HAIFA, Israel,
Nov. 11, 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 September 30, 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 and material
insight of the Company's business results and trends. The third
quarter results include for the first time the impact of the
Company's acquisition of the cyber and intelligence business from
Nice. The financial results of such acquisition place emphasis on
certain non-GAAP measures, and the Company has adopted in this
release the commonly used format of presenting non-GAAP measures
before the applicable GAAP measures. Unless otherwise stated, all
financial data presented is GAAP financial data. For non-GAAP
financial measures and reconciliation see pages 3 and 4 below.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit
Systems, commented: "We are pleased with our third quarter
results, in particular our close to 6% growth in revenues, as well
as our long-term trend of improving profitability, demonstrating
that our business remains on solid footing. Our growth was driven
in part by our ongoing increase in backlog, which has continued
over the past three years, and by the acquisition of the cyber and
intelligence business from Nice. The improvements in profitability
were supported by our focus on efficient operations, leveraging
synergies between our various divisions, as well as a favorable
exchange rate environment.
Our results in the third quarter reflect a strong performance in
Asia-Pacific, driven by increased
defense spending in this region over the past few years. We are
also witnessing a growing renewal of interest for our technologies
and operational solutions in Europe, which creates the potential for future
growth in this important market."
Third quarter 2015 results:
Revenues in the third quarter of 2015 were
$764.8 million, as compared to
$722.7 million in the third quarter
of 2014, a growth of 5.8% mainly due to growth in revenues of land
systems to Asia-Pacific. This
growth was partially offset by a decrease in our C4ISR systems sold
to Latin America customers.
Non-GAAP gross profit amounted to $233.5 million (30.5% of revenues) in the third
quarter of 2015, as compared to $208.4
million (28.8% of revenues) in the third quarter of 2014.
GAAP gross profit in the third quarter of 2015 was
$223.3 million (29.2% of revenues),
as compared to $203.0 million (28.1%
of revenues) in the third quarter of 2014. The increase in the
gross profit rate was mainly due to the mix of programs sold in the
quarter and operational improvements.
Research and development expenses, net were $61.0 million (8.0% of revenues) in the third
quarter of 2015, as compared to $55.8
million (7.7% of revenues) in the third quarter of 2014.
Marketing and selling expenses, net were $60.6 million (7.9% of revenues) in the third
quarter of 2015, as compared to $51.8
million (7.2% of revenues) in the third quarter of 2014.
General and administrative expenses, net were
$36.4 million (4.8% of revenues) in
the third quarter of 2015, as compared to $35.3 million (4.9% of revenues) in the third
quarter of 2014.
Non-GAAP operating income was $80.3 million (10.5% of revenues) in the third
quarter of 2015, as compared to $70.8
million (9.8% of revenues) in the third quarter of 2014.
GAAP operating income in the third quarter of 2015 was
$65.3 million (8.5% of revenues), as
compared to $60.1 million (8.3% of
revenues) in the third quarter of 2014.
Financial expenses, net were $6.1
million in the third quarter of 2015, as compared to
$23.4 million in the third quarter of
2014. The relatively high finance expenses in the third quarter of
2014 resulted primarily from the accelerated depreciation of the
New Israeli Shekel related to the Company's U.S. Dollar derivative
activities as well as the impact of exchange rate differences on
balance sheet items.
Taxes on income were $10.3
million (effective tax rate of 17.3%) in the third quarter
of 2015, as compared to $0.1 million
in the third quarter of 2014. The lower tax rate in the third
quarter of 2014 was mainly as a result of settlement of tax audits,
including adjustments for prior years, in some of the Company's
subsidiaries in Israel and 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 $1.7 million in
the third quarter of 2015, as compared to of $1.0 million in the third quarter of 2014.
Net income attributable to non-controlling interests was
$1.0 million in the third quarter of
2015, as compared to $2.9 million in
the third quarter of 2014.
Non-GAAP net income attributable to the Company's
shareholders in the third quarter of 2015 was $62.3 million (8.1% of revenues), as compared to
$43.9 million (6.1% of revenues) in
the third quarter of 2014. GAAP net income attributable to
the Company's shareholders in the third quarter of 2015 was
$49.7 million (6.5% of revenues), as
compared to $35.0 million (4.8% of
revenues) in the third quarter of 2014.
Non-GAAP diluted net earnings per share ("EPS") attributable
to the Company's shareholders were $1.46 for the third quarter of 2015, as compared
with $1.03 for the third quarter of
2014. GAAP diluted EPS attributable to the Company's
shareholders in the third quarter of 2015 were $1.16, as compared to $0.82 for the third quarter of 2014.
The Company's backlog of orders as of September 30,
2015, totaled $6.4 billion as
compared to $6.2 billion as of
September 30, 2014. Approximately 68% of the current backlog
is attributable to orders from outside Israel. Approximately 48% of the current
backlog is scheduled to be performed during the last quarter of
2015 and during 2016.
Cash flow from operating activities for the nine months
ended September 30, 2015, was $255.7 million, as compared to $0.2 million used for operating activities in the
nine months ended September 30, 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 adjustments regarding
non-GAAP gross profit, non-GAAP operating income, non-GAAP net
income and non-GAAP diluted EPS. In preparing these non-GAAP
measures, the Company factors out certain items 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. The table below presents a
reconciliation between these non-GAAP financial measures and the
most directly comparable GAAP measures.
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.
Investors are encouraged to review the Company financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure.
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental
Financial Data:
(US Dollars in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Three Months
Ended
|
|
Year
Ended
|
September
30,
|
September
30,
|
December
31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
643.7
|
|
|
595.6
|
|
|
223.3
|
|
|
203.0
|
|
|
825.1
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
20.8
|
|
|
16.2
|
|
|
10.2
|
|
|
5.4
|
|
|
21.7
|
|
Non-GAAP
gross profit
|
664.5
|
|
|
611.8
|
|
|
233.5
|
|
|
208.4
|
|
|
846.8
|
|
Percent of
revenues
|
29.9
|
%
|
|
29.0
|
%
|
|
30.5
|
%
|
|
28.8
|
%
|
|
28.6
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
income
|
190.6
|
|
|
182.6
|
|
|
65.3
|
|
|
60.1
|
|
|
246.9
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization
of purchased intangible
assets
|
34.5
|
|
|
32.3
|
|
|
15.0
|
|
|
10.7
|
|
|
43.0
|
|
Gain from changes in
holdings
|
—
|
|
|
(6.0)
|
|
|
—
|
|
|
—
|
|
|
(6.0)
|
|
Non-GAAP operating
income
|
225.1
|
|
|
208.9
|
|
|
80.3
|
|
|
70.8
|
|
|
283.9
|
|
Percent of
revenues
|
10.1
|
%
|
|
9.9
|
%
|
|
10.5
|
%
|
|
9.8
|
%
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Elbit Systems' shareholders
|
139.5
|
|
|
127.0
|
|
|
49.7
|
|
|
35.0
|
|
|
171.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Amortization of
purchased intangible
assets
|
34.5
|
|
|
32.3
|
|
|
15.0
|
|
|
10.7
|
|
|
43.0
|
|
Gain from changes in
holdings
|
—
|
|
|
(6.0)
|
|
|
—
|
|
|
—
|
|
|
(6.0)
|
|
Related tax
benefits
|
(5.8)
|
|
|
(5.1)
|
|
|
(2.4)
|
|
|
(1.8)
|
|
|
(6.9)
|
|
Non-GAAP
net income attributable to Elbit Systems'
shareholders
|
168.2
|
|
|
148.2
|
|
|
62.3
|
|
|
43.9
|
|
|
201.1
|
|
Percent of
revenues
|
7.6
|
%
|
|
7.0
|
%
|
|
8.1
|
%
|
|
6.1
|
%
|
|
6.8
|
%
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted
net EPS*
|
3.94
|
|
|
3.47
|
|
|
1.46
|
|
|
1.03
|
|
|
4.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* GAAP diluted net EPS is presented below in the Consolidated
Statements of Income table on page 9.
Recent Events:
On July 1, 2015, the
Company announced, further to its announcement of May 21, 2015 that it completed the acquisition of
the Nice's Cyber and Intelligence business. The results of the
acquired activities were included in the Company's 2015 third
quarter consolidated results.
On August 16, 2015, the
Company announced that it was awarded an approximately
$27 million contract for the supply
of command and control systems and ATMOS long-range artillery
systems to an Asia-Pacific
country. This contract is a follow-on contract for this customer
and will be performed over a three-year period.
On August 27, 2015,
the Company announced that it was awarded an Israeli Ministry
of Public Security and the Israeli Police contract, valued at
approximately $115 million, to supply
leasing and maintenance services for the Israeli Police Force's
aircraft. The contract, awarded following a public tender, will be
performed over a twenty-year period, and will include acquiring six
new helicopters, adapting them to meet the Police requirements and
performing routine maintenance.
On August 30, 2015, the
Company announced that its wholly-owned subsidiary, CYBERBIT Ltd.
("CYBERBIT"), was recently awarded two contracts. One of the
contracts was awarded by the National Police of a European country,
and the second contract was awarded by a law enforcement agency of
an African country. Each of the contracts, which are in a total
amount that is not material to Elbit Systems, will be performed
over a two-year period.
On September 6, 2015, the
Company announced that it was awarded a contract from a
European country to supply an Unmanned Aircraft System (UAS)-based
cutting-edge intelligence solution. Valued at approximately
$78 million, the contract will be
performed over a two-year period by Elbit Systems' ISTAR Division,
established several months ago, as a result of combining Elbit
Systems' Electro-optics -Elop and UAS Divisions.
On September 25, 2015, the
Company announced that it was awarded a contract from a customer in
the Latin American region, in an amount of approximately
$70 million, for the supply of
intelligence integrated systems, for homeland security
applications.
Dividend:
The Board of Directors declared a dividend of $0.37 per share for the third quarter of 2015.
The dividend's record date is November 22,
2015. The dividend will be paid from income generated as
Preferred Income, net of taxes and levies, at the rate of 20%, on
December 7, 2015.
Conference Call:
The Company will be hosting a conference call today,
Monday, November 11, 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: 1 888 281 1167
UK Dial-in Number: 0 800 917 9141
ISRAEL Dial-in Number: 03 918 0644
INTERNATIONAL Dial-in Number: +972 3 918
0644
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 aerospace, 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, radios
and cyber-based systems. The Company also focuses on the upgrading
of existing platforms, developing new technologies for defense,
homeland security and commercial applications and providing a range
of support services, including training and simulation systems. 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 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 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.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
|
September
30,
|
|
December
31,
|
|
2015
|
|
2014
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
170,484
|
|
$
|
200,407
|
Short-term bank
deposits and marketable securities
|
43,657
|
|
105,519
|
Trade and unbilled
receivables, net
|
913,570
|
|
928,757
|
Other receivables and
prepaid expenses
|
165,906
|
|
145,562
|
Inventories, net of
customers advances
|
872,042
|
|
868,799
|
Total current
assets
|
2,165,659
|
|
2,249,044
|
|
|
|
|
Investments in
affiliated companies and partnerships
|
118,749
|
|
125,433
|
Long-term trade and
unbilled receivables
|
165,333
|
|
212,725
|
Long-term bank
deposits and other receivables
|
19,305
|
|
18,081
|
Deferred income
taxes, net
|
62,305
|
|
60,224
|
Severance pay
fund
|
273,060
|
|
276,707
|
|
638,752
|
|
693,170
|
|
|
|
|
Property, plant and
equipment, net
|
440,916
|
|
441,535
|
Goodwill and other
intangible assets, net
|
778,167
|
|
637,532
|
Total
assets
|
$
|
4,023,494
|
|
$
|
4,021,281
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term bank
credit and loans
|
$
|
873
|
|
$
|
557
|
Current maturities of
long-term loans and Series A Notes
|
113,373
|
|
81,958
|
Trade
payables
|
349,488
|
|
369,659
|
Other payables and
accrued expenses
|
754,777
|
|
758,760
|
Customer advances in
excess of costs incurred on contracts in progress
|
372,907
|
|
413,223
|
|
1,591,418
|
|
1,624,157
|
|
|
|
|
Long-term loans, net
of current maturities
|
166,669
|
|
220,716
|
Series A Notes, net
of current maturities
|
230,808
|
|
293,923
|
Employee benefit
liabilities
|
388,818
|
|
396,639
|
Deferred income taxes
and tax liabilities, net
|
72,693
|
|
68,435
|
Customer advances in
excess of costs incurred on contracts in progress
|
129,605
|
|
120,299
|
Other long-term
liabilities
|
96,988
|
|
58,217
|
|
1,085,581
|
|
1,158,229
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,335,474
|
|
1,226,667
|
Non-controlling
interests
|
11,021
|
|
12,228
|
Total
equity
|
1,346,495
|
|
1,238,895
|
Total liabilities
and equity
|
$
|
4,023,494
|
|
$
|
4,021,281
|
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share
amount)
|
Nine Months Ended
September 30,
|
|
Three Months Ended
September 30,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2014
|
|
Unaudited
|
|
Unaudited
|
|
Audited
|
Revenues
|
$
|
2,221,001
|
|
$
|
2,107,964
|
|
$
|
764,775
|
|
$
|
722,704
|
|
$
|
2,958,248
|
Cost of
revenues
|
1,577,269
|
|
1,512,407
|
|
541,491
|
|
519,701
|
|
2,133,151
|
Gross
profit
|
643,732
|
|
595,557
|
|
223,284
|
|
203,003
|
|
825,097
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development, net
|
174,121
|
|
156,988
|
|
61,004
|
|
55,827
|
|
228,011
|
Marketing and
selling, net
|
172,503
|
|
157,036
|
|
60,606
|
|
51,775
|
|
216,537
|
General and
administrative, net
|
106,508
|
|
104,840
|
|
36,411
|
|
35,257
|
|
139,634
|
Other operating
income, net
|
—
|
|
(5,951)
|
|
—
|
|
—
|
|
(5,951)
|
|
453,132
|
|
412,913
|
|
158,021
|
|
142,859
|
|
578,231
|
Operating
income
|
190,600
|
|
182,644
|
|
65,263
|
|
60,144
|
|
246,866
|
|
|
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(17,919)
|
|
(36,283)
|
|
(6,054)
|
|
(23,350)
|
|
(47,498)
|
Other income
(expenses), net
|
69
|
|
254
|
|
(8)
|
|
132
|
|
120
|
Income before income
taxes
|
172,750
|
|
146,615
|
|
59,201
|
|
36,926
|
|
199,488
|
|
|
|
|
|
|
|
|
|
|
Taxes on
income
|
(30,882)
|
|
(16,150)
|
|
(10,257)
|
|
(105)
|
|
(25,624)
|
|
141,868
|
|
130,465
|
|
48,944
|
|
36,821
|
|
173,864
|
|
|
|
|
|
|
|
|
|
|
Equity in net
earnings of affiliated companies and partnerships
|
1,199
|
|
3,763
|
|
1,690
|
|
1,012
|
|
5,549
|
Net income
|
$
|
143,067
|
|
$
|
134,228
|
|
$
|
50,634
|
|
$
|
37,833
|
|
$
|
179,413
|
Less: net income
attributable to non-controlling interests
|
(3,542)
|
|
(7,227)
|
|
(968)
|
|
(2,867)
|
|
(8,433)
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
$
|
139,525
|
|
$
|
127,001
|
|
$
|
49,666
|
|
$
|
34,966
|
|
$
|
170,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
|
|
Basic net earnings
per share
|
$
|
3.27
|
|
$
|
2.98
|
|
$
|
1.16
|
|
$
|
0.82
|
|
$
|
4.01
|
Diluted net earnings
per share
|
$
|
3.27
|
|
$
|
2.98
|
|
$
|
1.16
|
|
$
|
0.82
|
|
$
|
4.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
|
|
Shares used in
computation of basic earnings per share
|
42,703
|
|
42,646
|
|
42,720
|
|
42,665
|
|
42,654
|
Shares used in
computation of diluted earnings per share
|
42,726
|
|
42,669
|
|
42,740
|
|
42,686
|
|
42,677
|
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
|
Nine Months Ended
September 30,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2014
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
143,067
|
|
$
|
134,228
|
|
$
|
179,413
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
90,618
|
|
92,852
|
|
122,408
|
Stock-based
compensation
|
113
|
|
250
|
|
322
|
Amortization of Series
A Notes premium and related issuance costs, net
|
(69)
|
|
(69)
|
|
(91)
|
Deferred income taxes
and reserve, net
|
5,739
|
|
(10,553)
|
|
(47,456)
|
Loss (gain) on sale of
property, plant and equipment
|
1,329
|
|
(2,803)
|
|
(3,266)
|
Gain on sale of
investment
|
(165)
|
|
(5,864)
|
|
(4,957)
|
Equity in net earnings
of affiliated companies and partnerships, net of dividend received
(*)
|
21,501
|
|
9,235
|
|
7,449
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Decrease (increase) in
short and long-term trade receivables, and prepaid
expenses
|
68,520
|
|
(147,259)
|
|
(67,177)
|
Decrease (increase) in
inventories, net
|
3,975
|
|
(110,366)
|
|
(112,747)
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
(44,532)
|
|
37,280
|
|
81,687
|
Severance, pension and
termination indemnities, net
|
(3,399)
|
|
(10,459)
|
|
6,282
|
Increase (decrease) in
advances received from customers
|
(31,010)
|
|
13,332
|
|
15,970
|
Net cash provided by
(used for) operating activities
|
255,687
|
|
(196)
|
|
177,837
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment and other assets
|
(69,881)
|
|
(42,608)
|
|
(71,211)
|
Acquisition of
subsidiaries and business operations
|
(141,436)
|
|
787
|
|
787
|
Investments in
affiliated companies and other companies
|
(10,116)
|
|
(3,536)
|
|
(4,620)
|
Proceeds from sale of
property, plant and equipment
|
9,381
|
|
19,129
|
|
24,969
|
Proceeds from sale of
investments
|
—
|
|
110
|
|
110
|
Investment in long-term
deposits
|
(127)
|
|
(440)
|
|
(796)
|
Proceeds from sale of
long-term deposits
|
324
|
|
426
|
|
790
|
Investment in
short-term deposits and marketable securities
|
(53,649)
|
|
(77,485)
|
|
(89,521)
|
Proceeds from sale of
short-term deposits and marketable securities
|
115,402
|
|
54,540
|
|
59,374
|
Net cash provided by
(used in) investing activities
|
(150,102)
|
|
(49,077)
|
|
(80,118)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
1,410
|
|
3,393
|
|
3,542
|
Repayment of long-term
loans
|
(215,502)
|
|
(107,566)
|
|
(345,839)
|
Proceeds from long-term
loans
|
184,050
|
|
200,500
|
|
376,500
|
Repayment of Series A
Notes
|
(55,532)
|
|
(55,532)
|
|
(55,532)
|
Dividends
paid
|
(50,250)
|
|
(48,403)
|
|
(68,277)
|
Change in short-term
bank credit and loans, net
|
316
|
|
40,550
|
|
557
|
Net cash provided by
(used in) financing activities
|
(135,508)
|
|
32,942
|
|
(89,049)
|
Net increase
(decrease) in cash and cash equivalents
|
(29,923)
|
|
(16,331)
|
|
8,670
|
Cash and cash
equivalents at the beginning of the year
|
200,407
|
|
193,737
|
|
191,737
|
Cash and cash
equivalents at the end of the period
|
$
|
170,484
|
|
$
|
177,406
|
|
$
|
200,407
|
* Dividend
received from affiliated companies and partnerships
|
$
|
22,700
|
|
$
|
12,998
|
|
$
|
12,998
|
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
Consolidated Revenues by Areas of Operation:
|
Nine Months Ended
September 30,
|
|
Three Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
%
|
Airborne
systems
|
888.4
|
|
40.0
|
|
883.6
|
|
41.9
|
|
286.8
|
|
37.5
|
|
304.5
|
42.1
|
Land
systems
|
437.6
|
|
19.7
|
|
161.5
|
|
7.7
|
|
169.9
|
|
22.2
|
|
38.1
|
5.3
|
C4ISR
systems
|
674.4
|
|
30.4
|
|
808.9
|
|
38.4
|
|
238.3
|
|
31.2
|
|
297.8
|
41.2
|
Electro-optic
systems
|
150.8
|
|
6.8
|
|
182.5
|
|
8.7
|
|
54.9
|
|
7.2
|
|
57.2
|
7.9
|
Other (mainly
non-defense engineering and production services)
|
69.8
|
|
3.1
|
|
71.5
|
|
3.3
|
|
14.9
|
|
1.9
|
|
25.1
|
3.5
|
Total
|
2,221.0
|
|
100.0
|
|
2,108.0
|
|
100.0
|
|
764.8
|
|
100.0
|
|
722.7
|
100.0
|
Consolidated Revenues by Geographical Regions:
|
Nine Months Ended
September 30,
|
|
Three Months Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Israel
|
438.3
|
|
19.7
|
|
492.9
|
|
23.4
|
|
153.6
|
|
20.1
|
|
161.4
|
|
22.3
|
North
America
|
619.0
|
|
27.9
|
|
610.5
|
|
29.0
|
|
212.3
|
|
27.8
|
|
200.0
|
|
27.7
|
Europe
|
313.2
|
|
14.1
|
|
308.9
|
|
14.6
|
|
113.9
|
|
14.9
|
|
104.4
|
|
14.5
|
Asia-Pacific
|
606.8
|
|
27.3
|
|
346.3
|
|
16.4
|
|
217.0
|
|
28.4
|
|
110.9
|
|
15.3
|
Latin
America
|
222.3
|
|
10.0
|
|
311.5
|
|
14.8
|
|
60.9
|
|
7.9
|
|
140.5
|
|
19.4
|
Other
countries
|
21.4
|
|
1.0
|
|
37.9
|
|
1.8
|
|
7.1
|
|
0.9
|
|
5.5
|
|
0.8
|
Total
|
2,221.0
|
|
100.0
|
|
2,108.0
|
|
100.0
|
|
764.8
|
|
100.0
|
|
722.7
|
|
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
GK Investor
Relations
Tel:
1-646-201-9246
elbitsystems@gkir.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/elbit-systems-reports-third-quarter-2015-results-300176679.html
SOURCE Elbit Systems Ltd