HAIFA, Israel, January 29, 2019 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems"
or "the Company") announced today that, following the completion of
the acquisition of IMI Systems Ltd. ("IMI") shares on November 25, 2018, and a reorganization in
connection with the IMI acquisition, it expects to record in the
fourth quarter of 2018 expenses estimated in the range of
65-75 million dollars. These costs
will be recorded mainly in the "Cost of Revenues" line item in our
Consolidated Statement of Income and will be eliminated in the
Non-GAAP results due to the non-recurring nature of the
expense.
The Company reorganized a number of its activities, in
connection with the IMI acquisition. This reorganization included,
among other measures, the establishment of two business
divisions:
- The Land Systems Division to be focused on land-based systems,
to include military vehicle systems, artillery systems and the IMI
activities; and
- The C4I and Cyber Division focused on command & control,
radio, communication, homeland security and cyber intelligence
activities.
This reorganization is intended to improve the synergy within
the Company with respect to the acquired activities and better
address market requirements and customer support. The Company
believes that the acquisition of IMI and the reorganization will
positively affect the future business of Elbit Systems.
The overall impact on the financial results for the fourth
quarter will be included in the Company's report for the quarter,
which is planned to be released in March
2019.
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, follow
us on Twitter or visit our official Youtube Channel.
About IMI Systems
IMI Systems Ltd is a globally recognized defense systems house,
specializing in the development and manufacturing of comprehensive
combat-proven solutions and technologies for the land, air, naval
and cyber and homeland security (HLS) requirements of the modern
battlefield. More than 8 decades of experience in the defense
market bestow IMI Systems' reputation as a preferred and highly
appreciated defense systems manufacturer in the areas of various
precision munitions, Combat mobility, survivability and protection
systems, armor solutions and HLS and Crisis management. IMI
Systems' unique combination of capabilities enables its customers
and business partners to enjoy the benefit of high standards,
uncompromising quality solutions while facilitating their abilities
to successfully cope with the demanding challenges of the future
battlefield.
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., 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.
Contacts:
Company Contact:
Joseph Gaspar, Executive VP
& CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
David Vaaknin, VP, Head of Corporate Communications
Tel: +972-77-2946691
david.vaaknin@elbitsystems.com
IR Contact:
Ehud Helft
Gavriel Frohwein
GK Investor Relations
Tel: 1-646-688-3559
elbitsystems@gkir.com
SOURCE Elbit Systems Ltd.