MIGDAL HA'EMEK, Israel, February 28 /PRNewswire-FirstCall/ --
ACS Motion Control Ltd., (NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer and manufacturer of advanced motion control products, today reports 2006 fourth quarter and year end results.
Revenues for fiscal year 2006 were $13,503,000, an increase of 18% from the $11,428,000 revenues reported in 2005. Revenues for the fourth quarter of 2006 were $2,947,000, compared to $2,906,000 revenues reported in the fourth quarter of 2005.
Net income in 2006 was $1,537,000, or $0.48 per share, compared to $974,000 net income, or $0.32 per share in 2005. Net income for the fourth quarter of 2006 was $120,000, or $0.04 per share, compared to $324,000 net income, or $0.11 per share in the fourth quarter of 2005.
Based on current market conditions and the loss of a major application which has been previously reported, it is expected that revenues in 2007 will be lower by 15% to 23% lower than the revenues in 2006 with approximately break even net income.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit additional personnel.
Contact: Dorit Ringelstein, VP Finance, ACS Motion Control Ltd. +972-4-654-6440
Consolidated Statements of Operations
Three months ended Year ended
December 31, December 31,
2006 2005 2006 2005
Consolidated
U.S. Dollars in thousands, except per
share data
Revenues 2,947 2,906 13,503 11,428
Cost of revenues 1,507 1,546 6,877 5,657
Gross profit 1,440 1,360 6,626 5,771
Research and development costs
Costs incurred 597 437 2,065 1,629
Less-grants received (116) - (340) (17)
Net research and development 481 437 1,725 1,612
costs
Selling and marketing expenses 469 407 1,783 1,553
General and administrative 413 368 1,675 1,584
expenses
Total operating costs 1,363 1,212 5,183 4,749
Operating income 77 148 1,443 1,022
Financing income, net 51 26 167 12
Other income (expenses) (9) 1 (9) 4
Income before taxes on income 119 175 1,601 1,038
Tax benefit (income taxes) 1 149 (64) (64)
Net income 120 324 1,537 974
Earnings per Ordinary Share
in U.S. dollars
Basic 0.04 0.11 0.48 0.32
Weighted average number Shares
used
in computation of earnings per
share
Basic - in thousands 3,266 3,085 3,207 3,079
Consolidated Balance Sheets
December 31,
2006 2005
Consolidated
U.S. Dollars in
thousands
ASSETS
Current assets
Cash and cash equivalents 3,042 1,641
Short-term marketable securities - 511
Marketable debt securities 2,619 724
Trade receivables, net 2,335 2,517
Inventories 3,658 2,833
Other 485 330
Total current assets 12,139 8,556
Long-term assets
Deferred income taxes 110 121
Marketable debt securities 1,933 2,201
Investment in other company 1,002 1,218
Other long-term assets 104 120
Total long-term assets 3,149 3,660
Property and equipment
Cost 3,648 3,465
Less - accumulated depreciation (3,160) (2,810)
488 655
Total Assets 15,776 12,871
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 1,440 1,118
Accounts payable and accruals 1,226 1,030
Total current liabilities 2,666 2,148
Long-term liabilities
Accrued severance pay, net 202 134
Total long-term liabilities 202 134
Total liabilities 2,868 2,282
Shareholders' equity
Share capital - Ordinary Shares of
NIS 0.01 par value
Authorized - 8,000,000 shares as of
December 31, 2006 and 2005;
Issued - 3,266,752 and 3,113,577
shares as of December 31, 2006 and
2005, respectively; Outstanding -
3,266,751 and 3,088,776 shares as of
December 31, 2006 and
2005, respectively 10 10
Treasury stock (1 share as of
December 31, 2006 and
24,801 shares as of
December 31, 2005) (150) (346)
Additional paid-in capital 7,329 6,743
Retained earnings 5,719 4,182
Total Shareholders' equity 12,908 10,589
Total Liabilities and Shareholders' equity 15,776 12,871
Net Tangible Assets 12,908 10,589
DATASOURCE: ACS Motion Control
CONTACT: Contact: Dorit Ringelstein, VP Finance, ACS Motion Control
Ltd., +972-4-654-6440