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Elbit Systems Reports Fourth Quarter and Full Year Results for 200516 March 2006
Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT), the international defense electronics company, today reported its consolidated results for the fourth quarter and year-ended December 31, 2005.
The Company's backlog of orders as of December 31, 2005 reached $3.35 billion, as compared to $2.15 billion at the end of 2004. 72% of the backlog relates to orders outside of Israel. Approximately 65% of the Company's backlog as of December 31, 2005 is scheduled to be performed during 2006 and 2007.
Consolidated revenues for the year ended December 31, 2005 increased by 13.8% to $1,070 million, as compared to $940 million in 2004.
Consolidated revenues for the fourth quarter of 2004 increased by 18.8% to $321.8 million, as compared to $270.8 million in the corresponding quarter of 2004.
Impact on 2005 results. As previously reported, the Company's 2005 financial results were expected to be effected by the acquisition of 40% of the shares of Tadiran Communications Ltd. ("Tadiran"), which were purchased in several stages in the fourth quarter of 2004 and during 2005, and by the purchase of 70% of the shares of Elisra Electronic Systems Ltd. ("Elisra") in the fourth quarter of 2005. As a result of the above purchases the Company recorded one-time In-Process R&D ("IPR&D") and one-time write-offs related to the acquisitions. The effects of the Tadiran transactions are recorded as part of the Company's earnings from affiliated companies in its income statement. In addition, the Company's net earnings were affected by $5.4 million of value impairment recorded with respect to its holdings in ImageSat International N.V. ("ISI"), which is included in the Company's other expenses.
Reported consolidated net earnings for the year ended December 31, 2005 were $32.5 million, as compared to $51.9 million in 2004. Reported diluted earnings per share ("EPS") in 2005 were $0.78, as compared to $1.26 in 2004.
Excluding one-time IPR&D and other one-time expenses and write-offs related to the purchase of the Tadiran and Elisra shares, the Company's net income in 2005 was $51.1 million, and the diluted EPS was $1.23, as compared to net income of $52.9 million and diluted EPS of $1.29 in 2004.
Reported consolidated net loss for the fourth quarter of 2005 was $5.7 million, as compared to net income of $13 million in the same period of 2004. Reported diluted EPS for the fourth quarter of 2005 was $(0.14), as compared to $0.31 for the fourth quarter of 2004.
Excluding one-time IPR&D and other one-time expenses and write-offs related to the purchase of the Tadiran and Elisra shares, the Company's net income in the fourth quarter of 2005 was $7.6 million, and the diluted EPS was $0.18.
Gross profit for the year ended December 31, 2005 was $279.8 million, as compared to gross profit of $250.3 million in 2004, and the gross profit margin in 2005 was 26.1%, as compared to 26.6% in 2004.
Excluding one-time restructuring expenses related to the purchase of Elisra, the Company's gross profit in 2005 was $283.3 million, and the gross profit margin was 26.5%.
Gross profit for the fourth quarter of 2005 was $78.5 million, as compared to gross profit of $72.6 million in the fourth quarter of 2004, and the gross profit margin in the fourth quarter of 2005 was 24.4%, as compared to 26.8% in the fourth quarter of 2004.
Excluding one-time restructuring expenses related to the purchase of Elisra, the Company's gross profit in the fourth quarter of 2005 was $81.9 million, and the gross profit margin was 25.5%.
Operating cash flow produced by the Company in 2005 was $187.6 million, as compared to $81.5 in 2004.
The President and CEO of Elbit Systems, Joseph Ackerman, commented: "2005 was a very significant year for the Elbit Systems Group, both operationally and strategically. Operationally we achieved unprecedented growth in revenues, backlog of orders and cash flow. On the strategic level we completed the acquisitions of controlling interests in both Elisra and Tadiran Communications, creating the largest defense group in Israel. These important complementary additions to our Group enable us to expand even further our portfolio of advanced defense electronics systems and solutions for our customers worldwide, enhancing our competitive position in the international market. The process of implementing the new synergies within the Group companies has already begun, and we believe both acquisitions will be accretive. We intend to continue to invest in the development of new technologies and markets and to execute our long-term plan of profitable organic growth, while pursuing our acquisition strategy in Israel and globally."
The Board of Directors has declared a dividend of $0.14 per share for the fourth quarter of 2005. The dividend will be paid on April 10, 2006, net of taxes and levies, at the rate of 22.1%. The record date of the dividend is March 28, 2006.
Conference Call
The Company will be hosting a conference call on Wednesday, March 15, at 10.00am EST.
To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 5 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: +1-866-744-5399
UK Dial-in Number: 0-800-917-5108
ISRAEL Dial-in Number: 03-918-0609
INTERNATIONAL Dial-in Number: +972-3-918-0609
At:
10:00am Eastern Standard Time
7:00am Pacific Standard Time
3:00pm Greenwich Mean Time
5:00pm Israel Time
This call will be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends, and will be available online for 30 days.
Alternatively, for two days following the end of the call, investors will be able to dial a replay number to listen to the call. The dial-in number is either: +1-888-269-0005 (US) 0-800-917-4256 (UK) or +972-3-925-5945 (Israel and International).
About Elbit Systems Ltd.
Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of defense-related programs throughout the world. The Elbit Systems Group, which includes the company and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence, surveillance and reconnaissance ("C4ISR"), advanced electro-optic and space technologies, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and equipment. The Group also focuses on the upgrading of existing military platforms and developing new technologies for defense and homeland security applications.
Company Contact:
Ilan Pacholder
V.P. Finance & Capital Markets
Corporate Secretary
Elbit Systems Ltd.
Tel: +972-4-831-6632
Fax: +972-4-831-6659
IR Contact:
Ehud Helft/Kenny Green
Gelbart Kahana
Tel: 1-866-704-6710
Fax: +972-3-607-4711
E-mail: Kenny@gk-biz.com
E-mail: Ehud@gk-biz.com
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousand of US Dollars)
December 31 December 31
2005 2004*
Audited Audited
Assets
Current Assets:
Cash and short term deposits 94,629 34,847
Trade receivable and others 416,067 266,610
Inventories, net of advances 328,428 248,041
Total current assets 839,124 549,498
Affiliated Companies & other Investments 201,339 59,618
Long-term receivables & others 151,557 85,100
Fixed Assets, net 284,997 244,288
Other assets, net 142,728 95,987
1,619,745 1,034,491
Liabilities and Shareholder's Equity
Current liabilities 612,168 376,157
Long-term liabilities 543,893 221,810
Minority Interest 12,907 4,340
Shareholder's equity 450,777 432,184
1,619,745 1,034,491
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousand of US Dollars, except for per share amounts)
For the Year Ended Three Months Ended
December 31 December 31
2005 2004* 2005 2004*
Audited Unaudited
Revenues 1,069,876 939,925 321,760 270,775
Cost of revenues 786,616 689,826 239,836 198,198
Restructuirng expenses 3,488 - 3,488 -
Gross Profit 279,772 250,299 78,446 72,577
Research and development, net 71,903 66,846 18,460 23,277
Marketing and selling 78,648 69,912 23,953 19,190
General and administrative 54,417 47,832 16,155 12,876
IPR&D write-off 7,490 - 7,490 -
Total operating expenses 212,458 184,590 66,058 55,343
Operating income 67,314 65,709 12,388 17,234
Financial expenses, net (11,472) (5,852) (5,199) (2,974)
Other income (expenses), net (5,326) 770 (5,134) 831
Income before income taxes 50,516 60,627 2,055 15,091
Provisions for income taxes 16,335 15,219 4,046 3,507
34,181 45,408 (1,991) 11,584
Equity in net earnings (losses) of
affiliated companies and
partnership ** (1,636) 6,645 (2,974) 2,059
Minority rights (58) (180) (710) (639)
Net income 32,487 51,873 (5,675) 13,005
Earnings per share
Basic net earnings per share 0.80 1.30 (0.14) 0.32
Diluted net earnings per share 0.78 1.26 (0.14) 0.31
* Adjusted due to the Tadiran share purchase transaction
** Includes IPR&D write-off of $8,500 in 2005
Source: prnewswire
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