MIGDAL HA'EMEK, Israel, August 2 /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 2007 were $2,149,000, compared to $3,822,000 in the second quarter of 2006. Revenues for the first six months of 2007 were $4,570,000, compared to $7,623,000 revenues reported in the first six months of 2006.
Net income for the second quarter of 2007 was $4,000, compared to $522,000 net income in the second quarter of 2006. Net income for the first six months of 2007 was $73,000 compared to $1,146,000 net income in the first six months of 2006.
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,
Chairman of the Board of Directors,
ACS Motion Control Ltd. (+972-4-654-6440) 2007, Q2 Consolidated Six months Three months Year
Statements of Operations ended ended ended
June 30, June 30, December
31,
2007 2006 2007 2006 2006 Consolidated U.S. Dollars in thousands Revenues 4,570 7,623 2,149 3,822 13,503 Cost of revenues 2,176 3,906 1,002 2,050 6,877 Gross profit 2,394 3,717 1,147 1,772 6,626
Research and development costs
Costs incurred 1,102 974 587 474 2,065
Less-grants received (216) (110) (109) (110) (340)
Net research and development
costs 886 864 478 364 1,725 Selling and marketing expenses 795 863 371 437 1,783
General and administrative
expenses 774 851 379 421 1,675
Total operating costs 2,455 2,578 1,228 1,222 5,183 Operating income (loss) (61) 1,139 (81) 550 1,443
Financing income (expenses), net 135 59 79 (5) 167
Other income (expenses), net - - - - (9)
Income (loss) before taxes
on income 74 1,198 (2) 545 1,601
Taxes on income (1) (52) 6 (23) (64) Net income 73 1,146 4 522 1,537 Earnings per Share - in U.S. Dollars
Basic 0.02 0.36 0.001 0.16 0.48 Weighted average number of Shares
used in computation of earnings per
share
Basic - in thousands 3,274 3,156 3,281 3,223 3,207
2007, Q2 Consolidated Balance Sheets June 30, December
31,
2007 2006 2006 Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,937 1,926 3,042
Marketable debt securities 4,331 1,696 2,619
Trade receivables, net 2,004 3,339 2,335
Inventories 3,532 3,110 3,658
Other 690 637 485
Total current assets 13,494 10,708 12,139 Long-term assets
Deferred income taxes 140 121 110
Marketable debt securities 284 3,100 1,933
Investment in other company 532 1,020 1,002
Long-term assets 62 89 104
1,018 4,330 3,149 Property and equipment
Cost 3,781 3,588 3,648
Less - accumulated depreciation (3,302) (2,979) (3,160)
479 609 488
Total assets 14,991 15,647 15,776 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 856 1,824 1,440
Other 934 1,165 1,226
Total current liabilities 1,790 2,989 2,666 Long-term liabilities
Accrued severance pay, net 191 175 202
Total long-term liabilities 191 175 202
Total liabilities 1,981 3,164 2,868 Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
Authorized - 8,000,000 shares
Issued - June 30, 2007 - 3,280,752,
June 30, 2006 - 3,265,252, Dec 31, 2006
- 3,266,752
Outstanding - June 30, 2007 -
3,280,751, June 30, 2006 - 3,265,251,
Dec 31, 2006 - 3,266,751 10 10 10
Treasury stock - (1 share as of June
30, 2007, June 30, 2006 and December
31, 2006) (150) (150) (150)
Additional paid-in capital 7,358 7,295 7,329
Retained earnings 5,792 5,328 5,719
Total Shareholders' equity 13,010 12,483 12,908 Total Liabilities and Shareholders' 14,991 15,647 15,776
equity Net Tangible Assets 13,010 12,483 12,908
DATASOURCE: ACS Motion Control CONTACT: Contact: Ze'ev Kirshenboim, Chairman of the Board of Directors, ACS Motion Control Ltd. (+972-4-654-6440)
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