MIGDAL HA'EMEK, Israel, July 31 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., (NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer and manufacturer of advanced motion control products, reports second quarter revenues and earnings.
Revenues for the second quarter of 2006 were $3,822,000, compared to $2,846,000 revenues reported in the second quarter of 2005, and $3,801,000 revenues reported for the first quarter of 2006. Revenues for the first six months of 2006 were $7,623,000 compared to $5,349,000 revenues reported in the first six months of 2005.
Operating income for the second quarter of 2006 was $550,000, compared to $319,000 in the second quarter of 2005, and $589,000 in the first quarter of 2006. Operating income for the first six months of 2006 was $1,139,000, compared to $347,000 in the first six months of 2005.
Net income for the second quarter of 2006 was $522,000, or $0.16 per share, compared to $145,000 net income, or $0.05 per share in the second quarter of 2005, and $624,000 net income, or $0.20 per share in the first quarter of 2006. Net income for the first six months of 2006 was $1,146,000, or $0.36 per share, compared to $185,000 net income, or $0.06 per share reported in the first six months of 2005.
The company completed the second quarter of 2006 with cash, cash equivalents, marketable securities and long-term debt securities of approximately $6.7 million, compared to $4.3 million at the end of the second quarter of 2005.
Investment in Netzer Precision motion Sensors Ltd. - Netzer sold part of its assets for cash, part of which was received and part of which is due in future installments subject to some performance based conditions. Part of the first installment received was distributed to the shareholders as dividends. All future proceeds from this transaction are expected to be distributed to the shareholders. The company has received $196,000 in cash and reduced the "Investment in other company" item in the balance sheet by an equal amount.
Based on current slower market conditions and the loss of a major application which was reported on June 26, it is expected that revenues in the second half of 2006 will be between $5.6 million to $6 million.
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:
Ze'ev Kirshenboim, CEO, ACS Motion Control Ltd. (+972-4-654-6440) 2006, Q2 Six months ended Three months ended Year ended
Consolidated
Statements of
Operations
June 30, June 30, December
31,
2006 2005 2006 2005 2005 Consolidated
U.S. Dollars in thousands Revenues 7,623 5,349 3,822 2,846 11,428 Cost of 3,906 2,629 2,050 1,348 5,657
revenues Gross profit 3,717 2,720 1,772 1,498 5,771
Research and
development
costs
Costs incurred 974 818 474 410 1,629
Less-grants (110) - (110) - (17)
received
Net research 864 818 364 410 1,612
and development
costs Selling, 1,714 1,555 858 769 3,137
general and
administrative
expenses, net
Total operating 2,578 2,373 1,222 1,179 4,749
costs Operating 1,139 347 550 319 1,022
income
Financing 59 (23) (5) (57) 12
income
(expenses), net
Other income - (1) - - 4
(expenses), net
Income before 1,198 323 545 262 1,038
taxes on income
Taxes on income (52) (138) (23) (117) (64) Net income 1,146 185 522 145 974 Earnings per
Share - in U.S. Dollars
Basic net 0.36 0.06 0.16 0.05 0.32
earnings per
share Weighted
average number
of Shares
outstanding
Basic - in 3,156 3,077 3,223 3,077 3,078
thousands
2006, Q2 June 30, December
Consolidated 31,
Balance Sheets
2006 2005 2005 Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash 1,926 1,898 1,641
equivalents
Short-term - 294 511
marketable
securities
Marketable debt 1,696 - 724
securities
Trade receivables, 3,339 1,883 2,517
net
Inventories 3,110 3,049 2,833
Other 637 430 330
Total current 10,708 7,554 8,556
assets Long-term assets
Deferred income 121 133 121
taxes
Marketable debt 3,100 2,155 2,201
securities
Investment in 1,020 1,218 1,218
other company
Long-term assets 89 105 120
4,330 3,611 3,660 Property and
equipment
Cost 3,588 3,508 3,465
Less - accumulated (2,979) (2,680) (2,810)
depreciation
609 828 655
Total assets 15,647 11,993 12,871 LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current
liabilities
Trade payables 1,824 1,004 1,118
Other 1,165 1,082 1,030
Total current 2,989 2,086 2,148
liabilities Long-term
liabilities
Accrued severance 175 137 134
pay, net
Total long-term 175 137 134
liabilities
Total liabilities 3,164 2,223 2,282 Shareholders'
equity
Share capital -
Ordinary Shares of
NIS 0.01 par value
Authorized -
8,000,000 shares
Issued - June 30,
2006 - 3,290,052,
June 30, 2005 -
3,102,147, Dec 31,
2005 - 3,113,577
Outstanding - June
30, 2006 -
3,290,051, June 10 9 10
30, 2005 -
3,077,346, Dec 31,
2005 - 3,088,776
Treasury stock -
June 30, 2006 - 1,
June 30, 2005 and (150) (346) (346)
Dec 31, 2005 -
24,801
Additional paid-in 7,295 6,714 6,743
capital
Retained earnings 5,328 3,393 4,182
Total 12,483 9,770 10,589
Shareholders'
equity Total Liabilities 15,647 11,993 12,871
and Shareholders'
equity Net Tangible 12,483 9,770 10,589
Assets
DATASOURCE: ACS Motion Control CONTACT: Contact: Ze'ev Kirshenboim, CEO, ACS Motion Control Ltd.
(+972-4-654-6440)
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