Continued Growth With Record Revenue and Net Profit; Revenues
Increased 29.3% YoY to $671.2 Million HAIFA, Israel, November 25
/PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company")
(NASDAQ:ESLTNASDAQ:TASE:NASDAQ:ESLT), the international defense
company, today reported its consolidated results for the third
quarter ended September 30, 2008. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080408/300441 ) Consolidated
revenues for the third quarter of 2008 increased by 29.3% to $671.2
million, from $518.9 million in the third quarter of 2007. Gross
profit for the third quarter of 2008 increased by 41.5% to $198.3
million (29.5% of revenues), as compared with gross profit of
$140.2 million (27% of revenues) in the third quarter of 2007.
Consolidated net income for the third quarter of 2008 increased by
35% to $35.6 million (5.3% of revenues), as compared with net
income of $26.4 million (5.1% of revenues) in the third quarter of
2007. Operating cash flow during the first nine months of 2008 was
$112.9 million. Diluted earnings per share for the third quarter of
2008 were $0.83, as compared with $0.62 for the third quarter of
2007. The Company's backlog of orders as of September 30, 2008
totaled $4,872 million, as compared with $5,050 million as of June
30 2008 and $ 4,624 million as of December 31 2007. Approximately
71% of the backlog relates to orders outside of Israel.
Approximately 57% of the Company's backlog as of September 30, 2008
is scheduled to be performed during the remainder of 2008 and
during 2009. During the third quarter, two events occurred that in
the aggregate had minimal total net effect on net profit. There was
one-time income of $6 million related to a legal settlement
involving a U.S. subsidiary of the Company, which benefited the
general and administrative costs. There was also a financial
expense related to the write-off of Auction Rate Securities
totaling $5.7 million. The President and CEO of Elbit Systems,
Joseph Ackerman, commented, "I am pleased to report another quarter
of solid progress at Elbit Systems, with growth across all areas of
operation and in all geographies. In addition, in the first three
quarters of 2008, we have already surpassed the whole of last
year's net income, achieving just shy of $100 million in net
profit. While our backlog was slightly below that of last quarter,
it remains a strong backlog, and together with numerous new
business opportunities, supports the continuous growth of the
Company." Mr. Ackerman continued: "We are taking every measure to
keep a cap on and rationalize expenses. This is to ensure we are
prepared for all eventualities and that we are able to maintain our
profitability, momentum and technological leadership, in the coming
months ahead." The Board of Directors declared a dividend of $0.22
per share for the third quarter of 2008. The dividend's record date
is December 9, 2008, and the dividend will be paid on December 22,
2008, net of taxes and levies, at the rate of 16.82%. Conference
Call The Company will also be hosting a conference call today,
Tuesday, November 25, at 8:30am ET. 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. 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: 1-866-345-5855 UK Dial-in
Number: 0-800-917-5108 ISRAEL Dial-in Number: 03-918-0650
INTERNATIONAL Dial-in Number: +972-3-918-0650 at: 8:30am Eastern
Time; 5:30am Pacific Time; 1:30pm UK time and 3:30pm 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 are:
1-888-269-0005 (US) or +972-3-925-5951 (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) September 30 December 31
2008 2007 Unaudited Audited Assets Current Assets: Cash and short
term deposits 290,376 375,700 Trade receivable and others 545,694
555,265 Inventories, net of customer advances 632,072 480,603 Total
current assets 1,468,142 1,411,568 Investments in affiliated
companies & other 69,085 66,161 companies Long-term receivables
& others 326,521 314,568 Fixed Assets, net 385,532 352,702
Other assets, net 608,720 636,255 2,858,000 2,781,254 Liabilities
and Shareholder's Equity Current liabilities 1,207,673 1,237,049
Long-term liabilities 960,496 987,858 Minority Interest 57,091
20,085 Shareholder's equity 632,740 536,262 2,858,000 2,781,254
ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousand
of US Dollars, except for per share amounts) Nine Months Ended
Three Months Year Ended Ended September 30 September 30 December 31
2008 2007 2008 2007 2007 Unaudited Unaudited (Audited) Revenues
1,940,417 1,390,705 671,187 518,947 1,981,761 Cost of revenues
1,376,334 1,020,022 472,860 378,755 1,454,913 Restructurirng
expenses - 10,482 - - 10,482 Gross Profit 564,083 360,201 198,327
140,192 516,366 Research and development 121,109 87,594 44,985
34,520 126,995 expenses, net Marketing and selling 152,754 113,134
49,451 41,558 157,411 expenses General and administrative 103,399
73,182 25,558 28,764 107,447 expenses Acquired IPR&D - 16,560 -
- 16,560 Total operating expenses 377,262 290,470 119,994 104,842
408,413 Operating income 186,821 69,731 78,333 35,350 107,953
Financial expenses, net (33,056) (8,698) (16,083) (736) (19,329)
Other income (expenses), 4,230 82 17 (13) 368 net Income before
taxes on 157,995 61,115 62,267 34,601 88,992 income Taxes on income
28,089 21,311 16,405 9,189 13,810 129,906 39,804 45,862 25,412
75,182 Equity in net earnings of affiliated companies and
partnership 8,071 10,021 2,125 4,248 14,565 Minority interest in
(39,073) (5,042) (12,391) (3,285) (13,038) earnings of subsidiaries
Net income 98,904 44,783 35,596 26,375 76,709 Earnings per share
Basic net earnings per $ 2.35 $ 1.07 $ 0.85 $ 0.63 $ 1.82 share
Diluted net earnings per $ 2.31 $ 1.06 $ 0.83 $ 0.62 $ 1.81 share
Company Contact: IR Contact: Joseph Gaspar, Executive VP & CFO
Ehud Helft / Kenny Green Dalia Rosen, Head of Corporate
Communications Elbit Systems Ltd. GK Investor Relations Tel:
+972-4-831-6663 Tel: +1-646-201-9246 Fax: +972-4-831-6944 E-mail:
E-mail:
http://www.newscom.com/cgi-bin/prnh/20080408/300441DATASOURCE:
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: , ; IR Contact: Ehud Helft / Kenny Green,
GK Investor Relations, Tel: +1-646-201-9246, E-mail:
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