Elbit Systems Reports First Quarter 2012 Results Revenues at $691 million; Net income at $32.9 million; Diluted net earnings per share of $0.77

HAIFA, Israel, May 15, 2012 /PRNewswire/ --

Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense company, reported today its consolidated financial results for the first quarter ended March 31, 2012.

In this release, the Company is providing its usual US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors with a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.

Management Comment:

Joseph Ackerman, President and CEO of Elbit Systems, commented: "In the first quarter, we recorded revenue growth as compared to the corresponding quarter last year. Much of this growth came from markets such as Latin America and Asia-Pacific, geographic regions with many emerging economies and diverse defense markets, supported by growing defense budgets. I foresee that in 2012 we will begin to see the impact of our ongoing efforts, enabling the company to address the industry's competitive challenges, both for the benefit of our employees and for the Company's long-term success."

First quarter 2012 results:

Revenues in the first quarter of 2012 were $690.8 million, as compared to $620.3 million in the first quarter of 2011. The leading contributor to the Company's revenues was the airborne systems area of operations.

Gross profit amounted to $195.8 million (28.3% of revenues) for the first quarter of 2012, as compared with gross profit of $185.6 million (29.9% of revenues) in the first quarter of 2011. The non-GAAP gross profit in the first quarter of 2012 was $200.9 million (29.1% of revenues), compared to $193.2 million (31.1% of revenues) in the first quarter of 2011.

Research and development expenses, net were $58.8 million (8.5% of revenues) in the first quarter of 2012, as compared to $54.2 million (8.7% of revenues) in the first quarter of 2011.

Marketing and selling expenses were $61.4 million (8.9% of revenues) in the first quarter of 2012, as compared to $55.0 million (8.9% of revenues) in the first quarter of 2011.

General and administrative expenses were $33.9 million (4.9% of revenues) in the first quarter of 2012, as compared to $35.5 million (5.7% of revenues) in the first quarter of 2011.

Operating income was $41.7 million (6.0% of revenues) in the first quarter of 2012, as compared to $40.9 million (6.6% of revenues) in the first quarter of 2011. The non-GAAP operating income in the first quarter of 2012 was $53.9 million (7.8% of revenues), as compared to $54.9 million (8.9% of revenues) in the first quarter of 2011.

Financial expenses, net were $7.8 million in the first quarter of 2012, as compared to $10.7 million in the first quarter of 2011. Financial expenses in the first quarter of 2011 were comparatively high due to expenses related to currency hedging activities.

Taxes on income showed a tax expense of $6.6 million (effective tax rate of 18.9%) in the first quarter of 2012, as compared to a tax expense of $5.3 million (effective tax rate of 17.4%) in the first quarter of 2011.

Equity in net earnings of affiliated companies and partnership was $4.0 million (0.6% of revenues) in the first quarter of 2012, as compared to $3.8 million (0.6% of revenues) in the first quarter of 2011. The equity in net earnings of affiliated companies and partnership in the first quarter of 2012 included approximately $1.6 million in capital gain related to the sale of the Company's interest in an affiliated entity.

Net loss attributable to non-controlling interests was $0.8 million in the first quarter of 2012, as compared to net income of $1.0 million in the first quarter of 2011.

Net income attributable to the Company's ordinary shareholders was $32.9 million (4.8% of revenues) in the first quarter of 2012, as compared to $27.9 million (4.5% of revenues) in the first quarter of 2011. The non-GAAP net income in the first quarter of 2012 was $40.8 million (5.9% of revenues), as compared to $38.6 million (6.2% of revenues) in the first quarter of 2011.

Diluted net earnings per shareattributable to the Company'sordinary shareholders were $0.77 for the first quarter of 2012, as compared with $0.65 for the first quarter of 2011. The non-GAAP earnings per share in the first quarter of 2012 were $0.96, as compared to $0.90 in the first quarter of 2011.

The Company's backlog of orders was $5,450 million as of March 31, 2012, as compared with $5,528 million as of December 31, 2011. Approximately 76% of the backlog relates to orders outside of Israel. Approximately 71% of the Company's backlog as of March 31, 2012, is scheduled to be performed during the upcoming three quarters of 2012 and during 2013.

Operating cash flow was $51.8 million during the first quarter of 2012, as compared to $40.1 million in the first quarter of 2011.

Non-GAAP financial data:

The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.    

The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items which, in management's judgment, are items that are considered to be outside of the review of core operating results.

In the Company's non-GAAP presentation, the Company made the following adjustments, in each or some of the applicable periods: (1) added back amortization of purchased intangible assets, (2) added back significant reorganization, restructuring and other related expenses, (3) added back impairment of investments, including impairment of auction rate securities,   (4) subtracted gain from changes in holdings, including revaluation of the previously held shares at the acquisition date when a business combination is achieved in stages (step-up), (5) added back impairment loss from discontinued operations, (6) excluded the impact of the cessation of a program with a foreign customer and (7) excluded the income tax effects of the foregoing.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.  Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.

Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:

(US Dollars in millions)

                                Three Months Ended   Year Ended
 
                                     March 31        December 31
                                 2012        2011       2011
 
    GAAP gross profit             195.8       185.6        732.0
    Adjustments:
    Amortization of intangible
    assets                          5.1         7.6         30.9
    Cessation of program [(*)]        -           -         72.8
    Non-GAAP gross profit         200.9       193.2        835.7
    Percent of revenues            29.1%       31.1%        29.7%
 
    GAAP operating income          41.7        40.9        115.7
    Adjustments:
    Amortization of intangible
    assets                         12.2        14.0         57.3
    Cessation of program              -           -         72.8
    Non-GAAP operating income      53.9        54.9        245.8
    Percent of revenues             7.8%        8.9%         8.7%
 
    GAAP net income
    attributable to Elbit
    Systems' shareholders          32.9        27.9         90.3
    Adjustments:
    Amortization of intangible
    assets                         12.2        14.0         57.3
    Cessation of program              -           -         72.8
    Impairment of investment          -           -          0.5
    Gain from change in
    holdings                       (2.3)          -            -
    Loss from discontiued
    operations                      0.1           -          9.4
    Related tax benefits           (2.1)       (3.3)       (23.7)
    Non-GAAP net income
    attributable to Elbit
    Systems' shareholders          40.8        38.6        206.6
    Percent of revenues             5.9%        6.2%         7.3%
    Non-GAAP diluted net EPS       0.96        0.90         4.79


(*) Adjustment of expenses related to cessation of program, which resulted in write-off of inventories and other related costs.

Recent Events:

On March 19, 2012, the Company announced that Midroog Ltd., an Israeli rating agency ("Midroog"), announced that it had reaffirmed the "Aa1" rating (on a local scale) to the Series "A" Notes issued by the Company in 2010 and to any new Series "A" Notes up to NIS 900 million par value which may be issued by the Company.

On March 29, 2012,  the Company announced that following the filing of the Shelf Offering Report dated March 27, 2012 (the "Offering Report"), pursuant to the Shelf Prospectus dated May 18, 2010, the public tender was concluded in connection with the public offering in Israel of the Company's new Series A Notes (the "New Series A Notes") through an expansion of the Company's Series A Notes which were currently outstanding and registered for trading on the Tel Aviv Stock Exchange Ltd. ("TASE"). Following the results of the concluded public offering, the Company issued 807,717 units of New Series A Notes, bearing a fixed interest rate of 4.84% per annum, with a price per unit of 1,029 NIS (approximately $276), (each unit in the principal amount of NIS 1,000 par value). The immediate gross proceeds received by the Company for the issuance of the New Series A Notes was approximately NIS 831 million (approximately $223 million). The terms of the New Series A notes issued are similar to the terms of the Company's outstanding unsecured and non-convertible Series A Notes which were initially issued by the Company pursuant to the shelf offering report dated June 6, 2010. The New Series A Notes form a single series together with the currently outstanding Series A Notes and are not linked (principal and interest) to any currency or index. The Series A Notes, including the New Series A Notes contain standard terms and conditions and do not restrict the Company's ability to issue additional notes of any class or distribute dividends in the future.

On May 8, 2012, the Company announced that it concluded the private placement to Israeli institutional investors (the "Private Placement") of NIS 92,283,000 par value (approximately $24.3 million) additional Series A Notes (the "Additional Series A Notes") in consideration for an aggregate sum of approximately NIS 94.7 million (approximately $24.9 million). The terms of the issued Additional Series A Notes are similar to the terms of the Series A Notes and the Additional Series A Notes from a single series together with the currently outstanding Series A Notes. The New Series A Notes and Additional Series A Notes have been approved for listing on the TASE. The sale and/or transfer of Additional Series A Notes are subject to the limitations on re-sale of securities set forth in the Israeli Securities Law of 1968 and the regulations promulgated there under applicable to private placements. The New Series A Notes and Additional Series A Notes are not and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation "S" promulgated under the Securities Act) without registration under the Securities Act or an exemption from the registration requirements of the Securities Act.

On May 10, 2012, the Company announced that its joint venture with Rockwell Collins, Vision Systems International, LLC (VSI), a leader in advanced Helmet Mounted Display (HMD) technology, has received a new contract with a total value of more than $32 million for the delivery of the Joint Helmet Mounted Cueing System (JHMCS) to The Boeing Company, for the U.S. Navy and Air Force and Foreign Military Sales (FMS) to include: Finland, Australia, Belgium, Canada, and Switzerland. Deliveries will commence this year and continue through 2013.

Dividend:

The Board of Directors declared a dividend of $0.30 per share for the first quarter of 2012. The dividend's record date is May 29, 2012, and the dividend will be paid on June 11, 2012, net of taxes and levies, at the rate of 25%.  

Conference Call:

The Company will be hosting a conference call today, Tuesday, May 15, 2012 at 9:00am Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Numbers: 1-888-668-9141
UK Dial-in Number: 0-800-917-5108
ISRAEL Dial-in Number: 03-918-0609
INTERNATIONAL Dial-in Number:  +972-3-918-0609
at 9:00am Eastern Time; 6:00am Pacific Time; 2:00pm UK Time; 4:00pm Israel Time

 

 

This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from the same link a few hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:

1-888-326-9310 (US) or +972-3-925 5900 (Israel and International).

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of 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 ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.

For additional information, visit: http://www.elbitsystems.com.

Attachments:

Consolidated balance sheet

Consolidated statements of income

Condense consolidated statements of cash flow

Consolidated revenue distribution by areas of operation and by geographical regions

This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact.  Forward Looking Statements are based on management's expectations, estimates, projections and assumptions.  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 and uncertainties, which are difficult to predict.  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; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; 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. The Company does not undertake to update its forward-looking statements.

 

   
                              ELBIT  SYSTEMS LTD.
                           CONSOLIDATED BALANCE SHEETS
                          (In thousands of US Dollars)
                                               March 31,  December 31,
                                                 2012         2011
                                                Audited     Audited
    Assets
 
    Current assets:
    Cash and cash equivalents                   $ 173,873    $ 202,577
    Short-term bank deposits                      284,103       21,693
    Trade and unbilled receivables, net           652,877      669,524
    Other receivables and prepaid expenses        143,591      180,024
    Inventories, net of customers advances        819,679      761,269
    Total current assets                        2,074,123    1,835,087
 
    Investments in affiliated companies,
    partnership and other companies               113,078      110,159
    Long-term trade and unbilled receivables      197,376      162,762
    Long-term bank deposits and other
    receivables                                    13,908       12,215
    Deferred income taxes, net                     34,478       36,130
    Severance pay fund                            293,969      283,477
                                                  652,809      604,743
 
    Property, plant and equipment, net            513,037      517,608
    Goodwill and other intangible assets, net     752,420      763,072
    Total assets                              $ 3,992,389  $ 3,720,510
 
    Liabilities and Equity
 
    Short-term bank credit and loans              $ 2,851      $ 2,998
    Current maturities of long-term loans and
    Series A Notes                                138,270      127,627
    Trade payables                                272,110      316,264
    Other payables and accrued expenses           772,961      743,866
    Customer advances in excess of costs
    incurred on contracts in progress             436,419      407,222
                                                1,622,611    1,597,977
 
    Long-term loans, net of current
    maturities                                    306,303      302,255
    Series A Notes, net of current maturities     431,037      235,319
    Employee benefit liabilities                  403,535      394,115
    Deferred income taxes and tax
    liabilities, net                               50,150       48,467
    Customer advances in excess of costs
    incurred on contracts in progress             161.605      154,696
    Other long-term liabilities                    64,852       59,961
                                                1,417,482    1,194,813
 
    Elbit Systems Ltd.'s equity                   922,444      898,337
    Non-controlling interests                      29,852       29,383
    Total equity                                  952,296      927,720
    Total liabilities and equity              $ 3,992,389  $ 3,720,510


                                ELBIT  SYSTEMS LTD.
                          CONSOLIDATED STATEMENTS OF INCOME
    (In thousands of US Dollars, except for share and per share amounts)

                                    Three Months Ended   Year Ended
 
                                         March 31,      December 31,
                                      2012      2011        2011
                                         Unaudited        Audited
    Revenues                          690,788   620,258    2,817,465
    Cost of revenues                  495,037   434,613    2,085,451
    Gross profit                      195,751   185,645      732,014
 
    Operating expenses:
    Research and development, net      58,766    54,214      241,092
    Marketing and selling              61,361    54,987      235,909
    General and administrative         33,941    35,510      139,349
                                      154,068   144,711      616,350
 
    Operating income                   41,683    40,934      115,664
 
    Financial expenses, net            (7,815)  (10,662)     (13,569)
    Other income, net                     930       194        1,909
    Income before income taxes         34,798    30,466      104,004
    Taxes on income                    (6,560)   (5,300)     (13,624)
                                       28,238    25,166       90,380
 
    Equity in net earnings of
    affiliated companies and
    partnership                         4,038     3,751       15,377
    Income from continuing
    operations                         32,276    28,917      105,757
    Loss from discontinued
    operations, net                      (156)        -      (15,977)
    Net income                         32,120    28,917       89,780
 
    Less: net loss (income)
    attributable to non-controlling
    interests                             761     (988)          508
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                       32,881    27,929       90,288
 
    Earnings per share attributable
    to Elbit Systems Ltd.'s
    shareholders:
    Basic net earnings (losses) per
    share
    Continuing operations                0.77      0.65         2.33
    Discontinued operations                 -         -        (0.22)
    Total                                0.77      0.65         2.11
    Diluted net earnings (losses)
    per share
    Continuing operations                0.77      0.65         2.31
    Discontinued operations                 -         -        (0.22)
    Total                                0.77      0.65         2.09
    Weighted average number of
    shares used in computation of
    basic
 
    earnings per share (in
    thousands)                         42,489    42,732       42,764
    Weighted average number of
    shares used in computation of
    diluted earnings per share (in
    thousands)                         42,663    43,223       43,131
 
    Amounts attributable to Elbit
    Systems Ltd.'s common
    shareholders
    Income from continuing
    operations, net of income tax      32,974    27,929       99,778
    Discontinued operations, net of
    income tax                            (93)        -       (9,490)
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                       32,881    27,929       90,288


   
                                  ELBIT  SYSTEMS LTD.
                           CONSOLIDATED STATEMENTS OF CASH FLOW
                             (In thousands of US Dollars)
                                          Three Months Ended       Year Ended
                                                                    December
                                               March 31,               31,
                                           2012             2011      2011
                                               Unaudited             Audited
    CASH FLOWS FROM OPERATING
    ACTIVITIES
    Net income                           $ 32,120        $ 28,917     $ 89,780
    Adjustments to reconcile net
    income to net cash provided by
    operating activities:
    Depreciation and amortization          35,485          37,155      150,618
    Write-off impairment and
    discontinued operations, net              156               -       15,977
    Stock based compensation                  216             356        1,996
    Amortization of Series A Notes
    discount and related issuance
    costs                                      87            (152)         422
    Deferred income taxes and
    reserve, net                             (738)            622       (8,777)
    Loss (gain) on sale of property,
    plant and equipment                       115            (502)      (1,645)
    Loss (gain) on sale of investment        (791)             67        2,189
    Equity in net loss (earnings) of
    affiliated companies and
    partnership, net of dividend
    received(*)                            (1,468)          7,812         (270)
    Changes in operating assets and
    liabilities, net of amounts
    acquired:
    Increase (decrease) in short and
    long-term trade receivables, and
    prepaid expenses                      14,726           29,328      (65,062)
    Increase in inventories, net         (58,410)         (58,248)     (95,363)
    Decrease (increase) in trade
    payables, other payables and
    accrued expenses                      (3,492)         (27,386)      17,225
    Severance, pension and
    termination indemnities, net          (2,280)           3,145        1,879
    Increase in advances received
    from customers                        36,107           18,949       81,946
    Net cash provided by operating
    activities                          $ 51,834         $ 40,063    $ 190,915
 
    CASH FLOWS FROM INVESTING
    ACTIVITIES
    Purchase of property, plant and
    equipment                            (19,768)         (37,830)    (121,977)
    Acquisition of subsidiaries and
    business operations                        -                -      (12,173)
    Investments in affiliated
    companies and other companies           (507)          (6,786)     (13,555)
    Proceeds from sale of property,
    plant and equipment                    1,557            2,417       15,059
    Proceeds from sale of investments        705                -          329
    Investment in long-term deposits        (192)           1,616         (609)
    Proceeds from sale of long-term
    deposits                                 283                -       40,396
    Investment in short-term deposits
    and available for sale securities   (275,181)               -      (88,842)
    Proceeds from sale of short-term
    deposits and available for sale
    securities                            14,237          (37,104)     126,306
    Net cash used in investing
    activities                        $ (278,866)       $ (77,687)   $ (55,066)
 
    CASH FLOWS FROM FINANCING
    ACTIVITIES
    Proceeds from exercise of options        554            1,496        3,833
    Purchase of non-controlling
    interests                                  -          (73,455)     (71,000)
    Repayment of long-term bank loans   (136,638)          (2,680)     (73,666)
    Proceeds from long-term bank
    loans                                125,254           24,252      172,303
    Proceeds from issuance of Series
    A Notes                              217,420                -            -
    Series A Notes issuance costs          1,889                -            -
    Purchase of treasury shares          (10,004)               -      (10,101)
    Repayment of Series A Notes and
    convertible debentures                     -           (2,121)     (29,998)
    Purchase of convertible
    debentures of a subsidiary                 -                -       (2,121)
    Dividends paid                             -                -      (61,633)
    Tax benefit in respect of options
    exercised                                  -                -          169
    Change in short-term bank credit
    and loans, net                          (147)          77,714      (12,117)
    Net cash provided by (used in)
    financing activities               $ 198,328         $ 25,206    $ (84,331)
 
    NET INCREASE (DECREASE) IN CASH
    AND CASH EQUIVALENTS                 (28,704)         (12,418)      51,518
    CASH AND CASH EQUIVALENTS AT THE
    BEGINNING OF THE YEAR                202,577          151,059      151,059
    CASH AND CASH EQUIVALENTS AT THE
    END OF THE YEAR                      173,873          138,641      202,577
    * Dividend received from
    affiliated companies and
    partnership                          $ 2,570         $ 11,563     $ 15,107


   
                                  ELBIT  SYSTEMS LTD.
                               DISTRIBUTION OF REVENUES
                      CONSOLIDATED REVENUE BY AREAS OF OPERATION:
                               Three Months Ended            Year Ended
                                    March 31                December 31
                              2012             2011             2011
                        $ millions   %   $ millions   %   $ millions   %
 
    Airborne systems       281.5   40.8     251.1   40.5     969.4   34.4
    Land systems            91.6   13.3      83.4   13.4     405.3   14.3
    C4ISR systems          218.8   31.7     193.7   31.2     996.4   35.4
    Electro-optics          68.5    9.8      64.8   10.5     300.2   10.7
    Other (mainly 
    non-defense
    engineering and
    production
    services)               30.4    4.4      27.3    4.4     146.2    5.2
    Total                  690.8  100.0     620.3  100.0   2,817.5  100.0


   
                      CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:
                               Three Months Ended            Year Ended
                                    March 31                December 31
                              2012             2011             2011
                          $ millions   %   $ millions   %   $ millions   %
 
    Israel                  139.8     20.2    170.1   27.4    697.8    24.8
    United States           213.3     30.9    209.1   33.7    890.4    31.6
    Europe                  114.1     16.5    111.2   17.9    545.5    19.3
    Other countries         223.6     32.4    129.9   21.0    683.8    24.3
    Total                   690.8    100.0    620.3  100.0  2,817.5   100.0


Company Contact:

Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com

Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.

IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: +1-646-201-9246
elbitsystems@ccgisrael.com

SOURCE Elbit Systems Ltd




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