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 2008 were $2,600,000, compared to $2,149,000 in the second quarter of 2007. Revenues for the first six months of 2008 were $4,800,000, compared to $4,570,000 revenues reported in the first six months of 2007.
Net loss for the second quarter of 2008 was ($450,000), compared to $4,000 net income in the second quarter of 2007. Net loss for the first six months of 2008 was ($1,026,000) compared to $73,000 net income in the first six months of 2007. The net loss is mainly due the company's decision to use its free cash for increasing it's spending on marketing and R&D and the devaluation of the dollar.
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.
2008, Q2 Consolidated Six months Three months Year
Statements of Operations ended ended ended
June 30, June 30, December 31, 31,
2008 2007 2008 2007 2007
Consolidated
U.S. Dollars in thousands Revenues 4,800 4,570 2,600 2,149 8,868 Cost of revenues 2,595 2,176 1,383 1,002 4,661 Gross profit 2,205 2,394 1,217 1,147 4,207
Research and development
costs
Costs incurred 1,552 1,102 808 587 2,303
Less-grants received (265) (216) (137) (109) (438)
Net research and
development costs 1,287 886 671 478 1,865 Selling and marketing
expenses 1,114 795 576 371 1,659
General and
administrative expenses 1,012 774 512 379 1,565
Total operating costs 3,413 2,455 1,759 1,228 5,089 Operating loss (1,208) (61) (542) (81) (882)
Financing income
(expense), net 35 135 (14) 79 287
Impairment of investment
in other - - - - (169)
company
Income (loss) before
taxes on income (1,173) 74 (556) (2) (764)
Taxes on income 147 (1) 106 6 79 Net income (loss) (1,026) 73 (450) 4 (685) Earnings (loss) per
Share - in U.S. Dollars
Basic net earnings (loss)
per share (0.31) 0.02 (0.14) 0.001 (0.21) Weighted average number
of shares used in
computation of earnings
(loss) per share
Basic - in thousands 3,281 3,274 3,281 3,281 3,277 2008, Q2 Consolidated Balance Sheets June 30, December 31,
2008 2007 2007
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,105 2,937 3,136
Marketable debt securities 3,730 4,331 4,103
Trade receivables, net 2,259 2,004 1,966
Inventories 2,976 2,582 2,534
Other 807 690 422
Total current assets 11,877 12,544 12,161 Long-term assets
Deferred income taxes 204 140 123
Marketable debt securities - 284 982
Investment in other company 357 532 363
Inventories 975 950 906
Pre-paid expenses and lease deposits 72 62 71
Long-term assets 1,608 1,968 2,445 Property and equipment
Cost 4,289 3,781 3,951
Less - accumulated depreciation (3,542) (3,302) (3,416)
747 479 535
Total assets 14,232 14,991 15,141 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 1,292 856 1,569
Other 1,405 934 1,104
Total current liabilities 2,697 1,790 2,673 Accrued severance pay, net 271 191 198
Total liabilities 2,968 1,981 2,871
Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
Authorized - 8,000,000 shares
Issued - June 30, 2008, June 30, 2007
and December 31, 2007- 3,280,752
Outstanding - June 30, 2008, June 30,
2007 and December 31, 2007- 3,280,751
10 10 10
Additional paid-in capital 7,396 7,358 7,376
Treasury stock - (1 share as of June
30, 2008, June 30, 2007 and December
31, 2007) (150) (150) (150)
Retained earnings 4,008 5,792 5,034
Total Shareholders' equity 11,264 13,010 12,270 Total Liabilities and Shareholders' 14,232 14,991 15,141
equity Net Tangible Assets 11,264 13,010 12,270
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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