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Elbit Systems — Interim / Quarterly Report 2006
May 16, 2006
6762_rns_2006-05-16_61761d7c-9143-4fc9-9666-4f621ccd0f73.pdf
Interim / Quarterly Report
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אי200616 במ
לכבוד לכבוד הבורסה לניירות ערך רשות ניירות ערך www.tase.co.il www.isa.gov.il
א.ג.נ.,
לעתונות הודעה– ( "החברה" מ ) "ט מערכות בעיאלב : הנדון
בדבר תוצאות פעילות החברה ברבעון הראשון (Press Release) ה לעתונותב הודע" מצ לרשות ניירות ערך6K"ח ב ולהגישה כדו"בארההיום שבכוונתנו לפרסם ,של שנת 2006 .האמריקאית
, בכבוד רב
אילן פכולדר מזכיר החברה
Earnings Release
ELBIT SYSTEMS REPORTS FIRST QUARTER 2006 RESULTS
Revenues Increased by 45% Year Over Year to $334.4 Million
Backlog of Orders Increased by $176 Million to a New Record of $ 3.5 Billion
Diluted EPS Increased to $0.35 as Compared to $0.30 Last Year
Haifa, Israel, May 16, 2006 – Elbit Systems Ltd. (the “Company”) (NASDAQ: ESLT) , the international defense company, today reported its consolidated results for the first quarter ended March 31, 2006. This is the first full quarter in which the Company consolidates the financial results of Elisra Electronic Systems, a leading company in the areas of EW Suites, airborne warning systems, ELINT systems and data links, in which the Company acquired a 70% interest on November 30, 2005.
The Company’s backlog of orders as of March 31, 2006 reached $3,523 million, as compared with $3,347 million at the end of 2005. 73% of the backlog relates to orders outside of Israel. Approximately 62% of the Company’s backlog as of March 31, 2006 is scheduled to be performed over the next three quarters of 2006 and during 2007.
Consolidated revenues for the first quarter of 2006 increased by 45% to $334.4 million from $230.7 million in the corresponding quarter in 2005.
Consolidated net income for the first quarter of 2006 was $14.5 million (4.3% of revenues), as compared with $12.7 million (5.5% of revenues) in the same period in 2005. Diluted earnings per share for the first quarter of 2006 were $0.35, as compared with $0.30 for the first quarter of 2005.
Gross profit for the first quarter of 2006 was $87.5 million (26.2% of revenues), as compared with gross profit of $61.6 million (26.7% of revenues) in the first quarter of 2005.
During the first quarter of 2006 the Company produced operating cash flow of $75.4 million.
HAIFA P.O.B 539 ISRAEL 31053 TEL. 972-4-8315315 FAX. 972-4-8550002 KARMIEL P.O.B 650 ISRAEL 20101 TEL. 972-4-9901111 FAX. 972-4-9986522
The President and CEO of Elbit Systems, Joseph Ackerman, commented: “We are pleased to report our first quarterly results for 2006, in which we continue to demonstrate growth in revenues, profits, backlog and cash flow. During the first quarter we won several important projects in new markets and based on new technologies. We intend to continue our efforts in expanding our portfolio of products and markets while improving profitability. In the first quarter we achieved double digit organic growth that was complemented by consolidating Elisra’s full quarter revenues for the first time and we are successfully proceeding with the integration of the newly acquired businesses into the Elbit Systems Group.”
The Board of Directors declared a dividend of $0.15 per share for the first quarter of 2006. The dividend’s record date is June 6, 2006, and the dividend will be paid on June 19, 2006, net of taxes and levies, at the rate of 18.5%.
Conference Call
The Company will be hosting a webcast and conference call today, Tuesday, May 16th at 10.30am EST. On the call, management will review and discuss the results, and will be available to answer investor questions.
To participate, please access Elbit Systems’ investor relations web-site at http://www.elbitsystems.com. An online replay will be available 2 hours after the call end, and will be available for 30 days.
Alternatively, please call one of the teleconferencing numbers that follow. Please begin placing your calls at least 5 minutes before the conference call commences. If you are unable to connect using one of the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1 866 744 5399 UK Dial-in Number: 0 800 917 9141 ISRAEL Dial-in Number: 03 918 0610
INTERNATIONAL Dial-in Number: +972 3 918 0610
At: 10:30am Eastern Standard Time, 7:30am Pacific Standard Time, 3:30pm UK Time or 5:30pm Israel Time.
HAIFA P.O.B 539 ISRAEL 31053 TEL. 972-4-8315315 FAX. 972-4-8550002 KARMIEL P.O.B 650 ISRAEL 20101 TEL. 972-4-9901111 FAX. 972-4-9986522
In addition, a replay of the call will be available by telephone starting two hours after the call ends until Thursday, May 19, 10:00 am EST. To access the replay please dial:
1-877-332-1104 (US) or +972-3-925-5945 (international and Israel)
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"), advanced electro-optic and space technologies, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and equipment. The Group also focuses on the upgrading of existing military platforms and developing new technologies for defense and homeland security applications. For further information, please visit the Company web site at www.elbitsystems.com
Company Contact:
IR Contact:
Ilan Pacholder Ehud Helft / Kenny Green V.P. Finance & Capital Markets and Corporate Secretary Elbit Systems Ltd GK International Tel: +972-4 831-6632 Tel: 1-866-704–6710 Fax: +972-4 831-6659 Fax: + 972-3-607– 4711 E-mail: [email protected] E-mail: [email protected] E-mail: [email protected]
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARDLOOKING 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)
HAIFA P.O.B 539 ISRAEL 31053 TEL. 972-4-8315315 FAX. 972-4-8550002 KARMIEL P.O.B 650 ISRAEL 20101 TEL. 972-4-9901111 FAX. 972-4-9986522
ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS
(In thousand of US Dollars)
| AssetsCurrent Assets:Cash and short term depositsTrade receivable and othersInventories, net of advancesTotal current assetsAffiliated Companies & other InvestmentsLong-term receivables & othersFixed Assets, neth | AssetsCurrent Assets:Cash and short term depositsTrade receivable and othersInventories, net of advancesTotal current assetsAffiliated Companies & other InvestmentsLong-term receivables & othersFixed Assets, neth | |||||
|---|---|---|---|---|---|---|
| AssetsCurrent Assets:Cash and short term depositsTrade receivable and othersInventories, net of advancesTotal current assetsAffiliated Companies & other InvestmentsLong-term receivables & othersFixed Assets, neth | M | arch 312006audited88,023 | December 312005 | |||
| Un | Audited94,629416,067328,428 | |||||
| 421,560350493 | ||||||
| , 860,076203,841156,827 | ||||||
| 285,979 | ||||||
| Oter assets, netLiabilities and Shareholder’s EquityCurrent liabilitiesLong-term liabilitiesMinority InterestShareholder’s equity | 140,6581,647,381678,851496,89713,570458,0631,647,381 | |||||
| 1,619,745 | ||||||
| 612,168543,89312,907450,777 | ||||||
| 1,619,745 |
ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME
(In thousand of US Dollars, except for per share amounts)
| RevenuesCost of revenuesRestructurirng expensesGross ProfitResearch and development, netMarketing and sellingGeneral and administrativeIPR&D write-offTotal operating expensesOperating incomeFinancial expenses, netOther income (expenses), netIncome before income taxesProvisions for income taxesEquity in net earnings (losses) of affiliatedcompanies and partnership *Minority rightsNet incomeEarnings per shareBasic net earnings per shareDiluted net earnings per share | Three Months EndedMarch 3120062005Unaudited334,370230,688246,830169,126--87,54061,56221,43815,16626,24816,64619,00712,772--66,69344,58420,84716,978(4,241)(1,732)90816917,51415,4154,6043,98712,91011,4282,2671,042(709)22014,46812,6900.350.310.350.30 | Year EndedDecember 312005 |
|---|---|---|
| Audited1,069,876786,6163,488 | ||
| 279,772 | ||
| 71,90378,64854,4177,490 | ||
| 212,458 | ||
| 67,314(11,472)(5,326) | ||
| 50,51616,335 | ||
| 34,181(1,636)(58) | ||
| 32,487 | ||
| 0.80 | ||
| 0.78 |
- Includes IPR&D write-off of $8,500 in 2005