HAIFA, Israel, November 16, 2011 /PRNewswire/ --
- Backlog of
orders increased to $5.7 billion;
- Revenues at
$664 million; Net income at
$36.5 million;
- Diluted net EPS
at $0.85
Elbit Systems Ltd. (the "Company") (NASDAQ and TASE:
ESLT), the international defense electronics company, today
reported its consolidated financial results for the third quarter
ended September 30, 2011.
In this release, the Company is providing its US-GAAP ("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:
Joseph Ackerman, President and
CEO of Elbit Systems, commented: "The quarter's results represent
continued year over year growth in backlog, as well as improvements
in margins. These results are due, among other factors, to our
success in harvesting the synergies from recent acquisitions and we
expect to continue to take advantage of opportunities in cost
rationalization, savings and avoidance of duplicating effects among
our subsidiaries. Our geographical spread and our diversified
activities enable us to adjust ourselves to changing trends in the
global markets, and we are successfully growing in regions with
expanding potential like South
America and Asia-Pacific.
During the quarter we reported a number of important orders, and
our backlog continued its growth trend for the sixth consecutive
quarter."
Third quarter 2011 results:
Revenues in the third quarter of 2011 were $663.7 million, as compared to $649.9 million in the third quarter of 2010. The
leading contributors to the Company's revenues were the C4ISR
Systems and Airborne areas of operations.
Gross profit amounted to $204.1
million (30.8% of revenues) in the third quarter of 2011, as
compared to $197.9 million (30.5% of
revenues) in the third quarter of 2010. The improved gross profit
rate was mainly a result of a mix of programs sold during the third
quarter of 2011. The non-GAAP gross profit in the third quarter of
2011 was $211.6 million, (31.9% of
revenues), compared to $203.5 million
(31.3% of revenues) in the third quarter of 2010.
Research and development expenses, net were $55.5 million (8.4% of revenues) in the third
quarter of 2011, as compared to $56.1
million (8.6% of revenues) in the third quarter of 2010.
Marketing and selling expenses were $58.4 million (8.8% of revenues) in the third
quarter of 2011, as compared to $59.1
million (9.1% of revenues) in the third quarter of 2010.
General and administrative expenses were $34.0 million (5.1% of revenues) in the third
quarter of 2011, as compared to $30.2
million (4.7% of revenues) in the third quarter of 2010.
Operating income was $56.2
million (8.5% of revenues), as compared to $52.4 million (8.1% of revenues) in the third
quarter of 2010. The non-GAAP operating income in the third quarter
of 2011 was $70.3 million (10.6% of
revenues), as compared to $63.3
million (9.7% of revenues) in the third quarter of 2010.
Financial expenses, net were $3.1
million in the third quarter of 2011, as compared to
financial expenses, net, of $5.5
million in the third quarter of 2010. Financial expenses,
net, were comparatively lower in the third quarter of 2011 due to
income from currency hedging activities.
Taxes on income were $9.8
million (effective tax rate of 18.2%) in the third quarter
of 2011, as compared to taxes on income of $4.8 million (effective tax rate of 10.1%) in the
third quarter of 2010. The change in the effective tax rate was
attributable mainly to the mix of the tax rates in the various
jurisdictions in which the Company's entities generate taxable
income.
Equity in net earnings of affiliated companies and
partnerships was $4.2 million
(0.6% of revenues) in the third quarter of 2011, as compared to
$3.9 million (0.6% of revenues) in
the third quarter of 2010.
Loss from discontinued operations, net in the third
quarter of 2011 amounted to $15.2
million. The amount reflects a net loss related to an
impairment of held-for-sale investments acquired during 2010, as
part of the acquisition of the Mikal group of companies.
Net income attributable to non-controlling interests was
net income of $3.2 million in the
third quarter of 2011, as compared to a net expense of $1.1 million in the third quarter of 2010. The
net income attributable to the non-controlling interests includes a
loss of $6.2 million, as a result of
the non-controlling part of the loss from discontinued operations,
as mentioned above.
Net income attributable to the Company's ordinary
shareholders in the third quarter of 2011 amounted to
$36.5 million (5.5% of revenues), as
compared to $45.3 million (7.0% of
revenues) for the third quarter of 2010. Excluding the loss related
to impairment of assets held-for-sale, the net income in the third
quarter of 2011 was $45.5 million
(6.9% of revenues). The non-GAAP net income in the third quarter of
2011 was $56.4 million (8.5% of
revenues), as compared to $54.1
million (8.3% of revenues) in the third quarter of 2010.
Diluted net earnings per shareattributable to the
Company'sordinary shareholders were $0.85 for the third quarter of 2011, as compared
with $1.05 for the third quarter of
2010. Excluding the loss related to impairment of assets
held-for-sale, the diluted net earnings per share in the third
quarter of 2011 was $1.06. The
non-GAAP diluted net earnings per share in the third quarter of
2011 was $1.31, as compared to
$1.25 in the third quarter of
2010.
The Company's backlog of orders increased to $5,691 million as of September 30, 2011, as compared with $5,446 million as of December 31, 2010 and $5,381 million as of September 30, 2010. Approximately 75% of the
backlog relates to orders outside of Israel. Approximately 52% of the Company's
backlog as of September 30, 2011, is
scheduled to be performed during the last quarter of 2011 and in
2012.
Operating cash flow was $11.2
million in the first nine months of 2011, as compared to
$73.6 million in the first nine
months of 2010. The reduction in operating cash flow was mainly a
result of an increased inventory balance .
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 the
following adjustments: (1) amortization of purchased intangible
assets, (2) significant reorganization, restructuring and other
related expenses, (3) impairment of investments, including
impairment of auction rate securities, (4) gain from changes in
holdings, including revaluation of the previously held shares at
the acquisition date when a business combination is achieved in
stages (step-up) and (5) the income tax effects of the
foregoing.
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)
Year Ended
Nine Months Ended Three Months Ended
December
September 30 September 30 31
2011 2010 2011 2010 2010
GAAP gross profit 590.3 566.0 204.1 197.9 797.9
Adjustments:
Amortization of
purchased
intangible assets 23.0 14.6 7.5 5.6 25.0
Reorganization,
restructuring and
other
related
expenses(1) - - - - 12.8
Non-GAAP gross
profit 613.3 580.6 211.6 203.5 835.7
Percent of
revenues 31.0% 31.0% 31.9% 31.3% 31.3%
GAAP operating
income 149.8 150.7 56.2 52.4 207.4
Adjustments:
Amortization of
intangible assets 42.7 32.5 14.1 10.9 47.7
Reorganization,
restructuring and
other
related
expenses(1) - - - - 16.4
Impairment of
investments(2) - 0.7 - - 1.3
Gain from changes
in holdings(3) - (4.8) - - (4.8)
Non-GAAP
operating income 192.5 179.1 70.3 63.3 268.0
Percent of
revenues 9.7% 9.6% 10.6% 9.7% 10.0%
GAAP net income
attributable to
Elbit Systems'
shareholders 103.3 139.8 36.5 45.3 183.5
Adjustments:
Amortization of
intangible assets 42.8 32.5 14.1 10.9 47.7
Reorganization,
restructuring and
other
related
expenses(1) - - - - 16.4
Impairment of
investments(2) 0.5 0.7 - - 1.3
Gain from changes
in holdings(3) - (17.6) - - (17.6)
Adjustment of
loss (gain) from
discontinued
operations,
net(4) 9.3 - 9.0 - (0.5)
Related tax
benefits (9.9) (4.2) (3.2) (2.1) (8.9)
Non-GAAP net
income
attributable to
Elbit Systems'
shareholders 146.0 151.2 56.4 54.1 221.9
Percent of
revenues 7.4% 8.1% 8.5% 8.3% 8.3%
Non-GAAP diluted
net EPS 3.38 3.50 1.31 1.25 5.13
- Adjustment of reorganization, restructuring, and other related
expenses in 2010, are mainly due to write-off of inventories in the
amount of approximately $13 million
related to the acquisition of Soltam and ITL.
- Adjustment of impairment in available for sale marketable
securities (ARS and CDO) during 2011 and an impairment of ICI
shares in 2010.
- Adjustment of gain in the amount of $12.8 million from the sale of Mediguide shares,
and adjustment of net gain in the amount of $4.8 million, related to revaluation of
previously held investment, due to accounting treatment as business
combination achieved in stages during 2010.
- Adjustment of loss from discontinued operations, net of tax and
minority interests related to impairment of held-for sale
investments acquired during 2010, as part of the acquisition of the
Mikal group of companies.
Recent Events:
On August 17, 2011, the Company
announced that it was awarded contracts by several customers in
Asia to supply many dozens of
observation systems for maritime patrol aircraft, vessels and
observation towers. The total value of these new contracts is
approximately $20 million, to be
supplied over three years.
On September 6, 2011, the Company
announced that its U.S. subsidiary, Elbit Systems of America, LLC
was awarded a contract to supply Boeing Military Aircraft with the
CV-22 Color Helmet Mounted Display (HMD) for the Air Force Special
Operations Command (AFSOC). Work will be performed in Fort Worth, Texas.
On September 8, 2011, the
Company's Brazilian subsidiary AEL Sistemas S.A. ("AEL"), signed
several related agreements with Embraer Defesa e Segurança S.A. to
establish a joint company, Harpia Sistemas S.A in which Embraer
Defesa owns 51% and AEL owns the remaining 49%. The new company,
based in Brasilia, will be engaged
in the areas of unmanned aircraft systems, avionics systems and
simulators, as well as contractor logistics support in these areas,
initially for the Brazilian market. In addition, pursuant to the
agreements, Embraer Defesa acquired a 25% interest in AEL.
On September 18, 2011, the Company
announced that it was awarded a contract by the Israeli Ministry of
Defense in the amount of approximately $40
million to supply Cardom systems to the Israeli Defense
Forces. Manufactured by Elbit Systems' subsidiary Soltam Systems
Ltd., Cardom systems were initially supplied to the IDF in 2007 and
are considered among the most advanced of their kind in the world.
The systems are to be supplied over a period of four years.
On September 21, 2011, the Company
announced that its subsidiary Elbit Security Systems Ltd. was
awarded an Israel Ports Development & Assets Company Ltd.
contract for the supply and installation of a perimeter security
system. The system is for the protection of the Haifa port, including the chemicals terminal,
as well as the Kishon port and the "Shavit" fishermen dock. The
contract, which includes various security systems, is in an amount
that is not material to Elbit Systems.
On September 26, 2011, the Company
announced that its Board of Directors authorized the repurchase of
up to 1 million of its ordinary shares over the next 12 months.
On September 28, 2011, the Company
announced that it was awarded a contract by the Israeli Ministry of
Defense to supply, upgrade and provide maintenance under the
Israeli Defense Forces' communications equipment project. The
project is valued at approximately $280
million, of which approximately half is designated for the
supply of new communication systems over the next five years, and
the balance is to be applied to the upgrade and maintenance of
existing systems over a twenty-year period.
On October 10, 2011, the Company
announced that its subsidiary in the U.S., Elbit Systems of
America, LLC., was awarded a five-year, $23
million Indefinite Delivery/Indefinite Quantity (IDIQ)
National Maintenance Contract by the US Army
Communications-Electronics Command (CECOM), for depot level repair
services on Elbit Systems of America's Aviator's Night Vision
Imaging System Head Up Display (HUD) System
(ANVIS/HUD®).
On October 17, 2011, the Company
announced it was awarded a $15
million contract to supply an Asian National Government
Agency with the Wise Intelligence Technology (WiT) system. The
system will be supplied within 18 months.
On October 26, 2011, the Company
announced that its Brazilian subsidiary, AEL, was awarded by a
subsidiary of EMBRAER S.A., EMBRAER Defense and Security,
development contracts to provide three additional systems, valued
at $25 million for the new KC-390
military transport and refuel jet: Self-Protection Suite (SPS),
Directional Infrared Countermeasures (DIRCM) and pilot orientation
Head-Up Display (HUD). This selection is in addition to the earlier
selection of AEL as the provider of the mission computer for the
new jet.
On October 31, 2011, the Company
announced that it won a contract to supply mortars to the Spanish
Army, a projected valued at $8.5
million and to implement over a 12 month period. The Spanish
Army's decision to equip its forces with mortars provided by Elbit
Systems was made after a series of successful tests in both
Spain and in Israel. Elbit Systems will be the lead
contractor for the project, which will include the installation of
CARDOM autonomous recoil 81mm mortars mounted on the back of VAMTAC
4x4 vehicles produced in Spain by
UROVESA and with the participation of local industries.
Dividend:
The Board of Directors declared a dividend of $0.36 per share for the third quarter of 2011.
The dividend's record date is November 29,
2011, and the dividend will be paid on December 12, 2011, net of taxes and levies, at
the rate of 20%.
Conference Call:
The Company will also be hosting a conference call later today,
November 16, 2011 at 9:00am 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 9:00am Eastern
Time;6:00am Pacific
Time;2:00pm UK
Time;4:00pm 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:
1-888-326-9310
(US) or +972-3-925-5901 (Israel
and International)
About Elbit Systems:
Elbit Systems Ltd. is an international defense electronics
company engaged in a wide range of 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 ("UAS"), 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,
developing new technologies for defense, homeland security and
commercial aviation applications and providing a range of support
services.
For additional information, visit:
http://www.elbitsystems.com.
Attachments:
Consolidated balance sheet
Consolidated statements of income
Condensed 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 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 thousands of US Dollars)
September 30 December 31
2011 2010
Unaudited Audited
Assets
Current assets:
Cash and cash equivalents $ 91,229 $ 151,059
Short-term bank deposits
and trading marketable
securities 24,897 63,486
Trade and unbilled
receivables, net 699,775 702,364
Other receivables and
prepaid expenses 163,176 166,124
Inventories, net of
customers advances 789,461 665,270
Total current assets 1,768,538 1,748,303
Investment in affiliated
companies,
partnership and other
companies 104,043 88,116
Available for sale
marketable securities 9,457 7,179
Long-term trade and
unbilled receivables 159,073 90,343
Long-term bank deposits
and other receivables 23,534 44,401
Deferred income taxes, net 28,477 29,892
Severance pay fund 293,328 302,351
617,912 562,282
Property, plant and
equipment, net 517,154 503,851
Goodwill and other
intangible assets, net 778,270 799,639
Total assets $ 3,681,874 $ 3,614,075
Liabilities and
Shareholders' Equity
Short-term bank credit and
loans $ 52,391 $ 15,115
Current maturities of
long-term loans and Series
A Notes 72,627 43,093
Trade payables 280,908 360,736
Other payables and accrued
expenses 659,828 648,121
Customer advances in
excess of costs incurred
on contracts in progress 410,532 302,691
1,476,286 1,369,756
Long-term loans, net of
current maturities 348,242 292,039
Series A Notes and
convertible debentures,
net of current maturities 240,728 273,357
Accrued termination
liabilities 382,590 395,303
Deferred income taxes and
tax liabilities, net 49,091 55,936
Customer advances in
excess of costs incurred
on contracts in progress 148,743 177,191
Other long-term
liabilities 54,102 45,042
1,223,496 1,238,868
Elbit Systems Ltd.'s
shareholders' equity 952,963 966,693
Non-controlling interests 29,129 38,758
Total shareholders' equity 982,092 1,005,451
Total liabilities and
shareholders' equity $ 3,681,874 $ 3,614,075
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share
amounts)
Nine Months Ended Three Months Ended Year Ended
September 30 September 30 December 31
2011 2010 2011 2010 2010
Unaudited Audited
Revenues 1,975,602 1,871,384 663,712 649,906 2,670,133
Cost of revenues 1,385,287 1,305,372 459,577 452,000 1,872,263
Gross profit 590,315 566,012 204,135 197,906 797,870
Operating
expenses:
Research and
development, net 165,136 165,660 55,533 56,149 234,131
Marketing and
selling 170,829 164,053 58,401 59,122 229,942
General and
administrative 104,587 90,369 33,992 30,228 131,200
Other income,
net - (4,756) - - (4,756)
440,552 415,326 147,926 145,499 590,517
Operating income 149,763 150,686 56,209 52,407 207,353
Financial
expenses, net (23,120) (9,658) (3,108) (5,521) (21,251)
Other income,
net 1,355 13,439 981 350 13,259
Income before
taxes on income 127,998 154,467 54,082 47,236 199,361
Income taxes 20,565 21,606 9,846 4,791 24,037
107,433 132,861 44,236 42,445 175,324
Equity in net
earnings of
affiliated
companies and
partnership 10,626 13,205 4,207 3,905 18,796
Income from
continued
operations 118,059 146,066 48,443 46,350 194,120
Income (loss)
from
discontinued
operations, net (15,630) - (15,180) - 921
Net income 102,429 146,066 33,263 46,350 195,041
Less: net loss
(income)
attributable to
non-controlling
interests 901 (6,254) 3,243 (1,099) (11,543)
Net income
attributable to
Elbit Systems
Ltd.'s
shareholders 103,330 139,812 36,506 45,251 183,498
Earnings per
share
attributable to
Elbit Systems
Ltd.'s ordinary
shareholders:
Basic net
earnings per
share:
Continuing
operations 2.63 3.28 1.06 1.06 4.28
Discontinued
operations (0.22) - (0.21) - 0.02
Total 2.41 3.28 0.85 1.06 4.30
Diluted net
earnings per
share:
Continuing
operations 2.61 3.23 1.06 1.05 4.24
Discontinued
operations (0.22) - (0.21) - 0.01
Total 2.39 3.23 0.85 1.05 4.25
Weighted average
number of shares
used in
computation of
basic earnings
per share 42,774 42,631 42,809 42,671 42,645
Weighted average
number of shares
used in
computation of
diluted earnings
per share 43,179 43,226 43,074 43,165 43,217
Amounts
attributable to
Elbit Systems
Ltd.'s common
shareholders
Income from
continued
operations, net
of tax 112,615 139,812 45,523 45,251 182,577
Discontinued
operations, net
of tax (9,285) - (9,017) - 921
Net income 103,330 139,812 36,506 45,251 183,498
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
Nine Months Ended
Year Ended
September 30, December 31
2011 2010 2010
Unaudited Audited
CASH FLOWS FROM
OPERATING ACTIVITIES
Net income 102,429 146,066 195,041
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 112,007 93,669 132,141
Write-off impairment and
discontinued operations 15,630 717 363
Stock based compensation 831 4,254 5,211
Amortization of Series A
Notes discounts and
related issuance costs 330 103 (3,664)
Deferred income taxes
and reserve, net (12,183) (9,068) (28,162)
Gain on sale of
property, plant and
equipment (1,088) (1,978) (2,600)
Loss (gain) on sale of
investment 520 (19,178) (19,151)
Equity in net earnings
of affiliated companies
and partnership, net of
dividend received[(*)] 3,679 (4,735) (8,418)
Change in operating
assets and liabilities:
Increase in short and
long-term trade
receivables, and prepaid
expenses (76,827) (65,959) (81,121)
Increase in inventories,
net (123,555) (48,282) (49,724)
Increase (decrease) in
trade payables, other
payables and accrued
expenses (68,129) 12,745 76,808
Severance, pension and
termination indemnities,
net (5,056) 2,129 4,160
Increase (decrease) in
advances received from
customers 62,594 (36,843) (36,396)
Net cash provided by
operating activities 11,182 73,640 184,488
CASH FLOWS FROM
INVESTING ACTIVITIES
Purchase of property,
plant and equipment (92,484) (105,397) (138,644)
Acquisitions of
subsidiaries and
business operations (12,173) (34,566) (229,556)
Investments in
affiliated companies and
other companies (13,401) (1,192) (4,956)
Proceed from sale of
property, plant and
equipment 11,232 7,732 11,841
Proceed from sale of
investments - 12,751 27,941
Investment in long-term
deposits, net 23,102 5,006 15,756
Investment in short-term
deposits and available
for sale securities, net 36,347 6,387 63,205
Net cash used in
investing activities (47,377) (109,279) (254,413)
CASH FLOWS FROM
FINANCING ACTIVITIES
Proceeds from exercise
of options 2,974 4,084 3,590
Purchase of
non-controlling
interests (71,000) - -
Repayment of long-term
bank loans (66,930) (246,146) (488,657)
Proceeds from long-term
bank loans 143,395 159,000 387,692
Proceeds from issuance
of Series A Notes - 283,213 283,213
Series A Notes issuance
costs - (2,185) (2,164)
Dividends paid (46,235) (47,990) (63,137)
Tax benefit in respect
of options exercised - - 710
Purchase of convertible
debentures (2,121) - -
Change in short-term
bank credit and loans,
net 49,782 - (40,972)
Repayment of long-term
debentures (33,500) - -
Net cash provided by
(used in) financing
activities (23,635) 149,976 80,275
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS (59,830) 114,337 10,350
CASH AND CASH
EQUIVALENTS AT THE
BEGINNING OF THE PERIOD 151,059 140,709 140,709
CASH AND CASH
EQUIVALENTS AT THE END
OF THE PERIOD 91,229 255,046 151,059
* Dividend received from
affiliated companies and
partnership 14,107 8,689 10,925
ELBIT SYSTEMS
LTD.
DISTRIBUTION OF REVENUES
CONSOLIDATED REVENUES BY AREAS OF OPERATION:
Nine Months Ended Three Months Ended
September 30 September 30
2011 2010 2011 2010
$ $ $ $
millions % millions % millions % millions %
Airborne
systems 695.2 35.2 552.3 29.5 234.7 35.4 194.2 29.9
Land systems 284.1 14.4 312.7 16.7 104.3 15.7 94.2 14.5
C4ISR systems 704.7 35.7 674.1 36.0 232.8 35.1 266.8 41.1
Electro-optics 197.9 10.0 243.3 13.0 60.8 9.1 75.1 11.5
Other (mainly
non-defense
engineering
and production
services) 93.7 4.7 89.0 4.8 31.1 4.7 19.6 3.0
Total 1,975.6 100.0 1,871.4 100.0 663.7 100.0 649.9 100.0
CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:
Nine Months Ended Three Months Ended
September 30 September 30
2011 2010 2011 2010
$ $
$ millions % $ millions % millions % millions %
Israel 511.4 25.9 458.8 24.5 155.5 23.4 182.5 28.1
United
States 652.1 33.0 589.6 31.5 225.0 33.9 187.8 28.9
Europe 352.9 17.9 390.2 20.9 110.5 16.7 116.4 17.9
Other
countries 459.2 23.2 432.8 23.1 172.7 26.0 163.2 25.1
Total 1,975.6 100.0 1,871.4 100.0 663.7 100.0 649.9 100.0
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
CCG Investor Relations
Tel: +1-646-201-9246
elbitsystems@ccgisrael.com
SOURCE Elbit Systems Ltd