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Elbit Systems — Interim / Quarterly Report 2004
May 11, 2004
6762_rns_2004-05-11_96a7029d-4208-4198-97b3-bb549e52cef0.pdf
Interim / Quarterly Report
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אפיפ
11.5.2004
לכבוד הכורסה לניירות ערך www.tase.co.il
לכבוד הרשות לניירות ערך www.isa.gov.il
א.ג.נ.,
הנדון: אלביט מערכות ("החברה") – דוחות כספיים
מצ"ב הודעה לעתונות (Press Release) בדבר תוצאות פעילות החברה ברבעון הראשון של שנת 2004, שבכוונתנו לפרסם בארה"ב ולהגישה כדו"ח 6K לרשות ניירות ערך האמריקאית.
בכבוד רב,
אילן פכולדר מזכיר החברה
ELBIT SYSTEMS LTD
Earnings Release
ELBIT SYSTEMS REPORTS FIRST QUARTER 2004 RESULTS
Backlog of Orders $1,821 million Revenues increase 5.7% Earnings per Share $0.31
Haifa, Israel, May 11, 2004 – Elbit Systems Ltd. (the “Company”) (NASDAQ: ESLT), the international defense company, today reported its consolidated results for the first quarter ended March 31, 2004.
Consolidated revenues for the first quarter of 2004 increased 5.7% to $213.7 million from $202.2 million in the corresponding quarter in 2003.
Consolidated net income for the first quarter of 2004 was $12.7 million (6.0% of revenues) as compared with $12.3 million (6.1% of revenues) in the same period in 2003. Diluted earnings per share for the first quarter of 2004 were $0.31, same as that for the first quarter of 2003.
Gross profit for the first quarter of 2004 was $56.9 million (26.6% of revenues), as compared with gross profit of $56.9 million (28.1% of revenues) in the first quarter of 2003.
Backlog of orders as of March 31, 2004 reached $1,821 million, as compared with $1,752 million at the end of 2003. 64% of the backlog relates to orders outside of Israel. Approximately 73% of the Company’s backlog as of March 31, 2004, is scheduled to be performed in the next three quarters of 2004 and during 2005.
The President and CEO of Elbit Systems, Joseph Ackerman, commented: “We are pleased to report our first quarter 2004 results, in which we achieved increased revenues and cash flow, improved our gross profit margin and reached a record backlog of orders. We are benefiting from the successful implementation of R&D programs and from marketing successes that are expected to bring follow-on orders in coming years. These results evidence our commitment to the continued improvement of our profitability while continuing our R&D activities and developing our business in the various markets and wide range of technologies in which we operate”.
The Board of Directors declared a dividend of $0.11 per share for the first quarter of 2004. The dividend will be paid on June 21, 2004, net of taxes and levies, at the rate of 19%. The record date of the dividend is June 8, 2004.
The Company will host a conference call on at 10:30am EST on Tuesday, May 11. On the call, Mr. Joseph Ackerman, President and CEO and Mr. Ilan Pacholder, Vice President Finance, will review and discuss the first quarter 2004 results and will be available to answer questions.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls 5 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: 1-866 500 4953 or 1866 276 1004 UK Dial-in Number: 0 800 917 4256 ISRAEL Dial-in Number: 03 925 5910 INTERNATIONAL Dial-in Number: +972 3 925 5910
This call will be broadcasted live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available for 30 days.
In addition, a replay of the call will be available by telephone starting two hours after the call ends until Thursday, May 13, 10:30 am EST. To access the replay please dial: 1-866-276-1002 (US), 972-3-925-5948 (Israel) and 0-800-169-8104 (UK).
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, in the areas of aerospace, ground and naval systems, command, control, communications, computers, intelligence, surveillance and reconnaissance (C4I ISR) and advanced electro-optic technologies. The Company focuses on the upgrading of existing military platforms and developing new technologies for defense applications. For further information, please visit the Company web site at www.elbitsystems.com
Company Contact:
Ilan Pacholder, V.P. Finance Elbit Systems Ltd Tel: +972-4 831-6632 Fax: +972-4 831-6659 E-mail: [email protected]
IR Contact:
Ehud Helft / Kenny Green Gelbart Kahana Tel: 1-866-704-6710 Fax: +972-3-607-4711 E-mail: [email protected] E-mail: [email protected]
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousand of US Dollars)
| | March 31 2004 Unaudited | December 31 2003 Audited | | --- | --- | --- | | Assets | | | | Current Assets: | | | | Cash and short term deposits | 90,853 | 76,846 | | Trade receivable and others | 222,704 | 251,644 | | Inventories, net of advances | 247,584 | 249,225 | | Total current assets | 561,141 | 577,715 | | Affiliated Companies & other Investments | 38,238 | 38,223 | | Long-term receivables & others | 76,105 | 78,565 | | Fixed Assets, net | 231,026 | 229,221 | | Other assets, net | 98,190 | 100,012 | | | 1,004,700 | 1,023,736 | | Liabilities and Shareholder’s Equity | | | | Current liabilities | 358,766 | 378,731 | | Long-term liabilities | 176,864 | 188,811 | | Minority Interest | 4,165 | 4,115 | | Shareholder’s equity | 464,905 | 452,079 | | | 1,004,700 | 1,023,736 |
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousand of US Dollars, except for per share amounts)
| Three Months Ended March 31 | Year Ended December 31 | ||
|---|---|---|---|
| 2004 | 2003 | 2003 | |
| Unaudited | Audited | ||
| Revenues | 213,672 | 202,190 | 897,980 |
| Cost of revenues | 156,752 | 145,291 | 673,561 |
| Gross Profit | 56,920 | 56,899 | 224,419 |
| Research and development, net | 13,264 | 14,852 | 54,919 |
| Marketing and selling | 16,409 | 16,153 | 69,943 |
| General and administrative | 11,413 | 10,984 | 46,077 |
| Total operating expenses | 41,086 | 41,989 | 170,939 |
| Operating income | 15,834 | 14,910 | 53,480 |
| Financial expenses, net | (480) | (1,276) | (4,870) |
| Other income, net | 215 | 109 | 903 |
| Income before income taxes | 15,569 | 13,743 | 49,513 |
| Provisions for income taxes | 4,195 | 3,646 | 11,334 |
| 11,374 | 10,097 | 38,179 | |
| Company’s share of partnerships and affiliated Companies income, net | 1,358 | 1,901 | 7,209 |
| Minority rights | (5) | 257 | 557 |
| Net income | 12,727 | 12,255 | 45,945 |
| Earnings per share | |||
| Basic net earnings per share | 0.32 | 0.32 | 1.18 |
| Diluted net earnings per share | 0.31 | 0.31 | 1.14 |