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Elbit Systems — Regulatory Filings 2010
Mar 10, 2010
6762_ffr_2010-03-10_8314786b-2f2f-4f3f-bb0d-3c4131a74494.zip
Regulatory Filings
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6-K 1 f6k03102010.htm f6k03102010.htm Licensed to: Troutman Sanders Document Created using EDGARizer 5.1.4.0 Copyright 1995 - 2009 Thomson Reuters. All rights reserved.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of March 2010
Commission File Number 000-28998
ELBIT SYSTEMS LTD.
(Translation of Registrant’s Name into English)
Advanced Technology Center, P.O.B. 539, Haifa 31053, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x Form 20-F o Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note : Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note : Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o
o Yes x No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-__
Attached hereto as Exhibit 1 and incorporated herein by reference is the Registrant’s press release dated March 10, 2010.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ELBIT
SYSTEMS LTD. (Registrant) | |
| --- | --- |
| By: | /s/ Ronit
Zmiri |
| Name: | Ronit
Zmiri |
| Title: | Corporate
Secretary |
Dated: March 10, 2010
EXHIBIT INDEX
| Exhibit
No. | Description |
| --- | --- |
| 1. | Press
Release dated March 10, 2010 |
ELBIT SYSTEMS REPORTS
FOURTH QUARTER AND FULL YEAR 2009 RESULTS
2009 revenues increased by 7.4% YoY to $2,832 million;
Net profit of $215 million and EPS of $5.00;
Backlog of orders over $5 billion
Haifa, Israel, March 10, 2010 – Elbit Systems Ltd. (the “Company”) (NASDAQ: ESLT, TASE: ESLT), the international defense electronics company, today reported its consolidated results for the fourth quarter and full year ended December 31, 2009.
Fourth quarter 2009 results:
Revenues for the fourth quarter of 2009 increased by 2.4% to $714.7 million, as compared to $697.9 million in the fourth quarter of 2008.
Gross profit for the fourth quarter of 2009 increased by 5.3% to $212.0 million (29.7% of revenues), as compared to gross profit of $201.4 million (28.9% of revenues) in the fourth quarter of 2008.
Net research and development expenses for the fourth quarter of 2009 were $61.8 million (8.7% of revenues), as compared to $63.9 million (9.2% of revenues) in the fourth quarter of 2008.
Marketing and selling expenses for the fourth quarter of 2009 were $59.4 million (8.3% of revenues), as compared to $41.9 million (6.0% of revenues) in the fourth quarter of 2008. The increased level of marketing and selling expenses in the quarter reflected increased efforts by the Company in pursuit of a wide range of business opportunities in various international markets.
General and administrative expenses for the fourth quarter of 2009 were $32.5 million (4.5% of revenues), as compared to $32.4 million (4.6% of revenues) in the fourth quarter of 2008.
Net financial expenses for the fourth quarter of 2009 were $7.4 million, as compared to $3.8 million in the fourth quarter of 2008.
Taxes on income for the fourth quarter of 2009 were $0.4 million (effective tax rate of 0.8%), as compared to taxes on income of $26.3 million (effective tax rate of 17.7%) in the fourth quarter of 2008. The change in the effective tax rate was attributable mainly to the mix of the tax rates in the various tax jurisdictions in which the Company’s entities generate taxable income, as well as tax adjustments from prior years in some of the Company’s subsidiaries.
Equity in net earnings of affiliated companies and partnership for the fourth quarter of 2009 decreased to $4.9 million (0.7% of revenues), as compared to $6.4 million (0.9% of revenues) in the fourth quarter of 2008.
-1-
Earning Release
Net income attributable to non-controlling interests for the fourth quarter of 2009 was $3.0 million, as compared to $23.3 million in the fourth quarter of 2008. The decrease in net income attributable to non-controlling interests was mainly a result of the Company’s purchase during the second quarter of 2009 of the remaining 49% of Kinetics Ltd.’s shares. Subsequently, Kinetics became a wholly-owned subsidiary of Elbit Systems.
During the fourth quarter of 2008, the Company sold its holdings in Mediguide Inc., a non-core subsidiary in which the Company owned a 41.3% interest on a fully diluted basis, to St. Jude Medical. The Company recorded a net income of $74.4 million in the fourth quarter of 2008 from this sale. In addition, there was a one-time impairment charge of $10.5 million relating to Sandel Avionics, Inc., a U.S. company in which the Company invested $12.4 million in 2007. Thus the aggregate contribution to the 2008 fourth quarter’s results from these one-time effects was an additional $63.9 million to net profit.
Net income attributable to the Company’s ordinary shareholders for the fourth quarter of 2009 was $53.7 million (7.5% of revenues), as compared with $105.3 million (15.1% of revenues) in the fourth quarter of 2008. Excluding the gain due to Mediguide’s sale and the Sandel write-off mentioned above, net income for the fourth quarter of 2008 was $41.4 million.
Diluted net earnings per share attributable to the Company’s ordinary shareholders for the fourth quarter of 2009 were $1.24, as compared with $2.48 for the fourth quarter of 2008. Excluding the above-mentioned gain due to the Mediguide sale and the Sandel write-off, earnings attributable to the Company’s ordinary shareholders was $0.98 per share for the fourth quarter of 2008.
Full year 2009 results:
Revenues for the year ended December 31, 2009 increased by 7.4% to $2,832 million, as compared to $2,638 million in the year ended December 31, 2008. The growth in the Company’s revenues was driven by an increase in sales in the Airborne Systems, Electro-optics and C4I Systems’ areas of operations.
Gross profit for the year ended December 31, 2009 increased by 10.7% to $849.5 million (30.0% of revenues), as compared with gross profit of $767.4 million (29.1% of revenues) in the year ended December 31, 2008. The improved gross profit margin in 2009 was a result mainly of the mix of our programs, the Company’s focus on improving operating efficiencies and the strengthening of the U.S. dollar against the NIS.
Net research and development expenses for the year ended December 31, 2009 were $216.8 million (7.7% of revenues), as compared to $185.0 million (7.0% of revenues) in the year ended December 31, 2008. The increased rate of R&D expenses in 2009 was primarily a result of accelerated development programs, related to technology and products in all areas of our operations, as well as increased engineering activities to support marketing efforts worldwide.
Marketing and selling expenses for the year ended December 31, 2009 were $251 million (8.9% of revenues), as compared to $198.3 million (7.5% of revenues) in the year ended December 31, 2008. The increase in 2009 is mainly due to enhanced marketing efforts in existing markets, such as the United States and Brazil, as well as development of markets relatively new to us such as Australia and certain European countries.
-2-
Earning Release
General and administrative (“G&A”) expenses for the year ended December 31, 2009 were $119.3 million 4.2% of revenues), as compared to $134.2 million (5.1% of revenues) in the year ended December 31, 2008. The decrease in the total dollar amount in G&A expenses in 2009 compared to 2008 was due in part to costs incurred in 2008 related to the settlement agreement relating to the lawsuit between IS&S and Kollsman. In general, the Company reduced its G&A expenses due to efficient management of expenses as well as the strengthening of the U.S. dollar against NIS in 2009 compared to 2008.
Net financial expenses for the year ended December 31, 2009 were $15.6 million, as compared to $36.8 million in the year ended December 31, 2008. The net finance expenses in 2008 included the impact of the other-than-temporary decline in the value of our auction rate securities in the amount of $18.7 million. Our net financing expenses in 2009 were also positively impacted by lower interest rates in the market.
Taxes on income for the year ended December 31, 2009 were $38.1 million (effective tax rate of 15.4%), as compared to taxes on income of $54.4 million (effective tax rate of 17.7%) in the year ended December 31, 2008. The change in the effective tax rate was attributable mainly to the mix of the tax rates in the various tax jurisdictions in which the Company’s entities generate taxable income, as well as tax adjustments from prior years’ in some of the Company’s subsidiaries.
Equity in net earnings of affiliated companies and partnership for the year ended December 31, 2009 increased to $19.3 million (0.7% of revenues), as compared to $14.4 million (0.5% of revenues) in the year ended December 31, 2008. This was a result of both growth in revenues and operational improvements in those entities.
Net income attributable to non-controlling interests for the year ended December 31, 2009 was $13.6 million, as compared to $62.4 million in the year ended December 31, 2008. The decrease in net income attributable to non-controlling interests was mainly a result of the Company’s purchase of the remaining 49% of Kinetics Ltd.’s shares during the second quarter of 2009, subsequently making Kinetics a wholly-owned subsidiary.
Net income attributable to the Company’s ordinary shareholders for the year ended December 31, 2009 increased by 5.3% to $214.9 million (7.6% of revenues), as compared with $204.2 million (7.7% of revenues) in the year ended December 31, 2008. Net income in 2008 included a net gain of $63.9 million related to Mediguide and Sandel, as mentioned above.
Diluted net earnings per share attributable to the Company’s ordinary shareholders for the year ended December 31, 2009 were $5.00, as compared with $4.78 for the year ended December 31, 2008, an increase of 4.6%. Excluding the above-mentioned gain due to the Mediguide sale and the Sandel write-off, earnings attributable to the Company’s ordinary shareholders were $3.28 per share in 2008.
The Company’s backlog of orders for the year ended December 31, 2009 totaled $5,044 million, as compared with $5,030 million as of December 31, 2008. Approximately 65% of the current backlog is due to orders from outside Israel. Approximately 72% of the current backlog is scheduled to be performed during 2010 and 2011.
Operating cash flow for the year ended December 31, 2009 was $209.7 million, as compared to $209.4 million in the year ended December 31, 2008 .
-3-
Earning Release
Management Comment :
“2009 caps another good year for Elbit Systems,” commented Mr. Joseph Ackerman, President and CEO of Elbit Systems. “This was a year of building on our internal competencies while acquiring complementary technologies and broadening our offerings to the defense market. We grew our revenues level, while generating continued strong profitability and cash flow, despite a tough year for the world economy.”
Mr. Ackerman continued, “Over the past few years, our R&D efforts and investments were based on our analysis of the direction of the global defense industry. Our read has so far proven us correct and we invested in areas which have become relevant in today’s market environment. In particular, we correctly foresaw the shift of defense budgets into unmanned vehicles and systems as well as the digitization of the battlefield, and have built up significant competitive assets in these areas. We continued to broaden our product range, our operations and customer base are becoming even more global, and we are continually enhancing our foundation as one of the leaders in the defense electronics industry. Looking ahead, we believe that Elbit Systems is well positioned strategically, operationally, and financially for the coming years.”
Dividend :
The Board of Directors declared a dividend of $0.36 per share for the fourth quarter of 2009. The dividend’s record date is March 31, 2010, and the dividend will be paid on April 12, 2010, net of taxes and levies, at the rate of 16.03%.
Conference Call
The Company will host a conference call today, Wednesday, March 10, 2010, at 10:00am EST. On the call, management will review and discuss the Company’s fourth quarter and year end 2009 results and will be available to answer questions.
To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1 888 668 9141
UK Dial-in Number: 0 800 917 5108
ISRAEL Dial-in Number: 03 918 0609
INTERNATIONAL Dial-in Number: +972 3 918 0609
at: 10:00am Eastern Time; 7:00am Pacific Time; 3:00pm UK Time; 5:00pm Israel Time
This call will also 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 call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:
1 888 326 9310 (US) or +972 3 925 5925 (Israel and International).
-4-
Earning Release
About Elbit Systems
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of 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 aircraft systems (“UAS”), 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, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services. For additional information, visit: www.elbitsystems.com.
Attachments:
Consolidated balance sheet
Consolidated statements of income
Condense consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions
| Company
Contact : Joseph
Gaspar, Executive VP & CFO Dalia
Rosen, Head of Corporate Communications Elbit
Systems Ltd. Tel: +972-4-831-6663 Fax:
+972-4-831-6944 | | IR
Contact : Ehud
Helft / Kenny Green CCG
Investor Relations +1-646-201-9246 |
| --- | --- | --- |
| E-mail: | [email protected] | [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 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)
-5-
Earning Release
ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
| Audited | Audited | |
|---|---|---|
| Assets | ||
| Current | ||
| assets: | ||
| Cash | ||
| and cash equivalents | 140,709 | 204,670 |
| Short-term | ||
| bank deposits | 115,924 | 69,642 |
| Available | ||
| for sale marketable securities | 23,639 | 3,731 |
| Trade | ||
| receivables, net | 659,524 | 477,010 |
| Other | ||
| receivables and pre-paid expenses | 115,856 | 211,988 |
| Inventories, | ||
| net of advances | 569,848 | 644,107 |
| Total | ||
| current assets | 1,625,500 | 1,611,148 |
| Investment | ||
| in affiliated companies, partnership | ||
| and other companies | 88,759 | 62,300 |
| Available | ||
| for sale marketable securities | 12,941 | 2,999 |
| Long-term | ||
| bank deposits and other receivables | 36,338 | 37,746 |
| Deferred | ||
| income taxes | 7,992 | 9,201 |
| Severance | ||
| pay fund | 274,136 | 238,645 |
| 420,166 | 350,891 | |
| Property, | ||
| plant and equipment, net | 404,675 | 384,086 |
| Goodwill | ||
| and other intangible assets, net | 603,336 | 594,283 |
| Total | ||
| assets | 3,053,677 | 2,940,408 |
| Liabilities and Shareholders' | ||
| Equity | ||
| Short-term | ||
| bank credit and loans | - | 6,331 |
| Current | ||
| maturities of long-term loans | 2,663 | 9,082 |
| Trade | ||
| payables | 299,238 | 340,315 |
| Other | ||
| payables and accrued expenses | 552,806 | 476,222 |
| Customer | ||
| advances in excess of costs incurred | ||
| on contracts in progress | 367,137 | 489,192 |
| 1,221,844 | 1,321,142 | |
| Long-term | ||
| loans, net of current maturities | 386,534 | 269,760 |
| Accrued | ||
| termination liability | 351,278 | 333,953 |
| Deferred | ||
| income taxes and tax liabilities, net | 59,602 | 70,068 |
| Customer | ||
| advances in excess of costs incurred | ||
| on contracts in progress | 142,566 | 115,470 |
| Other | ||
| long-term liabilities | 34,659 | 29,707 |
| 974,639 | 818,958 | |
| Elbit | ||
| Systems Ltd.'s shareholders' equity | 832,868 | 723,833 |
| Non-controlling | ||
| interests | 24,326 | 76,475 |
| Total | ||
| shareholders' equity | 857,194 | 800,308 |
| Total | ||
| liabilities and shareholders' equity | 3,053,677 | 2,940,408 |
-6-
Earning Release
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amounts)
| 2009 | 2008 | 2009 | 2008 | |||||
|---|---|---|---|---|---|---|---|---|
| Audited | Unaudited | |||||||
| Revenues | 2,832,437 | 2,638,271 | 714,696 | 697,854 | ||||
| Cost | ||||||||
| of revenues | 1,982,954 | 1,870,830 | 502,652 | 496,504 | ||||
| Gross | ||||||||
| profit | 849,483 | 767,441 | 212,044 | 201,350 | ||||
| Operating | ||||||||
| expenses: | ||||||||
| Research | ||||||||
| and development, net | 216,752 | 184,984 | 61,842 | 63,875 | ||||
| Marketing | ||||||||
| and selling | 250,963 | 198,274 | 59,402 | 41,879 | ||||
| General | ||||||||
| and administrative | 119,311 | 134,182 | 32,506 | 32,416 | ||||
| Acquired | ||||||||
| IPR&D | - | 1,000 | - | 1,000 | ||||
| Total | ||||||||
| operating expenses | 587,026 | 518,440 | 153,750 | 139,170 | ||||
| Operating | ||||||||
| income | 262,457 | 249,001 | 58,294 | 62,180 | ||||
| Financial | ||||||||
| expenses, net | (15,585 | ) | (36,815 | ) | (7,420 | ) | (3,759 | ) |
| Other | ||||||||
| income, net | 458 | 94,294 | 1,326 | 90,064 | ||||
| Income | ||||||||
| before taxes on income | 247,330 | 306,480 | 52,200 | 148,485 | ||||
| Taxes | ||||||||
| on income | (38,109 | ) | (54,367 | ) | (413 | ) | (26,278 | ) |
| 209,221 | 252,113 | 51,787 | 122,207 | |||||
| Equity | ||||||||
| in net earnings of affiliated companies and partnership | 19,292 | 14,435 | 4,897 | 6,364 | ||||
| Consolidated | ||||||||
| net income | 228,513 | 266,548 | 56,684 | 128,571 | ||||
| Less: | ||||||||
| net income attributable to non-controlling interests | (13,566 | ) | (62,372 | ) | (2,968 | ) | (23,299 | ) |
| Net | ||||||||
| income attributable to Elbit Systems Ltd.'s shareholders | 214,947 | 204,176 | 53,716 | 105,272 | ||||
| Earnings | ||||||||
| per share attributable to Elbit Systems Ltd.'s | ||||||||
| shareholders: | ||||||||
| Basic | ||||||||
| net earnings per share | 5.08 | 4.85 | 1.26 | 2.50 | ||||
| Diluted | ||||||||
| net earnings per share | 5.00 | 4.78 | 1.24 | 2.48 | ||||
| Weighted | ||||||||
| average number of shares used in computation of basic earnings per | ||||||||
| share | 42,305 | 42,075 | 42,497 | 42,079 | ||||
| Weighted | ||||||||
| average number of shares used in computation of diluted earnings per | ||||||||
| share | 42,983 | 42,758 | 43,253 | 42,475 |
-7-
Earning Release
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
| 2009 | 2008 | |||
|---|---|---|---|---|
| Audited | ||||
| CASH | ||||
| FLOWS FROM OPERATING ACTIVITIES | ||||
| Net | ||||
| income | 228,513 | 266,548 | ||
| Adjustments | ||||
| to reconcile net income to net cash provided by operating | ||||
| activities: | ||||
| Depreciation | ||||
| and amortization | 123,473 | 129,437 | ||
| Write-off | ||||
| impairment | 3,017 | 10,514 | ||
| Acquired | ||||
| IPR&D | - | 1,000 | ||
| Other-than-temporary | ||||
| impairment of available for sale marketable securities | - | 17,885 | ||
| Stock | ||||
| based compensation | 5,134 | 5,067 | ||
| Deferred | ||||
| income taxes and reserve | 7,606 | (8,488 | ) | |
| Severance, | ||||
| pension and termination indemnities, net | (16,773 | ) | 15,211 | |
| Gain | ||||
| on sale of property, plant and equipment | (723 | ) | (1 | ) |
| Gain | ||||
| on sale of investment | (2,734 | ) | (100,031 | ) |
| Equity | ||||
| in net earnings of affiliated companies and partnership, net of dividend | ||||
| received (*) | (1,824 | ) | (1,866 | ) |
| Change | ||||
| in operating assets and liabilities: | ||||
| Increase | ||||
| in short and long-term trade receivables, and prepaid | ||||
| expenses | (136,224 | ) | (39,698 | ) |
| Decrease | ||||
| (increase) in inventories, net | 75,431 | (169,482 | ) | |
| Increase | ||||
| in trade payables, other payables and accrued expenses | 20,223 | 120,734 | ||
| Decrease | ||||
| in advances received from customers | (95,397 | ) | (37,402 | ) |
| Net | ||||
| cash provided by operating activities | 209,722 | 209,428 | ||
| CASH | ||||
| FLOWS FROM INVESTING ACTIVITIES | ||||
| Purchase | ||||
| of property, plant and equipment | (107,893 | ) | (129,241 | ) |
| Acquisition | ||||
| of subsidiaries and business combinations | (48,234 | ) | (20,637 | ) |
| Investments | ||||
| in affiliated companies | (19,415 | ) | (4,001 | ) |
| Proceeds | ||||
| from sale of property, plant and equipment | 9,055 | 8,779 | ||
| Proceeds | ||||
| from sale of investment | 33,026 | 50,254 | ||
| Investment | ||||
| in available-for-sale debt securities | (24,004 | ) | (19,166 | ) |
| Proceeds | ||||
| fro sale of long-term bank deposits | 12,994 | 939 | ||
| Investment | ||||
| in short-term deposits | (152,457 | ) | (62,518 | ) |
| Proceeds | ||||
| from sale of short-term deposits | 99,625 | 3,884 | ||
| Net | ||||
| cash used in investing activities | (197,303 | ) | (171,707 | ) |
| CASH | ||||
| FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds | ||||
| from exercise of options | 9,871 | 188 | ||
| Purchase | ||||
| of non-controlling interests | (110,250 | ) | - | |
| Repayment | ||||
| of long-term bank loans | (148,652 | ) | (333,590 | ) |
| Proceeds | ||||
| from long-term bank loans | 256,354 | 183,211 | ||
| Dividends | ||||
| paid | (76,172 | ) | (32,770 | ) |
| Tax | ||||
| benefit in respect of options exercised | - | 116 | ||
| Change | ||||
| in short-term bank credit and loans, net | (7,531 | ) | (13,008 | ) |
| Net | ||||
| cash used in financing activities | (76,380 | ) | (195,853 | ) |
| NET | ||||
| DECREASE IN CASH AND CASH EQUIVALENTS | (63,961 | ) | (158,132 | ) |
| CASH | ||||
| AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 204,670 | 362,802 | ||
| CASH | ||||
| AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 140,709 | 204,670 | ||
| * | ||||
| Dividend received | 17,468 | 12,569 |
-8-
Earning Release
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
Consolidated revenues by areas of operation:
| 2009 | 2008 | 2009 | 2008 | |||||
|---|---|---|---|---|---|---|---|---|
| $ | ||||||||
| millions | % | $ | ||||||
| millions | % | $ | ||||||
| millions | % | $ | ||||||
| millions | % | |||||||
| Airborne | ||||||||
| systems | 716.9 | 25.3 | 634.7 | 24.1 | 203.7 | 28.5 | 160.3 | 23.0 |
| Land | ||||||||
| systems | 520.0 | 18.4 | 699.5 | 26.5 | 135.6 | 19.0 | 192.0 | 27.5 |
| C4ISR | ||||||||
| systems | 1,058.7 | 37.4 | 844.5 | 32.0 | 239.0 | 33.4 | 205.5 | 29.4 |
| Electro-optics | 406.2 | 14.3 | 336.7 | 12.8 | 98.3 | 13.8 | 111.5 | 16.0 |
| Other | ||||||||
| (mainly non-defense engineering and production services) | 130.6 | 4.6 | 122.9 | 4.6 | 38.1 | 5.3 | 28.6 | 4.1 |
| Total | 2,832.4 | 100.0 | 2,638.3 | 100.0 | 714.7 | 100.0 | 697.9 | 100.0 |
Consolidated revenues by geographical regions:
| 2009 | 2008 | 2009 | 2008 | |||||
|---|---|---|---|---|---|---|---|---|
| $ | ||||||||
| millions | % | $ | ||||||
| millions | % | $ | ||||||
| millions | % | $ | ||||||
| millions | % | |||||||
| Israel | 627.3 | 22.2 | 474.4 | 18.0 | 159.0 | 22.3 | 115.8 | 16.6 |
| United | ||||||||
| States | 813.4 | 28.7 | 907.1 | 34.4 | 210.3 | 29.4 | 253.0 | 36.3 |
| Europe | 728.2 | 25.7 | 653.1 | 24.7 | 177.4 | 24.8 | 158.7 | 22.7 |
| Other | ||||||||
| countries | 663.5 | 23.4 | 603.7 | 22.9 | 168.0 | 23.5 | 170.4 | 24.4 |
| Total | 2,832.4 | 100.0 | 2,638.3 | 100.0 | 714.7 | 100.0 | 697.9 | 100.0 |
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