Elbit Systems Reports Second Quarter Results; EPS Increases 12%; Backlog reaches $714 million.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)--Aug. 3, 1999-- 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/NM symbol:ESLTF) today announced results for the second quarter ended June June: see month. 30, 1999. Revenues for the quarter ended June 30, 1999 were $104.0 million compared with $100.3 million for the same period in 1998. Net income for the quarter was $7.3 million, or $0.28 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared with $6.8 million, or $0.25 per diluted share for the second quarter 1998. Gross profit for the quarter was $28.8 million compared with $27.7 million for the same period last year. Revenues for the six months ended June 30, 1999 were $210.8 million versus $203.3 million for the same period in 1999. Net income for the first six months of 1999 was $14.4 million, or $0.54 per diluted share compared with $12.9 million, or $0.48 per diluted share in 1998. Gross profit was $58.8 million compared with $56.4 million for the six months ended June 30, 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 June 30, 1999 was $714.5 million compared with $710 million as of December December: see month. 31, 1998. 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. constituted approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 68% of the backlog as of June 30, 1999. 68% of this backlog is scheduled to be delivered in 1999 and 2000. Commenting on the results, Mr. Joseph Ackerman, President and Chief Executive Officer said: "We are pleased to report on the continued growth of the company's financial results. This quarter is marked by our activities in realizing our strategy of advancing our growth through mergers and acquisitions. We have completed the acquisition 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 and are nearing completion on the acquisition of U.S.-based International Enterprises Inc. Furthermore, we have entered into the process of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in connection with the potential merger of Elop Electro-Optics See electro-optic. Ltd. into Elbit Systems, as previously announced." The Company 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. a dividend for the second quarter of 1999 of $0.07 per share. The dividend will be paid on September September: see month. 14, 1999 to shareholders of record as of the close of business on September 1, 1999. The dividend will be paid net of taxes and levies to be withheld at the rate of 18.42%. ABOUT ELBIT SYSTEMS LTD. 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. -0-
ELBIT SYSTEMS LTD.
Condensed Statements of Operations
[U.S. Dollars in thousands, except per share data]
Six Months Ended Three Months Ended
06/30/99 06/30/98 06/30/99 06/30/98
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues 210,754 $203,341 104,039 $100,280
Cost of revenues 151,935 146,988 75,202 72,552
------- ------- ------ ------
Gross Profit 58,819 56,353 28,837 27,728
------ ------ ------ ------
Research & development
costs, net 17,393 16,988 8,341 7,347
Marketing and
selling expenses 16,016 15,414 7,910 7,606
General and
administrative expenses 6,385 6,178 3,241 3,100
----- ----- ----- -----
39,794 38,580 19,492 18,053
------ ------ ------ ------
Operating income 19,025 17,773 9,345 9,675
Financing income
(expenses), net 1,028 350 921 302
----- --- --- ---
Other income, net 70 113 76 69
-- --- -- --
Income before
income taxes 20,123 18,236 10,342 10,046
Provision for
income taxes 4,831 4,970 2,355 2,889
----- ----- ----- -----
15,292 13,266 7,987 7,157
Company's share of
partnership
income (loss) (938) (408) (664) (353)
---- ---- --- ----
Net income 14,354 $12,858 7,323 $6,804
====== ======= ===== ======
Basic net income per share 0.58 $0.52 0.29 $0.28
---- ----- ---- -----
Weighted average number
of shares used
in computation 24,899 24,623 25,008 24,633
(in thousands) ====== ====== ====== ======
Diluted net income
per share 0.54 0.48 0.28 0.25
---- ---- ---- ----
Weighted average number
of shares used in
computation
(in thousands) 26,505 26,969 26,537 27,264
------ ------ ------ ------
ELBIT SYSTEMS LTD.
Condensed Balance Sheet
[U.S. Dollars in thousands]
06/30/99 12/31/98
Assets (Unaudited) (Audited)
Current Assets
Cash and short term deposits $62,419 $57,363
Trade receivables and others 87,108 75,953
Inventories, net of advances 64,819 66,376
Total Current Assets 214,346 199,692
Deposits and long-term loans 17,369 17,375
Long term receivables and others 114,899 97,361
Fixed assets, net 53,989 39,742
Other assets, net 2,635 0
$403,238 $354,170
Liabilities and Shareholders' Equity
Current liabilities 178,703 158,696
Long-term liabilities 56,239 38,017
Shareholders' equity 168,296 157,457
$403,238 $354,170
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