MIGDAL HA'EMEK, Israel, October 25 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., (NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer and manufacturer of advanced motion control products, reports third quarter revenues and earnings.
Revenues for the third quarter of 2006 were $2,932,000, a decrease of 7.6% from the $3,173,000 revenues reported in the third quarter of 2005, and a decrease of 23.3% from the $3,822,000 revenues reported for the second quarter of 2006. Revenues for the first nine months of 2006 were $10,556,000, an increase of 23.9% from the $8,522,000 revenues reported in the first nine months of 2005.
Net income for the third quarter of 2006 was $270,000, or $0.09 per share, compared to $465,000 net income, or $0.15 per share in the third quarter of 2005, and $522,000 net income, or $0.16 per share in the second quarter of 2006. Net income for the first nine months of 2006 was $1,417,000, or $0.44 per share, compared to $650,000 net income, or $0.21 per share reported in the first nine months of 2005.
The company completed the third quarter of 2006 with cash, cash equivalents, marketable securities and debt securities of approximately $7 million, compared to $5.1 million at the end of 2005.
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 fourth quarter of 2006 will be between $2.7 million to $3.0 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, Q3 Consolidated Statements Nine months Three months Year
of Operations ended ended ended
September September December
30, 30, 31,
2006 2005 2006 2005 2005
Consolidated
U.S. Dollars in thousands Revenues 10,556 8,522 2,932 3,173 11,428
Cost of revenues 5,370 4,111 1,464 1,482 5,657 Gross profit 5,186 4,411 1,468 1,691 5,771
Research and development costs
Costs incurred 1,468 1,192 494 374 1,629
Less-grants received (224) (17) (114) (17) (17)
Net research and development costs 1,244 1,175 380 357 1,612 Selling, general and administrative 2,576 2,362 861 807 3,137
expenses, net
Total operating costs 3,820 3,537 1,241 1,164 4,749 Operating income 1,366 874 227 527 1,022
Financing income (expenses), net 116 (14) 57 9 12
Other income - 3 - 4 4
Income before taxes on income 1,482 863 284 540 1,038
Taxes on income (65) (213) (14) (75) (64) Net income 1,417 650 270 465 974 Earnings per Share in U.S. Dollars
Basic net earnings per share 0.44 0.21 0.09 0.15 0.32 Weighted average number of Shares
outstanding
Basic - in thousands 3,201 3,077 3,290 3,077 3,078
2006, Q3 Consolidated Balance September 30, December 31,
Sheets 2006 2005 2005
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,474 1,309 1,641
Short-term marketable securities - 304 511
Marketable debt securities 2,125 713 724
Trade receivables, net 2,744 2,725 2,517
Inventories 3,462 2,998 2,833
Other 522 311 330
Total current assets 11,327 8,360 8,556 Long-term assets
Deferred income taxes 121 128 121
Marketable debt securities 2,423 1,931 2,201
Investment in other company 1,011 1,218 1,218
Long-term assets 90 110 120
3,645 3,387 3,660 Property and equipment
Cost 3,622 3,448 3,465
Less - accumulated depreciation (3,070) (2,724) (2,810)
552 724 655 Total assets 15,524 12,471 12,871 LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Trade payables 1,477 1,062 1,118
Other 1,113 1,033 1,030
Total current liabilities 2,590 2,095 2,148 Long-term liabilities
Accrued severance pay, net 181 139 134
Total long-term liabilities 181 139 134
Total liabilities 2,771 2,234 2,282 Shareholders' equity
Share capital - Ordinary Shares of
NIS 0.01 par value
Authorized: 8,000,000 shares Issued - September 30, 2006 -
3,290,052, September 30, 2005-
3,077,346, December 31, 2005 - 3,113,577 Outstanding - September 30, 2006 -
3,290,051, September 30, 2005-
3,102,147 Dec 31, 2005- 3,088,776 10 9 10
Treasury stock - September 30, 2006
- 1, September 30, 2005 and
December 31, 2005- 24,801 (150) (346) (346) Additional paid-in capital 7,294 6,716 6,743
Retained earnings 5,599 3,858 4,182
12,753 10,237 10,589 Total liabilities and Shareholders' 15,524 12,471 12,871
equity Net Tangible Assets 12,753 10,237 10,589
DATASOURCE: ACS Motion Control CONTACT: Contact: Ze'ev Kirshenboim, CEO, ACS Motion Control Ltd.
(+972-4-654-6440)
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