HAIFA, Israel , November 25 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense company, today reported its consolidated results for the third quarter ended September 30, 2008 .
Consolidated revenues for the third quarter of 2008 increased by 29.3% to
Gross profit for the third quarter of 2008 increased by 41.5% to
Consolidated net income for the third quarter of 2008 increased by 35% to
Operating cash flow during the first nine months of 2008 was
Diluted earnings per share for the third quarter of 2008 were
The Company's backlog of orders as of September 30, 2008 totaled
During the third quarter, two events occurred that in the aggregate had minimal total net effect on net profit. There was one-time income of
The President and CEO of Elbit Systems, Joseph Ackerman , commented, "I am pleased to report another quarter of solid progress at Elbit Systems, with growth across all areas of operation and in all geographies. In addition, in the first three quarters of 2008, we have already surpassed the whole of last year's net income, achieving just shy of
Mr. Ackerman continued: "We are taking every measure to keep a cap on and rationalize expenses. This is to ensure we are prepared for all eventualities and that we are able to maintain our profitability, momentum and technological leadership, in the coming months ahead."
The Board of Directors declared a dividend of
The Company will also be hosting a conference call today, Tuesday, November 25 , at 8:30am ET . On the call, management will review and discuss the results and will be available to answer questions.
To participate, please call one of the teleconferencing numbers that follow. 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: 1-866-345-5855 UK Dial-in Number: 0-800-917-5108 ISRAEL Dial-in Number: 03-918-0650 INTERNATIONAL Dial-in Number: +972-3-918-0650
at: 8:30am Eastern Time ; 5:30am Pacific Time ; 1:30pm UK time and 3:30pm Israel time
This call will be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 24 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:
1-888-269-0005 (US) or +972-3-925-5951 ( Israel and 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 Company, which includes Elbit Systems 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 Company also focuses on the upgrading of existing military platforms and developing new technologies for defense, homeland security and commercial aviation applications.
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 its subsidiaries (collectively the Company), 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 Company 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. The Company does not undertake to update its forward-looking statements.ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousand of US Dollars) September 30 December 31 2008 2007 Unaudited Audited Assets Current Assets: Cash and short term deposits 290,376 375,700 Trade receivable and others 545,694 555,265 Inventories, net of customer advances 632,072 480,603 Total current assets 1,468,142 1,411,568 Investments in affiliated companies & other 69,085 66,161 companies Long-term receivables & others 326,521 314,568 Fixed Assets, net 385,532 352,702 Other assets, net 608,720 636,255 2,858,000 2,781,254 Liabilities and Shareholder's Equity Current liabilities 1,207,673 1,237,049 Long-term liabilities 960,496 987,858 Minority Interest 57,091 20,085 Shareholder's equity 632,740 536,262 2,858,000 2,781,254 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousand of US Dollars, except for per share amounts) Nine Months Ended Three Months Year Ended Ended September 30 September 30 December 31 2008 2007 2008 2007 2007 Unaudited Unaudited (Audited) Revenues 1,940,417 1,390,705 671,187 518,947 1,981,761 Cost of revenues 1,376,334 1,020,022 472,860 378,755 1,454,913 Restructurirng expenses - 10,482 - - 10,482 Gross Profit 564,083 360,201 198,327 140,192 516,366 Research and development 121,109 87,594 44,985 34,520 126,995 expenses, net Marketing and selling 152,754 113,134 49,451 41,558 157,411 expenses General and administrative 103,399 73,182 25,558 28,764 107,447 expenses Acquired IPR&D - 16,560 - - 16,560 Total operating expenses 377,262 290,470 119,994 104,842 408,413 Operating income 186,821 69,731 78,333 35,350 107,953 Financial expenses, net (33,056) (8,698) (16,083) (736) (19,329) Other income (expenses), 4,230 82 17 (13) 368 net Income before taxes on 157,995 61,115 62,267 34,601 88,992 income Taxes on income 28,089 21,311 16,405 9,189 13,810 129,906 39,804 45,862 25,412 75,182 Equity in net earnings of affiliated companies and partnership 8,071 10,021 2,125 4,248 14,565 Minority interest in (39,073) (5,042) (12,391) (3,285) (13,038) earnings of subsidiaries Net income 98,904 44,783 35,596 26,375 76,709 Earnings per share Basic net earnings per $ 2.35 $ 1.07 $ 0.85 $ 0.63 $ 1.82 share Diluted net earnings per $ 2.31 $ 1.06 $ 0.83 $ 0.62 $ 1.81 share Company Contact: IR Contact: Joseph Gaspar, Executive VP & CFO Ehud Helft / Kenny Green Dalia Rosen, Head of Corporate Communications Elbit Systems Ltd. GK Investor Relations Tel: +972-4-831-6663 Tel: +1-646-201-9246 Fax: +972-4-831-6944 E-mail: [email protected] E-mail: [email protected] [email protected]
SOURCE Elbit Systems Ltd