ACS-Tech80 Ltd. Reports Third Quarter Results
MIGDAL HA'EMEK, Israel, October 27 /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 third quarter revenues and earnings.
Revenues for the third quarter were $4,108,000 compared to $2,510,000 recorded
in the third quarter a year ago. Net income in the third quarter of 2004 was
$735,000, or $0.22 per share, compared with net income of $276,000, or $0.10
per share in the third quarter a year ago. Revenues for the nine months period
ended September 30, 2004 were $10,792,000, compared to $6,590,000 in the same
period a year ago. Net income for the nine months period ended September 30,
2004 was $1,877,000, or $0.56 per share, compared to $507,000, or $0.18 per
share in the same period a year ago.
This is the seventh quarter in a row with sequential increase in activity and
results. Based on softened demand in the last few weeks and on inputs from our
leading customers, we expect to see a decrease in revenues in the fourth
quarter relative to the third quarter, but a significant increase relative to
the fourth quarter of 2003 and renewed growth in the quarters afterwards.
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, Q3 Consolidated Nine months Three months Year
Statements of Operations ended ended ended
September 30, September30, December31,
2004 2003 2004 2003 2003
Consolidated
U.S. Dollars in thousands
Revenues 10,792 6,590 4,108 2,510 9,205
Cost of revenues 5,796 3,241 2,242 1,267 4,548 Gross profit 4,996 3,349 1,866 1,243 4,657
Research and development costs
Costs incurred 1,177 1,038 439 349 1,415
Less-grants received (247) (331) (77) (111) (430)
Net research and development
costs 930 707 362 238 985 Proceeds from insurance claim (182) - - - -
Selling, general and
administrative expenses, net 2,135 2,028 719 680 2,801
Total operating costs 2,883 2,735 1,081 918 3,786
Operating income 2,113 614 785 325 871
Financing expenses, net (77) (29) (13) (21) (21)
Other expenses, net (3) (2) - - (9)
Income before taxes on income 2,033 583 772 304 841
Taxes on income, net (156) (76) (37) (28) (19)
Net income 1,877 507 735 276 822 Earnings per Ordinary Share, basic -
in U.S. Dollars 0.56 0.18 0.22 0.10 0.28 Weighted average number of Ordinary
Shares
outstanding basic -
in thousands 3,334 2,795 3,334 2,795 2,965 2004, Q3 Consolidated Balance Sheets September 30, December 31,
2004 2003 2003
Consolidated
U.S. Dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 2,147 1,544 1,730
Short-term bank deposits - 1,027 1,029
Accounts receivable:
Trade 3,747 2,267 2,445
Other 577 452 348
Inventories 2,933 2,052 1,981
Total current assets 9,404 7,342 7,533
Long-term assets
Deferred income taxes 130 237 245
Investment in Held Company 1,218 1,218 1,218
Long-term marketable securities 500 - -
Other long-term balances 100 22 96
1,948 1,477 1,559 Property and equipment
Cost 3,428 3,332 3,336
Less - accumulated depreciation 2,456 2,073 2,160
972 1,259 1,176
12,324 10,078 10,268 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current maturities of long-term loans - 1,666 1,349
Accounts payable and accruals:
Trade 2,132 1,152 1,354
Other 893 983 901
Total current liabilities 3,025 3,801 3,604
Long-term liabilities
Long-term accrued expenses 23 - 62
Accrued severance pay, net 145 135 142
Total long-term liabilities 168 135 204
Shareholders' equity
Share capital - Ordinary Shares of NIS
0.01 par value
(Authorized: 8,000,000; Issued and
outstanding:
September 30, 2004 - 3,051,346,
September 30, 2003- 2,795,201
Dec 31, 2003 - 2,821,752) 9 9 9
Treasury stock (September 30, 2004 and (346) (346) (346)
2003 - 24,801,
Dec 31, 2003- 24,801)
Share premium 6,636 5,559 5,842
Retained earnings 2,832 920 955
9,131 6,142 6,460 12,324 10,078 10,268 Contact:
Ze'ev Kirshenboim
CEO
ACS-Tech80 Ltd. (011-972-4-654-6440)
DATASOURCE: ACS-Tech80 Ltd.
CONTACT: Contact: Ze'ev Kirshenboim, CEO, ACS-Tech80 Ltd., (011-972-4-654-6440)
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