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midastouch017

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midastouch017

Re: SkeBallLarry post# 98

Monday, 03/06/2006 4:37:35 AM

Monday, March 06, 2006 4:37:35 AM

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BVR Systems (1998) Ltd. Reports First Yearly Net Profit in Seven Years in Year End Results for 2005

Monday March 6, 4:25 am ET

ROSH HA'AYIN, Israel, March 6 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTCBB: BVRSF - News), a diversified world leader in advanced military training and simulation systems, today announced a net loss of $308 thousand or $0.00 per share for the fourth quarter of 2005, compared with a net earning of $7 thousand, or $0.00 per share for the fourth quarter of 2004. Net earning for fiscal 2005 was $121 thousand or $0.00 per share, compared with a net loss of $1.2 million or $0.01 per share for fiscal 2004.

Revenues for the fourth quarter of 2005 grew to $4.5 million, compared with revenues of $3.6 million for the fourth quarter of 2004. In fiscal 2005, BVR's revenues grew to $19.2 million compared with revenues in fiscal 2004 of $12.7 million.

Gross profits for the fourth quarter of 2005 were $1.0 million, compared with gross profits of $1.1 million for the fourth quarter of the previous year. For fiscal 2005, gross profits were $4.5 million compared with a gross profit of $2.5 million for fiscal 2004.

Operating loss for the fourth quarter of 2005 was $0.2 million, compared with operating earnings of $0.2 million for the same period last year. Operating earnings for fiscal 2005 were $0.5 million compared with an operating loss of $0.8 million for fiscal 2004.

Mr. Ilan Gillies, BVR Systems CEO, commented: "We are very pleased with the results reported today. We believe that they follow changes we have undertaken since the beginning of 2004, which include a new strategy, restructuring of the organization and unifying the technology. BVR employees are the key to our success. These achievements were possible thanks to their dedication and talent," added Gillies.

"BVR is establishing a US and FMS market presence as well as enhancing BVR's leadership position in the Embedded Training market through acquisitions," said BVR's Chairman Aviv Tzidon. The company announced, two week ago, that it is in the process of acquiring Blue Ridge Simulation, Inc. (BRS), a leading US supplier of high-performance radar simulators.

During the fourth quarter of 2005 and January 2006 the company announced several new contracts including its sub-contract regarding the F16I simulator to the Israeli Air Force, IFEWS systems to the Israeli Air Force, upgrade of two MB339A training aircraft simulators to Aermacchi S.p.A. and an F16 MLU simulator to an international customer. Furthermore, the company demonstrated its Embedded Virtual Avionics (EVA) product with its ground breaking air-to-ground radar capabilities at the Singapore Air Show last month.

BVR Systems (1998) Ltd., (OTCBB: 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.

http://biz.yahoo.com/prnews/060306/ukm003.html?.v=48

Dubi
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