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BVR Systems (1998) Ltd. Reports First Quarter 2009 Results
May 26, 2009 7:00:00 AM


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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: [phone]

SOURCE BVR Systems (1998) Ltd.



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Contacts: Ilan Gillies
CEO
BVR Systems (1998) Ltd.
Tel: [phone]