HAIFA, Israel, Aug. 16, 2016 /PRNewswire/ --Elbit Systems
Ltd. (NASDAQ and TASE: ESLT), (the "Company") the international
high technology company, reported today its consolidated results
for the quarter ended June 30, 2016.
In this release, the Company is providing US-GAAP results as
well as additional non-GAAP financial data, which are intended to
provide investors a more comprehensive understanding of the
Company's business results and trends. Unless otherwise stated, all
financial data presented is GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, Elbit Systems' President and CEO,
commented: "We are encouraged by our second quarter financial
results, demonstrating a strong, growing and diverse business. Our
positive performance is built on our steady growth in backlog,
which continued to increase in the quarter, enhancing visibility
into revenues over the long term. Our sales are distributed across
many regions and across a broad spectrum of products and
technologies. This year in particular, we have seen strong
performance in Europe and
Israel. Our diversified market
presence and portfolio has enabled us to continue to grow in an
evolving global defense and homeland security environment. In
recent months we have launched a number of new systems and
solutions for which our customers worldwide have expressed
interest. Based on our backlog of orders and market position, we
have the potential to continue this trend for the foreseeable
future."
Second quarter 2016 results:
Revenues in the second quarter of 2016 were
$804.5 million, as compared to
$749.6 million in the second quarter
of 2015.
Non-GAAP(*) gross profit amounted to
$244.0 million (30.3% of revenues) in
the second quarter of 2016, as compared to $224.7 million (30.0% of revenues) in the second
quarter of 2015. GAAP gross profit in the second quarter of
2016 was $236.1 million (29.4% of
revenues), as compared to $219.3
million (29.2% of revenues) in the second quarter of
2015.
Research and development expenses, net were $67.2 million (8.4% of revenues) in the second
quarter of 2016, as compared to $57.5
million (7.7% of revenues) in the second quarter of
2015.
Marketing and selling expenses, net were $60.3 million (7.5% of revenues) in the second
quarter of 2016, as compared to $60.6
million (8.1% of revenues) in the second quarter of
2015.
General and administrative expenses, net were
$38.7 million (4.8% of revenues) in
the second quarter of 2016, as compared to $35.7 million (4.8% of revenues) in the second
quarter of 2015.
Non-GAAP(*) operating income was $80.5 million (10.0% of revenues) in the second
quarter of 2016, as compared to $75.4
million (10.1% of revenues) in the second quarter of
2015. GAAP operating income in the second quarter of
2016 was $69.9 million (8.7% of
revenues), as compared to $65.5
million (8.7% of revenues) in the second quarter of
2015.
Financial expenses, net were $5.5
million in the second quarter of 2016, as compared to
$6.2 million in the second quarter of
2015.
Taxes on income were $14.3
million (effective tax rate of 22.2%) in the second quarter
of 2016, as compared to $12.0 million
(effective tax rate of 20.2%) in the second quarter of 2015.
The effective tax rate is affected by the mix of the tax rates in
the various jurisdictions in which the Company's entities generate
taxable income.
Equity in net earnings (loss) of affiliated companies and
partnerships was $4.4 million in
the second quarter of 2016, as compared to a net loss of
$0.4 million in the second quarter of
2015. The relatively higher amount in the second quarter of 2016
reflects a gain from a Company affiliate in the UK that began
operations in 2016.
Net income attributable to non-controlling interests was
$0.5 million in the second quarter of
2016, as compared to $1.7 million in
the second quarter of 2015.
Non-GAAP(*) net income attributable to the
Company's shareholders in the second quarter of 2016 was
$62.9 million (7.8% of revenues), as
compared to $53.5 million (7.1% of
revenues) in the second quarter of 2015. GAAP net income in
the second quarter of 2016 was $54.1
million (6.7% of revenues), as compared to $45.3 million (6.0% of revenues) in the second
quarter of 2015.
Non-GAAP(*) diluted net earnings per share
attributable to the Company's shareholders were
$1.47 for the second quarter of 2016,
as compared to $1.25 for the second
quarter of 2015. GAAP diluted earnings per share in the
second quarter of 2016 were $1.27, as
compared to $1.06 for the second
quarter of 2015.
The Company's backlog of orders for the quarter ended
June 30, 2016, totaled $6,818
million, as compared to $6,305
million as of June 30, 2015. Approximately 66% of the
current backlog is attributable to orders from outside Israel. Approximately 59% of the current
backlog is scheduled to be performed during 2016 and 2017.
Operating cash flow used in the six months ended
June 30, 2016 was $15.1
million, as compared to $116.5
million provided in the six months ended June 30,
2015.
* Non-GAAP financial data:
The following non-GAAP financial data is presented to enable
investors to have additional information on the Company's business
performance as well as a further basis for periodical comparisons
and trends relating to the Company's financial results. The Company
believes such data provides useful information to investors by
facilitating more meaningful comparisons of the Company's financial
results over time. Such non-GAAP information is used by the
Company's management to make strategic decisions, forecast future
results and evaluate the Company's current performance. However,
investors are cautioned that, unlike financial measures prepared in
accordance with GAAP, non-GAAP measures may not be comparable with
the calculation of similar measures for other companies.
The non-GAAP financial data includes reconciliation adjustments
regarding non-GAAP gross profit, operating income, net income and
diluted EPS. In arriving at non-GAAP presentations, companies
generally factor out items such as those that have a non-recurring
impact on the income statements, various non-cash items,
significant effects of retroactive tax legislation and changes in
accounting guidance and other items, which in management's
judgment, are items that are considered to be outside of the review
of core operating results.
In the Company's non-GAAP presentation, the Company made certain
adjustments, as indicated in the table below.
These non-GAAP measures are not based on any comprehensive set
of accounting rules or principles. The Company believes that
non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with the Company's results of operations,
as determined in accordance with GAAP, and that these measures
should only be used to evaluate the Company's results of operations
in conjunction with the corresponding GAAP measures.
Investors should consider non-GAAP financial measures in addition
to, and not as replacements for or superior to, measures of
financial performance prepared in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental
Financial Data:
(US Dollars in millions)
|
Six months ended
June 30,
|
|
Three months ended
June 30,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
448.4
|
|
|
420.4
|
|
|
236.1
|
|
|
219.3
|
|
|
897.1
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
15.8
|
|
|
10.6
|
|
|
7.9
|
|
|
5.4
|
|
|
29.9
|
|
Non-GAAP
gross profit
|
464.2
|
|
|
431.0
|
|
|
244.0
|
|
|
224.7
|
|
|
927.0
|
|
Percent of
revenues
|
30.4
|
%
|
|
29.6
|
%
|
|
30.3
|
%
|
|
30.0
|
%
|
|
29.8
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
133.2
|
|
|
125.3
|
|
|
69.9
|
|
|
65.5
|
|
|
268.6
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
21.2
|
|
|
19.6
|
|
|
10.6
|
|
|
9.9
|
|
|
48.1
|
|
Gain from changes in
holdings
|
(7.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-GAAP operating
income
|
147.4
|
|
|
144.9
|
|
|
80.5
|
|
|
75.4
|
|
|
316.7
|
|
Percent of
revenues
|
9.7
|
%
|
|
10.0
|
%
|
|
10.0
|
%
|
|
10.1
|
%
|
|
10.2
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Elbit Systems' shareholders
|
106.4
|
|
|
89.9
|
|
|
54.1
|
|
|
45.3
|
|
|
202.5
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
21.2
|
|
|
19.6
|
|
|
10.6
|
|
|
9.9
|
|
|
48.1
|
|
Capital
Gain
|
(3.9)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Gain from changes in
holdings
|
(7.0)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Related tax
benefits
|
(2.7)
|
|
|
(3.3)
|
|
|
(1.8)
|
|
|
(1.7)
|
|
|
(8.2)
|
|
Non-GAAP net
income attributable to Elbit Systems' shareholders
|
114.0
|
|
|
106.2
|
|
|
62.9
|
|
|
53.5
|
|
|
242.4
|
|
Percent of
revenues
|
7.5
|
%
|
|
7.3
|
%
|
|
7.8
|
%
|
|
7.1
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net
EPS
|
2.49
|
|
|
2.10
|
|
|
1.27
|
|
|
1.06
|
|
|
4.74
|
|
Adjustments,
net
|
0.18
|
|
|
0.38
|
|
|
0.20
|
|
|
0.19
|
|
|
0.93
|
|
Non-GAAP diluted
net EPS
|
2.67
|
|
|
2.48
|
|
|
1.47
|
|
|
1.25
|
|
|
5.67
|
|
Recent Events:
On May 24, 2016, the Company
announced that it was awarded contracts from a European country for
the supply of advanced tactical communications systems, for a total
amount of an approximately $40
million. The contracts will be performed over a one-year
period.
On July 7, 2016, the Company
announced that it is establishing a new company (the New Company),
based on its in-house developed energy technology for
transportation. The New Company will develop energy solutions for
civilian transportation applications.
On July 10, 2016, the Company
announced it was awarded an approximately $19 million contract from the Maldonado District
Administration in Uruguay to
provide a Safe District project. The project will span across six
municipal authorities, including the well-known Punta Del Este
tourist resort, over a total of 2000 km. The contract will be
performed by the Company's subsidiary, Elbit Security Systems Ltd.
(ELSEC), over a two-year period.
On July 20, 2016, the Company
announced that it was awarded contracts, in a total amount of
approximately $30 million, to supply
advanced thermal-imaging observation systems to a country in
Europe. The systems will serve all
army command levels, from the dismounted soldier to the
headquarters command and will be supplied over a one-year
period.
Dividend:
The Board of Directors declared a dividend of $0.40 per share for the second quarter of 2016.
The dividend's record date is August 26,
2016. The dividend will be paid from income generated as
Preferred Income (as defined under Israeli tax laws), on
September 5, 2016, net of taxes and
levies, at the rate of 20%.
Conference Call:
The Company will be hosting a conference call today,
Tuesday, August 16, 2016 at
9:00 a.m. Eastern Time. 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. 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: 9:00 am Eastern Time;
6:00 am Pacific Time; 2:00 pm UK Time; 4:00
pm 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:
1 888 295 2634 (US) or +972 3 925 5900
(Israel and International).
About Elbit Systems
Elbit Systems Ltd. is an international high technology company
engaged in a wide range of defense, homeland security and
commercial 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, advanced
electro-optics, electro-optic space systems, EW suites, signal
intelligence systems, data links and communications systems, radios
and cyber-based systems. The Company also focuses on the
upgrading of existing platforms, developing new technologies for
defense, homeland security and commercial applications and
providing a range of support services, including training and
simulation systems.
For additional information, visit: www.elbitsystems.com.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by
geographical regions
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 1943, 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., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated
companies. All other brand, product, service and process
names appearing are the trademarks of their respective
holders. Reference to or use of a product, service or process
other than those of Elbit Systems Ltd. does not imply
recommendation, approval, affiliation or sponsorship of that
product, service or process by Elbit Systems Ltd. Nothing contained
herein shall be construed as conferring by implication, estoppel or
otherwise any license or right under any patent, copyright,
trademark or other intellectual property right of Elbit Systems
Ltd. or any third party, except as expressly granted herein.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD.
CONSOLIDATED
BALANCE SHEETS
(In thousands of US Dollars)
|
June
30,
|
|
December
31,
|
|
2016
|
|
2015
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
155,681
|
|
|
$
|
299,322
|
|
Short-term bank
deposits and marketable securities
|
30,774
|
|
|
33,102
|
|
Trade and unbilled
receivables, net
|
1,158,155
|
|
|
941,913
|
|
Other receivables and
prepaid expenses
|
150,954
|
|
|
171,359
|
|
Inventories, net of
customers advances
|
865,015
|
|
|
837,111
|
|
Total current
assets
|
2,360,579
|
|
|
2,282,807
|
|
|
|
|
|
Investments in
affiliated companies and partnerships
|
163,595
|
|
|
129,758
|
|
Long-term trade and
unbilled receivables
|
136,696
|
|
|
152,463
|
|
Long-term bank
deposits and other receivables
|
19,052
|
|
|
15,765
|
|
Deferred income
taxes, net
|
45,751
|
|
|
52,619
|
|
Severance pay
fund
|
267,400
|
|
|
270,151
|
|
|
632,494
|
|
|
620,756
|
|
|
|
|
|
Property, plant and
equipment, net
|
474,177
|
|
|
449,759
|
|
Goodwill and other
intangible assets, net
|
750,418
|
|
|
770,276
|
|
Total
assets
|
$
|
4,217,668
|
|
|
$
|
4,123,598
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term bank
credit and loans
|
$
|
60,003
|
|
|
$
|
—
|
|
Current maturities of
long-term loans and Series A Notes
|
112,134
|
|
|
113,359
|
|
Trade
payables
|
372,941
|
|
|
347,366
|
|
Other payables and
accrued expenses
|
807,826
|
|
|
739,867
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
373,967
|
|
|
437,202
|
|
|
1,726,871
|
|
|
1,637,794
|
|
|
|
|
|
Long-term loans, net
of current maturities
|
142,270
|
|
|
165,971
|
|
Series A Notes, net
of current maturities
|
174,629
|
|
|
226,758
|
|
Employee benefit
liabilities
|
380,484
|
|
|
381,641
|
|
Deferred income taxes
and tax liabilities, net
|
44,225
|
|
|
44,738
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
169,629
|
|
|
167,601
|
|
Other long-term
liabilities
|
99,892
|
|
|
99,668
|
|
|
1,011,129
|
|
|
1,086,377
|
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,471,196
|
|
|
1,391,374
|
|
Non-controlling
interests
|
8,472
|
|
|
8,053
|
|
Total
equity
|
1,479,668
|
|
|
1,399,427
|
|
Total liabilities
and equity
|
$
|
4,217,668
|
|
|
$
|
4,123,598
|
|
ELBIT SYSTEMS LTD.
CONSOLIDATED
STATEMENTS OF INCOME
(In thousands of US Dollars, except for
share and per share amount)
|
Six months ended
June 30,
|
|
Three months ended
June 30,
|
|
Year Ended
December 31,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2015
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
Revenues
|
$
|
1,525,721
|
|
|
$
|
1,456,226
|
|
|
$
|
804,510
|
|
|
$
|
749,603
|
|
|
$
|
3,107,581
|
|
Cost of
revenues
|
1,077,344
|
|
|
1,035,778
|
|
|
568,375
|
|
|
530,351
|
|
|
2,210,528
|
|
Gross
profit
|
448,377
|
|
|
420,448
|
|
|
236,135
|
|
|
219,252
|
|
|
897,053
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
123,236
|
|
|
113,117
|
|
|
67,189
|
|
|
57,505
|
|
|
243,416
|
|
Marketing and
selling, net
|
121,326
|
|
|
111,897
|
|
|
60,330
|
|
|
60,569
|
|
|
239,366
|
|
General and
administrative, net
|
77,616
|
|
|
70,097
|
|
|
38,672
|
|
|
35,685
|
|
|
145,693
|
|
Other operating
income, net
|
(7,032)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total operating
expenses
|
315,146
|
|
|
295,111
|
|
|
166,191
|
|
|
153,759
|
|
|
628,475
|
|
Operating
income
|
133,231
|
|
|
125,337
|
|
|
69,944
|
|
|
65,493
|
|
|
268,578
|
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(7,194)
|
|
|
(11,865)
|
|
|
(5,475)
|
|
|
(6,192)
|
|
|
(20,240)
|
|
Other income ,
net
|
3,910
|
|
|
77
|
|
|
13
|
|
|
10
|
|
|
216
|
|
Income before income
taxes
|
129,947
|
|
|
113,549
|
|
|
64,482
|
|
|
59,311
|
|
|
248,554
|
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
(26,956)
|
|
|
(20,625)
|
|
|
(14,286)
|
|
|
(11,976)
|
|
|
(46,235)
|
|
|
102,991
|
|
|
92,924
|
|
|
50,196
|
|
|
47,335
|
|
|
202,319
|
|
|
|
|
|
|
|
|
|
|
|
Equity in net
earnings (loss) of affiliated companies and partnerships
|
4,429
|
|
|
(491)
|
|
|
4,409
|
|
|
(363)
|
|
|
4,542
|
|
Net income
|
$
|
107,420
|
|
|
$
|
92,433
|
|
|
54,605
|
|
|
46,972
|
|
|
$
|
206,861
|
|
Less: net income
attributable to non-controlling interests
|
(1,002)
|
|
|
(2,574)
|
|
|
(514)
|
|
|
(1,678)
|
|
|
(4,352)
|
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
$
|
106,418
|
|
|
$
|
89,859
|
|
|
$
|
54,091
|
|
|
$
|
45,294
|
|
|
$
|
202,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
|
|
Basic net earnings
per share
|
$
|
2.49
|
|
|
$
|
2.10
|
|
|
$
|
1.27
|
|
|
$
|
1.06
|
|
|
$
|
4.74
|
|
Diluted net earnings
per share
|
$
|
2.49
|
|
|
$
|
2.10
|
|
|
$
|
1.27
|
|
|
$
|
1.06
|
|
|
$
|
4.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
Shares used in
computation of basic earnings per share
|
42,739
|
|
|
42,698
|
|
|
42,743
|
|
|
42,706
|
|
|
42,711
|
|
Shares used in
computation of diluted earnings per share
|
42,750
|
|
|
42,724
|
|
|
42,752
|
|
|
42,734
|
|
|
42,733
|
|
ELBIT SYSTEMS LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
|
|
|
|
|
Six months ended
June 30,
|
|
Year Ended
December 31,
|
|
|
|
|
|
2016
|
|
2015
|
|
2015
|
|
|
|
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
107,420
|
|
|
$
|
92,433
|
|
|
$
|
206,861
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
59,038
|
|
|
56,296
|
|
|
122,354
|
|
Stock-based
compensation
|
43
|
|
|
88
|
|
|
139
|
|
Amortization of Series
A Notes premium and related issuance costs, net
|
(46)
|
|
|
(46)
|
|
|
(92)
|
|
Deferred income taxes
and reserve, net
|
7,693
|
|
|
7,653
|
|
|
15,928
|
|
Loss (gain) on sale of
property, plant and equipment
|
(3,810)
|
|
|
939
|
|
|
1,742
|
|
Loss (gain) on sale and
revaluation of investments
|
(6,617)
|
|
|
(195)
|
|
|
33
|
|
Equity in net earnings
(loss) of affiliated companies and partnerships, net of dividend
received (*)
|
(4,429)
|
|
|
21,991
|
|
|
19,999
|
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Decrease (increase) in
short and long-term trade receivables and prepaid
expenses
|
(178,535)
|
|
|
39,856
|
|
|
31,860
|
|
Decrease (Increase) in
inventories, net
|
(32,789)
|
|
|
(5,064)
|
|
|
39,801
|
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
94,766
|
|
|
(24,211)
|
|
|
(74,280)
|
|
Severance, pension and
termination indemnities, net
|
3,372
|
|
|
623
|
|
|
(799)
|
|
Increase (decrease) in
advances received from customers
|
(61,208)
|
|
|
(73,856)
|
|
|
71,282
|
|
Net cash provided by
(used in) operating activities
|
(15,102)
|
|
|
116,507
|
|
|
434,828
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment and other assets
|
(68,131)
|
|
|
(50,102)
|
|
|
(99,175)
|
|
Acquisition of
subsidiaries and business operations
|
—
|
|
|
(24,386)
|
|
|
(141,436)
|
|
Investments in
affiliated companies and other companies
|
(17,483)
|
|
|
—
|
|
|
(23,852)
|
|
Deconsolidation of
subsidiary
|
(1,538)
|
|
|
—
|
|
|
—
|
|
Proceeds from sale of
property, plant and equipment
|
8,908
|
|
|
7,130
|
|
|
11,563
|
|
Investment in long-term
deposits
|
(109)
|
|
|
(43)
|
|
|
(396)
|
|
Proceeds from sale of
long-term deposits
|
268
|
|
|
119
|
|
|
721
|
|
Investment in
short-term deposits and marketable securities
|
(23,417)
|
|
|
(40,328)
|
|
|
(57,175)
|
|
Proceeds from sale of
short-term deposits and marketable securities
|
26,106
|
|
|
80,441
|
|
|
128,187
|
|
Net cash used in
investing activities
|
(75,396)
|
|
|
(27,169)
|
|
|
(181,563)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
470
|
|
|
997
|
|
|
1,616
|
|
Repayment of long-term
loans
|
(24,790)
|
|
|
(126,002)
|
|
|
(226,635)
|
|
Proceeds from long-term
loans
|
—
|
|
|
78,000
|
|
|
196,550
|
|
Repayment of Series A
Notes
|
(54,602)
|
|
|
(55,532)
|
|
|
(55,532)
|
|
Dividends paid
(**)
|
(34,224)
|
|
|
(34,422)
|
|
|
(69,792)
|
|
Change in short-term
bank credit and loans, net
|
60,003
|
|
|
(298)
|
|
|
(557)
|
|
Net cash used in
financing activities
|
(53,143)
|
|
|
(137,257)
|
|
|
(154,350)
|
|
Net increase
(decrease) in cash and cash equivalents
|
(143,641)
|
|
|
(47,919)
|
|
|
98,915
|
|
Cash and cash
equivalents at the beginning of the year
|
299,322
|
|
|
200,407
|
|
|
200,407
|
|
Cash and cash
equivalents at the end of the period
|
$
|
155,681
|
|
|
$
|
152,488
|
|
|
$
|
299,322
|
|
* Dividend
received from affiliated companies and partnerships
|
$
|
—
|
|
|
$
|
21,500
|
|
|
$
|
24,541
|
|
** Dividends paid in
2015 include dividends to minority shareholders in a
subsidiary.
|
|
|
|
|
|
|
|
|
|
|
|
ELBIT SYSTEMS LTD.
DISTRIBUTION OF
REVENUES
Consolidated Revenues by Areas of Operation:
|
|
|
Six months ended
June 30,
|
|
Three months ended
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Airborne
systems
|
594.7
|
|
|
39.0
|
|
|
601.6
|
|
|
41.3
|
|
|
310.8
|
|
|
38.6
|
|
|
316.2
|
|
|
42.2
|
|
Land
systems
|
226.2
|
|
|
14.8
|
|
|
267.7
|
|
|
18.4
|
|
|
87.8
|
|
|
10.9
|
|
|
137.5
|
|
|
18.3
|
|
C4ISR
systems
|
528.4
|
|
|
34.6
|
|
|
436.1
|
|
|
29.9
|
|
|
307.0
|
|
|
38.2
|
|
|
216.2
|
|
|
28.8
|
|
Electro-optic
systems
|
123.3
|
|
|
8.1
|
|
|
95.9
|
|
|
6.6
|
|
|
69.9
|
|
|
8.7
|
|
|
49.2
|
|
|
6.6
|
|
Other (mainly
non-defense engineering and production services)
|
53.1
|
|
|
3.5
|
|
|
54.9
|
|
|
3.8
|
|
|
29.0
|
|
|
3.6
|
|
|
30.5
|
|
|
4.1
|
|
Total
|
1,525.7
|
|
|
100.0
|
|
|
1,456.2
|
|
|
100.0
|
|
|
804.5
|
|
|
100.0
|
|
|
749.6
|
|
|
100.0
|
|
Consolidated Revenues by Geographical Regions:
|
Six months ended
June 30,
|
|
Three months ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Israel
|
323.4
|
|
|
21.2
|
|
|
284.7
|
|
|
19.5
|
|
|
180.3
|
|
|
22.4
|
|
|
148.9
|
|
|
19.8
|
|
North
America
|
396.3
|
|
|
26.0
|
|
|
406.7
|
|
|
27.9
|
|
|
218.1
|
|
|
27.1
|
|
|
203.8
|
|
|
27.2
|
|
Europe
|
260.9
|
|
|
17.1
|
|
|
199.3
|
|
|
13.7
|
|
|
146.6
|
|
|
18.2
|
|
|
97.4
|
|
|
13.0
|
|
Asia-Pacific
|
418.8
|
|
|
27.4
|
|
|
389.8
|
|
|
26.8
|
|
|
206.1
|
|
|
25.6
|
|
|
214.8
|
|
|
28.7
|
|
Latin
America
|
96.7
|
|
|
6.3
|
|
|
161.4
|
|
|
11.1
|
|
|
33.6
|
|
|
4.2
|
|
|
73.8
|
|
|
9.8
|
|
Other
countries
|
29.6
|
|
|
2.0
|
|
|
14.3
|
|
|
1.0
|
|
|
19.8
|
|
|
2.5
|
|
|
10.9
|
|
|
1.5
|
|
Total
|
1,525.7
|
|
|
100.0
|
|
|
1,456.2
|
|
|
100.0
|
|
|
804.5
|
|
|
100.0
|
|
|
749.6
|
|
|
100.0
|
|
Company
Contact:
Joseph Gaspar,
Executive VP & CFO
Tel:
+972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen,
VP, Head of Corporate Communications
Tel:
+972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems
Ltd.
|
IR
Contact:
Ehud
Helft
Kenny
Green
GK Investor
Relations
Tel:
1-646-201-9246
elbitsystems@gkir.com
|
___________
* see "Non-GAAP financial data" section
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/elbit-systems-reports-second-quarter-of-2016-results-300313969.html
SOURCE Elbit Systems Ltd