Elbit Systems Reports Third Quarter 1999 Results; EPS Up 15%, Backlog Reaches $720 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)--Nov. 2, 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 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 unaudited results for the third quarter ended September September: see month. 30, 1999. Revenues for the quarter were $109.8 million versus $101.3 million in the third quarter of 1998. Net income for the quarter ended September 30, 1999 was $7.9 million, or $0.30 per share, compared with $7.1 million, or $0.26 per share, for the same period in 1998. Gross profit for the third quarter was $30.4 million compared with $28 million in the corresponding period of 1998. Revenues for the nine month period ended September 30, 1999 were $320.6 million compared with $304.6 million for the same period last year. Net income for the nine months ended September 30, 1999 was $22.2 million, or $0.84 per share, compared with $20 million, or $0.75 per share, for the corresponding period of 1998. Gross profit for the first nine months of 1999 was $89.2 million compared with $84.4 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 September 30, 1998 was $720 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. 67% 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, "The continued improvement in the Company's financial results reflects the implementation of our growth strategy through ongoing internal improvements and the execution of our acquisition strategy. The technologies and R&D efforts developed by the Company's engineers over the past several years have reached maturity in programs which the Company is supplying to customers worldwide today. At the end of the third quarter, our U.S. subsidiary, EFW EfW Energy From Waste EFW Estimated Fetal Weight EFW Emergency Feedwater EFW Electric Fusion Welded (pipe) EFW Electric Field and Wave Experiment (Cluster spacecraft) Inc., completed the acquisition of International Enterprises, Inc. ("IEI IEI Institution of Engineers of Ireland IEI International Electronics Inc IEI Institution of Engineers India IEI International Epidemiology Institute IEI Israel Export Institute IEI Indoor Environmental Institute IEI Interrupt Enable Input ") located in Talladega, Alabama Talladega (locally, IPA: /ˌtælə'dɪgə/) is a city in Talladega County, Alabama, United States. At the 2000 census the population was 15,143. . IEI is engaged 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 and its financial results will be included in the Company's financial results for the fourth quarter." 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 third quarter of 1999 of $0.08 per share. The record date for the dividend will be December December: see month. 7, 1999, and will be paid on December 20, 1999 net of taxes and levies to be withheld at the rate currently estimated to be 18.42%. 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)
Nine Months Ended Three Months Ended
09/30/99 09/30/98 09/30/99 09/30/98
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Revenues $320,558 $304,626 $109,804 $101,285
Cost of revenues 231,374 220,243 79,439 73,255
------- ------- ------ ------
Gross Profit 89,184 84,383 30,365 28,030
------ ------ ------ ------
Research & development
costs, net 24,825 23,500 7,432 6,512
Marketing and selling
expenses 24,406 23,115 8,390 7,701
General and
administrative expenses 10,305 9,614 3,920 3,436
------ ----- ----- -----
59,536 56,229 19,742 17,649
------ ------ ------ ------
Operating income 29,648 28,154 10,623 10,381
Financing income
(expenses), net 1,413 274 385 (76)
Other income
(expenses), net 61 144 (9) 31
-- --- --- --
Income before
income taxes 31,122 28,572 10,999 10,336
Provision for
income taxes 7,541 7,800 2,710 2,830
----- ----- ----- -----
23,581 20,772 8,289 7,506
Company's share
of partnership loss (1,361) (794) (423) (386)
------- ----- ----- -----
Net income $22,220 $19,978 $7,866 $7,120
======= ======= ====== ======
Earnings per share
Basic net income
per share $0.89 $0.81 $0.31 $0.29
===== ===== ===== =====
Weighted average
number of shares
used in computation
(In thousands): 25,033 24,639 25,298 24,671
====== ====== ====== ======
Diluted net income
per share $0.84 $0.75 $0.30 $0.26
===== ===== ===== =====
Weighted average
number of shares
used in computation
(In thousands): 26,502 26,999 26,496 27,060
====== ====== ====== ======
ELBIT SYSTEMS LTD.
Condensed Balance Sheet
(U.S. Dollars in thousands)
09/30/99 12/31/98
Assets (Unaudited) (Audited)
Current Assets
Cash and short term deposits $68,253 $57,363
Trade receivables and others 87,065 75,953
Inventories, net of advances 64,224 66,376
------ ------
Total Current Assets 219,542 199,692
Long term receivables 118,939 90,064
Deposits loans and others 23,362 24,672
Fixed assets, net 52,496 39,742
Other assets, net 2,534 0
----- --------
$416,873 $354,170
======== ========
Liabilities and Shareholders'
Equity
Current liabilities 186,541 158,696
Long-term liabilities 52,593 36,053
Minority interest 1,789 1,964
Shareholders' equity 175,950 157,457
------- -------
$416,873 $354,170
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