MIGDAL HA'EMEK, Israel, May 8 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., (NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer and manufacturer of advanced motion control products, today reports first quarter results.
Revenues for the first quarter of 2007 were $2,421,000, a decrease of 36% from the $3,801,000 revenues reported in the first quarter of 2006.
Net income for the first quarter of 2007 was $68,000, or $0.02 per share, compared to $624,000 net income, or $0.20 per share in the first quarter of 2006.
Based on current market conditions, which are worse than what has been anticipated in Q1, it is expected that annual revenues in 2007 will be 20% to 30% lower than the revenues in 2006 with a net loss between $0.05 to $0.15 cents per share.
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, Q1 Consolidated Statement of Operations Three months ended Year ended
March 31, December
31,
2007 2006 2006
Consolidated
U.S. Dollars in thousands Revenues 2,421 3,801 13,503 Cost of revenues 1,174 1,856 6,877
Gross profit 1,247 1,945 6,626 Research and development costs
Costs incurred 515 500 2,065
Less-grants received (107) - (340)
Net research and development costs 408 500 1,725 Selling and marketing expenses 424 426 1,783
General and administrative expenses 395 430 1,675
Total operating costs 1,227 1,356 5,183 Operating income 20 589 1,443 Financing income, net 56 63 167
Other expenses, net - - (9)
Income before taxes on income 76 652 1,601 Taxes on income, net (8) (28) (64) Net income 68 624 1,537 Earnings per Ordinary Share in U.S. Dollars
Basic 0.02 0.20 0.48 Weighted average number of Shares used in
computation
of earnings per share
Basic - in thousands 3,268 3,089 3,207
2007, Q1 Consolidated Balance Sheet March 31, December 31,
2007 2006 2006
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,661 1,136 3,042
Short-term marketable securities - 693 -
Marketable debt securities 3,022 1,001 2,619
Trade receivables, net 2,021 3,352 2,335
Inventories 3,584 2,841 3,658
Other 640 457 485
Total current assets 11,928 9,480 12,139 Long-term assets
Deferred income taxes 110 118 110
Marketable debt securities 1,435 2,216 1,933
Investment in other company 845 1,218 1,002
Other long-term assets 61 115 104
2,451 3,667 3,149 Property and equipment
Cost 3,721 3,524 3,648
Less - accumulated depreciation (3,238) (2,893) (3,160)
483 631 488 Total Assets 14,862 13,778 15,776 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables 754 1,515 1,440
Other 920 883 1,226
Total current liabilities 1,674 2,398 2,666 Long-term liabilities
Accrued severance pay, net 197 167 202
Total long-term liabilities 197 167 202 Total Liabilities 1,871 2,565 2,868 Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
Authorized:- 8,000,000 shares
Issued - March 31, 2007 - 3,280,752,
December 31, 2006 - 3,266,752, March 31
2006 - 3,113,577
Outstanding - March 31, 2007 -
3,280,751, December 31, 2006 -
3,266,751, March 31, 2006 - 3,088,776 10 10 10
Treasury stock (1 share as of March 31,
2007 and December 31, 2006 and 24,801
shares as of March 31, 2006) (150) (346) (150)
Additional paid-in capital 7,344 6,743 7,329
Retained earnings 5,787 4,806 5,719
Total Shareholders' equity 12,991 11,213 12,908 Total Liabilities and Shareholders' 14,862 13,778 15,776
equity Net Tangible Assets 12,991 11,213 12,908
Contact: Dorit Ringelstein, VP Finance, ACS Motion Control Ltd. +972-4-654-6440 DATASOURCE: ACS Motion Control CONTACT: Contact: Dorit Ringelstein, VP Finance, ACS Motion Control Ltd., +972-4-654-6440
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