ACS-Tech80 Ltd. Reports First Quarter Results
MIGDAL HA'EMEK, Israel, May 3 /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 first quarter results.
Revenues for the first quarter were $2,503,000, compared to $2,995,000 in the
first quarter a year ago. Net income for the first quarter of 2005 was $40,000,
or $0.01 per share, compared to $474,000, or $0.15 per share in the first
quarter a year ago.
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) 2005, Q1 Consolidated Statement of Three months ended Year ended
Operations March 31, December 31,
2005 2004 2004
Consolidated
U.S. Dollars in thousands Revenues 2,503 2,995 14,376 Cost of revenues 1,281 1,570 7,602
Gross profit 1,222 1,425 6,774 Research and development costs
Costs incurred 408 363 1,668
Less-grants received - - (247)
Net research and development costs 408 363 1,421 Proceeds from insurance claim - (182) (182)
Selling, general and administrative 786 653 3,001
expenses, net
Total operating costs 1,194 834 4,240 Operating income 28 591 2,534 Financing income (expenses), net 34 (36) (26)
Other expenses, net (1) - (20)
Income before taxes on income 61 555 2,488 Taxes on income, net (21) (81) (235) Net income 40 474 2,253 Earnings per Ordinary Share in U.S. Dollars
Basic 0.01 0.15 0.70
Diluted 0.01 0.15 0.66 Weighted average number of Shares used
in computation
of earnings per share
Basic - in thousands 3,165 3,225 3,210
Diluted - in thousands 3,473 3,361 3,383 2005, Q1 Consolidated Balance Sheet March 31, December 31,
2005 2004 2004
Consolidated
U.S. Dollars in thousands ASSETS
Current assets
Cash and cash equivalents 2,575 2,367 2,626
Marketable securities 258 - -
Short-term and restricted bank deposits - 1,031 -
Trade receivables, net 2,186 2,892 3,170
Inventories 2,756 2,358 2,784
Other 530 448 376
Total current assets 8,305 9,096 8,956 Long-term assets
Deferred income taxes 143 188 142
Debt securities held to maturity 1,000 - 1,000
Investment in Held Company 1,218 1,218 1,218
Long-term balances 101 97 105
2,462 1,503 2,465 Property and equipment
Cost 3,471 3,374 3,418
Less - accumulated depreciation (2,591) (2,264) (2,498)
880 1,110 920 11,647 11,709 12,341 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term loans - 1,032 -
Trade payables 934 1,775 1,376
Other 945 1,058 1,229
Total current liabilities 1,879 3,865 2,605
Long-term liabilities
Long-term accrued expenses - 49 -
Accrued severance pay, net 144 147 152
Total long-term liabilities 144 196 152
Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
(Authorized: 8,000,000; Issued and
outstanding:
March 31, 2005 - 3,102,147, March 31
2004 - 3,053,973
Dec 31, 2004 - 3,101,647) 9 9 9
Treasury stock (March 31,2005 and 2004-
24,801
Dec 31, 2004- 24,801) (346) (346) (346)
Additional paid-in capital 6,713 6,556 6,713
Retained earnings 3,248 1,429 3,208
9,624 7,648 9,584 11,647 11,709 12,341
DATASOURCE: ACS-Tech80 Ltd.
CONTACT: Ze'ev Kirshenboim, CEO, ACS-Tech80 Ltd., Tel: +972-4-654-6440
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