Scitex (SCIX)

[midastouch017]

Scitex Announces Second Quarter 2005 Results
Monday August 8, 6:00 pm ET
Scitex Vision Achieved Record Quarterly Revenues of $37.7 Million
Scitex Achieved Quarterly Net Income of $2.8 Million


TEL AVIV, Israel, August 8 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX; TASE: SCIX) today announced financial results for the second quarter ended June 30, 2005.
Results of Operations

For the second quarter of 2005, revenues were $37.7 million, an increase of 22% from $30.8 million in the second quarter of 2004. The Company had operating income for the quarter of $1.3 million, compared to operating income of $0.2 million for the second quarter of 2004. The net income reported by Scitex for the second quarter of 2005 amounted to $2.8 million compared to a net loss of $1.2 million in the second quarter of 2004.

Balance Sheet and Cash Flow

On a consolidated basis, cash, cash equivalents and short-term investments at the end of the second quarter of 2005 were $141.0 million. This excludes restricted deposits of $13.0 million at Scitex Vision and $5.0 million retained in a custodial account in connection with the sale by Scitex of the operations of Scitex Digital Printing, and compares to $141.5 million at the end of the first quarter of 2005. Cash, cash equivalents and short-term investments at the end of the second quarter of 2005 held only by Scitex Corporation and its wholly-owned subsidiaries amounted to $136 million (excluding the above-described $5.0 million retained in a custodial account).

Trade receivables increased to $35.3 million at the end of the second quarter from $32.8 million as of the end of the previous quarter due to increased business activities. However, inventory decreased to $39.3 million from $40.4 million as of the end of the previous quarter.

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