HAIFA , Israel , November 14 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT), the international defense company, today reported its consolidated results for the third quarter ended September 30, 2007 .
Backlog of orders as of September 30, 2007 reached a record
Consolidated revenues for the third quarter of 2007 increased by 38% to
Gross profit for the third quarter of 2007 increased by 46% to
Net profit for the third quarter of 2007 was
Operating Cash flow generated during the first nine months of 2007
reached a record
The President and CEO of Elbit Systems, Joseph Ackerman , commented: "We are pleased to report another strong quarter of growth, which was based on organic revenue growth of 19% and contribution from acquisitions, bringing our overall revenue growth to 38% over last year. Again, our backlog grew strongly and we generated strong cash flow in the first nine months of the year. Our two recent acquisitions, Tadiran and Ferranti Technologies (Group) Limited, both of which are important steps in our strategy for accelerated growth, have already borne fruit and we have already reaped some of the benefit from the synergies between our businesses. The ongoing merger process, relating to our new subsidiary - Elbit Systems Land and C4I - Tadiran Ltd., which was announced last week, will further expand our business opportunities and will be instrumental to the Group's continued and long-term success".
The Board of Directors declared a dividend of
Conference Call
The Company will also be hosting a conference call today, November 14, 2007 at 9:00 am EDT . On the call, management will review and discuss its second quarter 2007 results and will be available to answer questions.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1-888-407-2553 UK Dial-in Number: 0-800-032-3367 ISRAEL Dial-in Number: 03-918-0685 INTERNATIONAL Dial-in Number: +972-3-918-0685 at:9:00 am Eastern Time , 6:00am Pacific Time , 2:00 pm UK Time, 4:00 pm Israel Time
This call will be broadcast live from a link on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 2 hours after the call ends.
Alternatively, for two days following the end of the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are either:
1-888-254-7270 (US) ; 0-800-028-6837 (UK); or +972-3-925-5921 (International).
About Elbit Systems Ltd.:
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Elbit Systems Group, which includes the company and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance (C4ISR), unmanned air vehicle (UAV) systems, advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Group also focuses on the upgrading of existing military platforms and developing new technologies for defense, homeland security and commercial aviation applications.
Company Contact: IR Contact: Joseph Gaspar, Corporate VP & CFO Ehud Helft / Kenny Green Dalia Rosen, Director of Corporate G.K. Investor Relations Communications Tel: +1-646-201-0246 Elbit Systems Ltd. Fax: +972-3-6074711 Tel: +972-4-8316663 E-mail: [email protected] Fax: +972-4-8316944 E-mail: [email protected] [email protected]This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or companies in the Elbit Systems Group, to the extent such statements do not relate to historical or current fact. Forward Looking Statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Elbit Systems Group operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. Elbit Systems does not undertake to update its forward-looking statements.
ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousand of US Dollars) September 30 December 31 2007 2006 Unaudited Audited Assets Current Assets: Cash and short term deposits 321,387 85,400 Available for sale marketable 95,297 2,106 securities Trade receivable and others 523,928 463,323 Inventories, net of advances 435,548 371,962 Total current assets 1,376,160 922,791 Affiliated Companies & other 64,245 235,723 Investments Long-term receivables & others 268,338 190,963 Fixed Assets, net 336,283 294,628 Other assets, net 640,945 128,995 2,685,971 1,773,100 Liabilities and Shareholder’s Equity Current liabilities 1,199,697 810,885 Long-term liabilities 960,752 461,760 Minority Interest 11,912 6,871 Shareholder’s equity 513,610 493,584 2,685,971 1,773,100 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousand of US Dollars, except for per share amounts) Nine Months Ended Three Months Ended Year Ended September 30 September 30 December 31 2007 2006 2007 2006 2006 Unaudited Unaudited (Audited) Revenues 1,390,705 1,055,855 518,947 376,670 1,523,243 Cost of revenues 1,020,022 782,605 378,755 280,538 1,149,768 Restructurirng 10,482 - - - - expenses Gross Profit 360,201 273,250 140,192 96,132 373,475 Research and 87,594 64,363 34,520 24,574 92,232 development, net Marketing and 113,134 81,027 41,558 27,397 111,880 selling General and 73,182 57,454 28,764 19,727 77,505 administrative IPR&D write-off 16,560 - - - - Total operating 290,470 202,844 104,842 71,698 281,617 expenses Operating income 69,731 70,406 35,350 24,434 91,858 Financial (8,698) (15,363) (736) (4,445) (21,456) expenses, net Other income 82 391 (13) 231 1,814 (expenses), net Income before 61,115 55,434 34,601 20,220 72,216 income taxes Taxes on income 21,311 16,645 9,189 7,279 20,694 39,804 38,789 25,412 12,941 51,522 Equity in net earnings of affiliated 10,021 8,189 4,248 4,575 14,743 companies and partnership Minority rights (5,042) 1,304 (3,285) 1,227 5,977 Net income 44,783 48,282 26,375 18,743 72,242 (loss) Earnings per share Basic net $ 1.07 $ 1.17 $ 0.63 $ 0.45 $ 1.75 earnings (loss) per share Diluted net $ 1.06 $ 1.15 $ 0.62 $ 0.45 $ 1.72 earnings (loss) per shareSOURCE Elbit Systems Ltd
