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Trisha,
What BVR needs is contracts, not (only) medals :)
I doubt if this will move the stock today
Regards,
Dubi
Dubi,
That is great news!!!
Ok, the obvious....now will our share price rise???
I do like this company!
BVR Systems Wins the Frost & Sullivan Award for Entrepreneurial Company of the Year
Monday November 20, 4:39 am ET
ROSH HA'AYIN, Israel, November 20 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC Bulletin Board: BVRSF - News), announced today the award of Entrepreneurial Company of the year in the market of military training and simulation. The prize was granted in the "2006 Excellence in Aerospace & Defense Awards Banquet" which was held on November 16th 2006 at the Royal Aeronautical Society, in London, England.
Among the criteria that BVR met, according to Frost & Sullivan's research team analysis:
- The company must have identified a brand new and completely unique product solution.
- The product solution must have significant market potential - at least $200 million - and a high probability of reaching its potential in the next 2-5 years.
- Protection from competitors: patents, large product development lead time, strategic alliances with key component suppliers, etc.
- Strong plans for marketing: strategic alliances for distribution, relationships with key customers, voluminous positive-press in the media, endorsements from industry experts, etc.
Frost & Sullivan's award decision concluded that "Frost & Sullivan see BVR Systems as the most relevant recipient for the Entrepreneurial Company Award as BVR Systems presents a great potential for growth with its unique designed embedded systems and its marked willingness to expand and to remain the leaders in the area despite their relatively small size..."
BVR Systems' Chairman of the Board, Mr. Aviv Tzidon, commented that "we are delighted to receive this acknowledgement of our unique and mature embedded training solution and our prospect to capitalize on it. The market reaction to our Embedded Virtual Avionics (EVA) product, complemented by such an esteemed organization reinforces our resolve to make the most of this opportunity while we plan our next generation of products."
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.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.
http://biz.yahoo.com/prnews/061120/ukm006.html?.v=85
BVR Systems (1998) LTD. Reports Third Quarter Results for 2006
Monday November 13, 6:51 am ET
ROSH HA'AYIN, Israel, November 13 /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 $0.6 million or $0.01 per share for the third quarter of 2006, compared with a net profit of $0.6 million, or $0.01 per share for the third quarter of 2005. Net loss for the first nine months of 2006 was $2.1 million or $0.02 per share, compared with a net profit of $0.4 million or $0.00 per share for the first nine months of 2005.
Revenues for the third quarter of 2006 were $2.6 million, compared with revenues of $5.9 million for the third quarter of 2005. For the first nine months of 2006, BVR's revenues were $6.4 million compared with revenues in the first nine months of 2005 of $14.7 million.
Gross profit for the third quarter of 2006 was $0.4 million, compared with a gross profit of $1.6 million for the third quarter of the previous year. For the first nine months of 2006, gross profit was $1.1 million compared with a gross profit of $3.4 million for the first nine months of 2005.
Operating loss for the third quarter of 2006 was $0.6 million, compared with an operating profit of $0.6 million for the same period last year. Operating loss for the first nine months of 2006 was $1.9 million compared with an operating profit of $0.5 million for the first nine months of 2005.
BVR's order backlog at the end of the third quarter of 2006 was approximately $23.8 million.
During the third quarter of 2006 the Company announced the award of a major Naval Embedded Simulation contract in the value of approximately US $12 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.
http://biz.yahoo.com/prnews/061113/ukm009.html?.v=83
Can't wait to see the guts of it?
Can only make it better!!!
BVR Systems stock shot up 12%, then it announced a huge contract
11.9.06 | 12:34 By Asaf Rothem
Shares in BVR Systems (1998) (OTC Bulletin Board: BVRSF) shot up 16% on Friday, for no obvious reason. Today we know the reason: somebody evidently heard that the company was about to announce the award of a $12 million contract to supply its distributed naval embedded training system, to an international customer. At least BVR did make that announcement today.
BVR explains that its "distributed naval embedded training system" is the next generation of its Naval Combat Maneuvering Instrumentation (NCMI) system. In short, it's a training system for the Navy that BVR will be supplying over four years, but most of it during the first two years of the contract term.
It is a huge order for BVR, which ended the year 2005 on revenues of just $19 million. And, first-half 2006 revenues were a tiny $4 million.
BVR says the order encompasses several naval combat platforms, and the provision of shore-based real-time monitoring equipment and advanced ground stations for mission planning, monitoring and debriefing.
The system also provides advanced Joint Force Training capabilities by allowing high-rate tactical datalink connectivity to aircraft instrumented with the Autonomous Air Combat Maneuvering Instrumentation (AACMI) system, and to additional naval combat vessels instrumented with BVR's installed NCMI systems, all in service with the same customer, the company said.
The naval embedded training system is an advanced networked embedded simulation system, which provides real-time, at sea, confederated, on-board training capabilities to an entire naval task force.
This capability is achieved through BVR's ruggedized embedded simulation computers and datalink equipment, which are installed on-board the combat vessels and integrated with the ship's various combat systems.
The naval embedded training system stimulates the combat systems, and injects the synthetic environment to various crew members' combat console, the company explains.
From the start of 2006, shares in BVR have risen 2%.
http://www.haaretz.com/hasen/spages/761347.html
BVR wins $12m contract for naval training system
The buyer was named only as “an international customer”.
Shira Horesh 11 Sep 06 11:21
BVR Systems Ltd. (OTCBB:BVRSF), which develops and manufacturers simulators and training and debriefing systems, today announced that it won a $12 million contract to supply a naval embedded training system to an international customer.
The distributed naval embedded training system is the new generation of BVR's leading Naval Combat Maneuvering Instrumentation (NCMI) system. The program includes the instrumentation of multiple naval combat platforms, as well as the provision of shore-based real-time monitoring equipment and advanced ground stations for mission planning, monitoring and debriefing. The system also provides advanced Joint Force Training capabilities by allowing high-rate tactical datalink connectivity to aircraft instrumented with the Autonomous Air Combat Maneuvering Instrumentation (AACMI) system, and to additional naval combat vessels instrumented with BVR's installed NCMI systems, all in service with the same customer.
The naval embedded training system is an advanced networked embedded simulation system, which provides real-time, at sea, confederated, on-board training capabilities to an entire naval task force. This capability is achieved through BVR's ruggedized embedded simulation computers and datalink equipment, which are installed on-board the combat vessels and integrated with the ship's various combat systems. The naval embedded training system stimulates the combat systems, and injects the synthetic environment to various crew members' combat console.
The naval embedded training system's advanced architecture enables the platform's sensors to function in the operational mode, thus providing hybrid training capabilities holding hundreds of real and simulated participants. All participant data is fused to create a seamless tactical picture, which is distributed via the datalink to the different sensors, weapons and system operators.
BVR Systems CEO Ilan Gillies said, "We are proud and honored to receive this contract that will serve to further enhance our NCMI system. We greatly appreciate this vote of confidence and ongoing satisfaction from our customer. BVR is fully committed to the achievement of our objectives and will continue to focus on customer satisfaction.
“We are encouraged from the increase in new orders achieved by BVR this year in our On-Board Training products. This is an important achievement in BVR's strategy to focus our efforts in the networking and inter-operability of Live, Virtual and Constructive training systems."
Published by Globes [online], Israel business news - www.globes.co.il - on September 11, 2006
BVR Systems Awarded a Major Naval Embedded Simulation Contract
Monday September 11, 2:30 am ET
ROSH HA'AYIN, Israel, September 11 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC Bulletin Board: BVRSF - News), announced today the award of a US $12 million contract for the supply of its distributed naval embedded training system to an international customer.
The distributed naval embedded training system is the new generation of BVR's leading Naval Combat Maneuvering Instrumentation (NCMI) system. The program includes the instrumentation of multiple naval combat platforms, as well as the provision of shore-based real-time monitoring equipment and advanced ground stations for mission planning, monitoring and debriefing. The system also provides advanced Joint Force Training capabilities by allowing high-rate tactical datalink connectivity to aircraft instrumented with the Autonomous Air Combat Maneuvering Instrumentation (AACMI) system, and to additional naval combat vessels instrumented with BVR's installed NCMI systems, all in service with the same customer.
The naval embedded training system is an advanced networked embedded simulation system, which provides real-time, at sea, confederated, on-board training capabilities to an entire naval task force. This capability is achieved through BVR's ruggedized embedded simulation computers and datalink equipment, which are installed on-board the combat vessels and integrated with the ship's various combat systems. The naval embedded training system stimulates the combat systems, and injects the synthetic environment to various crew members' combat console.
The naval embedded training system's advanced architecture enables the platform's sensors to function in the operational mode, thus providing hybrid training capabilities holding hundreds of real and simulated participants. All participant data is fused to create a seamless tactical picture, which is distributed via the datalink to the different sensors, weapons and system operators.
BVR Systems' CEO, Ilan Gillies, commented: "We are proud and honored to receive this contract that will serve to further enhance our NCMI system. We greatly appreciate this vote of confidence and ongoing satisfaction from our customer. BVR is fully committed to the achievement of our objectives and will continue to focus on customer satisfaction.
We are encouraged from the increase in new orders achieved by BVR this year in our On-Board Training products. This is an important achievement in BVR's strategy to focus our efforts in the networking and inter-operability of Live, Virtual and Constructive training systems."
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
http://biz.yahoo.com/prnews/060911/uksu001.html?.v=51
Dubi
Indeed, Larry, shipshape BVRS is not. This explains the
low price the company is traded in spite of their previous
improvements.
The market waited to see if the positive momentum continues,
or to watch if the improvement was a one time event.
Dubi
Good afternoon, Dubi ... Was about to post that 2nd Quarter Results ... Appears they are struggling @ the moment ...
Turns out to be a good decision of yours Larry, the reports are all
but postive.
BVR Systems (1998) Ltd. Reports Second Quarter Results for 2006
Monday August 14, 5:20 am ET
ROSH HA'AYIN, Israel, August 14 /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 $1.2 million or $0.01 per share for the second quarter of 2006, compared with a net profit of $65 thousand, or $0.00 per share for the second quarter of 2005. Net loss for the first six months of 2006 was $1.5 million or $0.01 per share, compared with a net loss of $0.15 million or $0.00 per share for the first six months of 2005.
Revenues for the second quarter of 2006 were $1.5 million, compared with revenues of $3.9 million for the second quarter of 2005. For the first six months of 2006, BVR's revenues were $3.8 million compared with revenues in the first six months of 2005 of $8.8 million.
Gross loss for the second quarter of 2006 was $70 thousand, compared with a gross profit of $1.1 million for the second quarter of the previous year. For the first six months of 2006, gross profit was $0.6 million compared with a gross profit of $1.8 million for the first six months of 2005.
Operating loss for the second quarter of 2006 was $1.1 million, compared with an operating profit of $52 thousand for the same period last year. Operating loss for the first six months of 2006 was $1.4 million compared with an operating loss of $0.2 million for the first six months of 2005.
Further to its announcement on February 22, 2006, BVR has decided to halt the application process for the approval of the Committee on Foreign Investment in the United States required for the acquisition of 100% of the shares of Blue Ridge Simulation Inc. and the completion of the transaction.
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.
http://biz.yahoo.com/prnews/060814/ukm003.html?.v=70
Good Morning, Larry
< the pr. may fall to my liking >
I find the financial results not at
all positive, and for sure fell under
my expectations, especially this part,
"Revenues for the first quarter of 2006
were $2.3 million, compared with revenues
of $4.9 million for the first quarter of 2005.
Small wonder they published the PR after
market close.
I expect a 'drop' of pps today, perhaps
representing an attractive entry price
for you.
Regards,
Dubi
Good afternoon, Dubi .... I'm NOT in ( BVRSF ) @ the moment, but am assuming the pr. may fall to my liking, Re: the 1st Quarter results ... !!
BVR Systems (1998) Ltd. Reports First Quarter 2006 Results
Thursday June 8, 4:01 pm ET
ROSH HA'AYIN, Israel, June 8 /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 $ 0.3 million, or $0.00 per share for first quarter of 2006, compared with a net loss of $ 0.2 million, or $0.00 per share for the first quarter of 2005.
Revenues for the first quarter of 2006 were $2.3 million, compared with revenues of $4.9 million for the first quarter of 2005.
The gross profit for the first quarter of 2006 was $0.7 million, the same as the first quarter of 2005.
First quarter 2006 operating loss was $0.3 million, compared with an operating loss of $ 0.2 million for the same period of last year.
BVR Systems (1998) Ltd., (OTCBB:BVRSF.OB - News) is a world leader in advanced defense training and simulation systems.
For more information visit the Company's web site at http://www.bvrsystems.com
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
March 31 December 31
2006 2005 2005
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Assets
Current assets
Cash and cash equivalents 4,877 1,970 3,057
Restricted bank deposits 1,266 3,019 2,271
Trade receivables 2,766 4,059 1,479
Other receivables and 242 484 291
prepaid expenses
Inventories 2,098 3,239 2,076
Total current assets 11,249 12,771 9,174
Other non-current assets 474 6 93
Fixed assets
Cost 10,099 9,754 10,037
Less - accumulated 9,272 8,956 9,193
depreciation
Fixed assets, net 827 798 844
Other assets, net 292 - -
Total assets 12,842 13,575 10,111
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
March 31 December 31
2006 2005 2005
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Liabilities and
Shareholders' Equity
Current liabilities
Current maturities of 517 517 517
long-term bank loans
Short term loans 120 120 120
Trade payables 1,361 4,103 1,564
Excess of advances from
customers over amounts
recognized as revenue 1,087 2,064 854
Other payables and accrued 1,893 1,936 2,077
expenses
Total current liabilities 4,978 8,740 5,132
Long-term liabilities
Long-term bank loans - 516 516
Long-term payables 487 846 607
Liability for employee 95 72 79
severance benefits, net
Total long-term liabilities 582 1,434 1,202
Shareholders' equity
Share capital:
Ordinary shares NIS 1.00
par value 200,000,000
shares
authorized; 95,850,210,
95,863,757 and 116,866,757
shares
issued and 95,540,210,
95,663,757 and 116,713,757
shares
outstanding as at March
31,2005, December 31, 2005
and March 31, 2006, 25,827 21,258 21,306
respectively
Additional paid-in capital 16,961 17,698 17,688
Stock option compensation 12 - *7
Accumulated deficit (35,518) (35,555) *(35,224)
7,282 3,401 3,777
Total liabilities and 12,842 13,575 10,111
shareholders' equity
* Restated
B.V.R. Systems (1998) Ltd.
Consolidated Statements of Operations
Three months ended Year ended
March 31, March 31, December
2006 2005 2005
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Revenues:
Sales 2,141 4,897 17,450
Royalties and commissions 120 - 1,746
Total revenues 2,261 4,897 19,196
Cost of revenues 1,557 ** 4,173 * 14,806
Gross profit 704 ** 724 * 4,390
Operating expenses:
Research and development 76 200 614
Selling and marketing 372 310 1,356
General and administrative 524 423 2,117
Operating profit (loss) (268) (209) 303
Financial expenses, net (26) (8) (187)
Other expenses, net - - (2)
Net profit (loss) for the (294) (217) *114
period
Profit (Loss) per share:
Basic and diluted profit (0.00) (0.00) 0.00
(loss) per share (in US$)
Weighted average number of
ordinary shares of nominal
NIS 1.00 per value
outstanding (in thousands)
used in
calculation of the basic 98,703 95,417 95,528
and diluted profit (loss)
per share
* Restated
** Reclassified
Source: BVR Systems (1998) Ltd.
http://biz.yahoo.com/prnews/060608/ukth016.html?.v=36
Dubi
More of the same,
BVR wins $1.7m contract in Europe
The contract is for BVR's In-Flight Electronic Warfare Simulator.
Globes correspondent 31 May 06 12:55
BVR Systems (OTC BB: BVRSF) of Rosh Ha'ayin has announced the award of a contract for the provision of its In-Flight Electronic Warfare Simulator (IFEWS) product to a European customer.
The system includes the provision of airborne units and ground stations, comprising a comprehensive rangeless EW training package. The contract is valued at approximately $1.7 million.
The IFEWS system, part of BVR’s patented virtual mission training system product line, is an autonomous, on-board threat-environment training suite. The system provides airborne, rangeless, embedded simulation for the training of aircrews in Electronic Warfare (EW) scenarios.
BVR Systems CEO Ilan Gillies said, "This award is a further achievement in our long term strategy to capture a major share in the rapidly evolving global embedded training market. The supply to the foreign customer is further to a recent award for the IFEWS system by the Israel Air Force."
Published by Globes [online], Israel business news - www.globes.co.il - on May 31, 2006
Dubi
BVR Systems Receives a Contract for In-Flight, Virtual Mission Training Systems
Wednesday May 31, 4:11 am ET
ROSH HA'AYIN, Israel, May 31 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTC Bulletin Board: BVRSF - News), announced today the award of a contract for the provision of its In-Flight Electronic Warfare Simulator (IFEWS) product to be supplied to a European customer. The system includes the provision of airborne units and ground stations, comprising a comprehensive rangeless EW training package. The contract is valued at approximately $US 1.7 million.
The IFEWS system, part of BVR's patented virtual mission training system product line, is an autonomous, on-board threat-environment training suite. The system provides airborne, rangeless, embedded simulation for the training of aircrews in Electronic Warfare (EW) scenarios.
IFEWS simulates the aircraft EW systems, during flight, thus providing a software-based virtual EW range saving millions of dollars otherwise spent on the operations of expensive ground-based instrumentation. IFEWS is a rangeless system which provides a comprehensive synthetic environment with the ability to define realistic threat entities, create true-to-life EW training scenarios, perform the training flight anywhere with no dependency on a ground instrumentation range, and debrief the exercise post-flight.
BVR Systems' Chief Executive Officer, Mr. Ilan Gillies, commented that "This award is a further achievement in our long term strategy to capture a major share in the rapidly evolving global embedded training market. The supply to the foreign customer is further to a recent award for the IFEWS system by the Israel Air Force".
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
http://biz.yahoo.com/prnews/060531/ukw003.html?.v=65
Dubi
Simulating take off
Three years ago, simulator manufacturer BVR was on the verge of closure. Streamlined and under new management, the company gradually turned the corner, and even made its first acquisition. Today, BVR managers can finally talk about plans and potential.
Shiri Habib 11 May 06 17:21
It was just three years ago that BVR Systems Ltd. (OTCBB:BVRSF), a manufacturer of flight simulation systems, was on the verge of closure. Back then, not many people would have been willing to gamble on the company returning to profitability by 2005 and moving on from that to acquire a US company in 2006, with more acquisitions in the pipeline. While the situation of the company from Rosh Ha’ayin with its fairly low market cap on Nasdaq’s bulletin board, is still far from ideal, its latest financials for the fourth quarter of 2005 revealed a quarterly loss of only $308,000, a clear indication that the company is on the right track.
BVR was founded in 1987 by current chairman Aviv Tzidon and his pilot’s course colleague, Yaron Sheinman. The company develops and manufactures training and debriefing simulation systems. The company’s first product was the ‘Unit Training Device’ (UTD), a small in-flight simulator. The company was floated on Nasdaq in 1993. In 1998, it spun off its civilian business from its defense-related activities. A year later, Koor Industries (NYSE: KOR; TASE: KOR) became an investor in BVR, acquiring a 30% share for $35 million, through Elisra Group.
It was an investment that Koor would rather forget, as it caused them considerable losses and aggravation. Following its participation in a number of non-profitable projects, BVR found itself in financial difficulty and published three profit warnings in 2000 alone. At the same time, it also got bogged down in a legal dispute with its former partner, Israel Aircraft Industries Ltd. (IAI).
The background to the dispute stretched back to the early 1990s. In 1992, BVR won its first contract to supply its Ehud ACMI System, a complete onboard real-time and post-flight combat training and debriefing system. The system was co-developed with IAI and was named after a pilot Ehud Falk, who died an aviation accident in 1988. “Falk worked for IAI and was a friend of the founders of BVR,” explains BVR president and CEO Ilan Gillies. “One of the motives behind the founding of the company was to prevent accidents of the type in which he and another pilot, Ram Coller were killed. Both pilots followed all the procedures yet their aircraft still collided mid-air. The system we have developed is meant to prevent such things happening.”
The Ehud system was developed by Tzidon, who then patented it. Under an agreement with IAI’s MLM Division, it was decided that MLM would develop the system’s avionic components. The cooperation between BVR and IAI went well for several years, with the two sides jointly winning a number of tenders for the provision of the Ehud system. But disagreements broke out in 1999, and these led in turn to a legal dispute. BVR claimed that IAI failed to comply with the terms of the agreement, while IAI attempted to prevent two former employees from joining BVR, claiming they had access to confidential information relating to the system.
The two sides eventually reached an original solution in 2001, by dividing up the system’s client countries between them and undertaking not to market the Ehud in regions controlled by the other partner. “There was a time when we argued with IAI over the product, but we now see it as a joint one,” sums up Gillies.
For a decade, BVR supplied advanced training and simulation systems, some of which were patented, but by the beginning of 2000, rival companies were already closing the gap. Caught unprepared for the increasing competition, BVR found itself in financial difficulties and was forced, on more than one occasion, into announcing a streamlining program. At the end of 2002, in an attempt to avoid lay-offs, it announced pay cuts of 2-12% for employees and management, but within less than three months it found itself having to make the first of three rounds of job cuts in 2003. In all, BVR fired 80 employees.
The financial crisis was exacerbated further by BVR’s failure to win a major tender for which it submitted a joint bid together Boeing (NYSE: BA) and which would have generated income totaling $40 million. The same year, BVR published a “going concern” warning as result of debts amounting to millions of dollars to banks and its parent Elisra. By this time, Koor was desperate for someone to come along and relieve it of the burden called BVR. The savior was none other than BVR founder Tzidon, who had sold his holdings to Elisra in 1999-2000 for $4.5-13 a share. In 2003, he acquired BVR stock at a price of $0.18 a share, reflecting a company value of only $1.9 million.
Tzidon also continued the streamlining program, firing half of the company’s workforce, which comprised 60 regular and another 30 external employees. He became company chairman and appointed Gillies, then BVR manager in Singapore, as CEO.
”Two years ago, the company was on the verge of closure. Since then we cut down our size, refocused, and changed our organizational structure, It’s taken time, but we’re now seeing the results,” Gillies told “Globes” several weeks ago, as BVR published its financial reports for 2005. Despite the loss in the fourth quarter of 2005, BVR managed to post its first annual net profit in seven years. Although it only reached the nominal sum of $120,000, the company is nevertheless encouraged by the improvement. It will publish its financial reports for the first quarter of 2006 towards the end of May.
In recent years, BVR has been developing what it describes as its flagship product, the “Embedded Virtual Avionics” system (EVA). Developed from its earlier product suite, the EVA is a virtual tactical simulation suite for trainer aircraft and operates through a form of plug and play mode, meaning that its capabilities are supported by one ground-based PC station. The EVA system was exhibited at the Singapore air show several months back, which means that it is still not available for commercial use. BVR is hoping that this product will enable it to capture the world, or at least, the training and simulation market.
Alongside this, the company is continuing to develop its older products. “To enable pilots to train with full confidence, an aircraft must carry the following three critical components,” explains Gillies. “It must have a simulation computer, a system for transmitting data via the network between the aircraft and the ground and other aircraft and navigation system. In addition, we have also developed plug and play systems, which can be integrated in the aircraft and are not location-dependent. This method was not commonly accepted practice when we first began offering our systems, but it is the standard today.”
Since 1995, BVR has offered an avionics simulation system, which is patented. How does it work? You take a trainer aircraft whose price and operating costs are cheap compared with those of fighter aircraft, and use the simulation system to upgrade its training capabilities to that of a fighter aircraft. “It was such an innovative idea when we first offered it, that we seriously thought of buying an aircraft and fitting it with the system to prove that it works,” recalls Gillies. BVR also began offering simulators for naval craft, which use the concept developed in the Ehud system for aircraft.
BVR currently employs 80 people, nearly all of whom are in Israel. The company’s headquarters and software team are located at Rosh Ha’ayin, with a small hardware development team in Ashdod. In January this year, it made the first ever acquisition when it bought US company Blue Ridge Simulations for $3 million in cash and $2 million in shares. “Our growth strategy is based on three elements,” says Gillies. “The first is organic growth, meaning company stability. The second is protecting our intellectual property rights and patents and registering new patents. The third is mergers and acquisitions.
"We realize that there are a lot of companies of BVR’s size, so our goal is to push back the boundaries imposed by our size. The Blue Ridge acquisition is not enough on its own to bring us to the size we are aiming for, so we will be continuing to look for other acquisition targets, although we don’t have anything specific in the pipeline at present.”
Globes: What has Blue Ridge given you?
Gillies:”Blue Ridge’s product suite complements our own. They are experts in radar-based simulation, but what is more important for us is the fact that Blue Ridge is a US company. Our sales, up to this point, have been to any country other than Israel or the US, although we did have a small amount of sales to US buyers, in cooperation with US companies. The demand in the US amounts to half the training and simulation market, and we are building on this acquisition to give us access to it. We are not engaging in any double dealing here, and we aim to comply with the regulations of the US Department of Defense.”
Anyone wondering how BVR will finance the acquisition of Blue Ridge, with only $3 million in cash and another $2.8 million in limited bank deposits, got the answer a month ago when a group of investors headed by former Eden Springs CEO Nir Dor, acquired a 17% stake in BVR for $3.6 million. BVR issued 20 million ordinary shares, which Dor bought at the market price of $0.18, the same price that Tzidon paid for his stock back in 2003. “The group joined us because it believes in BVR’s vision,” says Gillies. “I believe Nir can be of great help to the company, aside from the money. The group will not join BVR’s management but Nir is an excellent businessman who can put his advice and contacts to good use on our behalf.”
You aim to become a leading player in the training simulation market, but exactly how big is it?
BVR VP marketing Gilad Yavetz:” According to surveys carried out by research organizations, the training and simulation market reaches an annual total of $8 billion. Although we consider this to be a conservative estimate, we accept it. It includes everything related to training and simulation in all countries and in all related fields although it is a fairly segmented market and not all of it is applicable to us. We expect that 10,000 trainer aircraft will be build and upgraded in the next 10 years, which translates into potential revenue of hundreds of millions of dollars. This is just one of our growth engines and we also operate in other fields and have substantial growth potential.”
You noted that you don’t have any sales in Israel. Why is this?
Gillies:”We are not well known in the local sector, and in Israeli defense industries as a whole. This is because Israel relies on US aid and is required, under related agreements, to channel most of the budget for defense procurement into procurement from US companies. Another part of the defense budget is earmarked for salaries and pensions, which means the budget is in effect blocked. Any available funds are extremely limited and used to buy a range of products, usually ones that are more operational than ours. The expenditure on training and simulation in Israel is estimated at no more than $60-70 million, so BVR cannot rely on the Israeli market, which is small in comparison with our aims. We have set our sights on Europe and the US.”
Do you aim to meet the terms for listing on Nasdaq, rather than just the bulletin board?
”We are currently traded on the bulletin board. It was important that first we position our products and stabilize the company and only then start to think about what has to be done if we want to be traded on Nasdaq.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 11, 2006
http://www.globes.co.il/serveEN/globes/docView.asp?did=1000090824&fid=1724
Dubi
Like, me just keep my shares and hopefully add to them soon!
Have a great one Dubi!
Trisha,
I particularly liked the "The options are to be converted at prices of $0.36, $0.64 and $1 a share".
As to "but BVR is a very small company battling for a developing niche market so it is especially difficult to assess a company of this kind", i have assessed the company
months ago, and came to the conclusion that BVR was on the
verge of the turning point from a very small company to the becoming of a much bigger & and perhaps more importantly,
a profitable company.
Regards
Dubi
Dubi,
Thank you for the assesment!
That had some DD on your part and thank you for that!
BVR - the long wait
Timing an entry into BVR is tricky.
Shlomo Greenberg
Last Thursday, BVR Systems (OTC BB:BVRSF.OB) announced that a group of investors headed by Nir Dor paid $3.6 million for 20,000 shares, which will give the group a 17% share in the company at a price of $0.18 a share. This, so it would appear, has been the share price for quite some time. BVR also sweetened the Dor Group share acquisition by throwing in $18 million in three levels of convertible options to exercisable within three years. The agreement details a mechanism that will require the new investors to exercise the options at different times. The options are to be converted at prices of $0.36, $0.64 and $1 a share.
The dilemma arises when the investor who has no shares in BVR but is nevertheless eager to get hold of the stock, has to decide exactly when to make his entry. It is assumed that new investors get a good deal, since not only do they enter at market prices (and sometimes even less) but they also come away with options which, should the plan succeed, will enable them to take over the company at a good price and make a tidy profit into the bargain.
By the end of last Monday, BVR has risen 20% or $0.05 on Thursday’s price. A week earlier, the company posted its results for 2005 which revealed that last year indeed was a turning point. Sales rose 51.3% to $19.2 million, while profit totaled $121,000, against a loss of $1.2 million in 2004. Results like these require accurate estimates on the part of investors who need to gauge the stock’s progress if they want to see a profit on their investment
This begs the question as to why investors should be entering at bargain basement prices if things are so good? Could the real reason for the price be the acquisition of US company Blue Ridge, which BVR has committed itself to? Having said this, the investor group will have certainly checked out BVR’s real value before they dug into their pockets and came up with $3.6 million in cash. That says it all, does it not?
I quoted the case of BVR, solely because this was the deal that I knew about. I wanted to highlight the problems investors face but BVR is a very small company battling for a developing niche market so it is especially difficult to assess a company of this kind.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000076275&fid=1052
Dubi
BVRSF: Volume Spike; 31% > 20-adsv, Stock +15.38%
Monday , March 27, 2006 10:06 ET
This is the 1st VOLUME alert for BVRSF in the past 7 calendar days.
Trading for BVR Systems Ltd (OTCBB: BVRSF) has been heavier than usual in today's session. By 10:05 ET, the stock had already traded 248,100 shares via 21 trades. The cumulative volume is 31.09% above its 20-day average of 189,256. Normally the stock experiences around 5 individual trades per session.
So far, today's volume surge has caused a net rise in BVRSF's stock price. At the time of this alert, the stock was trading at $0.300, up $0.040 (+15.38%).
One year ago, the Company's shares closed at $0.210. The price has gained more than 42 percent since then.
Over the last 10 trading session BVRSF has traded in a range between $0.175 and $0.310 and is currently trading 3.23% below its 52-week high of $0.310 set on March 24,2006 and 150.00% above its 52-week low of $0.120 from January 31,2006
http://www.knobias.com/individual/public/news.htm?eid=3.1.4f9836d4aa28b92823fe341478b8a0d5a6aab69005...
Dubi
BVRSF .31 resistence two days in a row. Tommorow we break it
Moving this morning........ up $0.04 and looks we could get to $0.35 soon.
Read-Me-First
BVR Systems to Acquire Blue Ridge Simulation, Inc. (BRS), a Leading US Supplier of High-Performance Radar Simulators
(#msg-9821874)
BVR Systems (1998) Ltd. Reports First Yearly Net Profit in Seven Years in Year End Results for 2005
(#msg-10017329)
15 Israeli companies to take part in Chilean aerospace fair
The fair will open on March 27 and last through April 2.
(#msg-10122177)
US official: Long way to go on arms export controls
(#msg-10127998)
BVR Systems raises $3.6m
A group led by investor Nir Dor purchased 17% of shares
(#msg-10265604)
Bill gives assist to US-Israel HLS cooperation
The congressional bill will name Israel and several other countries as US allies in homeland security
(#msg-10283973)
Dubi
Way to go, Larry!
A laughing eye, a crying eye <g>
I am hanging on longer for my target price
to be met. In this case, i am pretty confident
patience will pay, but of course locking profits
is sensible.
GLTY,
Dubi
ALL OUT ( BVRSF ) $.31 from .19 & .195 >>
+ $1,486.90
09/16/2005 15:38:33 Bought 5000 BVRSF @ 0.19 -960.99 ---
02/22/2006 10:35:32 Bought 8000 BVRSF @ 0.195 -1,570.99 ---
03/24/2006 11:21:36 Sold 2000 BVRSF @ 0.31 608.99 ---
03/24/2006 11:23:54 Sold 11000 BVRSF @ 0.31 3,409.89
Note **
I will buy it back on ANY GOOD Pullback .... !!!
Friday , March 24, 2006 10:56 ET
This is the 2nd 52 WEEK HIGH alert for BVRSF in the past 7 calendar days.
The share price for BVR Systems Ltd (OTCBB: BVRSF) reached a new 52-week high today, trading at $0.240, up $0.015 (6.67%) from its previous close of $0.225.
The Company's previous 52-week high of $0.225 was set yesterday on March 23, 2006.
One year ago, the Company's shares closed at $0.210. The price has climbed more than 14 percent since then.
At the time of this alert, the stock had traded 85,500 shares via 2 trades, 49.63% below it's 20day average of 169,736 shares.
This new 52-week high currently puts the stock:
28.03% above its 20day Moving Average of $0.187
33.21% above its 50day Moving Average of $0.180
31.42% above its 100day Moving Average of $0.183
The Company last released news on March 21, 2006:
"BVR Systems (1998) Ltd. Reports an Investment of $3.6 Million in the Share Capital of the Company"
http://www.knobias.com/individual/public/news.htm?eid=3.1.efee4d85f4c53e5e9c765a186ac09c040553468a68...
Dubi
Thursday , March 23, 2006 16:16 ET
This is the 1st 52 WEEK HIGH alert for BVRSF in the past 7 calendar days.
The share price for BVR Systems Ltd (OTCBB: BVRSF) reached a new 52-week high today, trading at $0.225, up $0.030 (15.38%) from its previous close of $0.195.
The Company's previous 52-week high of $0.220 was set 171 days ago on October 03, 2005.
One year ago, the Company's shares closed at $0.200. The price has climbed more than 12 percent since then.
At the time of this alert, the stock had traded 1,720,800 shares via 20 trades, 1953.80% above it's 20day average of 83,786 shares.
This new 52-week high currently puts the stock:
21.69% above its 20day Moving Average of $0.185
25.45% above its 50day Moving Average of $0.179
23.38% above its 100day Moving Average of $0.182
The Company last released news on March 21, 2006:
"BVR Systems (1998) Ltd. Reports an Investment of $3.6 Million in the Share Capital of the Company"
Dubi
BVR at 28 cents, nice.
Saturday night fever/Grease coming up
Dubi
We have a date then?
Great Day to you Dubi!
Trisha,
This is just the 'warming session' ...
The real break-a-leg dance is yet to
come
:)
Regards,
Dubi
I hope so ... Pretty good Volume .....
Dubi says we are movin right along!
Hold tight!
Are we UP, Trisha .... ??
Greedy is a think...Right?
Trisha,
Lol, i forgot you have some stake here.
Larry is a certified successful trader,
i am in for the longer haul, and in this
specific case do not bank on being humble.
In this case i want to be greedy.
:)
Dubi
Dubi,
Is it hard to be humble?
; )
First time for me to want to dance!
Lots rock - lets roll...
I know, doesn't take much to make me smile : )))
Don't be tempted to sell with a small gain,
i am pretty confident BVR is going places.
JMHO
GLTY
Dubi
Was getting close to alerting you of the same, Dubi ... Good luck to US ALL ...
Finally, some real signs of life. See the volume ?
over 1 million shares traded already.
Dubi
BVR Systems raises $3.6m
A group led by investor Nir Dor purchased 17% of shares.
Globes correspondent 21 Mar 06 12:35
Military training and simulation systems developer BVR Systems (1998) Ltd. (OTCBB: BVRSF.OB), today announced the investment of $3.6 million in a private placement to an Israeli partnership led by Nir Dor.
In return for the investment, BVR will issue 20,000,000 ordinary shares with nominal value of NIS 1.00 per share, representing approximately 17% of the issued share capital of the company, at a price per share of $0.18.
In addition, the company has issued to the purchaser three warrants each for the purchase of 6,000,000 ordinary shares with a nominal value of NIS 1.00 each, with exercise prices of $0.36, $0.54 and $1.00, exercisable for a period of three years.
Published by Globes [online], Israel business news - www.globes.co.il - on March 21, 2006
Dubi
Now BVR will have the sufficient funds to proceed
with the purchase of Blue Ridge Simulation, Inc.
(#msg-9822335).
Dubi
BVR Systems (1998) Ltd. Reports an Investment of $3.6 Million in the Share Capital of the Company
Tuesday March 21, 3:42 am ET
ROSH HA'AYIN, Israel, March 21 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTCBB: BVRSF.OB - News), a diversified world leader in advanced military training and simulation systems, today announced the investment of $3.6 million in the share capital of the Company in consideration for the issuance of 20,000,000 Ordinary Shares nominal value NIS 1.00 each of the Company, representing approximately 17% of the issued share capital of the Company, at a price per share of $0.18. The purchaser is an Israeli limited partnership led by Mr. Nir Dor.
In addition, the Company has issued to the purchaser three warrants each for the purchase of 6,000,000 Ordinary Shares nominal value NIS 1.00 each of the Company, with exercise prices of $0.36, $0.54 and $1.00, exercisable for a period of three years, with a mandatory exercise mechanism under certain conditions.
"We are excited with this major investment, which expresses confidence in BVR's vision, in the implementation of our strategy and in our ability to create value for our investors". "We are fully committed to achieve these goals" said BVR's Chairman Aviv Tzidon.
For more information visit the Company's web site at http://www.bvrsystems.com
http://biz.yahoo.com/prnews/060321/uktu002.html?.v=53
Dubi
US official: Long way to go on arms export controls
Undersecretary of Commerce for Industry and Security David McCormick: Israel is only beginning implementation.
Hadas Manor 12 Mar 06 15:38
Israel is only at the preliminary stages of implementing an arms exports control program, and still has a long way to go, says US Undersecretary of Commerce for Industry and Security David H. McCormick, who is visiting Israel. He said proper arms exports controls were an important national interest of both Israel and the US, and were also an important Israeli economic interest, in order to reduce the vulnerability of high-tech companies that export dual-use products.
McCormick met senior Israeli defense officials, SIBAT - Foreign Defense Assistance and Defense Export Organization director general Gen. (Ret.) Yosi Ben-Hanan, Ministry of Industry, Trade and Labor director general Raanan Dinur, and the heads of high-tech and arms exporters.
This is McCormick’s first visit to Israel since taking up his post in October, after an Israeli arms exports control agreement was arranged, which was intended to settle a bitter dispute between the US and Israel that erupted over Israel’s deal to upgrade Harpy unmanned aerial vehicles (UAV) for China.
As the senior partner on US supervision of Israeli defense exports, McCormick said openly for the first time, “Israel is only at the preliminary stages of implementing controls. At present, it has a well-defined plan and strong commitment, which it is starting to implement.”
In response to a question whether the arms control crisis was over, McCormick replied, “This was a difficult and significant subject for both countries. The challenge now is implementing the plan, and success will be measured on the basis of implementation. There is unquestionably a lot of willingness and goodwill on the Israeli side, and we’ll want to help. But there is also no doubt that implementing such a regime is no easy challenge.”
McCormick called his talks in Israel, “an ongoing process for developing export controls that not only focuses on defense products, but also on dual use products.” He said that, as the products were advanced technologically, the more the US feared that dangerous products would reach the hands of “bad guys” - Iran or terrorist groups.
McCormick said the US was offering aid for implementing arms exports controls included American experts who “will shows Israelis how to develop control regulations”, as well as additional aspects of its experience with other countries.
McCormick said defense exports controls were also important economically, by limiting the vulnerability of Israeli industry. “Israel has developed an advanced high-tech industry, and the more progress it makes, discussion on exports will move ahead. The more confidence we have that these technologies will be used for civilian needs and reach the right users, we can move ahead on bilateral economic cooperation.” He said this was the main message he was carrying from the US administration on this visit.
Published by Globes [online], Israel business news - www.globes.co.il - on March 12, 2006
http://www.globes.co.il/serveen/globes/docview.asp?did=1000070379&fid=942
In the full Hebrew printed version there is an additional
paragraph:
In a meeting with chiefs of defense companies:Tadiran, ELST,
ELTA, REFAEL, ORBIT, GILAT, MAGS, DFNS BVR, NSTC
McCormick said:"These are also companies which suffered
and were hurt by the limitations/controls imposed on arms export.
We takes measures in facilitating/expediting them
to obtain export permits, and hear from them about their frustrations".
From my impressions the opening of 'bottlenecks' will occur,
albeit slowly, gradually and conditionally.
The first impact, imho is the sudden interest in DFNS, BVRSF
and some other related companies late Friday.
Dubi
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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.
Address:
16 Hamelacha Street
Park Afek
Rosh Ha'ayin, 48091
Israel
Website: http://www.bvrsystems.com
Phone: 972-3-900-8000
Read-Me-First
(#msg-10348874)
Israel Economics:
(#board-3606)
This is the iHub Message Board about BVRSF -- B.V.R. Systems (1998) Ltd. where you can discuss the future prospects of the company and share information about it with others. This board is not connected in any way with the company, and any messages are solely the opinion and responsibility of the poster
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