Followers | 145 |
Posts | 27566 |
Boards Moderated | 3 |
Alias Born | 02/07/2004 |
Tuesday, August 14, 2007 4:27:15 AM
Tuesday August 14, 3:56 am ET
Backlog of Orders at Record $4.2bn
Revenues Reached Record $468m, Up 36% Year-Over-Year
Cash Flow of $130 Million for First Six Months, Up 24% Year-Over-Year
HAIFA, Israel, August 14 /PRNewswire-FirstCall/ -- Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT - News), the international defense company, today reported its consolidated results for the second quarter ended June 30, 2007.
Completion of Acquisition of Tadiran Communications. On April 26, 2007, the Company completed the acquisition of the outstanding shares of Tadiran Communications Ltd. ("Tadiran"). Following the acquisition, the Company fully consolidated the results of Tadiran. On July 12, 2007, the Company reported that it anticipated the acquisition related expenses in the second quarter to be within a range of $25 - 30 million. The Company recorded $27.1 million in expenses in relation to the acquisition as follows: In-Process Research & Development ("IPR&D") write-off of $16.6 million recorded under operating expenses, and restructuring expenses of $10.5 million recorded under cost of good sold.
Backlog of orders as of June 30, 2007 reached a record $4,196 million, compared with $3,786 million as of December 31, 2006. 73% of the backlog is for sales outside Israel, and approximately 61% of the backlog is scheduled to be performed by the end of 2008. The majority of the balance is scheduled to be performed in 2009 and 2010.
Consolidated revenues for the second quarter of 2007 increased by 36% to $468.2 million, from $344.8 million in the second quarter of 2006.
Reported gross profit for the second quarter of 2007 increased by 30% to $116.5 million (24.9% of revenues), as compared with gross profit of $89.6 million (26.0% of revenues) in the second quarter of 2006. Gross profit for the quarter included the $10.5 million restructuring charge relating to the completed acquisition of Tadiran. Excluding this charge, gross profit in the second quarter of 2007 increased by 42% to $127.0 million (27.1% of revenues).
Reported consolidated net loss for the second quarter of 2007, including the $27.1 million ($24.4 million net) in expenses recorded in relation with the completed acquisition of Tadiran, was $0.7 million, compared with a net income of $15.1 million (4.4% of revenues) in the second quarter of 2006. Loss per diluted share for the second quarter of 2007 was $0.02, as compared with earnings per diluted share of $0.36 for the second quarter of 2006. Consolidated net income for the second quarter of 2007, excluding the IPR&D write-off and restructuring expenses was $23.7 million, or $0.56 per diluted share.
Operating Cash flow generated during the first six months of the year reached a record $129.7 million.
The President and CEO of Elbit Systems, Joseph Ackerman, commented: "We are pleased to report another quarter of growth that is highlighted by record backlog and cash flow. I would like to underline our organic growth that amounted to more than 20% and made a substantial contribution to our overall growth of 36% following the acquisition of Tadiran. We have found that Tadiran has highly professional and talented employees, advanced technologies and a strong presence in the worldwide market. We believe the combined company will quickly evolve into a world leader in the areas of ground systems, communications and C4I. Together with our integration of Tadiran, and based upon the Group's highly qualified and dedicated personnel, strong global presence, growing backlog, continued investment in R&D and solid cash flow, we are confident of our continued success for the future".
The Board of Directors declared a dividend of $0.16 per share for the second quarter of 2007. The dividend's record date is August 28, 2007, and the dividend will be paid on September 10, 2007, net of taxes and levies, at the rate of 16.6%.
http://biz.yahoo.com/prnews/070814/uktu013.html?.v=101
Recent ESLT News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 10:05:18 AM
- Elbit Systems Awarded Approximately $53 Million Contract to Supply Crossbow Unmanned Turreted Mortar Systems for a European Customer • PR Newswire (US) • 05/08/2024 06:43:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/06/2024 10:02:20 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/06/2024 10:01:04 AM
- Elbit Systems Schedules First Quarter 2024 Results Release For May 28, 2024 • PR Newswire (US) • 05/06/2024 06:58:00 AM
- Elbit Systems Awarded $37 Million Contract to Supply Iron Fist APS for Upgrading U.S. Army's Bradley IFVs • PR Newswire (US) • 05/05/2024 06:34:00 AM
- Elbit Systems Awarded Approximately $50 Million Contract for a New Air Defense System by an International Customer • PR Newswire (US) • 04/30/2024 06:55:00 AM
- Elbit Systems Announces a Postponement of its Extraordinary General Meeting of Shareholders • PR Newswire (US) • 04/17/2024 05:55:00 PM
- Elbit Systems Announces Amendment to the Company's Proxy Statement • PR Newswire (US) • 04/01/2024 08:38:00 AM
- Elbit Systems Announces the Filing of its Annual Report on Form 20-F for Fiscal Year 2023 • PR Newswire (US) • 03/28/2024 12:34:00 PM
- U.S. Index Futures on the Rise, Oil Prices Show Stability • IH Market News • 03/26/2024 11:21:42 AM
- ELBIT SYSTEMS REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS • PR Newswire (US) • 03/26/2024 08:39:00 AM
- Elbit Systems Awarded Approximately $300 Million Contract to Supply Defense Solutions for an International Customer • PR Newswire (US) • 03/25/2024 09:24:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 03/05/2024 11:00:51 AM
- Elbit Systems Reports Impact on its Fourth Quarter 2023 Financial Results Due to Non-Cash Expenses • PR Newswire (US) • 03/05/2024 08:43:00 AM
- Collins Elbit Vision Systems delivers 3,000th F-35 Gen III Helmet Mounted Display System to the Joint Strike Fighter • PR Newswire (US) • 02/26/2024 02:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/26/2024 11:01:02 AM
- Elbit Systems Awarded an Approximately $600 Million Contract to Supply Systems for the Redback IFV Under the Australian Land 400 Phase 3 Project • PR Newswire (US) • 02/26/2024 08:23:00 AM
- Elbit Systems Schedules Fourth Quarter & Full Year 2023 Results Release for March 26, 2024 • PR Newswire (US) • 02/26/2024 08:06:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/21/2024 11:09:37 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/20/2024 11:02:50 AM
- Elbit Systems Awarded a $300 Million Contract to Supply Armored Vehicle Systems to a European Customer • PR Newswire (US) • 02/20/2024 07:33:00 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 08:09:01 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/18/2023 11:03:51 AM
- Elbit Systems Awarded Contracts from the Israel Ministry Of Defense in an Aggregate Material Amount • PR Newswire (US) • 12/18/2023 09:06:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM