HAIFA, Israel, Nov. 14, 2013 /PRNewswire/ -- Elbit
Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the
international defense electronics company, reported today its
consolidated financial results for the third quarter ended
September 30, 2013.
In this release, the Company is providing its usual US-GAAP
results as well as additional non-GAAP financial data, which are
intended to provide investors with a more comprehensive
understanding of the Company's business results and trends. Unless
otherwise stated, all financial data presented is US- GAAP
financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit
Systems, commented: "The solid third quarter results reflect
the year-over-year trend of improvements in revenue and
profitability resulting from our ongoing focus on efficiency and on
realizing the business-wide synergies of our global organization.
In line with our decision to further enhance the effectiveness of
our technological capabilities, we are placing increased efforts in
R&D as well as in sales and marketing, in order to capitalize
on the opportunities we are seeing."
Machlis added: "We are encouraged by the global markets'
recognition of our innovative solutions, and we believe that,
together with our efficiency measures, will maintain future
growth."
Third quarter 2013
results:
Revenues were $730.6
million in the third quarter of 2013, as compared to
$677.5 million in the third quarter
of 2012. The main contributors to the Company's revenues were the
Airborne and the C4ISR systems areas of operations.
Gross profit was $207.4
million (28.4% of revenues) in the third quarter of 2013, as
compared to $191.5 million (28.3% of
revenues) in the third quarter of 2012. The non-GAAP gross profit
in the third quarter of 2013 was $212.9
million (29.1% of revenues), compared to $196.6 million (29.0% of revenues) in the third
quarter of 2012.
Research and development expenses, net were $54.0 million (7.4% of revenues) in the third
quarter of 2013, as compared to $50.7
million (7.5% of revenues) in the third quarter of 2012.
Marketing and selling expenses were $61.9 million (8.5% of revenues) in the third
quarter of 2013, as compared to $59.0
million (8.7% of revenues) in the third quarter of
2012.
General and administrative expenses, net were
$30.5 million (4.2% of revenues) in
the third quarter of 2013, as compared to $32.7 million (4.8% of revenues) in the third
quarter of 2012.
Operating income was $61.1
million (8.4% of revenues), as compared to $49.0 million (7.2% of revenues) in the third
quarter of 2012. The non-GAAP operating income in the third quarter
of 2013 was $72.3 million (9.9% of
revenues), as compared to $61.0
million (9.0% of revenues) in the third quarter of 2012. The
increase in the operating income was mainly due to cost savings and
improved efficiency measures taken by the Company.
Financial expenses, net were $6.6
million in the third quarter of 2013, as compared to
$5.5 million in the third quarter of
2012.
Taxes on income were $7.5
million (effective tax rate of 13.6%) in the third quarter
of 2013, as compared to taxes on income of $4.9 million (effective tax rate of 11.2%) in the
third quarter of 2012.
Equity in net earnings of affiliated companies and
partnerships was $3.4 million
(0.5% of revenues) in the third quarter of 2013, as compared to
$1.0 million (0.2% of revenues) in
the third quarter of 2012.
Net income attributable to non-controlling interests was
$1.6 million in the third quarter of
2013, as compared to a net income of $0.4
million in the third quarter of 2012.
Net income attributable to the Company's ordinary
shareholders was $49.6 million
(6.8% of revenues) in the third quarter of 2013, as compared to
$39.5 million (5.8% of revenues) in
the third quarter of 2012. The non-GAAP net income in the third
quarter of 2013 was $55.8 million
(7.7% of revenues), as compared to $49.4
million (7.3% of revenues) in the third quarter of 2012.
Diluted net earnings per share attributable to the
Company's ordinary shareholders were $1.17 for the third quarter of 2013, as compared
with $0.95 for the third quarter of
2012. The non-GAAP diluted net earnings per share in the third
quarter of 2013 were $1.32, as
compared to $1.18 in the third
quarter of 2012.
The Company's backlog of orders as of September 30, 2013 was $5,697 million, as compared with $5,804 million as of June
30, 2013 and $5,683 million as
of December 31, 2012. Approximately
68% of the backlog relates to orders outside of Israel. Approximately 49% of the Company's
backlog as of September 30, 2013 is
scheduled to be performed during the fourth quarter of 2013 and in
2014.
Operating cash flow was $24.1
million during the first nine months of 2013, as compared to
$61.0 million in the first nine
months of 2012.
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 certain
adjustments, as indicated in the table below.
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:
|
(U.S. Dollars in
millions)
|
|
|
|
Nine Months
Ended
September
30
|
|
Three Months
Ended
September
30
|
|
Year Ended
December
31
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
603.3
|
|
576.8
|
|
207.4
|
|
191.4
|
|
815.9
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
16.4
|
|
15.6
|
|
5.5
|
|
5.2
|
|
24.2
|
Non-GAAP gross
profit
|
619.7
|
|
592.4
|
|
212.9
|
|
196.6
|
|
840.1
|
Percent of
revenues
|
29.3%
|
|
29.0%
|
|
29.1%
|
|
29.0%
|
|
29.1%
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
181.5
|
|
132.8
|
|
61.1
|
|
49.0
|
|
203.1
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
Legal settlement,
net
|
34.2
(7.6)
|
|
36.2
-
|
|
11.2
-
|
|
12.0
-
|
|
49.2
-
|
Non-GAAP operating
income
|
208.1
|
|
169.0
|
|
72.3
|
|
61.0
|
|
252.3
|
Percent of
revenues
|
9.8%
|
|
8.3%
|
|
9.9%
|
|
9.0%
|
|
8.7%
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income attributable to Elbit Systems'
shareholders
|
140.6
|
|
110.7
|
|
49.6
|
|
39.5
|
|
167.9
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
intangible assets
|
34.2
|
|
36.2
|
|
11.2
|
|
12.0
|
|
49.2
|
Legal settlement,
net
|
(7.6)
|
|
-
|
|
-
|
|
-
|
|
-
|
Gain from changes in
holdings
|
(0.9)
|
|
(2.3)
|
|
(0.9)
|
|
-
|
|
(2.3)
|
Adjustment of loss
(gain) from discontinued operations, net
|
(0.8)
|
|
0.3
|
|
-
|
|
0.1
|
|
0.4
|
Related tax
benefits
|
(8.1)
|
|
(6.5)
|
|
(4.1)
|
|
(2.2)
|
|
(8.9)
|
Non-GAAP net
income attributable to Elbit Systems' shareholders
|
157.4
|
|
138.4
|
|
55.8
|
|
49.4
|
|
206.3
|
|
|
|
|
|
|
|
|
|
|
Percent of
revenues
|
7.4%
|
|
6.8%
|
|
7.7%
|
|
7.3%
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net EPS
|
3.73
|
|
3.26
|
|
1.32
|
|
1.18
|
|
4.88
|
Recent Events:
On September 25, 2013 the Company
announced that its subsidiary in the U.S., Elbit Systems of
America, LLC. was awarded a $44.8
million Indefinite Delivery/Indefinite Quantity contract to
be performed over the next five years for the ongoing depot level
service and support of the AH-1W Super Cobra helicopter's Night
Targeting System (NTS).
On October 6, 2013 the Company
announced that its wholly-owned subsidiary, Elbit Systems
Electro-optics - Elop Ltd., was awarded a follow-on contract to
supply its advanced Digital CoMPASS® electro-optical
payload systems to an Asia-Pacific
air force to be installed onboard helicopters. The contract will be
performed over a three-year period.
On October 16, 2013 the Company
announced that it was awarded a follow-on contract to supply
advanced Helmet Mounted Display (HMD) systems for the Republic of
Korea Army's SURION helicopter. The contract will be performed over
a four-year period.
Dividend:
The Board of Directors declared a dividend of $0.30 per share for the third quarter of 2013.
The dividend's record date is November 26,
2013, and the dividend will be paid on December 9, 2013. The dividend will be
distributed from preferred enterprise profits (as defined in the
Israeli tax law) net of taxes and levies of 15%.
Conference Call:
The Company will also be hosting a conference call later today,
November 14, 2013 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:
1 888 782 4291 (US) or +972 3
925 5921 (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: www.elbitsystems.com.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operations and by
geographical regions
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
|
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 U.S.
Dollars)
|
|
|
|
September
30,
|
|
December
31,
|
|
2013
|
|
2012
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
148,333
|
|
199,241
|
Short-term bank
deposits
Available-for-sale
marketable securities
|
17,266
49,971
|
|
15,444
50,111
|
Trade and unbilled
receivables, net
|
873,644
|
|
688,129
|
Other receivables and
prepaid expenses
|
172,574
|
|
180,103
|
Inventories, net of
customers advances
|
782,038
|
|
751,247
|
Total current
assets
|
2,043,826
|
|
1,884,275
|
|
|
|
|
Investments in
affiliated companies, partnerships and other companies
|
135,227
|
|
126,482
|
Long-term trade and
unbilled receivables
|
250,755
|
|
229,687
|
Long-term bank
deposits and other receivables
|
43,932
|
|
19,269
|
Deferred income
taxes, net
|
31,446
|
|
31,465
|
Severance pay
fund
|
317,327
|
|
302,680
|
|
778,687
|
|
709,583
|
|
|
|
|
Property, plant and
equipment, net
|
488,958
|
|
501,286
|
Goodwill and other
intangible assets, net
|
681,154
|
|
715,561
|
Total
assets
|
3,992,625
|
|
3,810,705
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
Short-term bank
credits and loans
|
121
|
|
181
|
Current maturities of
long-term loans and Series A Notes
|
61,684
|
|
90,056
|
Trade
payables
|
304,822
|
|
260,975
|
Other payables and
accrued expenses
|
700,602
|
|
704,450
|
Customer advances in
excess of costs incurred on contracts in progress
|
401,780
|
|
453,382
|
|
1,469,009
|
|
1,509,044
|
|
|
|
|
Long-term loans, net
of current maturities
|
283,275
|
|
173,745
|
Series A Notes, net
of current maturities
|
369,285
|
|
408,610
|
Employee benefit
liabilities
|
423,513
|
|
407,661
|
Deferred income taxes
and tax liabilities, net
|
57,723
|
|
48,787
|
Customer advances in
excess of costs incurred on contracts in progress
|
180,980
|
|
156,497
|
Other long-term
liabilities
|
57,716
|
|
55,735
|
|
1,372,492
|
|
1,251,035
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,121,172
|
|
1,017,115
|
Non-controlling
interests
|
29,952
|
|
33,511
|
Total
equity
|
1,151,124
|
|
1,050,626
|
Total liabilities and
equity
|
3,992,625
|
|
3,810,705
|
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In thousands of U.S.
Dollars, except for share and per share amounts)
|
|
|
Nine Months
Ended
September
30
|
Three Months
Ended
September
30
|
Year Ended
December
31
|
|
2013
|
2012
|
2013
|
2012
|
2012
|
|
Unaudited
|
Audited
|
Revenues
|
2,113,694
|
2,044,690
|
730,631
|
677,470
|
2,888,607
|
Cost of
revenues
|
1,510,393
|
1,467,863
|
523,187
|
486,023
|
2,072,742
|
Gross
profit
|
603,301
|
576,827
|
207,444
|
191,447
|
815,865
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
156,555
|
165,114
|
54,012
|
50,703
|
233,387
|
Marketing and
selling
|
174,755
|
180,325
|
61,906
|
59,044
|
241,911
|
General and
administrative, net
|
90,449
|
98,580
|
30,468
|
32,677
|
137,517
|
|
421,759
|
444,019
|
146,386
|
142,424
|
612,815
|
|
|
|
|
|
|
Operating
income
|
181,542
|
132,808
|
61,058
|
49,023
|
203,050
|
|
|
|
|
|
|
Financial expenses,
net
|
(27,274)
|
(15,524)
|
(6,634)
|
(5,456)
|
(26,086)
|
Other income,
net
|
925
|
76
|
881
|
260
|
78
|
Income before
income taxes
|
155,193
|
117,360
|
55,305
|
43,827
|
177,042
|
Taxes on
income
|
17,199
|
14,203
|
7,532
|
4,890
|
17,099
|
|
137,994
|
103,157
|
47,773
|
38,937
|
159,943
|
|
|
|
|
|
|
Equity in net
earnings of affiliated companies and partnerships
|
7,567
|
8,866
|
3,393
|
1,049
|
11,160
|
Income from
continuing operations
|
145,561
|
112,023
|
51,166
|
39,986
|
171,103
|
Income (loss) from
discontinued operations, net
|
681
|
(519)
|
-
|
(93)
|
(616)
|
Net income
|
146,242
|
111,504
|
51,166
|
39,893
|
170,487
|
|
|
|
|
|
|
Less: net income
attributable to non-controlling interests
|
(5,690)
|
(835)
|
(1,577)
|
(369)
|
(2,608)
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
140,552
|
110,669
|
49,589
|
39,524
|
167,879
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
|
|
|
Basic net
earnings per share
|
|
|
|
|
|
Continuing operations
|
3.32
|
2.63
|
1.18
|
0.95
|
3.99
|
Discontinued operations
|
0.02
|
(0.01)
|
-
|
(0.00)
|
(0.01)
|
Total
|
3.34
|
2.62
|
1.18
|
0.95
|
3.98
|
Diluted net
earnings per share
|
|
|
|
|
|
Continuing operations
|
3.31
|
2.62
|
1.17
|
0.95
|
3.98
|
Discontinued operations
|
0.02
|
(0.01)
|
-
|
(0.00)
|
(0.01)
|
Total
|
3.33
|
2.61
|
1.17
|
0.95
|
3.97
|
Weighted average
number of shares used in
computation of
basic earnings per share
|
42,044
|
42,296
|
42,178
|
41,693
|
42,190
|
Weighted average
number of shares used in
computation of
diluted earnings per share
|
42,213
|
42,374
|
42,348
|
41,693
|
42,277
|
|
|
|
|
|
|
Amounts attributable
to Elbit Systems Ltd.'s shareholders
|
|
|
|
|
|
Income from
continuing operations, net of income tax
|
139,733
|
110,977
|
49,589
|
39,579
|
168,245
|
Discontinued
operations, net of income tax
|
819
|
(308)
|
-
|
(55)
|
(366)
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
140,552
|
110,669
|
49,589
|
39,524
|
167,879
|
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(In thousands of U.S.
Dollars)
|
|
|
Nine Months
Ended
|
|
Year Ended
|
|
September
30,
|
|
December
31,
|
|
2013
|
|
2012
|
|
2012
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net income
|
146,242
|
|
111,504
|
|
170,487
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
96,571
|
|
103,300
|
|
138,796
|
Discontinued
operations, net
|
(681)
|
|
519
|
|
616
|
Stock-based
compensation
|
1,096
|
|
494
|
|
3,326
|
Amortization of Series
A Notes discount (premium) and related issuance costs,
net
|
(69)
|
|
1,215
|
|
153
|
Deferred income taxes
and reserve, net
|
1,545
|
|
5,485
|
|
6,579
|
Loss (gain) on sale of
property, plant and equipment
|
(133)
|
|
(556)
|
|
1,197
|
Gain on sale of
investment
|
(425)
|
|
(994)
|
|
(829)
|
Equity in net earnings
of affiliated companies and partnerships, net of dividend
received(*)
|
(2,067)
|
|
(2,454)
|
|
(1,602)
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Increase in short and
long-term trade receivables and prepaid expenses
|
(195,656)
|
|
(17,442)
|
|
(91,988)
|
Decrease (increase) in
inventories, net
|
(30,791)
|
|
(21,716)
|
|
10,022
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
32,407
|
|
(105,834)
|
|
(75,724)
|
Severance, pension and
termination indemnities, net
|
3,184
|
|
(12,176)
|
|
(10,612)
|
Increase (decrease) in
advances received from customers
|
(27,118)
|
|
(296)
|
|
47,962
|
Net cash provided by
operating activities
|
24,105
|
|
61,049
|
|
198,383
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment
|
(54,987)
|
|
(59,753)
|
|
(81,637)
|
Investments in
affiliated companies and other companies
|
(5,046)
|
|
(507)
|
|
(4,241)
|
Proceeds from sale of
property, plant and equipment
|
4,264
|
|
6,106
|
|
7,335
|
Proceeds from sale of
investments
|
2,000
|
|
705
|
|
705
|
Investment in
long-term deposits
Proceeds from sale of
long-term deposits
|
(1,171)
246
|
|
(318)
502
|
|
(779)
2,849
|
Investment in
short-term deposits and available-for-sale securities
Proceeds from sale of
short-term deposits and available-for-sale securities
|
(33,050)
30,543
|
|
(336,360)
287,352
|
|
(340,899)
299,029
|
Net cash used in
investing activities
|
(57,201)
|
|
(102,273)
|
|
(117,638)
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
11,159
|
|
739
|
|
1,352
|
Repayment of long-term
loans
|
(143,547)
|
|
(195,624)
|
|
(319,601)
|
Proceeds from
long-term loans
|
217,100
|
|
53,038
|
|
122,038
|
Proceeds from issuance
of Series A Notes
|
-
|
|
246,000
|
|
246,973
|
Series A Notes
issuance costs
Purchase of treasury
shares
|
-
-
|
|
-
(26,006)
|
|
(2,035)
(26,006)
|
Repayment of Series A
Notes
|
(55,535)
|
|
(53,530)
|
|
(53,530)
|
Dividends paid
(**)
|
(46,928)
|
|
(38,043)
|
|
(50,616)
|
Tax benefit in respect
of options exercised
Change in short-term
bank credit and loan, net
|
-
(61)
|
|
-
(2,998)
|
|
161
(2,817)
|
Net cash used in
financing activities
|
(17,811)
|
|
(16,424)
|
|
(84,081)
|
|
|
|
|
|
|
NET DECREASE IN CASH
AND CASH EQUIVALENTS
|
(50,908)
|
|
(57,648)
|
|
(3,336)
|
CASH AND CASH
EQUIVALENTS AT THE BEGINNING OF THE PERIOD
|
199,241
|
|
202,577
|
|
202,577
|
CASH AND CASH
EQUIVALENTS AT THE END OF THE PERIOD
|
148,333
|
|
144,929
|
|
199,241
|
* Dividend received
from affiliated companies and partnerships
|
5,500
|
|
6,412
|
|
9,558
|
|
|
|
|
|
|
|
**Dividends paid to
the Company's shareholders and a minority shareholder of a
subsidiary.
|
ELBIT SYSTEMS
LTD.
|
DISTRIBUTION OF
REVENUES
|
|
CONSOLIDATED
REVENUES BY AREAS OF OPERATION:
|
|
|
|
|
Nine Months
Ended
|
Three Months
Ended
|
|
September
30
|
September
30
|
|
2013
|
2012
|
2013
|
2012
|
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
Airborne
systems
|
849.3
|
40.2
|
793.5
|
38.8
|
287.2
|
39.3
|
267.9
|
39.5
|
Land vehicles
systems
|
195.4
|
9.2
|
264.3
|
12.9
|
75.5
|
10.3
|
105.5
|
15.6
|
C4ISR
systems
|
771.8
|
36.5
|
676.7
|
33.1
|
273.4
|
37.4
|
197.8
|
29.2
|
Electro-optic
systems
|
227.4
|
10.8
|
211.5
|
10.4
|
67.9
|
9.3
|
66.8
|
9.9
|
Other (mainly
non-defense
engineering and
production services)
|
69.8
|
3.3
|
98.7
|
4.8
|
26.6
|
3.7
|
39.5
|
5.8
|
Total
|
2,113.7
|
100
|
2,044.7
|
100
|
730.6
|
100
|
677.5
|
100
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
REVENUES BY GEOGRAPHICAL REGIONS:
|
|
|
Nine Months
Ended
|
Three Months
Ended
|
|
September
30
|
September
30
|
|
2013
|
2012
|
2013
|
2012
|
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
Israel
|
470.6
|
22.3
|
355.9
|
17.4
|
181.7
|
24.9
|
104.1
|
15.4
|
North
America
|
630.9
|
29.8
|
663.5
|
32.5
|
217.0
|
29.7
|
236.0
|
34.8
|
Europe
Asia
Pacific
Latin
America
|
397.9
357.5
210.9
|
18.8
16.9
10.0
|
368.1
423.4
175.9
|
18.0
20.7
8.6
|
127.3
97.0
78.3
|
17.4
13.3
10.7
|
127.7
133.3
55.5
|
18.9
19.7
8.2
|
Other
countries
|
45.9
|
2.2
|
57.9
|
2.8
|
29.3
|
4.0
|
20.9
|
3.0
|
Total
|
2,113.7
|
100
|
2,044.7
|
100
|
730.6
|
100
|
677.5
|
100
|
SOURCE Elbit Systems Ltd.