midastouch017
15 years ago
BVR Systems Announces Sale of Assets to Elbit Systems Ltd.
ROSH HA'AYIN, Israel, July 20, 2009 /PRNewswire-FirstCall via COMTEX/ -- BVR Systems (1998) Ltd., (OTCBB: BVRSF.OB), a diversified world leader in advanced military training and simulation systems, today announced, that it has signed an agreement with Elbit Systems Ltd., /quotes/comstock/15*!eslt/quotes/nls/eslt (ESLT 64.69, -0.30, -0.46%) pursuant to which BVR will sell substantially all of its assets to Elbit in consideration for a cash payment of $34,000,000. The purchase price is based on an assumption that the purchased projects are balanced (i.e., payments received for each project are consistent with its stage of execution). The purchase price is subject to adjustment at the closing in the event that it is determined that any of the projects are not balanced. Additionally, the amount payable at closing will be reduced by a further $1,500,000, which will be held in escrow for a period of 120 days, during which time Elbit will be entitled to conduct a final review into the status of the projects acquired, and in the event that any are not balanced, it will be entitled to receive up to the amount held in escrow. Further, as part of the transaction, BVR has provided certain representations and warranties to Elbit which shall survive for a period of eighteen months from the closing and has undertaken to guarantee its indemnification obligations in connection with the representations and warranties, by pledging a cash deposit of $1,500,000 in favor of Elbit. The transaction will also include the re-employment of BVR's employees by Elbit.
The Closing of the transaction is subject to the satisfaction of certain closing conditions, including the approval of certain Israeli governmental authorities (such as the Antitrust Authority) and the exchange of financial guarantees provided by BVR under certain of the purchased assets.
Ilan Gillies, BVR's CEO said: "We are excited by this move as we believe that we complement each other in product lines and market reach. The corporate culture is by and large similar which will make for a smooth integration."
Aviv Tzidon, Chairman of the Board said: "We have chosen to combine our resources with Elbit since we recognize the synergies and I am very confident that this is the right choice for BVR."
About BVR Systems
BVR Systems (1998) Ltd. is a world leader in advanced defense training and simulation systems. The Company offers highly efficient, cost-effective solutions to the simulation, training and debriefing needs of modern air, sea and ground forces.
For more information visit the Company's web site at http://www.bvrsystems.com
di4
15 years ago
BVR Systems Announces Raising of $3.5 Million
May 28, 2009 7:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesROSH HA'AYIN, Israel, May 28 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd., (OTCBB: BVRSF.OB), a diversified world leader in advanced military training and simulation systems, today announced, entering into an agreement with Yuval Golan Investments Ltd. and Michael Golan Securities Holdings Ltd. (collectively the "Investor") pursuant to which the Investor shall provide to the Company $3,500,000 by way of a debenture (the "Debenture Amount"). Of the Debenture Amount $2,000,000 shall be provided to the Company no later than May 31, 2009 and the balance of $1,500,000 shall be provided on June 21, 2009.
The Company shall repay the debenture twelve months from the date of its issuance by payment to the Investor of $3,850,000.
In the event of a M&A transaction during the 12 months period commencing as of the provision of the Debenture Amount the Company shall immediately repay the debenture by payment to the Investor of $4,550,000.
In addition, the Company shall grant to the Investor an option to purchase 3,000,000 Ordinary Shares of the Company, at an exercise price per share of $0.18, exercisable for a period of five years.
It is agreed that if the Company shall not repay the Debenture Amount 12 months from the date of its provision then (a) as of the commencement of the second year the Debenture Amount shall bear a return rate of 15% per annum; (b) upon a M&A transaction during the second year as of the provision of the Debenture Amount the Company shall repay to the Investor an amount of $5,600,000; and (c) the Company shall issue to the Investor additional options to purchase 6,000,000 Ordinary Shares, at an exercise price per share of $0.18, exercisable for a period of four years commencing as of the date of entitlement.
The Debenture Amount to be provided by the Investor shall be secured by a pledge of rights and payments due to the Company under a certain license agreement.
About BVR Systems
BVR Systems (1998) Ltd. is a world leader in advanced defense training and simulation systems. The Company offers highly efficient, cost-effective solutions to the simulation, training and debriefing needs of modern air, sea and ground forces.
For more information visit the Company's web site at http://www.bvrsystems.com
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of BVR only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; decline in demand for BVR's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of BVR to differ materially from those contemplated in such forward-looking statements. BVR undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting BVR, reference is made to BVR's reports filed from time to time with the Securities and Exchange Commission.
Contact:
Ilan Gillies - CEO
BVR Systems (1998) Ltd.
Tel +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
----------------------------------------------
Contact: Ilan Gillies - CEO
BVR Systems (1998) Ltd.
Tel +972-3-900-8000
di4
15 years ago
BVR Systems (1998) Ltd. Reports First Quarter 2009 Results
May 26, 2009 7:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesROSH HA'AYIN, Israel, May 26 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC: BVRSF), a diversified world leader in advanced military training and simulation systems, today announced a net profit of $3.3 million or $0.03 per share for the first quarter of 2009, compared with a net profit of $0.5 million, or $0.0 per share for the first quarter of 2008.
Revenues for the first quarter of 2009 were $12.5 million, compared with revenues of $7.6 million for the first quarter of 2008.
Gross profit for the first quarter of 2009 was $5.3 million, compared with a gross profit of $2.1 million for the first quarter of the previous year.
Operating profit for the first quarter of 2009 was $3.6 million, compared with an operating profit of $0.5 million for the same period last year.
BVR's order backlog at the end of the first quarter of 2009 was approximately $48.4 million.
$2.8M in sales and profit, during the first quarter 2009, is as a result of a royalties agreement announced in a press release dated January 6, 2009.
The company announced on May 4, 2009 that Milestones has encountered technical difficulties that may come in the way of moving forward with their investment in the company. The company is seeking additional sources of financing so it could continue to meet its obligations and achieve its intended growth.
BVR Systems (1998) Ltd., (OTC: BVRSF) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of BVR Systems' management and are subject to a number of factors and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These factors include but are not limited to the fact that the Company has experienced reductions in backlog; the Company has reported operating and/or net losses in the past and may report operating and/or net loses in the future, conditions in Israel affect the Company's operations and may limit its ability to produce and sell its products, changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition. For other factors that could cause BVR Systems' results to vary from expectations, please see the Company's reports filed from time to time with the SEC.
B.V.R. Systems (1998) Ltd. and Subsidiary
Consolidated Statements of Financial Position as of
March 31 December 31
2009 2008 2008
(Unaudited) (Unaudited) (Unaudited)
$ thousands $ thousands $ thousands
Assets
Current assets
Cash and cash equivalents 1,228 6,766 4,249
Restricted bank deposits 8,742 2,850 8,251
Trade receivables 9,187 2,196 3,406
Other receivables 2,309 494 2,526
Inventories 1,322 1,322 1,322
Total current assets 22,788 13,628 19,754
Other non-current assets 1,436 3,498 757
Property, plant and equipment 794 833 792
Intangible assets 122 238 109
Total non-current assets 2,352 4,569 1,658
Total assets 25,140 18,197 21,412
Consolidated Statements of Financial Position as of
March 31 December 31
2009 2008 2008
(Unaudited) (Unaudited) (Unaudited)
$ thousands $ thousands $ thousands
Liabilities and Shareholders' Equity
Current liabilities
Short-term loans from bank and others 1,620 620 120
Trade payables 5,770 2,601 4,853
Deferred revenue 8,179 10,512 11,423
Provisions 320 81 94
Other payables 2,465 2,117 1,457
Total current liabilities 18,354 15,931 17,947
Post employment long-term benefits 81 43 77
Total non-current liabilities 81 43 77
Total liabilities 18,435 15,974 18,024
Shareholders' equity
Share capital 25,891 25,891 25,891
Share premium 16,944 16,944 16,944
Accumulated deficit (36,130) (40,612) (39,447)
Total shareholders' equity 6,705 2,223 3,388
Total liabilities and
shareholders' equity 25,140 18,197 21,412
Consolidated Statements of Operations for the
Three months ended Year ended
March 31 December 31
2009 2008 2008
(Unaudited) (Unaudited) (Unaudited)
$ thousands $ thousands $ thousands
Revenues:
Sales 9,618 6,466 29,711
Royalties, commissions and others 2,874 1,092 1,855
Total revenues 12,492 7,558 31,566
Cost of revenues 7,208 5,441 23,282
Gross profit 5,284 2,117 8,284
Operating expenses:
Research and development 490 276 1,213
Selling and marketing 492 577 2,128
General and administrative 745 740 2,773
Total operating expenses 1,727 1,593 6,114
Operating profit 3,557 524 2,170
Financial income 161 34 219
Financial expenses (418) (75) (766)
Financial expenses, net (257) (41) (547)
Profit before taxes on income 3,300 483 1,623
Income tax expense - - -
Net profit for the year 3,300 483 1,623
Earnings per share
Basic earnings per share 0.03 0.00 0.0139
Diluted earnings per share 0.03 0.00 0.0139
Weighted-average number of ordinary shares
of nominal NIS 1.00 par value outstanding
(in thousands) used in calculation of the
Basic earnings (loss) per share 116,971 116,901 116,952
Weighted-average number of ordinary shares
of nominal NIS 1.00 par value outstanding
(in thousands) used in calculation of
diluted earning (loss) per share 116,971 116,915 116,958
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
----------------------------------------------
Contacts: Ilan Gillies
CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
di4
15 years ago
BVR Systems Announces Receipt of Notice From Milestones Upgrading & Industries Company Ltd.
May 4, 2009 5:59:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesROSH HA'AYIN, Israel, May 4 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC: BVRSF), announced today, further to its announcement dated March 3, 2009, that Milestones Upgrading & Industries Company Ltd., an investment company managed by Messers. Oded and Ron Tira, has completed a due diligence review and has not provided any comments to the company in connection therewith, and that the company and Milestones have reached a form of a definitive agreement acceptable to both parties; however, Milestones has informed the company, on Sunday, May 3, 2009, that Milestones has encountered technical difficulties that may come in the way of moving forward with their investment in the company and stated that in order to ascertain if Milestones is able to resolve these difficulties they request an extension of the negotiation period detailed in the Agreement in Principle entered into between the parties on March 3, 2009. In view of the above the company is considering its further actions.
About BVR Systems
BVR Systems (1998) Ltd. is a world leader in advanced defense training and simulation systems. The Company offers highly efficient, cost-effective solutions to the simulation, training and debriefing needs of modern air, sea and ground forces.
For more information visit the Company's web site at http://www.bvrsystems.com
This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of the management of BVR only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; decline in demand for BVR's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of BVR to differ materially from those contemplated in such forward-looking statements. BVR undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risk and uncertainties affecting BVR, reference is made to BVR's reports filed from time to time with the Securities and Exchange Commission.
Contact:
Ilan Gillies - CEO
BVR Systems (1998) Ltd.
Tel +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
----------------------------------------------
Contact: Ilan Gillies - CEO
BVR Systems (1998) Ltd.
Tel +972-3-900-8000
midastouch017
17 years ago
BVR Systems (1998) Ltd. Reports Third Quarter Results for 2007
Wednesday November 21, 3:52 am ET
ROSH HA'AYIN, Israel, November 21 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC:BVRSF - News), a diversified world leader in advanced military training and simulation systems, today announced a net loss of $0.8 million or $0.01 per share for the third quarter of 2007, compared with a net loss of $0.6 million, or $0.01 per share for the third quarter of 2006. Net loss for the first nine months of 2007 was $1.8 million or $0.02 per share, compared with a net loss of $2.1 million or $0.02 per share for the first nine months of 2006.
Revenues for the third quarter of 2007 were $2.7 million, compared with revenues of $2.6 million for the third quarter of 2006. For the first nine months of 2007, BVR's revenues were $9.7 million compared with revenues in the first nine months of 2006 of $6.4 million.
Gross profit for the third quarter of 2007 was $0.5 million, compared with a gross profit of $0.4 million for the third quarter of the previous year. For the first nine months of 2007, gross profit was $2.2 million compared with a gross profit of $1.1 million for the first nine months of 2006.
Operating loss for the third quarter of 2007 was $0.7 million, compared with an operating loss of $0.6 million for the same period last year. Operating loss for the first nine months of 2007 was $1.8 million compared with an operating loss of $1.9 million for the first nine months of 2006.
BVR's order backlog at the end of the third quarter of 2007 was approximately $34.0 million.
On October 31, 2007 the Company announced the award of a major EHUD(TM) Air Combat Maneuvering Instrumentation (ACMI) system contract in the value of approximately US $19.5 million.
BVR Systems (1998) Ltd., (OTC: BVRSF - News) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of BVR Systems' management and are subject to a number of factors and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These factors include but are not limited to the fact that the Company has experienced reductions in backlog; the Company has reported operating and/or net losses in the past and may report operating and/or net loses in the future, conditions in Israel affect the Company's operations and may limit its ability to produce and sell its products, changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition. For other factors that could cause BVR Systems' results to vary from expectations, please see the Company's reports filed from time to time with the SEC.
Consolidated Balance Sheet
September 30 December
31
2007 2006 2006
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Assets
Current assets
Cash and cash equivalents 3,483 2,078 3,421
Restricted bank deposits 630 949 967
Trade receivables 2,197 2,870 4,383
Other receivables and prepaid expenses 371 599 262
Inventories 2,021 2,021 2,021
Total current assets 8,702 8,517 11,054
Other non-current assets 2,045 1,055 1,155
Fixed assets
Cost 10,712 10,259 10,379
Less - accumulated depreciation 9,809 9,422 9,514
Fixed assets, net 903 837 865
Other assets, net 146 243 219
Total assets 11,796 10,652 13,293
Consolidated Balance Sheet
September 30 December
31
2007 2006 2006
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Liabilities and Shareholders'
Equity
Current liabilities
Current maturities of long-term - 516 516
bank loans
Short term loans 620 120 120
Trade payables 1,412 1,447 1,487
Excess of advances from customers
over amounts
recognized as revenue 3,743 541 2,952
Other payables and accrued expenses 2,280 2,087 2,492
Total current liabilities 8,055 4,711 7,567
Long-term liabilities
Long-term payables - 278 154
Liability for employee severance 163 148 166
benefits, net
Total long-term liabilities 163 426 320
Shareholders' equity
Share capital:
Ordinary shares NIS 1.00 par value
400,000,000 shares
authorized as of September 30, 2007
and December 31, 2006
and 200,000,000 shares authorized
as of September 30, 2006;
116,863,757 shares issued as of
September 30, 2007,
December 31, 2006 and September 30,
2006; and
116,863,757 shares outstanding as
of September 30, 2007
and December 31, 2006, and
116,813,757 shares outstanding
as of September 30, 2006 25,861 25,849 25,861
Additional paid-in capital 17,005 16,985 16,992
Accumulated deficit (39,288) (37,319) (37,447)
3,578 5,515 5,406
Total liabilities and
shareholders' equity 11,796 10,652 13,293
Consolidated Statements of Operations
Nine months ended Three months ended Year
September 30 September 30 ended
2007 2006 2007 2006 December
31, 2006
US$ US$ US$ US$ US$
thousands thousands thousands thousands thousands
Unaudited Unaudited Unaudited Unaudited Audited
Revenues:
Sales 9,203 6,148 2,600 2,545 9,827
Royalties and 528 212 105 19 276
commissions
Total revenues 9,731 6,360 2,705 2,564 10,103
Cost of revenues 7,486 5,288 2,211 2,126 7,866
Gross profit 2,245 1,072 494 438 2,237
Operating expenses:
Research and 719 457 194 185 615
development
Selling and marketing 1,630 1,019 520 317 1,430
General and 1,692 1,524 527 514 2,155
administrative
Operating loss (1,796) (1,928) (747) (578) (1,963)
Financial expenses, (45) (92) (31) (27) (185)
net
Losses before income (1,841) (2,020) (778) (605) (2,148)
taxes
Tax expenses - (75) - - (75)
Net loss for the (1,841) (2,095) (778) (605) (2,223)
period
loss per share:
Basic and diluted loss
per share (in US$) (0.02) (0.02) (0.01) (0.01) (0.02)
Weighted average
number of
ordinary shares (in
thousands)
used in calculation of
the basic
and diluted loss per 116,864 110,849 116,864 116,781 112,361
share
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
--------------------------------------------------------------------------------
Source: BVR Systems (1998) Ltd.
http://biz.yahoo.com/prnews/071121/ukw013.html?.v=101
midastouch017
17 years ago
BVR to Integrate Nemesysco's Layered Voice Analysis Technology for Emotion Detection in Flight Simulators
Tuesday September 25, 4:47 am ET
NETANYA and ROSH HA'AYIN, Israel, September 25 /PRNewswire-FirstCall/ -- Nemesysco Ltd., a leading provider of voice analysis technologies for the defense and civilian markets and BVR Systems Ltd. (OTC Bulletin Board: BVRSF - News), a world leader in development and delivery of training & simulation solutions for joint force, on-board training and distributed simulation systems have announced today that Nemesysco's LVA technology (Layered Voice Analysis) is to be integrated into BVR's virtual, live and constructive training systems.
"Initially, the LVA is planned to be integrated into BVR's Flight Simulator. BVR's full mission simulators provide training for all aspects of the mission's flight and procedures. Integrating Voice Analysis technologies into the simulators provides a whole new aspect of the training and debriefing and enhances the benefits for our customers" commented Mr. Ilan Gillies, CEO, BVR and added: "We introduced the integrated solution in the recent International Paris Air Show and received excellent feed-backs. This cooperation is another step in our efforts to encompass high-end technologies in our simulation solutions".
"LVA is a patented technology designed for emotion detection. By measuring stress levels and other emotions of a person operating a flight simulator, one can get an idea about emotional and cognitive levels and add it to the overall calculation of the simulation results. In some cases, this may turn out to be a crucial factor in decisions based on these results. We are thrilled to have our voice analysis technologies implemented in BVR's worldwide known flight simulators" said Mr. Amir Liberman, CEO, Nemesysco.
About Nemesysco
Nemesysco Ltd. is a leading provider of voice analysis and emotion detection technologies, for defense and civilian markets. Nemesysco's LVA (Layered Voice Analysis) technology detects the emotional content of a conversation, in real-time or from recorded materials, enabling analysis of different types of stress, cognitive processes and various emotional reactions. Nemesysco's products are implemented in a wide variety of applications for law enforcement, homeland security, insurance and banks fraud prevention, employee screening, call center quality monitoring, healthcare and entertainment. Nemesysco is a privately held company, founded in 2000 and is headquartered in Netanya, Israel.
For more information please visit: http://www.nemesysco.com
http://biz.yahoo.com/prnews/070925/uktu018.html?.v=79
midastouch017
17 years ago
BVR Systems (1998) Ltd. Reports Second Quarter Results for 2007
Thursday August 30, 4:00 pm ET
ROSH HA'AYIN, Israel, August 30 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTCBB: BVRSF.OB - News), a diversified world leader in advanced military training and simulation systems, today announced a net loss of $1.1 million or $0.01 per share for the second quarter of 2007, compared with a net loss of $1.2 million, or $0.01 per share for the second quarter of 2006. Net loss for the first six months of 2007 was $1.1 million or $0.01 per share, compared with a net loss of $1.5 million or $0.01 per share for the first six months of 2006.
Revenues for the second quarter of 2007 were $2.9 million, compared with revenues of $1.5 million for the second quarter of 2006, which amounts to a 93% growth. For the first six months of 2007, BVR's revenues were $7.0 million compared with revenues in the first six months of 2006 of $3.8 million, which amounts to an 84% growth.
Gross profit for the second quarter of 2007 was $0.3 million, compared with a gross loss of $70 thousand for the second quarter of the previous year. For the first six months of 2007, gross profit was $1.8 million compared with a gross profit of $0.6 million for the first six months of 2006, which amounts to a 200% growth.
Operating loss for the second quarter of 2007 was $1.1 million same as for the same period last year. Operating loss for the first six months of 2007 was $1.0 million compared with an operating loss of $1.4 million for the first six months of 2006.
BVR's order backlog at the end of the second quarter of 2007 was approximately $18.9 million compared to an order backlog of $14.4 million for the same period last year, which amounts to a 31% growth.
On August 28, 2007 the Company announced the award of an Air Defence Simulator contract in an amount of US $ 10.1 million.
BVR Systems (1998) Ltd., (OTCBB: BVRSF.OB - News) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of BVR Systems' management and are subject to a number of factors and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These factors include but are not limited to the fact that the Company has experienced reductions in backlog; the Company has reported operating and/or net losses in the past and may report operating and/or net loses in the future, conditions in Israel affect the Company's operations and may limit its ability to produce and sell its products, changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition. For other factors that could cause BVR Systems' results to vary from expectations, please see the Company's reports filed from time to time with the SEC.
Consolidated Balance Sheet
June 30 December 31
2007 2006 2006
US$ thousands US$ thousands US$ thousands
Unaudited Unaudited Audited
Assets
Current assets
Cash and cash equivalents 1,663 3,385 3,421
Restricted bank deposits 1,185 1,483 967
Trade receivables 3,295 2,268 4,383
Other receivables and
prepaid expenses 358 341 262
Inventories 2,021 2,021 2,021
Total current assets 8,522 9,498 11,054
Other non-current assets 1,074 323 1,155
Fixed assets
Cost 10,658 10,171 10,379
Less - accumulated depreciation 9,695 9,350 9,514
Fixed assets, net 963 821 865
Other assets, net 170 268 219
Total assets 10,729 10,910 13,293
Consolidated Balance Sheet
June 30 December 31
2007 2006 2006
US$ thousands US$ thousands US$ thousands
Unaudited Unaudited Audited
Liabilities and Shareholders'
Equity
Current liabilities
Credit from bank 233 - -
Current maturities of long-term
loans - 517 516
Short term loan 620 120 120
Trade payables 1,625 968 1,487
Excess of advances from
customers over amounts
recognized as revenue 1,193 624 2,952
Other payables and accrued
expenses 2,512 2,055 2,492
Total current liabilities 6,183 4,284 7,567
Long-term liabilities
Long-term payables - 391 154
Liability for employee severance
benefits, net 195 134 166
Total long-term liabilities 195 525 320
Shareholders' equity
Share capital:
Ordinary shares NIS 1.00 par
value 400,000,000 shares
authorized as of June 30, 2007
and December 31, 2006
and 200,000,000 shares
authorized as of June 30, 2006;
116,863,757 shares issued as of
June 30, 2007,
December 31, 2006 and June 30,
2006; and 116,863,757
shares outstanding as at June
30, 2007 and December 31,
2006 and 116,763,757 shares
outstanding as of June 30, 2006 25,861 25,837 25,861
Additional paid-in capital 17,000 16,978 16,992
Accumulated deficit (38,510) (36,714) (37,447)
Total shareholders' equity 4,351 6,101 5,406
Total liabilities and
shareholders' equity 10,729 10,910 13,293
Consolidated Statements of Operations
Six months ended Three months ended Year
June 30 June 30 ended
2007 2006 2007 2006 December
31, 2006
US$ US$ US$ US$ US$
thousands thousands thousands thousands thousands
Unaudited Unaudited Unaudited Unaudited Audited
Revenues:
Sales 6,603 3,603 2,943 1,462 9,827
Royalties and 423 193 - 73 276
commissions
Total revenues 7,026 3,796 2,943 1,535 10,103
Cost of revenues 5,275 3,162 2,613 1,605 7,866
Gross profit (loss) 1,751 634 330 (70) 2,237
Operating expenses:
Research and 525 272 273 196 615
development
Selling and marketing 1,110 702 571 330 1,430
General and 1,165 1,010 560 486 2,155
administrative
Operating loss (1,049) (1,350) (1,074) (1,082) (1,963)
Financial expenses, (14) (65) (12) (39) (185)
net
Loss before income (1,063) (1,415) (1,086) (1,121) (2,148)
taxes
Income tax expense - (75) - (75) (75)
Net loss for the (1,063) (1,490) (1,086) (1,196) (2,223)
period
Loss per share:
Basic and diluted loss
per share (in US$) (0.01) (0.01) (0.01) (0.01) (0.02)
Weighted average
number of
ordinary shares of
nominal
NIS 1.00 par value
outstanding (in
thousands)
used in calculation of
the basic
and diluted loss per 116,864 107,817 116,864 116,731 112,361
share
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
Source: BVR Systems (1998) Ltd.
http://biz.yahoo.com/prnews/070830/ukth051.html?.v=4
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RACKnRICKY
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