Record Revenues, Net Profit, Backlog and Operating Cash Flow HAIFA,
Israel, March 11 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the
"Company") (NASDAQ:ESLTNASDAQ:TASE:NASDAQ:ESLT), the international
defense electronics company, today reported its consolidated
results for the fourth quarter and year-ended December 31, 2007.
The Company's backlog of orders as of December 31, 2007 reached
$4.62 billion, an increase of 22%, as compared to $3.79 billion at
the end of 2006. 70% of the backlog relates to orders outside of
Israel. Approximately 70% of the Company's backlog as of December
31, 2007 is scheduled to be performed during 2008 and 2009. Full
year 2007 results Consolidated revenues for the year ended December
31, 2007 increased by 30% to $1,982 million, as compared to $1,523
million in 2006. Gross profit for the year ended December 31, 2007
was $516.4 million, as compared to gross profit of $373.5 million
in 2006, and the gross profit margin in 2007 was 26.1%, as compared
to 24.5% in 2006. The annual results were negatively affected by
one-time charges related to the completion of the acquisition of
Tadiran Communications on April 26, 2007, which were charged in the
second quarter of 2007. The Company recorded $27.1 million in
expenses in relation to the acquisition as follows: In-Process
Research & Development ("IPR&D") write-off of $16.6 million
recorded under operating expenses, and restructuring expenses of
$10.5 million recorded under cost of goods sold, which negatively
affected the gross profit rate by 0.5%. Consolidated net earnings
for the year ended December 31, 2007 increased by 6.2% to $76.7
million, as compared to $72.2 million in 2006. Diluted earnings per
share ("EPS") in 2007 were $1.81, as compared to $1.72 in 2006.
Excluding the above one-time, net charges related to the
acquisition of Tadiran Communications, net earnings for the year
ended December 31, 2007 were $101 million, and EPS was $2.39.
Operating cash flow produced by the Company in 2007 was $261
million, as compared to $201 million in 2006. Fourth quarter 2007
results Consolidated revenues for the fourth quarter of 2007
increased by 26.5% to $591.1 million, as compared to $467.4 million
in the corresponding quarter of 2006. Gross profit for the fourth
quarter of 2007 was $156.2 million, as compared to gross profit of
$100.2 million in the fourth quarter of 2006, and the gross profit
margin in the fourth quarter of 2007 was 26.4%, as compared to
21.4% in the fourth quarter of 2006. During the fourth quarter of
2007, the Company had a $10 million financial expense related to
the write-off of investments Auction Rate Securities, which were
rated AAA or AA when acquired, and which have experienced multiple
failed auctions due to a lack of liquidity in the market for these
securities. The Company gained a one-time tax benefit of
approximately $10 million, related to prior years' adjustments
arising from executing tax settlements by the Company and some of
its subsidiaries in the last quarter of 2007. Consolidated net
earnings for the fourth quarter of 2007 increased by 33.2% to $31.9
million, as compared to $24.0 million for the same period of 2006.
Diluted EPS for the fourth quarter of 2007 was $0.75, as compared
to $0.57 for the fourth quarter of 2006. The President and CEO of
Elbit Systems, Joseph Ackerman, commented: "2007 was a banner year
in which we continued our top line growth while producing record
net profit, EPS, backlog and operating cash flow. We have been very
successful in further globalizing our business, with strong growth
in Europe, and we now have presence in important and diversified
geographic regions, with a cutting edge comprehensive product
portfolio for the evolving needs of the markets in which we are
active." He added: "The synergies of our recent acquisitions with
the rest of the Company are already bearing fruit, including
implementing the successful integration of Tadiran Communications
and Ferranti Technologies into the Elbit Systems family. We are
gaining access to increased business opportunities, by utilizing
our ability to offer more comprehensive and integrated solutions.
We have been able to leverage and utilize our ability to offer even
more wide-ranging end-to-end systems and solutions for the benefit
of our customers and to compete for even larger projects. With our
dedicated and professional worldwide workforce, we believe there
are still further underlying synergies between our businesses and
opportunities to grow. I am confident that we will continue to be
able to meet our goals in the years ahead." The Board of Directors
has declared a dividend of $0.18 per share for the fourth quarter
of 2007. The dividend will be paid on April 14, 2008, net of taxes
and levies, at the rate of 16.29%. The record date of the dividend
is April 1, 2008. Conference Call The Company will be hosting a
conference call on Tuesday, March 11, at 10.00 am EDT. To
participate, please call one of the following teleconferencing
numbers. Please begin placing your calls at least 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: 1-888-407-2553 UK Dial-in Number:
0-800-917-9141 ISRAEL Dial-in Number: 03-918-0610 INTERNATIONAL
Dial-in Number: +972-3-918-0610 at: 10:00 am Eastern Daylight Time
7:00 am Pacific Time 2:00 pm Greenwich Mean 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 end of the call, investors will be able to dial
a replay number to listen to the call. Please dial either:
+1-888-254-7270 (US) 0-800-917-4256 (UK) or +972-3-925-5938 (Israel
and 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
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 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 Company
also focuses on the upgrading of existing military platforms and
developing new technologies for defense, homeland security and
commercial aviation applications. 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) ELBIT
SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousand of US
Dollars) December 31 December 31 2007 2006 Audited Audited Assets
Current Assets: Cash and short term deposits 373,955 85,400 Trade
receivable and others 569,533 465,429 Inventories, net of advances
480,603 371,962 Total current assets 1,424,091 922,791 Affiliated
Companies & other Investments 66,161 235,723 Long-term
receivables & others 309,991 190,963 Fixed Assets, net 350,514
294,628 Other assets, net 630,735 128,995 2,781,492 1,773,100
Liabilities and Shareholder's Equity Current liabilities 1,267,198
810,885 Long-term liabilities 957,200 461,760 Minority Interest
20,085 6,871 Shareholder's equity 537,009 493,584 2,781,492
1,773,100 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In
thousand of US Dollars, except for per share amounts) For the Year
Ended Three Months Ended December 31 December 31 2007 2006 2007
2006 Audited Unaudited Revenues 1,981,761 1,523,243 591,056 467,388
Cost of revenues 1,454,913 1,149,768 434,891 367,163 Restructuirng
expenses 10,482 - - - Gross Profit 516,366 373,475 156,165 100,225
Research and development, net 126,995 92,232 39,401 27,869
Marketing and selling 157,411 111,880 44,277 30,853 General and
administrative 107,447 77,505 34,265 20,051 IPR&D write-off
16,560 - - - Total operating expenses 408,413 281,617 117,943
78,773 Operating income 107,953 91,858 38,222 21,452 Financial
expenses, net (19,329) (21,456) (10,632) (6,093) Other income
(expenses), net 368 1,814 286 1,423 Income before income taxes
88,992 72,216 27,876 16,782 Provisions for income taxes (13,810)
(20,694) 7,501 (4,049) 75,182 51,522 35,377 12,733 Equity in net
earnings (losses) of affiliated companies and partnership 14,565
14,743 4,544 6,554 Minority rights (13,038) 5,977 (7,995) 4,673 Net
income 76,709 72,242 31,926 23,960 Earnings per share Basic net
earnings per share 1.82 1.75 0.75 0.57 Diluted net earnings per
share 1.81 1.72 0.75 0.57 Contacts: 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: +1-866-704-6710 Fax: +972-3-607-711 E-mail:
DATASOURCE: Elbit Systems Ltd CONTACT: Contacts: 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: +1-866-704-6710, Fax: +
972-3-607-711, E-mail:
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