: 972-4 855-0317 or Lippert/Heilshorn & Associates Jody Burfening Tel: 212-838-3777 (ext. 106) jody@lhai.com |
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