HAIFA, Israel, April 13, 2020 /PRNewswire/ -- Elbit
Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit
Systems" or the "Company") is closely monitoring the evolution of
the Coronavirus (COVID-19) pandemic and its impacts on the
Company's employees, customers and suppliers, as well as on the
global economy.
Bezhalel (Butzi) Machlis, President and CEO of Elbit
Systems:
"In these uncertain times, our priorities are to protect the
safety of our employees, maintain business continuity to meet the
evolving requirements of our customers, support our suppliers and
leverage our abilities to assist and protect our
communities.
I am proud of our employees that are working hard to support
their communities as well as providing technological solutions to
health care providers. I also salute the efforts of many of
our customers who are now on the front line in the fight against
the COVID-19 pandemic."
Protecting our employees: We have implemented a
number of safety measures across all our sites, including
increasing the number of manufacturing line shifts to enhance
social distancing. Where feasible, employees are working from
home.
Maintaining business continuity: We have initiated
business continuity plans to meet our commitments to our customers.
Where necessary we are working on finding alternative solutions for
delivering our products to our customers, including chartering
dedicated freighter aircraft to meet delivery schedules.
We maintain a regular dialogue with our customers to assess
their evolving requirements that have also been impacted by the
pandemic.
Supporting our supply chain: We are closely
monitoring and managing our supply chain, particularly as it
relates to maintaining adequate inventory of critical
components.
Leveraging our technologies to fight the COVID-19
pandemic: We are working to leverage our broad portfolio
of leading technologies to fight the pandemic. We are leveraging
our capabilities to produce thousands of ventilators following a
request from the Israeli Government. We have been developing a
sensor system to remotely read physiological parameters to protect
health workers and have adapted our cellular command and
control systems to increase the effectiveness of medical staff,
each of which are being rolled out at major Israeli
hospitals.
Providing help to our communities: We are supporting
the efforts of our employees that are volunteering to help
distribute food and provide support for those in need in their
communities.
Continuing the investment in our future: We
continue to invest in developing market leading technologies to
protect and save lives for our customers around the
world.
Potential impact on financial results: Our 2019 Year
End Financial Results Press Release from March 25, 2020, indicated that the pandemic has
not had a material impact on the Company. Subsequently some of our
businesses have begun to experience disruptions. We are monitoring
these businesses closely and plan to update the market in due
course.
We have initiated a series of cost control measures to help
limit the financial impact on the Company.
Liquidity: Elbit Systems has a healthy balance
sheet, adequate levels of cash and access to credit facilities that
provide liquidity when necessary. We have used part of our
financial resources to fund our suppliers and build buffer stocks
of inventory where required.
Elbit Systems plans to report Q1 2020 results towards the end of
May.
About Elbit Systems
Elbit Systems Ltd. is an international high technology company
engaged in a wide range of defense, homeland security and
commercial programs throughout the world. The Company, which
includes Elbit Systems and its subsidiaries, operates in the areas
of aerospace, land, and naval systems, command, control,
communications, computers, intelligence surveillance and
reconnaissance ("C4ISR"), unmanned aircraft systems, advanced
electro-optics, electro-optic space systems, EW suites, signal
intelligence systems, data links and communications systems, radios
and cyber-based systems and munitions. The Company also focuses on
the upgrading of existing platforms, developing new technologies
for defense, homeland security and commercial applications and
providing a range of support services, including training and
simulation systems.
For additional information, visit: https://elbitsystems.com/,
follow us on Twitter or visit our official Facebook, Youtube and
LinkedIn Channels.
This press release may contain forward‑looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Israeli Securities Law, 1968) regarding Elbit
Systems Ltd. and/or its subsidiaries (collectively the Company), to
the extent such statements do not relate to historical or current
facts. Forward-looking statements are based on management's current
expectations, estimates, projections and assumptions about
future events. Forward‑looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. These statements are not guarantees of
future performance and involve certain risks,
uncertainties and assumptions about the Company, which are
difficult to predict, including projections of the Company's future
financial results, its anticipated growth strategies and
anticipated trends in its business. Therefore, actual future
results, performance and trends may differ materially from these
forward‑looking statements due to a variety of factors, including,
without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental
budgeting priorities; general market, political and economic
conditions in the countries in which the Company operates or sells,
including Israel and the United States among others; changes in
global health and macro-economic conditions; differences in
anticipated and actual program performance, including the ability
to perform under long-term fixed-price contracts; changes in the
competitive environment; and the outcome of legal and/or regulatory
proceedings. The factors listed above are not all-inclusive,
and further information is contained in Elbit Systems Ltd.'s latest
annual report on Form 20-F, which is on file with the U.S.
Securities and Exchange Commission. All forward‑looking statements
speak only as of the date of this release. Although the Company
believes the expectations reflected in
the forward-looking statements contained herein are
reasonable, it cannot guarantee future results, level of activity,
performance or achievements. Moreover, neither the Company nor any
other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements.
The Company does not undertake to update its forward-looking
statements.
Elbit Systems Ltd., its logo, brand, product, service and
process names appearing in this Press Release are the trademarks or
service marks of Elbit Systems Ltd. or its affiliated
companies. All other brand, product, service and process
names appearing are the trademarks of their respective
holders. Reference to or use of a product, service or process
other than those of Elbit Systems Ltd. does not imply
recommendation, approval, affiliation or sponsorship of that
product, service or process by Elbit Systems Ltd. Nothing contained
herein shall be construed as conferring by implication, estoppel or
otherwise any license or right under any patent, copyright,
trademark or other intellectual property right of Elbit Systems
Ltd. or any third party, except as expressly granted herein.
Company Contact:
Joseph Gaspar, Executive VP &
CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Rami Myerson, Director, Investor
Relations
Tel: +972-77-2948984
rami.myerson@elbitsystems.com
David Vaaknin, VP, Head of Corporate Communications
Tel: +972-77-2946691
david.vaaknin@elbitsystems.com
IR Contact:
Ehud Helft
Kenny Green
GK Investor Relations
Tel: 1-646-201-9246
elbitsystems@gkir.com
View original
content:http://www.prnewswire.com/news-releases/elbit-systems-business-update-regarding-the-covid-19-pandemic-301039221.html
SOURCE Elbit Systems Ltd.