ACS-Tech80 Ltd., 2004, Fourth Quarter and Year End Results
MIGDAL HA'EMEK, Israel, March 7 /PRNewswire-FirstCall/ -- ACS-Tech80 Ltd.,
(NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer of proprietary software and
advanced electronics for the production of universal, fully digital motion
control products, today reports 2004 fourth quarter and year end results.
For fiscal year 2004, revenues were $14,376,000, an increase of 56% from
$9,205,000 in 2003. Net income in 2004 was $2,253,000, an increase of 174% from
$822,000 in 2003.
For the fourth quarter of 2004, revenues were $3,584,000, an increase of 37%
from $2,615,000 in the fourth quarter of 2003. Net income for the fourth
quarter of 2004 was $376,000, an increase of 19% from $315,000 in the fourth
quarter of 2003.
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-Tech80 Ltd., (+972-4-654-6440)
Consolidated Statements of Operations Three months ended Year ended
December 31, December 31,
2004 2003 2004 2003
Consolidated
U.S. Dollars in thousands, except per
share data Revenues 3,584 2,615 14,376 9,205
Cost of revenues 1,806 1,307 7,602 4,548 Gross profit 1,778 1,308 6,774 4,657
Research and development costs
Costs incurred 491 377 1,668 1,415
Less-grants received - (99) (247) (430) Net research and development 491 278 1,421 985
costs Proceeds from insurance claim - - (182) -
Selling, general and
administrative
expenses, net 866 773 3,001 2,801 Total operating costs 1,357 1,051 4,240 3,786 Operating income 421 257 2,534 871
Financing income (expenses), net 51 8 (26) (21)
Other expenses (17) (7) (20) (9) Income before taxes on income 455 258 2,488 841
Tax benefit (income taxes) (79) 57 (235) (19) Net income 376 315 2,253 822 Earnings per Ordinary Share
in U.S. dollars
Basic 0.11 0.11 0.70 0.28
Diluted 0.10 0.09 0.66 0.26 Weighted average number Shares
used
in computation of earnings per
share
Basic - in thousands 3,210 2,965 3,210 2,965
Diluted - in thousands 3,393 3,284 3,383 3,269
Consolidated Balance Sheets December 31,
2004 2003
Consolidated
U.S. Dollars in
thousands
ASSETS
Current assets
Cash and cash equivalents 2,626 1,730
Short-term and restricted bank deposits - 1,029
Trade receivables, net 3,170 2,445
Inventories 2,784 1,981
Other 376 348
Total current assets 8,956 7,533 Long-term assets
Deferred income taxes 142 245
Debt securities held to maturity 1,000 -
Investment in other company 1,218 1,218
Other long-term assets 105 96
Total long-term assets 2,465 1,559 Property and equipment
Cost 3,418 3,336
Less - accumulated depreciation (2,498) (2,160)
920 1,176 12,341 10,268 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term loans - 1,349
Trade payables 1,376 1,354
Accounts payable and accruals 1,229 901
Total current liabilities 2,605 3,604 Long-term liabilities
Long-term accrued expenses - 62
Accrued severance pay, net 152 142
Total long-term liabilities 152 204 Shareholders' equity
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
December 31, 2004 - 3,101,647 shares (December 31, 2003 -
2,821,752 shares)
9 9
Treasury stock (December 31, 2004 and 2003 -
24,801) (346) (346)
Additional paid-in capital 6,713 5,842
Retained earnings 3,208 955
9,584 6,460
12,341 10,268
DATASOURCE: ACS-Tech80 Ltd.
CONTACT: Ze'ev Kirshenboim, CEO, ACS-Tech80 Ltd.. Tel: +972-4-654-6440
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