ACS-Tech80 Ltd. Reports Second Quarter Results
MIGDAL HA'EMEK, Israel, July 22 /PRNewswire-FirstCall/ -- ACS-Tech80 Ltd.,
(NASDAQ:ACSEFNASDAQ:-NASDAQ:news), a developer of proprietary software and
advanced electronics for the production of motion control products, today
reports second quarter revenues and earnings.
Revenues for the second quarter were $3,689,000, compared to $2,097,000
recorded in the second quarter a year ago. Net income for the second quarter of
2004 was $668,000, or $0.20 per share, compared to $164,000, or $0.06 per share
in the second quarter last year. Revenues for the first six months period ended
June 30, 2004 were $6,684,000, compared to $4,080,000 in the same period a year
ago. Net income for the first six months ended June 30, 2004 was $1,142,000, or
$0.34 per share, compared to $231,000, or $0.08 per share recorded in the same
period a year ago.
This is the sixth quarter in a row with sequential increase both in revenues
and in net income. Now, approximately one-third into the third quarter of 2004,
we see a further increase in demand for our products. Therefore, we expect a
further improvement in the operating results of the third quarter.
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.
2004, Q2 Consolidated Statements Six months Three months Year
of Operations ended ended ended
June 30, June 30, December
31,
2004 2003 2004 2003 2003
Consolidated
U.S. Dollars in thousands Revenues 6,684 4,080 3,689 2,097 9,205 Cost of revenues 3,555 1,974 1,985 1,001 4,548 Gross profit 3,129 2,106 1,704 1,096 4,657
Research and development costs
Costs incurred 739 689 376 350 1,415
Less-grants received (171) (220) (171) (91) (430)
Net research and development costs 568 469 205 259 985 Proceeds from insurance claim (182) - - - -
Selling, general and
administrative 1,416 1,348 763 701 2,801
expenses, net Total operating costs 1,802 1,817 968 960 3,786 Operating income 1,327 289 736 136 871
Financing income (expenses), net (64) (8) (28) 28 (21)
Other income (expenses), net (2) (2) (2) (2) (9)
Income before taxes on income 1,261 279 706 162 841
Taxes on income (expense), net (119) (48) (38) 2 (19) Net income 1,142 231 668 164 822 Earnings per Share - in U.S. Dollars
Basic net earnings per share 0.34 0.08 0.20 0.06 0.28
Diluted net earnings per share 0.34 0.08 0.20 0.06 0.26 Weighted average number of Shares
outstanding
Basic - in thousands 3,339 2,795 3,339 2,795 2,965
Diluted - in thousands 3,339 2,795 3,339 2,795 3,269
2004, Q2 Consolidated Balance Sheets June 30, December 31,
2004 2003 2003
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,273 1,365 1,730
Short-term bank deposits 578 1,024 1,029
Accounts receivable:
Trade 3,576 1,859 2,445
Other 583 518 348
Inventories 2,966 2,160 1,981
Total current assets 9,976 6,926 7,533 Long-term assets
Deferred income taxes 193 257 245
Investment in Held Company 1,218 1,218 1,218
Long-term balances 98 22 96
1,509 1,497 1,559 Property and equipment
Cost 3,415 3,341 3,336
Less - accumulated depreciation 2,360 1,987 2,160
1,055 1,354 1,176 12,540 9,777 10,268 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term loans 181 1,260 1,349
Accounts payable and accruals:
Trade 2,715 816 1,354
Other 1,082 918 901
Total current liabilities 3,978 2,994 3,604
Long-term liabilities
Long-term loans, net of current - 722 -
maturities
Long-term accrued expenses 36 - 62
Accrued severance pay, net 145 195 142
Total long-term liabilities 181 917 204 Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value (Authorized: 8,000,000;
Issued and outstanding:
June 30, 2004 - 3,070,147, June 30, 2003
- 2,820,002
Dec 31, 2003 - 2,821,752) 9 9 9 Treasury stock (June 30, 2004 and
2003 - 24,801 (346) (346) (346)
Dec 31, 2003 - 24,801) Share premium 6,621 5,559 5,842
Retained earnings 2,097 644 955
8,381 5,866 6,460 12,540 9,777 10,268
DATASOURCE: ACS-Tech80 Ltd.
CONTACT: Contact: Ze'ev Kirshenboim, CEO, ACS-Tech80 Ltd., (+011-972-4-654-6440)
|