HAIFA, Israel, Feb. 6, 2020 /PRNewswire/ -- Elbit
Systems Ltd. (NASDAQ: ESLT) (TASE:
ESLT) ("Elbit Systems" or the "Company") announced
today the completion of its review of certain expenses and expected
synergies resulting from the acquisition by its subsidiary, Elbit
Systems of America LLC, of the Night Vision business of L3Harris
Technologies (NYSE:LHX) ("Harris Night Vision"). The Company
expects to record in the fourth quarter of 2019 expenses relating
to the acquisition estimated in the amount of approximately
$55 million. These expenses will be
recorded mainly in the "Cost of Revenues" line item in the
Consolidated Statement of Income and will be eliminated in the
Non-GAAP results due to the non-recurring nature of the expense.
The overall impact of these expenses on the financial results for
the fourth quarter of 2019 will be included in the Company's report
for the quarter, which is planned to be released in March 2020.
The incorporation of the advanced technologies of Harris Night
Vision in various Elbit Systems' business lines is expected to
produce synergies that will enhance the Company's ability to
address various market requirements and customer support
activities. The Company believes that the acquisition of Harris
Night Vision will positively affect the future business of Elbit
Systems.
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 and munitions. 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: elbitsystems.com, follow us
on: Twitter, LinkedIn, Facebook or visit our official
YouTube Channel.
Contacts:
Company
Contact:
Joseph Gaspar,
Executive VP & CFO
Tel:
+972-4-8316663
j.gaspar@elbitsystems.com
Rami Myerson,
Director, Investor Relations
Tel:
+972-77-2946403
rami.myerson@elbitsystems.com
David Vaaknin,
VP, Brand & 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
|
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.
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SOURCE Elbit Systems Ltd.