HAIFA , Israel , August 14 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT), the international defense company, today reported its consolidated results for the second quarter ended June 30, 2007 .
Completion of Acquisition of Tadiran Communications. On April 26, 2007 ,
the Company completed the acquisition of the outstanding shares of Tadiran
Communications Ltd. ("Tadiran"). Following the acquisition, the Company fully
consolidated the results of Tadiran. On July 12, 2007 , the Company reported
that it anticipated the acquisition related expenses in the second quarter to
be within a range of
Backlog of orders as of June 30, 2007 reached a record
Consolidated revenues for the second quarter of 2007 increased by 36% to
Reported gross profit for the second quarter of 2007 increased by 30% to
Reported consolidated net loss for the second quarter of 2007, including
Operating Cash flow generated during the first six months of the year
reached a record
The President and CEO of Elbit Systems, Joseph Ackerman , commented: "We are pleased to report another quarter of growth that is highlighted by record backlog and cash flow. I would like to underline our organic growth that amounted to more than 20% and made a substantial contribution to our overall growth of 36% following the acquisition of Tadiran. We have found that Tadiran has highly professional and talented employees, advanced technologies and a strong presence in the worldwide market. We believe the combined company will quickly evolve into a world leader in the areas of ground systems, communications and C4I. Together with our integration of Tadiran, and based upon the Group's highly qualified and dedicated personnel, strong global presence, growing backlog, continued investment in R&D and solid cash flow, we are confident of our continued success for the future".
The Board of Directors declared a dividend of
The Company will also be hosting a conference call today, August 14, 2007 at 8:30 am EDT . On the call, management will review and discuss its second quarter 2007 results and will be available to answer questions.