HAIFA, Israel, May 18,
2015 /PRNewswire/ -- Elbit Systems Ltd. (the "Company")
(NASDAQ and TASE: ESLT), the international high technology
company, reported today its consolidated results for the quarter
ended March 31, 2015.
In this release, the Company is providing US-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:
Bezhalel (Butzi) Machlis, President and CEO of Elbit
Systems, commented: "We are pleased with our first quarter
financial results, which show that the ongoing improvement in our
backlog over the past two years is being translated into revenue
growth.
We are focused on adapting to market trends and needs. This has
led us to recently create a division known as ISTAR to focus on
providing our customers with a full range of solutions for
intelligence applications. We also have established CYBERBIT, a new
cyber company that consolidates our activities in this rapidly
emerging sector. Looking ahead, through both internal measures as
well as through acquisitions, we intend to continue our efforts to
remain ahead of industry trends and capitalize on our ability to
provide our customers with the right solutions for their emerging
needs."
First quarter 2015 results:
Revenues in the first quarter of 2015 were
$706.6 million, as compared to
$682.6 million in the first quarter
of 2014.
Gross profit amounted to $201.2
million (28.5% of revenues) in the first quarter of 2015, as
compared to $193.2 million (28.3% of
revenues) in the first quarter of 2014. The non-GAAP gross profit
in the first quarter of 2015 was $206.4
million (29.2% of revenues), as compared to $198.6 million (29.1% of revenues) in the first
quarter of 2014.
Research and development expenses, net were $55.6 million (7.9% of revenues) in the first
quarter of 2015, as compared to $48.9
million (7.2% of revenues) in the first quarter of 2014.
Marketing and selling expenses, net were $51.3 million (7.3% of revenues) in the first
quarter of 2015, as compared to $55.0
million (8.1% of revenues) in the first quarter of 2014.
General and administrative expenses, net were
$34.4 million (4.9% of revenues) in
the first quarter of 2015, as compared to $35.3 million (5.2% of revenues) in the first
quarter of 2014.
Other operating income, net in the first quarter of 2014
amounted to $6.0 million. The amount
reflects a net gain related to the revaluation of the previously
held investment in an Israeli subsidiary's shares at the
acquisition date due to its accounting treatment as a business
combination achieved in stages. As a result of this acquisition the
Company increased its holdings in the subsidiary from 49% to
90%.
Operating income was $59.8
million (8.5% of revenues) in the first quarter of 2015, as
compared to operating income of $59.9
million (8.8% of revenues) in the first quarter of
2014. The non-GAAP operating income in the first quarter of
2015 was $69.5 million (9.8% of
revenues), as compared to $65.0
million (9.5% of revenues) in the first quarter of 2014.
Financial expenses, net were $5.7
million in the first quarter of 2015, as compared to
$4.7 million in the first quarter of
2014.
Taxes on income were $8.6
million (effective tax rate of 15.9%) in the first quarter
of 2015, as compared to $6.2 million
(effective tax rate of 11.2%) in the first quarter of 2014.
The effective tax rate is affected by the mix of the tax rates in
the various jurisdictions in which the Company's entities generate
taxable income.
Equity in net earnings (losses) of affiliated companies and
partnerships was a net loss of $0.1
million in the first quarter of 2015, as compared to net
earnings of $1.1 million in the first
quarter of 2014.
Net income attributable to non-controlling interests was
$0.9 million in the first quarter of
2015, as compared to $2.0 million in
the first quarter of 2014.
Net income attributable to the Company's shareholders in
the first quarter of 2015 was $44.6
million (6.3% of revenues), as compared to $48.2 million (7.1% of revenues) in the first
quarter of 2014. The non-GAAP net income in the first quarter of
2015 was $52.6 million (7.4% of
revenues), as compared to $51.9
million (7.6% of revenues) in the first quarter of 2014.
Diluted net earnings per share attributable to the
Company's shareholders were $1.04 for the first quarter of 2015, as compared
with diluted net earnings per share of $1.13 for the first quarter of 2014. The non-GAAP
diluted earnings per share in the first quarter of 2015 were
$1.23 as compared to $1.22 for the first quarter of 2014.
The Company's backlog of orders for the quarter ended
March 31, 2015, totaled $6,270
million as compared to $6,064
million as of March 31, 2014. Approximately 70% of the
current backlog is attributable to orders from outside Israel. Approximately 66% of the current
backlog is scheduled to be performed during 2015 and 2016.
Operating cash flow for the quarter ended March 31,
2015, was $83.9 million, as
compared to $80.8 million in the
quarter ended March 31, 2014.
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:
|
(US Dollars in
millions)
|
|
|
Three Months
Ended
March 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
201.2
|
|
|
193.2
|
|
|
825.1
|
|
Adjustments:
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
5.2
|
|
|
5.4
|
|
|
21.7
|
|
Non-GAAP
gross profit
|
206.4
|
|
|
198.6
|
|
|
846.8
|
|
Percent of
revenues
|
29.2
|
%
|
|
29.1
|
%
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
59.8
|
|
|
59.9
|
|
|
246.9
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
9.7
|
|
|
11.1
|
|
|
43.0
|
|
Gain from changes in
holdings
|
—
|
|
|
(6.0)
|
|
|
(6.0)
|
|
Non-GAAP operating
income
|
69.5
|
|
|
65.0
|
|
|
283.9
|
|
Percent of
revenues
|
9.8
|
%
|
|
9.5
|
%
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Elbit Systems' shareholders
|
44.6
|
|
|
48.2
|
|
|
171.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
9.7
|
|
|
11.1
|
|
|
43.0
|
|
Gain from changes in
holdings
|
—
|
|
|
(6.0)
|
|
|
(6.0)
|
|
Related tax
benefits
|
(1.7)
|
|
|
(1.4)
|
|
|
(6.9)
|
|
Non-GAAP net
income attributable to Elbit Systems' shareholders
|
52.6
|
|
|
51.9
|
|
|
201.1
|
|
Percent of
revenues
|
7.4
|
%
|
|
7.6
|
%
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net EPS
|
1.23
|
|
|
1.22
|
|
|
4.71
|
|
Recent Events:
On March 22, 2015, the Company
announced that the United States
Marine Corps awarded Elbit Systems of America, LLC (Elbit Systems
of America), a wholly-owned subsidiary of Elbit Systems, a
$73.4 million Indefinite
Delivery/Indefinite Quantity (IDIQ) contract, for the Common Laser
Range Finder-Integrated Capability (CLRF-IC). The period of the
IDIQ contract extends through March
2020. Elbit Systems of America received an initial order in
the amount of $7.5 million under the
IDIQ contract.
On April 1, 2015, the Company
announced that Elbit Systems of America was awarded a contract from
Science Applications International Corporation to install,
integrate and support flight evaluations of the Elbit Color Helmet
Display and Tracking System on MH-60S Seahawk test aircraft for the
U.S. Navy. The contract value, which is in an amount that is not
material to Elbit Systems, will be performed over one year.
Dividend:
The Board of Directors declared a dividend of $0.35 per share for the first quarter of 2015.
The dividend's record date is May 27,
2015. The dividend will be paid from income generated as
Preferred Income, on June 8, 2015,
net of taxes and levies, at the rate of 20%.
Conference Call:
The Company will be hosting a conference call today,
Monday, May 18, 2015 at 9:00 a.m. 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: 9:00 am Eastern
Time; 6:00 am Pacific Time;
2:00 pm UK 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 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 5900
(Israel and International).
About Elbit Systems
Elbit Systems Ltd. is an international high technology company
engaged in a wide range of defense, homeland security and
commercial programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas
of airborne, land and naval systems, command, control,
communications, computers, intelligence surveillance and
reconnaissance ("C4ISR"), unmanned aircraft systems, advanced
electro-optics, electro-optic space systems, EW suites, signal
intelligence systems, data links and communications systems and
radios. The Company also focuses on the upgrading of existing
platforms, developing new technologies for defense, homeland
security and commercial aviation applications and providing a range
of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com or
follow us on Twitter.
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
GK Investor
Relations
Tel:
1-646-201-9246
elbitsystems@gkir.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 1943, 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., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated
companies. All other brand, product, service and process
names appearing are the trademarks of their respective
holders. Reference to or use of a product, service or process
other than those of Elbit Systems Ltd. does not imply
recommendation, approval, affiliation or sponsorship of that
product, service or process by Elbit Systems Ltd. Nothing contained
herein shall be construed as conferring by implication, estoppel or
otherwise any license or right under any patent, copyright,
trademark or other intellectual property right of Elbit Systems
Ltd. or any third party, except as expressly granted herein.
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands of US
Dollars)
|
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
173,982
|
|
|
$
|
200,407
|
|
Short-term bank
deposits and marketable securities
|
65,909
|
|
|
105,519
|
|
Trade and unbilled
receivables, net
|
856,161
|
|
|
928,757
|
|
Other receivables and
prepaid expenses
|
168,007
|
|
|
145,562
|
|
Inventories, net of
customers advances
|
897,881
|
|
|
868,799
|
|
Total current
assets
|
2,161,940
|
|
|
2,249,044
|
|
|
|
|
|
Investments in
affiliated companies and partnerships
|
125,728
|
|
|
125,433
|
|
Long-term trade and
unbilled receivables
|
195,673
|
|
|
212,725
|
|
Long-term bank
deposits and other receivables
|
17,571
|
|
|
18,081
|
|
Deferred income
taxes, net
|
60,285
|
|
|
60,224
|
|
Severance pay
fund
|
269,028
|
|
|
276,707
|
|
|
668,285
|
|
|
693,170
|
|
|
|
|
|
Property, plant and
equipment, net
|
441,163
|
|
|
441,535
|
|
Goodwill and other
intangible assets, net
|
626,293
|
|
|
637,532
|
|
Total
assets
|
$
|
3,897,681
|
|
|
$
|
4,021,281
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term bank
credit and loans
|
$
|
81
|
|
|
$
|
557
|
|
Current maturities of
long-term loans and Series A Notes
|
104,390
|
|
|
81,958
|
|
Trade
payables
|
348,991
|
|
|
369,659
|
|
Other payables and
accrued expenses
|
767,588
|
|
|
758,760
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
413,056
|
|
|
413,223
|
|
|
1,634,106
|
|
|
1,624,157
|
|
|
|
|
|
Long-term loans, net
of current maturities
|
70,330
|
|
|
220,716
|
|
Series A Notes, net
of current maturities
|
292,699
|
|
|
293,923
|
|
Employee benefit
liabilities
|
389,419
|
|
|
396,639
|
|
Deferred income taxes
and tax liabilities, net
|
67,538
|
|
|
68,435
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
106,204
|
|
|
120,299
|
|
Other long-term
liabilities
|
64,390
|
|
|
58,217
|
|
|
990,580
|
|
|
1,158,229
|
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,260,329
|
|
|
1,226,667
|
|
Non-controlling
interests
|
12,666
|
|
|
12,228
|
|
Total
equity
|
1,272,995
|
|
|
1,238,895
|
|
Total liabilities
and equity
|
$
|
3,897,681
|
|
|
$
|
4,021,281
|
|
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(In thousands of US
Dollars, except for share and per share amount)
|
|
|
Three Months
Ended
March
31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2014
|
|
Unaudited
|
|
Audited
|
Revenues
|
$
|
706,622
|
|
|
$
|
682,613
|
|
|
$
|
2,958,248
|
|
Cost of
revenues
|
505,424
|
|
|
489,415
|
|
|
2,133,151
|
|
Gross
profit
|
201,198
|
|
|
193,198
|
|
|
825,097
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
55,613
|
|
|
48,942
|
|
|
228,011
|
|
Marketing and
selling, net
|
51,329
|
|
|
54,978
|
|
|
216,537
|
|
General and
administrative, net
|
34,412
|
|
|
35,313
|
|
|
139,634
|
|
Other income,
net
|
—
|
|
|
(5,951)
|
|
|
(5,951)
|
|
|
141,354
|
|
|
133,282
|
|
|
578,231
|
|
Operating
income
|
59,844
|
|
|
59,916
|
|
|
246,866
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(5,673)
|
|
|
(4,663)
|
|
|
(47,498)
|
|
Other income,
net
|
67
|
|
|
34
|
|
|
120
|
|
Income before income
taxes
|
54,238
|
|
|
55,287
|
|
|
199,488
|
|
|
|
|
|
|
|
Taxes on
income
|
(8,649)
|
|
|
(6,186)
|
|
|
(25,624)
|
|
|
45,589
|
|
|
49,101
|
|
|
173,864
|
|
|
|
|
|
|
|
Equity in net
earnings (loss) of affiliated companies and partnerships
|
(128)
|
|
|
1,097
|
|
|
5,549
|
|
Net income
|
$
|
45,461
|
|
|
$
|
50,198
|
|
|
$
|
179,413
|
|
Less: net income
attributable to non-controlling interests
|
(896)
|
|
|
(2,045)
|
|
|
(8,433)
|
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
$
|
44,565
|
|
|
$
|
48,153
|
|
|
$
|
170,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
Basic net earnings
per share
|
$
|
1.04
|
|
|
$
|
1.13
|
|
|
$
|
4.01
|
|
Diluted net earnings
per share
|
$
|
1.04
|
|
|
$
|
1.13
|
|
|
$
|
4.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares used in computation of basic earnings per share
(in thousands)
|
42,690
|
|
|
42,614
|
|
|
42,654
|
|
Weighted average
number of shares used in computation of diluted earnings per share
(in thousands)
|
42,713
|
|
|
42,639
|
|
|
42,677
|
|
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(In thousands of US
Dollars)
|
|
|
Three Months
Ended
March 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2014
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
45,461
|
|
|
$
|
50,198
|
|
|
$
|
179,413
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
27,836
|
|
|
32,015
|
|
|
122,408
|
|
Stock-based
compensation
|
62
|
|
|
92
|
|
|
322
|
|
Amortization of Series
A Notes premium and related issuance costs, net
|
(23)
|
|
|
(23)
|
|
|
(91)
|
|
Deferred income taxes
and reserve, net
|
(780)
|
|
|
847
|
|
|
(47,456)
|
|
Loss (gain) on sale of
property, plant and equipment
|
428
|
|
|
(735)
|
|
|
(3,266)
|
|
Gain on sale of
investment
|
(182)
|
|
|
(5,811)
|
|
|
(4,957)
|
|
Equity in net earnings
of affiliated companies and partnerships, net of dividend received
(*)
|
628
|
|
|
403
|
|
|
7,449
|
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Decrease (increase) in
short and long-term trade receivables, and prepaid
expenses
|
64,772
|
|
|
42,782
|
|
|
(67,177)
|
|
Increase in
inventories, net
|
(29,083)
|
|
|
(32,617)
|
|
|
(112,747)
|
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
(12,399)
|
|
|
916
|
|
|
81,687
|
|
Severance, pension and
termination indemnities, net
|
1,404
|
|
|
(86)
|
|
|
6,282
|
|
Increase (decrease) in
advances received from customers
|
(14,262)
|
|
|
(7,207)
|
|
|
15,970
|
|
Net cash provided by
operating activities
|
83,862
|
|
|
80,774
|
|
|
177,837
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment and other assets
|
(27,332)
|
|
|
(13,916)
|
|
|
(71,211)
|
|
Acquisition of
subsidiaries and business operations
|
(300)
|
|
|
787
|
|
|
787
|
|
Investments in
affiliated companies and other companies
|
—
|
|
|
(3,312)
|
|
|
(4,620)
|
|
Proceeds from sale of
property, plant and equipment
|
3,866
|
|
|
3,095
|
|
|
24,969
|
|
Proceeds from sale of
investments
|
—
|
|
|
—
|
|
|
110
|
|
Investment in long-term
deposits
|
(36)
|
|
|
(288)
|
|
|
(796)
|
|
Proceeds from sale of
long-term deposits
|
89
|
|
|
224
|
|
|
790
|
|
Investment in
short-term deposits and marketable securities
|
(28,060)
|
|
|
(5,328)
|
|
|
(89,521)
|
|
Proceeds from sale of
short-term deposits and marketable securities
|
67,337
|
|
|
28,068
|
|
|
59,374
|
|
Net cash provided by
(used in) investing activities
|
15,564
|
|
|
9,330
|
|
|
(80,118)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
627
|
|
|
2,690
|
|
|
3,542
|
|
Repayment of long-term
loans
|
(126,002)
|
|
|
(95,000)
|
|
|
(345,839)
|
|
Proceeds from long-term
loans
|
—
|
|
|
—
|
|
|
376,500
|
|
Repayment of Series A
Notes
|
—
|
|
|
—
|
|
|
(55,532)
|
|
Dividends
paid
|
—
|
|
|
—
|
|
|
(68,277)
|
|
Change in short-term
bank credit and loans, net
|
(476)
|
|
|
—
|
|
|
557
|
|
Net cash used in
financing activities
|
(125,851)
|
|
|
(92,310)
|
|
|
(89,049)
|
|
Net increase
(decrease) in cash and cash equivalents
|
(26,425)
|
|
|
(2,206)
|
|
|
8,670
|
|
Cash and cash
equivalents at the beginning of the year
|
200,407
|
|
|
191,737
|
|
|
191,737
|
|
Cash and cash
equivalents at the end of the period
|
$
|
173,982
|
|
|
$
|
189,531
|
|
|
$
|
200,407
|
|
* Dividend
received from affiliated companies and partnerships
|
$
|
500
|
|
|
$
|
1,500
|
|
|
$
|
12,998
|
|
ELBIT SYSTEMS
LTD.
|
DISTRIBUTION OF
REVENUES
|
|
|
Consolidated
Revenues by Areas of Operation:
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2014
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Airborne
systems
|
285.4
|
|
|
40.4
|
|
|
290.0
|
|
|
42.5
|
|
|
1,197.9
|
|
|
40.5
|
|
Land
systems
|
130.2
|
|
|
18.4
|
|
|
58.3
|
|
|
8.5
|
|
|
274.9
|
|
|
9.3
|
|
C4ISR
systems
|
219.9
|
|
|
31.1
|
|
|
250.1
|
|
|
36.6
|
|
|
1,118.5
|
|
|
37.8
|
|
Electro-optic
systems
|
46.7
|
|
|
6.6
|
|
|
65.6
|
|
|
9.6
|
|
|
265.1
|
|
|
9.0
|
|
Other (mainly
non-defense engineering and production services)
|
24.4
|
|
|
3.5
|
|
|
18.6
|
|
|
2.8
|
|
|
101.8
|
|
|
3.4
|
|
Total
|
706.6
|
|
|
100.0
|
|
|
682.6
|
|
|
100.0
|
|
|
2,958.2
|
|
|
100.0
|
|
|
|
|
Consolidated
Revenues by Geographical Regions:
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2015
|
|
2014
|
|
2014
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Israel
|
135.7
|
|
|
19.2
|
|
|
163.0
|
|
|
23.9
|
|
|
638.8
|
|
|
21.6
|
|
North
America
|
203.0
|
|
|
28.7
|
|
|
194.8
|
|
|
28.5
|
|
|
826.8
|
|
|
27.9
|
|
Europe
|
101.9
|
|
|
14.4
|
|
|
107.7
|
|
|
15.8
|
|
|
460.9
|
|
|
15.6
|
|
Asia-Pacific
|
175.0
|
|
|
24.8
|
|
|
117.4
|
|
|
17.2
|
|
|
528.8
|
|
|
17.9
|
|
Latin
America
|
87.6
|
|
|
12.4
|
|
|
69.3
|
|
|
10.2
|
|
|
454.5
|
|
|
15.4
|
|
Other
countries
|
3.4
|
|
|
0.5
|
|
|
30.4
|
|
|
4.4
|
|
|
48.4
|
|
|
1.6
|
|
Total
|
706.6
|
|
|
100.0
|
|
|
682.6
|
|
|
100.0
|
|
|
2,958.2
|
|
|
100.0
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/elbit-systems-reports-first-quarter-of-2015-results-300084657.html
SOURCE Elbit Systems Ltd.