Third Quarter Revenues Reached $519M, Up 38% Year-Over-Year (YoY)
HAIFA, Israel, November 14 /PRNewswire-FirstCall/ -- Elbit Systems
Ltd. (the "Company") (NASDAQ:ESLT), the international defense
company, today reported its consolidated results for the third
quarter ended September 30, 2007. Backlog of orders as of September
30, 2007 reached a record $4,548 million, compared with $3,786
million as of December 31, 2006. 71% of the backlog is for sales
outside Israel, and approximately 50% of the backlog is scheduled
to be performed by the end of 2008. The majority of the balance is
scheduled to be performed in 2009 and 2010. Consolidated revenues
for the third quarter of 2007 increased by 38% to $518.9 million,
from $376.7 million in the third quarter of 2006. Gross profit for
the third quarter of 2007 increased by 46% to $140.2 million (27.0%
of revenues), as compared with gross profit of $96.1 million (25.5%
of revenues) in the third quarter of 2006. Net profit for the third
quarter of 2007 was $26.4 million (5.1% of revenues) compared with
a net profit of $18.7 million (5.0% of revenues) in the third
quarter of 2006. Earnings per diluted share for the third quarter
of 2007, was $0.62 as compared with earnings per diluted share of
$0.45 for the third quarter of 2006. Operating Cash flow generated
during the first nine months of 2007 reached a record $214.2
million. The President and CEO of Elbit Systems, Joseph Ackerman,
commented: "We are pleased to report another strong quarter of
growth, which was based on organic revenue growth of 19% and
contribution from acquisitions, bringing our overall revenue growth
to 38% over last year. Again, our backlog grew strongly and we
generated strong cash flow in the first nine months of the year.
Our two recent acquisitions, Tadiran and Ferranti Technologies
(Group) Limited, both of which are important steps in our strategy
for accelerated growth, have already borne fruit and we have
already reaped some of the benefit from the synergies between our
businesses. The ongoing merger process, relating to our new
subsidiary - Elbit Systems Land and C4I - Tadiran Ltd., which was
announced last week, will further expand our business opportunities
and will be instrumental to the Group's continued and long-term
success". The Board of Directors declared a dividend of $0.17 per
share for the third quarter of 2007. The dividend's record date is
November 27, 2007, and the dividend will be paid on December 10,
2007, net of taxes and levies, at the rate of 16.29%. Conference
Call The Company will also be hosting a conference call today,
November 14, 2007 at 9:00 am EDT. On the call, management will
review and discuss its second quarter 2007 results and will be
available to answer questions. To participate, please call one of
the following teleconferencing numbers. 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:
1-888-407-2553 UK Dial-in Number: 0-800-032-3367 ISRAEL Dial-in
Number: 03-918-0685 INTERNATIONAL Dial-in Number: +972-3-918-0685
at: 9:00 am Eastern Time, 6:00am Pacific Time, 2:00 pm UK Time,
4:00 pm Israel Time This call will be broadcast live from a link on
Elbit Systems' web-site at http://www.elbitsystems.com/. An online
replay will be available from 2 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 either: 1-888-254-7270 (US) ;
0-800-028-6837 (UK); or +972-3-925-5921 (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 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), 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 Group also focuses on the
upgrading of existing military platforms and developing new
technologies for defense, homeland security and commercial aviation
applications. Company Contact: IR Contact: Joseph Gaspar, Corporate
VP & CFO Ehud Helft / Kenny Green Dalia Rosen, Director of
Corporate G.K. Investor Relations Communications Tel:
+1-646-201-0246 Elbit Systems Ltd. Fax: +972-3-6074711 Tel:
+972-4-8316663 E-mail: Fax: +972-4-8316944 E-mail: 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 companies in the Elbit Systems Group, 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 Elbit Systems Group 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. Elbit Systems does not undertake to update its
forward-looking statements. ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE
SHEETS (In thousand of US Dollars) September 30 December 31 2007
2006 Unaudited Audited Assets Current Assets: Cash and short term
deposits 321,387 85,400 Available for sale marketable 95,297 2,106
securities Trade receivable and others 523,928 463,323 Inventories,
net of advances 435,548 371,962 Total current assets 1,376,160
922,791 Affiliated Companies & other 64,245 235,723 Investments
Long-term receivables & others 268,338 190,963 Fixed Assets,
net 336,283 294,628 Other assets, net 640,945 128,995 2,685,971
1,773,100 Liabilities and Shareholder�??s Equity Current
liabilities 1,199,697 810,885 Long-term liabilities 960,752 461,760
Minority Interest 11,912 6,871 Shareholder�??s equity 513,610
493,584 2,685,971 1,773,100 ELBIT SYSTEMS LTD. CONSOLIDATED
STATEMENTS OF INCOME (In thousand of US Dollars, except for per
share amounts) Nine Months Ended Three Months Ended Year Ended
September 30 September 30 December 31 2007 2006 2007 2006 2006
Unaudited Unaudited (Audited) Revenues 1,390,705 1,055,855 518,947
376,670 1,523,243 Cost of revenues 1,020,022 782,605 378,755
280,538 1,149,768 Restructurirng 10,482 - - - - expenses Gross
Profit 360,201 273,250 140,192 96,132 373,475 Research and 87,594
64,363 34,520 24,574 92,232 development, net Marketing and 113,134
81,027 41,558 27,397 111,880 selling General and 73,182 57,454
28,764 19,727 77,505 administrative IPR&D write-off 16,560 - -
- - Total operating 290,470 202,844 104,842 71,698 281,617 expenses
Operating income 69,731 70,406 35,350 24,434 91,858 Financial
(8,698) (15,363) (736) (4,445) (21,456) expenses, net Other income
82 391 (13) 231 1,814 (expenses), net Income before 61,115 55,434
34,601 20,220 72,216 income taxes Taxes on income 21,311 16,645
9,189 7,279 20,694 39,804 38,789 25,412 12,941 51,522 Equity in net
earnings of affiliated 10,021 8,189 4,248 4,575 14,743 companies
and partnership Minority rights (5,042) 1,304 (3,285) 1,227 5,977
Net income 44,783 48,282 26,375 18,743 72,242 (loss) Earnings per
share Basic net $ 1.07 $ 1.17 $ 0.63 $ 0.45 $ 1.75 earnings (loss)
per share Diluted net $ 1.06 $ 1.15 $ 0.62 $ 0.45 $ 1.72 earnings
(loss) per share DATASOURCE: Elbit Systems Ltd CONTACT: Company
Contact: Joseph Gaspar, Corporate VP & CFO, Dalia Rosen,
Director of Corporate, Communications, Elbit Systems Ltd, Tel:
+972-4-8316663, Fax: +972-4-8316944, E-mail: , ; IR Contact: Ehud
Helft / Kenny Green, G.K. Investor Relations, Tel: +1-646-201-0246,
Fax: +972-3-6074711, E-mail:
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