MIGDAL HA'EMEK, Israel, April 26 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., (NASDAQ:ACSEF), a developer and manufacturer of advanced motion control products, today reports first quarter results.
Revenues for the first quarter of 2006 were $3,801,000, an increase of 52% from the $2,503,000 revenues reported in the first quarter of 2005, and an increase of 31% from the $2,906,000 revenues reported for the fourth quarter of 2005.
Net income for the first quarter of 2006 was $624,000, or $0.20 per share, compared to $40,000 net income, or $0.01 per share in the first quarter of 2005, and $324,000 net income, or $0.10 per share in the fourth quarter of 2005.
Operating income for the first quarter of 2006 was $589,000, compared to $28,000 in the first quarter of 2005, and $148,000 in the fourth quarter of 2005.
The company completed the first quarter of 2006 with cash, cash equivalents and marketable securities of approximately $5 million, compared to $3.8 million at the end of the first quarter of 2005, due to a positive cash flow from operations.
The increase in revenues is attributed to growth in the markets that we serve, to the gaining of new customers and new projects with existing customers.
Based on current improved market conditions and backlog of customer orders, we expect that revenues in the next two quarters will increase by 10% to 15% as compared to revenues in the last two quarters.
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.
2006, Q1 Consolidated Statement of Operations Three months ended Year ended March 31, December 31,
2006 2005 2005
Consolidated
U.S. Dollars in thousands
Revenues 3,801 2,503 11,428 Cost of revenues 1,856 1,281 5,657
Gross profit 1,945 1,222 5,771 Research and development costs
Costs incurred 500 408 1,629
Less-grants received - - (17)
Net research and development costs 500 408 1,612 Selling, general and administrative 856 786 3,137
expenses, net
Total operating costs 1,356 1,194 4,749 Operating income 589 28 1,022 Financing income, net 63 34 12
Other income (expenses), net - (1) 4
Income before taxes on income 652 61 1,038 Taxes on income, net (28) (21) (64) Net income 624 40 974 Earnings per Ordinary Share
in U.S. Dollars
Basic 0.20 0.01 0.32 Weighted average number of Shares used
in computation of earnings per share
Basic - in thousands 3,089 3,077 3,078 2006, Q1 Consolidated Balance Sheet
March 31, December 31,
2006 2005 2005
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 1,136 2,575 1,641
Short-term marketable securities 693 258 511
Marketable debt securities 1,001 - 724
Trade receivables, net 3,352 2,186 2,517
Inventories 2,841 2,756 2,833
Other 457 530 330
Total current assets 9,480 8,305 8,556 Long-term assets
Deferred income taxes 118 143 121
Marketable debt securities 2,216 1,000 2,201
Investment in other company 1,218 1,218 1,218
Long-term assets 115 101 120
3,667 2,462 3,660 Property and equipment
Cost 3,524 3,471 3,465
Less - accumulated depreciation (2,893) (2,591) (2,810)
631 880 655 13,778 11,647 12,871 Liabilities and Shareholders' Equity
Current liabilities
Trade payables 1,515 934 1,118
Other 883 945 1,030
Total current liabilities 2,398 1,879 2,148 Long-term liabilities
Accrued severance pay, net 167 144 134
Total long-term liabilities 167 144 134 Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
Authorized:- 8,000,000 shares
Issued - March 31, 2006 and December
31, 2005 - 3,113,577, March 31 2005 -
3,102,147
Outstanding - March 31, 2006 and
December 31, 2005 - 3,088,776,
March 31, 2005 - 3,077,346 10 9 10
Treasury stock (March 31,2006 and 2005-
24,801
Dec 31, 2005- 24,801) (346) (346) (346)
Additional paid-in capital 6,743 6,713 6,743
Retained earnings 4,806 3,248 4,182
11,213 9,624 10,589
13,778 11,647 12,871 Contact:
Ze'ev Kirshenboim, CEO,
ACS Motion Control Ltd. +972-4-654-6440
DATASOURCE: ACS Motion Control CONTACT: Ze'ev Kirshenboim, CEO, ACS Motion Control Ltd. +972-4-654-6440
|