MIGDAL HA'EMEK, Israel, November 1 /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 2007 were $2,062,000, compared to $2,932,000 revenues reported in the third quarter of 2006. Revenues for the first nine months of 2007 were $6,632,000, compared to $10,556,000 revenues reported in the first nine months of 2006.
Net loss for the third quarter of 2007 was $216,000, compared to $270,000 net income reported in the third quarter of 2006. Net loss for the first nine months of 2007 was $143,000, compared to $1,417,000 net income reported in the first nine 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.
2007, Q3 Consolidated Nine months Three months Year
Statements of Operations ended ended ended
September 30, September 30, December
31,
2007 2006 2007 2006 2006 Consolidated
U.S. Dollars in thousands Revenues 6,632 10,556 2,062 2,932 13,503
Cost of revenues 3,363 5,370 1,187 1,464 6,877 Gross profit 3,269 5,186 875 1,468 6,626
Research and development
costs
Costs incurred 1,591 1,468 489 494 2,065
Less-grants received (323) (224) (108) (114) (340)
Net research and development
costs 1,268 1,244 381 380 1,725 Selling and marketing
expenses 1,207 1,314 412 451 1,783
General and administrative
expenses 1,149 1,262 376 410 1,675
Total operating costs 3,624 3,820 1,169 1,241 5,183 Operating income (loss) (355) 1,366 (294) 227 1,443
Financing income, net 196 116 61 57 167
Other expenses - - - - (9)
Income (loss) before taxes on
income (159) 1,482 (233) 284 1,601
Taxes on income 16 (65) 17 (14) (64) Net income (loss) (143) 1,417 (216) 270 1,537 Earnings (loss) per Share in U.S. Dollars
Basic (0.04) 0.44 (0.07) 0.09 0.48 Weighted average number of
Shares used in computation of
earnings per share
Basic - in thousands 3,281 3,201 3,281 3,290 3,207
2007, Q3 Consolidated Balance Sheets September 30, December
31,
2007 2006 2006 Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,727 2,474 3,042
Marketable debt securities 4,043 2,125 2,619
Trade receivables, net 1,734 2,744 2,335
Inventories 3,684 3,462 3,658
Other 736 522 485
Total current assets 12,924 11,327 12,139 Long-term assets
Deferred income taxes 146 121 110
Marketable debt securities 1,044 2,423 1,933
Investment in other company 532 1,011 1,002
Long-term assets 62 90 104
1,784 3,645 3,149 Property and equipment
Cost 3,842 3,622 3,648
Less - accumulated depreciation (3,359) (3,070) (3,160)
483 552 488 Total assets 15,191 15,524 15,776 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 1,279 1,477 1,440
Other 912 1,113 1,226
Total current liabilities 2,191 2,590 2,666 Long-term liabilities
Accrued severance pay, net 201 181 202
Total long-term liabilities 201 181 202
Total liabilities 2,392 2,771 2,868
Shareholders' equity
Share capital - Ordinary Shares of
NIS 0.01 par value
Authorized: 8,000,000 shares
Issued - September 30, 2007 -
3,280,752, September 30, 2006-
3,290,052,
December 31, 2006- 3,266,752 Outstanding - September 30, 2007 -
3,280,751, September 30, 2006-
3,290,051, Dec 31, 2006- 3,266,751 10 10 10
Treasury stock - (1 share as of
September 30, 2007, September 30,
2006 and December 31, 2006) (150) (150) (150)
Additional paid-in capital 7,363 7,294 7,329
Retained earnings 5,576 5,599 5,719
Total Shareholders' equity 12,799 12,753 12,908 Total liabilities and Shareholders' 15,191 15,524 15,776
equity
Contact: Ze'ev Kirshenboim, Chairman of the Board, ACS Motion Control Ltd., +972-4-654-6440 DATASOURCE: ACS Motion Control CONTACT: Contact: Ze'ev Kirshenboim, Chairman of the Board, ACS Motion Control Ltd., +972-4-654-6440
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