HAIFA, Israel, May 16,
2017 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ:
ESLT; TASE: ESLT), (the "Company") the international
high technology company, reported today its consolidated results
for the quarter ended March 31, 2017.
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 the continued growth in our
revenue and backlog. In today's geopolitical environment, we are
seeing a trend of larger defense spending in many of our target
markets, especially in the electronic defense sphere. In the first
quarter our investments in marketing and R&D rose somewhat in
order to be able to capitalize on the increasing opportunities. We
have been able to stay consistently ahead of the curve in
anticipating defense and security trends and customer needs, both
in terms of our product portfolio and our geographic spread. I
believe this positions us well to continue on our long-term growth
path."
First quarter 2017 results:
Revenues in the first quarter of 2017 were
$749.2 million, as compared to
$721.2 million in the first quarter
of 2016.
Non-GAAP (*) gross profit amounted to
$226.8 million (30.3% of revenues) in
the first quarter of 2017, as compared to $220.1 million (30.5% of revenues) in the first
quarter of 2016. GAAP gross profit in the first quarter of
2017 was $221.2 million (29.5% of
revenues), as compared to $212.2
million (29.4% of revenues) in the first quarter of
2016.
Research and development expenses, net were $58.4 million (7.8% of revenues) in the first
quarter of 2017, as compared to $56.0
million (7.8% of revenues) in the first quarter of 2016.
_____________
* see page 3
Marketing and selling expenses, net were $65.8 million (8.8% of revenues) in the first
quarter of 2017, as compared to $61.0
million (8.5% of revenues) in the first quarter of 2016. The
increase in marketing and selling expenses in the first quarter of
2017 was mainly related to the mix of countries and types of
marketing activities for projects in which we invest our marketing
efforts.
General and administrative expenses, net were
$38.7 million (5.2% of revenues) in
the first quarter of 2017, as compared to $38.9 million (5.4% of revenues) in the first
quarter of 2016.
Non-GAAP(*) operating income was $65.5 million (8.7% of revenues) in the first
quarter of 2017, as compared to $66.9
million (9.3% of revenues) in the first quarter of
2016. GAAP operating income in the first quarter of
2017 was $58.2 million (7.8% of
revenues), as compared to $63.3
million (8.8% of revenues) in the first quarter of 2016. The
GAAP operating income in the first quarter of 2016 included a gain
of $7.0 million related to the
revaluation of an investment in an Israeli subsidiary that was
deconsolidated in the quarter due to a third party investment.
Financial expenses, net were $8.6
million in the first quarter of 2017, as compared to
$1.7 million in the first quarter of
2016. The lower financial expenses in the first quarter of
2016 were mainly a result of gain from various currencies exchange
rate differences.
Taxes on income were $5.3
million (effective tax rate of 10.6%) in the first quarter
of 2017, as compared to $12.7 million
(effective tax rate of 19.4%) in the first quarter of 2016.
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 and the decrease of tax rates in Israel.
Equity in net earnings of affiliated companies and
partnerships was $1.6 million (0.2%
of revenues) in the first quarter of 2017, as compared to
$0 in the first quarter of 2016.
Net income attributable to non-controlling interests was
$0.3 million in the first quarter of
2017, as compared to $0.5 million in
the first quarter of 2016.
Non-GAAP(*) net income attributable to the
Company's shareholders in the first quarter of 2017 was
$51.7 million (6.9% of revenues), as
compared to $51.2 million (7.1% of
revenues) in the first quarter of 2016. GAAP net income in
the first quarter of 2017 was $45.6
million (6.1% of revenues), as compared to $52.3 million (7.3% of revenues) in the first
quarter of 2016. GAAP net income in the first quarter of 2016
included a gain of $7 million related
to the revaluation of an investment and a capital gain of
$3.9 million related to the sale of
real estate.
Non-GAAP(*) diluted net earnings per share
attributable to the Company's shareholders were
$1.21 for the first quarter of 2017,
as compared to $1.20 for the first
quarter of 2016. GAAP diluted earnings per share in the
first quarter of 2017 were $1.07, as
compared to $1.22 for the first
quarter of 2016, which included earnings per share of $0.26 related to the gain from revaluation of an
investment and sale of real estate.
The Company's backlog of orders for the quarter ended
March 31, 2017 totaled $7,067
million, as compared to $6,775
million as of March 31, 2016. Approximately 70% of the
current backlog is attributable to orders from outside Israel. Approximately 64% of the current
backlog is scheduled to be performed during 2017 and 2018.
Operating cash flow used in the quarter ended
March 31, 2017 was $51.3
million, as compared to $24.5
million provided in the quarter ended March 31,
2016.
___________
* see page 3
* 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,
|
|
2017
|
|
2016
|
|
2016
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
221.2
|
|
|
$
|
212.2
|
|
|
$
|
959.6
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
5.6
|
|
|
7.9
|
|
|
31.2
|
|
Non-GAAP
gross profit
|
$
|
226.8
|
|
|
$
|
220.1
|
|
|
$
|
990.8
|
|
Percent of
revenues
|
30.3
|
%
|
|
30.5
|
%
|
|
30.4
|
%
|
|
|
|
|
|
|
GAAP operating
income
|
$
|
58.2
|
|
|
$
|
63.3
|
|
|
$
|
299.0
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
7.3
|
|
|
10.6
|
|
|
41.2
|
|
Gain from changes in
holdings
|
—
|
|
|
(7.0)
|
|
|
(17.6)
|
|
Non-GAAP operating
income
|
$
|
65.5
|
|
|
$
|
66.9
|
|
|
$
|
322.6
|
|
Percent of
revenues
|
8.7
|
%
|
|
9.3
|
%
|
|
9.9
|
%
|
|
|
|
|
|
|
GAAP net income
attributable to Elbit Systems' shareholders
|
$
|
45.6
|
|
|
$
|
52.3
|
|
|
$
|
236.9
|
|
Adjustments:
|
|
|
|
|
|
Amortization of
purchased intangible assets
|
7.3
|
|
|
10.6
|
|
|
41.2
|
|
Capital
Gain
|
—
|
|
|
(3.9)
|
|
|
(3.9)
|
|
Impairment of
investments
|
—
|
|
|
—
|
|
|
2.5
|
|
Gain from changes in
holdings
|
—
|
|
|
(7.0)
|
|
|
(16.4)
|
|
Related tax
benefits
|
(1.2)
|
|
|
(0.8)
|
|
|
(6.1)
|
|
Non-GAAP net
income attributable to Elbit Systems' shareholders
|
$
|
51.7
|
|
|
$
|
51.2
|
|
|
$
|
254.2
|
|
Percent of
revenues
|
6.9
|
%
|
|
7.1
|
%
|
|
7.8
|
%
|
|
|
|
|
|
|
GAAP diluted net
EPS
|
$
|
1.07
|
|
|
$
|
1.22
|
|
|
$
|
5.54
|
|
Adjustments,
net
|
0.14
|
|
|
(0.02)
|
|
|
0.41
|
|
Non-GAAP diluted
net EPS
|
$
|
1.21
|
|
|
$
|
1.20
|
|
|
$
|
5.95
|
|
Recent Events:
On March 22, 2017, the Company
announced that it was awarded an approximately $100 million contract by the Israeli Ministry of
Defense (IMOD) for the supply of advanced radio systems. According
to the contract, the Company will manufacture and provide hundreds
of radio systems over the course of five years. In addition, the
Company is expected to receive an additional order to provide
repair and maintenance services for 15 years. The Company will
expand its manufacturing and maintenance site in Arad to include
100 employees, making it a center of excellence for manufacturing
and maintenance of advanced radio systems for the Israel Defense
Forces.
On March 29, 2017, the Company
announced that it was awarded an approximately $82 million contract to provide an Asia-Pacific country with a comprehensive
electro-optic airborne solution, Condor 2, for use in intelligence,
surveillance, target acquisition and reconnaissance (ISTAR)
missions. The contract, which is a follow-on order from the same
customer, will be performed over a four-year period by Elbit
Systems' ISTAR Division. This Elbit Systems program is being
performed in cooperation with ELTA Systems Ltd., who is supplying
additional content to the same customer.
On April 2, 2017, the Company
announced that its subsidiary, Elbit Systems of America LLC., was
awarded an Indefinite Delivery/Indefinite Quantity contract of
approximately $50 million by the U.S.
Navy to provide the Helmet Display and Tracker System with the
Continuously Computed Impact Point (CCIP) algorithm for the MH-60S.
The work will be performed in Fort Worth
Texas, and completed by June
2021. An initial order of approximately $14.2 million was received.
On May 8, 2017, the Company
announced that it was awarded a contract to provide the IMOD with
dozens of satellite-on-the-move systems. The contract is in an
amount that is not material to the Company and will be performed
over a two-year period.
On May 10, 2017, the Company
announced that it was awarded a contract from the Brazilian
Marine Corps for the supply of
advanced C4ISR, electronic warfare, radio and communication
systems. The contract, in an amount of approximately $40 million, will be performed over a two-year
period.
Dividend:
The Board of Directors declared a dividend of $0.44 per share for the first quarter of 2017.
The dividend's record date is May 26,
2017. The dividend will be paid from income generated as
Preferred Income (as defined under Israel tax laws), on June 6, 2017, net of taxes and levies, at the
rate of 20%.
Conference Call:
The Company will be hosting a conference call today,
Tuesday, May 16, 2017 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
Canada Dial-in Numbers: +1-866-485-2399
UK Dial-in Number: 0-00-917-5108
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 and Canada)
or +972 3 925 5904 (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.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by
geographical regionsThis 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)
|
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
Unaudited
|
|
Audited
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
136,245
|
|
|
$
|
222,810
|
|
Short-term bank
deposits and marketable securities
|
29,966
|
|
|
22,252
|
|
Trade and unbilled
receivables, net
|
1,276,807
|
|
|
1,232,591
|
|
Other receivables and
prepaid expenses
|
163,228
|
|
|
102,979
|
|
Inventories, net of
customers advances
|
891,603
|
|
|
840,266
|
|
Total current
assets
|
2,497,849
|
|
|
2,420,898
|
|
|
|
|
|
Investments in
affiliated companies and partnerships
|
180,781
|
|
|
180,962
|
|
Long-term trade and
unbilled receivables
|
183,967
|
|
|
189,688
|
|
Long-term bank
deposits and other receivables
|
32,648
|
|
|
15,917
|
|
Deferred income
taxes, net
|
78,990
|
|
|
79,639
|
|
Severance pay
fund
|
278,390
|
|
|
264,253
|
|
|
754,776
|
|
|
730,459
|
|
|
|
|
|
Property, plant and
equipment, net
|
485,451
|
|
|
474,109
|
|
Goodwill and other
intangible assets, net
|
722,809
|
|
|
726,398
|
|
Total
assets
|
$
|
4,460,885
|
|
|
$
|
4,351,864
|
|
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term bank
credit and loans
|
$
|
39,764
|
|
|
$
|
5,027
|
|
Current maturities of
long-term loans and Series A Notes
|
210,592
|
|
|
228,956
|
|
Trade
payables
|
473,847
|
|
|
514,106
|
|
Other payables and
accrued expenses
|
845,945
|
|
|
828,716
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
384,063
|
|
|
347,393
|
|
|
1,954,211
|
|
|
1,924,198
|
|
|
|
|
|
Long-term loans, net
of current maturities
|
503
|
|
|
475
|
|
Series A Notes, net
of current maturities
|
181,693
|
|
|
171,066
|
|
Employee benefit
liabilities
|
392,694
|
|
|
376,115
|
|
Deferred income taxes
and tax liabilities, net
|
60,900
|
|
|
60,098
|
|
Customer advances in
excess of costs incurred on contracts in progress
|
181,814
|
|
|
174,529
|
|
Other long-term
liabilities
|
79,052
|
|
|
78,142
|
|
|
896,656
|
|
|
860,425
|
|
|
|
|
|
Elbit Systems Ltd.'s
equity
|
1,602,217
|
|
|
1,559,840
|
|
Non-controlling
interests
|
7,801
|
|
|
7,401
|
|
Total
equity
|
1,610,018
|
|
|
1,567,241
|
|
Total liabilities
and equity
|
$
|
4,460,885
|
|
|
$
|
4,351,864
|
|
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,
|
|
2017
|
|
2016
|
|
2016
|
|
Unaudited
|
|
Audited
|
Revenues
|
$
|
749,188
|
|
|
$
|
721,211
|
|
|
$
|
3,260,219
|
|
Cost of
revenues
|
528,037
|
|
|
508,971
|
|
|
2,300,636
|
|
Gross
profit
|
221,151
|
|
|
212,240
|
|
|
959,583
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Research and
development, net
|
58,437
|
|
|
56,047
|
|
|
255,792
|
|
Marketing and
selling, net
|
65,778
|
|
|
60,997
|
|
|
271,037
|
|
General and
administrative, net
|
38,723
|
|
|
38,944
|
|
|
151,353
|
|
Other operating
income, net
|
—
|
|
|
(7,032)
|
|
|
(17,575)
|
|
Total operating
expenses
|
162,938
|
|
|
148,956
|
|
|
660,607
|
|
Operating
income
|
58,213
|
|
|
63,284
|
|
|
298,976
|
|
|
|
|
|
|
|
Financial expenses,
net
|
(8,645)
|
|
|
(1,721)
|
|
|
(23,742)
|
|
Other income,
net
|
32
|
|
|
3,896
|
|
|
3,967
|
|
Income before income
taxes
|
49,600
|
|
|
65,459
|
|
|
279,201
|
|
|
|
|
|
|
|
Taxes on
income
|
(5,251)
|
|
|
(12,670)
|
|
|
(45,617)
|
|
|
44,349
|
|
|
52,789
|
|
|
233,584
|
|
|
|
|
|
|
|
Equity in net
earnings of affiliated companies and partnerships
|
1,595
|
|
|
20
|
|
|
5,224
|
|
Net income
|
$
|
45,944
|
|
|
$
|
52,809
|
|
|
$
|
238,808
|
|
Less: net income
attributable to non-controlling interests
|
(304)
|
|
|
(488)
|
|
|
(1,899)
|
|
Net income
attributable to Elbit Systems Ltd.'s shareholders
|
$
|
45,640
|
|
|
$
|
52,321
|
|
|
$
|
236,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
attributable to Elbit Systems Ltd.'s shareholders:
|
|
|
Basic net earnings
per share
|
$
|
1.07
|
|
|
$
|
1.22
|
|
|
$
|
5.54
|
|
Diluted net earnings
per share
|
$
|
1.07
|
|
|
$
|
1.22
|
|
|
$
|
5.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (in thousands)
|
|
|
|
|
|
Shares used in
computation of basic earnings per share
|
42,748
|
|
|
42,734
|
|
|
42,742
|
|
Shares used in
computation of diluted earnings per share
|
42,751
|
|
|
42,748
|
|
|
42,752
|
|
ELBIT SYSTEMS
LTD.
|
CONSOLIDATED
STATEMENTS OF CASH FLOW
|
(In thousands of US
dollars)
|
|
|
Three Months
Ended
March 31,
|
|
Year Ended
December 31,
|
|
2017
|
|
2016
|
|
2016
|
|
Unaudited
|
|
Audited
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
Net
income
|
$
|
45,944
|
|
|
$
|
52,809
|
|
|
$
|
238,808
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
27,716
|
|
|
29,241
|
|
|
122,888
|
|
Write-off of
impairment and discontinued operations, net
|
—
|
|
|
—
|
|
|
86
|
|
Stock-based
compensation
|
11
|
|
|
25
|
|
|
70
|
|
Amortization of Series
A Notes premium and related issuance costs, net
|
(23)
|
|
|
(23)
|
|
|
(92)
|
|
Deferred income taxes
and reserve, net
|
894
|
|
|
6,241
|
|
|
2,683
|
|
Gain on sale of
property, plant and equipment
|
(1,859)
|
|
|
(3,788)
|
|
|
(3,347)
|
|
Loss (gain) on
sale and revaluation of investments
|
20
|
|
|
(7,019)
|
|
|
(16,734)
|
|
Equity in net earnings
of affiliated companies and partnerships, net of dividend received
(*)
|
(800)
|
|
|
(20)
|
|
|
(1,728)
|
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
|
Increase in short and
long-term trade receivables and prepaid expenses
|
(95,280)
|
|
|
(91,043)
|
|
|
(297,439)
|
|
Increase in
inventories, net
|
(51,336)
|
|
|
(24,762)
|
|
|
(8,040)
|
|
Increase (decrease) in
trade payables, other payables and accrued expenses
|
(23,999)
|
|
|
112,344
|
|
|
253,413
|
|
Severance, pension and
termination indemnities, net
|
3,476
|
|
|
3,445
|
|
|
315
|
|
Increase (decrease) in
advances received from customers
|
43,954
|
|
|
(52,989)
|
|
|
(82,881)
|
|
Net cash provided by
(used in) operating activities
|
(51,282)
|
|
|
24,461
|
|
|
208,002
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
Purchase of property,
plant and equipment and other assets
|
(31,554)
|
|
|
(21,671)
|
|
|
(124,221)
|
|
Advance payment on
acquisition account
|
(6,586)
|
|
|
—
|
|
|
—
|
|
Acquisition of
subsidiaries and business operations
|
(2,579)
|
|
|
—
|
|
|
—
|
|
Investments in
affiliated companies and other companies
|
(173)
|
|
|
(14,490)
|
|
|
(19,277)
|
|
Deconsolidation of
subsidiary
|
—
|
|
|
(1,538)
|
|
|
(1,538)
|
|
Proceeds from sale of
property, plant and equipment
|
2,725
|
|
|
8,134
|
|
|
15,745
|
|
Investment in long-term
deposits
|
(446)
|
|
|
(23)
|
|
|
(417)
|
|
Proceeds from sale of
long-term deposits
|
133
|
|
|
88
|
|
|
894
|
|
Investment in
short-term deposits and marketable securities
|
(22,268)
|
|
|
(19,982)
|
|
|
(25,622)
|
|
Proceeds from sale of
short-term deposits and marketable securities
|
14,542
|
|
|
14,760
|
|
|
36,619
|
|
Net cash used in
investing activities
|
(46,206)
|
|
|
(34,722)
|
|
|
(117,817)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
Proceeds from exercise
of options
|
55
|
|
|
419
|
|
|
505
|
|
Repayment of long-term
loans
|
(23,869)
|
|
|
(23,869)
|
|
|
(48,250)
|
|
Repayment of Series A
Notes
|
—
|
|
|
—
|
|
|
(55,532)
|
|
Dividends
paid
|
—
|
|
|
—
|
|
|
(68,447)
|
|
Change in short-term
bank credit and loans, net
|
34,737
|
|
|
3
|
|
|
5,027
|
|
Net cash provided by
(used in) financing activities
|
10,923
|
|
|
(23,447)
|
|
|
(166,697)
|
|
Net decrease in cash
and cash equivalents
|
(86,565)
|
|
|
(33,708)
|
|
|
(76,512)
|
|
Cash and cash
equivalents at the beginning of the year
|
222,810
|
|
|
299,322
|
|
|
299,322
|
|
Cash and cash
equivalents at the end of the period
|
$
|
136,245
|
|
|
$
|
265,614
|
|
|
$
|
222,810
|
|
* Dividend
received from affiliated companies and partnerships
|
$
|
795
|
|
|
$
|
—
|
|
|
$
|
3,496
|
|
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
Consolidated
Revenues by Areas of Operation:
|
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Airborne
systems
|
290.3
|
|
|
38.7
|
|
|
283.9
|
|
|
39.4
|
|
|
1,242.3
|
|
|
38.1
|
|
C4ISR
systems
|
279.0
|
|
|
37.2
|
|
|
221.4
|
|
|
30.7
|
|
|
1,220.9
|
|
|
37.4
|
|
Land
systems
|
79.0
|
|
|
10.5
|
|
|
138.5
|
|
|
19.2
|
|
|
408.0
|
|
|
12.5
|
|
Electro-optic
systems
|
76.4
|
|
|
10.2
|
|
|
53.4
|
|
|
7.4
|
|
|
276.0
|
|
|
8.5
|
|
Other (mainly
non-defense engineering and production services)
|
24.5
|
|
|
3.4
|
|
|
24.0
|
|
|
3.3
|
|
|
113.0
|
|
|
3.5
|
|
Total
|
749.2
|
|
|
100.0
|
|
|
721.2
|
|
|
100.0
|
|
|
3,260.2
|
|
|
100.0
|
|
Consolidated
Revenues by Geographical Regions:
|
|
Three Months
Ended
|
|
Year
Ended
|
|
March
31,
|
|
December
31,
|
|
2017
|
|
2016
|
|
2016
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
|
$
millions
|
|
%
|
Israel
|
167.4
|
|
|
22.3
|
|
|
143.1
|
|
|
19.8
|
|
|
709.5
|
|
|
21.8
|
|
North
America
|
192.9
|
|
|
25.8
|
|
|
178.1
|
|
|
24.7
|
|
|
825.7
|
|
|
25.3
|
|
Europe
|
161.8
|
|
|
21.6
|
|
|
114.3
|
|
|
15.8
|
|
|
640.8
|
|
|
19.7
|
|
Asia-Pacific
|
166.2
|
|
|
22.2
|
|
|
212.7
|
|
|
29.5
|
|
|
801.6
|
|
|
24.6
|
|
Latin
America
|
34.4
|
|
|
4.6
|
|
|
63.1
|
|
|
8.8
|
|
|
212.8
|
|
|
6.5
|
|
Other
countries
|
26.5
|
|
|
3.5
|
|
|
9.9
|
|
|
1.4
|
|
|
69.8
|
|
|
2.1
|
|
Total
|
749.2
|
|
|
100.0
|
|
|
721.2
|
|
|
100.0
|
|
|
3,260.2
|
|
|
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-first-quarter-of-2017-results-300458334.html
SOURCE Elbit Systems Ltd.