HAIFA, Israel , August 12 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense company, today reported its consolidated results for the second quarter ended June 30, 2008 .
The Company's backlog of orders as of June 30, 2008 totaled
As previously announced, during the second quarter the Company reported two events that in the aggregate had minimal total net effect on net profit. These were a one-time net after tax expense provision of
In comparing financial results of the second quarter 2008 to the second quarter in 2007, the following should be noted. During the second quarter of 2007, the Company completed the acquisition of Tadiran Communications Ltd. Following the acquisition, the Company recorded in the second quarter of 2007 expenses of
Consolidated revenues for the second quarter of 2008 increased by 39.5% to
Gross profit for the second quarter of 2008 increased by 55.4% to
Consolidated net income for the second quarter of 2008 increased by 31.3% to
Operating Cash flow during the first six months of 2008 was
The President and CEO of Elbit Systems, Joseph Ackerman , commented: "I am pleased to report another quarter of strong growth with record financial results, and very significantly, our backlog grew and crossed the
Mr. Ackerman continued, "Company-wide, we continue to improve with sustained growth on both the top and bottom line, driven both by strong organic growth as well as the contribution through our acquisitions. Our goal of building our business into a world-class and globally diversified defense company is ever more becoming an actuality, and we remain confident of our continued success into the long-term future."
The Board of Directors declared a dividend of
The Company will also be hosting a conference call on the same day, Tuesday, August 12 , at 9am 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: 0-800-404-8418 ISRAEL Dial-in Number: 03-918-0688 INTERNATIONAL Dial-in Number: +972-3-918-0688 at: 9am Eastern Time; 6am Pacific Time; 2pm UK time and 4pm 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: 1-877-332-1104 (US) or +972-3-925-5948 ( 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.(FINANCIAL TABLES TO FOLLOW) ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousand of US Dollars) June 30 December 31 2008 2007 Unaudited Audited Assets Current Assets: Cash and short term deposits 427,278 375,700 Trade receivable and others 579,887 555,265 Inventories, net of customer advances 583,544 480,603 Total current assets 1,590,709 1,411,568 Investments in affiliated companies & other 68,454 66,161 companies Long-term receivables & others 337,286 314,568 Fixed Assets, net 370,211 350,514 Other assets, net 615,448 632,799 2,982,108 2,775,610 Liabilities and Shareholder's Equity Current liabilities 1,316,025 1,237,049 Long-term liabilities 1,034,951 982,214 Minority Interest 46,769 20,085 Shareholder's equity 584,363 536,262 2,982,108 2,775,610 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousand of US Dollars, except for per share amounts) Six Months Ended Three Months Year Ended Ended June 30 June 30 December 31 2008 2007 2008 2007 2007 Unaudited Unaudited (Audited) Revenues 1,269,230 871,758 653,167 468,158 1,981,761 Cost of revenues 903,474 641,266 455,764 341,204 1,454,913 Restructurirng expenses - 10,482 - 10,482 10,482 Gross Profit 365,756 220,010 197,403 116,472 516,366 Research and development 76,124 53,074 38,089 28,981 126,995 expenses, net Marketing and selling 103,303 71,577 53,639 39,206 157,411 expenses General and administrative 77,841 44,418 45,692 24,100 107,447 expenses Acquired IPR&D - 16,560 - 16,560 16,560 Total operating expenses 257,268 185,629 137,420 108,847 408,413 Operating income 108,488 34,381 59,983 7,625 107,953 Financial expenses, net (16,973) (7,962) (12,373) (5,034) (19,329) Other income (expenses), net 4,213 95 117 (18) 368 Income before taxes on 95,728 26,514 47,727 2,573 88,992 income Taxes on income 11,684 12,122 3,762 5,389 13,810 84,044 14,392 43,965 (2,816) 75,182 Equity in net earnings of affiliated companies and partnership 5,946 5,773 3,381 2,373 14,565 Minority interest in (26,682) (1,757) (16,191) (248) (13,038) earnings of subsidiaries Net income (loss) 63,308 18,408 31,155 (691) 76,709 Earnings per share Basic net earnings (loss) $1.50 $0.44 $0.74 $(0.02) $1.82 per share Diluted net earnings (loss) $1.48 $0.43 $0.73 $(0.02) $1.81 per share Company Contact: IR Contact: Joseph Gaspar, Executive VP & CFO Ehud Helft / Kenny Green Dalia Rosen, Head of Corporate GK Investor Relations Communications Tel: +1-646-201-9246 Elbit Systems Ltd. E-mail: [email protected] Tel: +972-4 831-6663 Fax: +972-4-831-6944 E-mail: [email protected] [email protected]
SOURCE Elbit Systems Ltd