Record Backlog of Order Over $4.9 Billion HAIFA, Israel, May 20
/PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company")
(NASDAQ:ESLTNASDAQ:TASE:NASDAQ:ESLT), the international defense
company, today reported its consolidated results for the first
quarter ended March 31, 2008.
(http://www.newscom.com/cgi-bin/prnh/20080408/300441) The Company's
backlog of orders as of March 31, 2008 totaled $4,922 million, as
compared with $4,624 million as of December 31, 2007. Approximately
68% of the backlog relates to orders outside of Israel.
Approximately 69% of the Company's backlog as of March 31, 2008, is
scheduled to be performed during the upcoming three quarters of
2008 and during 2009. Consolidated revenues for the first quarter
of 2008 increased by 52.6% to $616.1 million, from $403.6 million
in the first quarter of 2007. The first quarter of 2007 results did
not include the revenues of Tadiran Communications Ltd., which were
consolidated beginning in May 2007. Gross profit for the first
quarter of 2008 increased by 62.6% to $168.4 million (27.3% of
revenues), as compared with gross profit of $103.5 million (25.7%
of revenues) in the first quarter of 2007. Consolidated net income
for the first quarter of 2008 increased by 68.3% to $32.2 million
(5.2% of revenues), as compared with $19.1 million (4.7% of
revenues) in the first quarter of 2007. Diluted earnings per share
for the first quarter of 2008 were $0.75, as compared with $0.45
for the first quarter of 2007. Operating Cash flow during the first
quarter of 2008 was $65.2 million, as compared to $86.8 million in
the first quarter of 2007. The President and CEO of Elbit Systems,
Joseph Ackerman, commented: "I am pleased to report another quarter
of strong growth with record financial results. We also had a
record quarter of over $914 million in bookings, enabling our
backlog to reach just shy of the $5 billion milestone." Continued
Mr. Ackerman, "Our margins reflect a number of factors including
efficiency processes in the Company, as part of the synergy with
recently acquired companies. Our acquisition policy has proved it
successful and has contributed to a larger scale and broader
product offering to customers, enabling us to win more strategic
and larger contracts, and helping us to further expand our network
of customers and business partners. We continue to globalize our
business with 80% of our revenues from outside Israel, and we now
have presence in many important and diversified geographic regions,
with a broad product portfolio for the evolving needs of the
defense electronics, homeland security and commercial aviation
industries." The Board of Directors declared a dividend of $0.20
per share for the first quarter of 2008. The dividend's record date
is June 3, 2008, and the dividend will be paid on June 16, 2008,
net of taxes and levies, at the rate of 16.29%. Conference Call The
Company will also be hosting a conference call today, Tuesday, May
20, 2008 at 09:00 am ET. On the call, management will review and
discuss its first quarter 2008 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: 0 800 917 9141 ISRAEL Dial-in Number: 03 918 0610
INTERNATIONAL Dial-in Number: +972 3 918 0610 at: 09:00 am Eastern
Time; 6:00 am Pacific Time; 2:00 pm UK time and 4:00 pm Israel time
This call will 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. The dial-in numbers:
+1-888-254-7270 (US); or +972-3-925-5929 (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. ELBIT SYSTEMS LTD. CONSOLIDATED
BALANCE SHEETS (In thousand of US Dollars) March 31 December 31
2008 2007 Unaudited Audited Assets Current Assets: Cash and short
term deposits 357,267 373,955 Trade receivable and others 598,819
569,533 Inventories, net of customer advances 519,531 480,603 Total
current assets 1,475,617 1,424,091 Affiliated Companies & other
Investments 66,270 66,161 Long-term receivables & others
308,433 309,991 Fixed Assets, net 359,741 350,514 Other assets, net
621,082 630,735 2,831,143 2,781,492 Liabilities and Shareholders
Equity Current liabilities 1,321,448 1,267,945 Long-term
liabilities 920,834 957,200 Minority Interest 30,576 20,085
Shareholders equity 558,285 536,262 2,831,143 2,781,492 ELBIT
SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousand of US
Dollars, except for per share amounts) Three Months Ended Year
Ended March 31 December 31 2008 2007 2007 Unaudited Audited
Revenues 616,063 403,600 1,981,761 Cost of revenues 447,710 300,062
1,454,913 Restructuirng expenses - - 10,482 Gross Profit 168,353
103,538 516,366 Research and development expenses, net 38,035
24,093 126,995 Marketing and selling expenses 49,664 32,371 157,411
General and administrative expenses 32,149 20,318 107,447 Acquired
IPR&D - - 16,560 Total operating expenses 119,848 76,782
408,413 Operating income 48,505 26,756 107,953 Financial expenses,
net (4,600) (2,928) (19,329) Other income, net 4,096 113 368 Income
before taxes on income 48,001 23,941 88,992 Taxed on income 7,922
6,733 13,810 40,079 17,208 75,182 Equity in net earnings of
affiliated companies and partnership 2,565 3,400 14,565 Minority
interests in earnings of subsidiaries (10,491) (1,509) (13,038) Net
income 32,153 19,099 76,709 Earnings per share Basic net earnings
per share 0.76 0.45 1.82 Diluted net earnings per share 0.75 0.45
1.81 Company Contact: Joseph Gaspar, Executive VP & CFO Dalia
Rosen, Head of Corporate Communications Elbit Systems Ltd. Tel:
+972-4 831-6663 Fax: +972-4-831-6944 E-mail: / IR Contact: Ehud
Helft / Kenny Green GK Investor Relations Tel: +1-646-201-9246
E-mail: DATASOURCE: Elbit Systems Ltd CONTACT: Company Contact:
Joseph Gaspar, Executive VP & CFO, Dalia Rosen, Head of
Corporate Communications, Elbit Systems Ltd., Tel: +972-4-831-6663,
Fax: +972-4-831-6944, E-mail:
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