Elbit Systems Reports Fourth Quarter And Full Year 2014 Results

Improvement in key year over year business parameters:

Revenues of $3 billion; Backlog of orders of $6.3 billion;

Net income of $171 million; EPS of $4.01

Mar 11, 2015, 04:53 ET from Elbit Systems Ltd.

HAIFA, Israel, March 11, 2015 /PRNewswire/ -- Elbit Systems Ltd. (the "Company") (NASDAQ and TASE: ESLT), the international high technology defense and homeland security company, reported today its consolidated results for the fourth quarter and full year ended December 31, 2014.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors 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:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "We are pleased with our performance for the fourth quarter and the full year for 2014, which indicates a solid business base. We are encouraged by the growth in our backlog over the past year which, as expected, led to an increase in revenues. This is an indication of our growth potential, while providing us with good visibility into the coming years. Another important element of our results is the solid growth in two important target regions for us, Latin America and Asia-Pacific. These results, combined with a somewhat more favorable macro-environment for defense spending, lead us to be optimistic with regard to 2015".

Fourth quarter 2014 results:

Revenues in the fourth quarter of 2014 were $850.3 million, as compared to $811.5 million in the fourth quarter of 2013.

Gross profit amounted to $229.5 million (27.0% of revenues) in the fourth quarter of 2014, as compared to $221.5 million (27.3% of revenues) in the fourth quarter of 2013. The non-GAAP gross profit in the fourth quarter of 2014 was $235.0 million (27.6% of revenues), as compared to $228.1 million (28.1% of revenues) in the fourth quarter of 2013.

Research and development expenses, net, were $71.0 million (8.4% of revenues) in the fourth quarter of 2014, as compared to $63.9 million (7.9% of revenues) in the fourth quarter of 2013.

Marketing and selling expenses, net, were $59.5 million (7.0% of revenues) in the fourth quarter of 2014, as compared to $60.7 million (7.5% of revenues) in the fourth quarter of 2013.

General and administrative expenses, net, were $34.8 million (4.1% of revenues) in the fourth quarter of 2014, as compared to $39.1 million (4.8% of revenues) in the fourth quarter of 2013.

Operating income was $64.2 million (7.6% of revenues) in the fourth quarter of 2014, as compared to operating income of $57.9 million (7.1% of revenues) in the fourth quarter of 2013. The non-GAAP operating income in the fourth quarter of 2014 was $74.8 million (8.8% of revenues), as compared to $70.5 million (8.7% of revenues) in the fourth quarter of 2013.

Financial expenses, net, were $11.2 million in the fourth quarter of 2014, as compared to $10.0 million in the fourth quarter of 2013.

Taxes on income were $9.5 million in the fourth quarter of 2014, as compared to $8.1 million in the fourth quarter of 2013.

Equity in net earnings of affiliated companies and partnerships was $1.8 million (0.2% of revenues) in the fourth quarter of 2014, as compared to $5.5 million (0.7% of revenues) in the fourth quarter of 2013.

Net income attributable to non-controlling interests was $1.2 million in the fourth quarter of 2014, as compared to $2.3 million in the fourth quarter of 2013.

Net income attributable to the Company's shareholders in the fourth quarter of 2014 was $44.0 million (5.2% of revenues), as compared to $42.9 million (5.3% of revenues) in the fourth quarter of 2013. The non-GAAP net income in the fourth quarter of 2014 was $52.8 million (6.2% of revenues), as compared to $53.5 million (6.6% of revenues) in the fourth quarter of 2013.

Diluted net earnings per share attributable to the Company's shareholders were $1.03 for the fourth quarter of 2014, as compared with diluted net earnings per share of $1.01 for the fourth quarter of 2013. The non-GAAP diluted earnings per share in the fourth quarter of 2014 were $1.24, as compared to $1.26 in the fourth quarter of 2013.

Full year 2014 results:

Revenues for the year ended December 31, 2014 were $2,958.2 million, as compared to $2,925.2 million in the year ended December 31, 2013. The leading contributors to our revenues were the airborne systems and C4ISR systems areas of operations. The increases in the airborne systems and C4ISR systems areas of operation were primarily due to increased revenues from airborne EW systems worldwide and HLS systems sold to Latin America. Revenues from land systems in Israel and electro-optic systems in the U.S. decreased slightly.

On a geographic basis, the increase in revenues in Asia-Pacific was mainly due to increased sales of a project to upgrade tanks for a customer in this region. The strong growth of revenues in Latin America was mainly due to increased sales of HLS and EW systems as well as unmanned airborne systems in this region.

Cost of revenues for the year ended December 31, 2014 was $2,133.2 million (72.1% of revenues), as compared to $2,100.3 million (71.8% of revenues)  in the year ended December 31, 2013.

Gross profit for the year ended December 31, 2014 was $825.1 million (27.9% of revenues), as compared to gross profit of $824.8 million (28.2% of revenues) in the year ended December 31, 2013. The non-GAAP gross profit in 2014 was $846.7 million  (28.6% of revenues), as compared to $847.9 million (29.0% of revenues) in 2013.

Research and development expenses, net, for the year ended December 31, 2014 were $228.0 million (7.7% of revenues), as compared to $220.5 million (7.5% of revenues) in the year ended December 31, 2013.

Marketing and selling expenses, net, for the year ended December 31, 2014 were $216.5 million (7.3% of revenues), as compared to $235.5 million (8.0% of revenues) in the year ended December 31, 2013.  The decrease in marketing and selling expenses in 2014 was mainly related to the mix of countries and types of marketing activities for projects in which we invested our marketing efforts.

General and administrative expenses, net, for the year ended December 31, 2014 were $139.6 million (4.7% of revenues), as compared to $129.5 million (4.4% of revenues) in the year ended December 31, 2013. General and administrative expenses in 2013 benefited from income related to a legal settlement, net of expenses, of $7.6 million.

Other operating income, net, for the year ended December 31, 2014 amounted to $6.0 million. The amount reflects a net gain related to the revaluation of a previously held investment in an Israeli subsidiary's shares at the acquisition date due to its accounting treatment as a business combination achieved in stages. As a result of this acquisition, the Company increased its holdings in the subsidiary from 49% to 90%.

Operating income for the year ended December 31, 2014 was $246.9 million (8.3% of revenues), as compared to operating income of $239.4 million (8.2% of revenues), in the year ended December 31, 2013. The non-GAAP operating income in 2014 was $283.9 million (9.6% of revenues), as compared to $278.6 million (9.5% of revenues) in 2013.

Financial expenses, net, for the year ended December 31, 2014 were $47.5 million, as compared to $37.3 million in the year ended December 31, 2013. Financial expenses, net, in 2014 were comparatively high, mainly as a result of accelerated devaluation of the NIS in the third quarter of 2014 and its effect on the Company's U.S. dollar derivative activities, as well as the fluctuation of the U.S. dollar against other foreign currencies, such as the Australian dollar and the Brazilian real, during the year.  

Taxes on income for the year ended December 31, 2014 were $25.6 million (effective tax rate of 12.8%), as compared to taxes on income of $25.3 million (effective tax rate of 12.5%) in the year ended December 31, 2013. The effective tax rate is affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income and the settlement of tax audits, including adjustments for prior years.

Equity in net earnings of affiliated companies and partnerships for the year ended December 31, 2014 was $5.5 million (0.2% of revenues), as compared to $13.0 million (0.4% of revenues) in the year ended December 31, 2013. The main reason for the decrease in the equity in net earnings of affiliated companies and partnerships was a result of a change in the business and project contractual structure in a U.S. joint venture entity, which led to increased profit in our U.S. subsidiary holding the joint venture and a decrease in profit in the joint venture itself.

Net income attributable to non-controlling interests for the year ended December 31, 2014 was $8.4 million, as compared to $8.0 million in the year ended December 31, 2013.

Net income attributable to the Company's shareholders for the year ended December 31, 2014 was $171.0 million (5.8% of revenues), as compared to $183.4 million (6.3% of revenues) in the year ended December 31, 2013. The decrease in net income resulted mainly from the higher financial expenses in 2014. The non-GAAP net income in the year ended December 31, 2014 was $201.1 million (6.8% of revenues), as compared to $210.8 million (7.2% of revenues) in the year ended December 31, 2013.

Diluted net earnings per share attributable to the Company's shareholders for the year ended December 31, 2014 were $4.01, as compared to $4.34 for the year ended December 31, 2013. The non-GAAP diluted net earnings per share in the year ended December 31, 2014 were $4.71, as compared to $4.99 in the year ended December 31, 2013.

The Company's backlog of orders for the year ended December 31, 2014 totaled $6,265 million, as compared to $5,822 million as of December 31, 2013. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 69% of the current backlog is scheduled to be performed during 2015 and 2016.

Operating cash flow for the year ended December 31, 2014 was $177.8 million, as compared to $167.0 million in the year ended December 31, 2013.

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 certain adjustments, as indicated in the table below.

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
December 31,


 Year ended

December 31,


2014



2013



2014



2013














GAAP gross profit

229.5



221.5



825.0



824.8


Adjustments:












Amortization of purchased intangible assets

5.5



5.7



21.7



22.2


Impairment of long-lived assets



0.9





0.9


Non-GAAP  gross profit

235.0



228.1



846.7



847.9


Percent of revenues

27.6

%


28.1

%


28.6

%


29.0

%













GAAP operating income

64.2



57.9



246.9



239.4


Adjustments:












Amortization of  purchased intangible assets

10.6



11.7



43.0



45.9


Impairment of long-lived assets



0.9





0.9


Legal settlements, net







(7.6)


Gain from changes in holdings





(6.0)




Non-GAAP operating income

74.8



70.5



283.9



278.6


Percent of revenues

8.8

%


8.7

%


9.6

%


9.5

%













GAAP net income attributable to Elbit Systems' shareholders

44.0



42.9



171.0



183.4


Adjustments:












Amortization of purchased  intangible assets

10.6



11.7



43.0



45.9


Impairment of long-lived assets



0.9





0.9


Legal settlements, net







(7.6)


Gain from changes in holdings





(6.0)



(0.9)


Adjustment of gain from discontinued operations, net







(0.8)


Related tax benefits

(1.8)



(2.0)



(6.9)



(10.1)


Non-GAAP  net income attributable to Elbit Systems' shareholders

52.8



53.5



201.1



210.8


Percent of revenues

6.2

%


6.6

%


6.8

%


7.2

%













Non-GAAP diluted net EPS

1.24



1.26



4.71



4.99


Recent Events:

On November 17, 2014, the Company announced that it was awarded a contract from DIEHL BGT Defence GmbH & Co. KG to provide J-MUSIC™ Multi-Spectral Directed Infrared Counter Measure (DIRCM) systems for the first phase of the German Air Force's Self-Protection program for its new Airbus A400 aircraft. The contract will be performed over approximately one year and is in an amount that is not material to Elbit Systems.

On December 23, 2014, the Company announced that its wholly-owned U.S. subsidiary, Elbit Systems of America, LLC ("Elbit Systems of America"), received a directed subcontract from the Brazilian Navy for the upgrade of four Grumman C-1A aircraft. The prime contract is held by Marsh Aviation Company of Mesa, Arizona. The subcontract, valued at $106 million, will be performed by Elbit Systems of America over a five-year period.

On January 4, 2015, the Company announced that it was awarded an approximately $90 million contract from the Israeli Ministry of Defense (IMOD) for the maintenance of the Israeli Air Force's (IAF) F-16 array's avionics systems. The project, to be performed over eleven-year period, will include the establishment of a new and cutting edge national maintenance center for the IAF's squadrons and bases.

On January 5, 2015, the Company announced that it was awarded an approximately $100 million contract from the IMOD to procure six new firefighting aircraft and operate the firefighting squadron, which will consist of a total of fourteen aircraft, including eight aircraft previously procured by Elbit Systems. The contract, to be performed over an eight-year period, also covers flight hours, infrastructure upgrade, maintenance, airstrip operation, handling of fire retardants and other aspects of operating the squadron.

On January 14, 2015, the Company announced that it was awarded contracts by the IMOD, in a total amount of approximately $54 million, for the supply and maintenance of advanced electro-optics systems, to be performed by Elbit Systems Electro-optics Elop Ltd. over a six-year period.

On January 15, 2015, the Company announced that it was awarded IMOD contracts, in a total amount of approximately $117 million, for the supply of Command, Control, Computer, Communications and Intelligence (C4I) systems and communications systems. Most of the contracts will be performed over six-year period.

On January 19, 2015, the Company announced that it was awarded a contract from an Asian Army to provide the mini MUSIC™ IR MWS based DIRCM systems for the customer's Blackhawk helicopters. The contract will be performed during 2015 and is in an amount that is not material to Elbit Systems.

Dividend:

The Board of Directors declared a dividend of $0.35 per share for the fourth quarter of 2014. The dividend's record date is March 20, 2015. The dividend will be paid from income generated as Preferred Income (as defined under Israeli tax laws), on April 2, 2015, net of taxes, at the rate of 20%.

Conference Call:

The Company will be hosting a conference call today, Wednesday, March 11, 2015 at 9:00 a.m. 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: 9:00 am Eastern Time; 6:00 am Pacific Time; 1:00 pm UK Time; 3:00 pm 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 24 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 5901 (Israel and International).

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, electronic warfare suites, signal intelligence systems, data links and communications systems and radios. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.

For additional information, visit: www.elbitsystems.com or follow us on Twitter.

Attachments:

Consolidated balance sheets
Consolidated statements of income 
Consolidated statements of cash flow 
Consolidated revenue distribution by areas of operation and by geographical regions

Company Contact:

IR 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.

Ehud Helft

Kenny Green

GK Investor Relations

Tel: 1-646-201-9246

elbitsystems@gkir.com

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 1943, 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., 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.

 


ELBIT SYSTEMS LTD.

CONSOLIDATED BALANCE SHEETS

(In thousands of US Dollars)



As of December 31,


2014



2013



Audited

Assets






Current assets:






Cash and cash equivalents

$

200,407



$

191,737


Short-term bank deposits and marketable securities

79,369



22,549


Available-for-sale marketable securities

26,150



51,076


Trade and unbilled receivables, net

928,757



823,245


Other receivables and prepaid expenses

145,562



151,367


Inventories, net of customers advances

868,799



756,032


Total current assets

2,249,044



1,996,006








Investments in affiliated companies and partnerships

125,433



131,362


Long-term trade and unbilled receivables

212,725



242,576


Long-term bank deposits and other receivables

18,081



52,983


Deferred income taxes, net

60,224



35,695


Severance pay fund

276,707



323,388



693,170



786,004








Property, plant and equipment, net

441,535



481,408


Goodwill and other intangible assets, net

637,532



669,750


Total assets

$

4,021,281



$

3,933,168








Liabilities and Equity






Short-term bank credit and loans

$

557



$


Current maturities of long-term loans and Series A Notes

81,958



63,111


Trade payables

369,659



301,480


Other payables and accrued expenses

758,760



720,544


Customer advances in excess of costs  incurred on contracts in progress

413,223



349,998



1,624,157



1,435,133








Long-term loans, net of current maturities

220,716



224,209


Series A Notes, net of current maturities

293,923



377,812


Employee benefit liabilities

396,639



407,855


Deferred income taxes and tax liabilities, net

68,435



73,502


Customer advances in excess of costs incurred on contracts in progress

120,299



164,854


Other long-term liabilities

58,217



55,634



1,158,229



1,303,866








Elbit Systems Ltd.'s equity

1,226,667



1,177,012


Non-controlling interests

12,228



17,157


Total equity

1,238,895



1,194,169


Total liabilities and equity

$

4,021,281



$

3,933,168


 

 


ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands of US Dollars, except for share and per share amounts)



Year Ended

December 31,


Three Months Ended
December 31,


2014



2013



2014



2013



Audited


Unaudited

Revenues

$

2,958,248



$

2,925,151



$

850,284



$

811,460


Cost of revenues

2,133,151



2,100,304



620,741



589,911


Gross profit

825,097



824,847



229,543



221,549


Operating expenses:












Research and development, net

228,011



220,482



71,023



63,927


Marketing and selling, net

216,537



235,466



59,500



60,711


General and administrative, net

139,634



129,507



34,794



39,058


Other operating income, net

(5,951)








Total operating expenses

578,231



585,455



165,317



163,696


Operating income

246,866



239,392



64,226



57,853














Financial expenses, net

(47,498)



(37,310)



(11,213)



(10,035)


Other (expense) income, net

120



937



(134)



12


Income before income taxes

199,488



203,019



52,879



47,830


Taxes on income

(25,624)



(25,313)



(9,474)



(8,114)



173,864



177,706



43,405



39,716


Equity in net earnings of affiliated companies and partnerships

5,549



13,032



1,786



5,465


Income from continuing operations

179,413



190,738



45,191



45,181


Income from discontinued operations, net



681






   Net income

$

179,413



$

191,419



$

45,191



$

45,181














Less: net income attributable to non-controlling interests

(8,433)



(8,002)



(1,206)



(2,312)


Net income attributable to Elbit Systems Ltd.'s shareholders

$

170,980



$

183,417



$

43,985



$

42,869














Earnings per share attributable to Elbit Systems Ltd.'s shareholders:










Basic net earnings per share












Continuing operations

$

4.01



$

4.34



$

1.03



$

1.01


Discontinued operations



0.01






Total

$

4.01



$

4.35



$

1.03



$

1.01


Diluted net earnings per share












Continuing operations

$

4.01



$

4.33



$

1.03



$

1.01


Discontinued operations



0.01






Total

$

4.01



$

4.34



$

1.03



$

1.01














Weighted average number of shares used in computation of basic
earnings per share (in thousands)

42,654



42,139



42,681



42,427


Weighted average number of shares used in computation of diluted
earnings per share (in thousands)

42,677



42,295



42,702



42,542


 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF CASH FLOW

(In thousands of US Dollars)



Year Ended December 31,


2014



2013



Audited

CASH FLOWS FROM OPERATING ACTIVITIES






Net income

$

179,413



$

191,419


Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization

122,408



129,348


Write-off of  impairment and discontinued operations, net



254


Stock-based compensation

322



440


Amortization of Series A Notes premium and related issuance costs, net

(91)



(92)


Deferred income taxes and reserve, net

(47,456)



221


Gain on sale of property, plant and equipment

(3,266)



(147)


Loss (gain) on sale of investment

(4,957)



873


Equity in net loss of affiliated companies and partnerships, net of dividend received (*)

7,449



468


Changes in operating assets and liabilities, net of amounts acquired:






Increase in short and long-term trade receivables and prepaid expenses

(67,177)



(108,337)


Increase in inventories, net

(112,747)



(4,785)


Increase in trade payables and other payables and accrued expenses

81,687



55,935


Severance, pension and termination indemnities, net

6,282



(3,595)


Increase (decrease) in advances received from customers

15,970



(95,027)


Net cash provided by operating activities

177,837



166,975


CASH FLOWS FROM INVESTING ACTIVITIES






Purchase of property, plant and equipment

(71,211)



(63,019)


Acquisition of subsidiaries and business operations

787




Investments in affiliated companies and other companies

(4,620)



(6,222)


Proceeds from sale of property, plant and equipment

24,969



3,755


Proceeds from sale of investments

110



3,550


Investment in long-term deposits

(796)



(2,076)


Proceeds from sale of long-term deposits

790



795


Investment in short-term deposits and available-for-sale  marketable securities

(89,521)



(52,975)


Proceeds from sale of short-term deposits and available-for-sale marketable securities

59,374



42,899


Net cash used in investing activities

(80,118)



(73,293)


CASH FLOWS FROM FINANCING ACTIVITIES






Proceeds from exercise of options

3,542



18,364


Repayment of long-term loans

(345,839)



(230,532)


Proceeds from long-term loans

376,500



242,247


Repayment of Series A Notes and convertible debentures

(55,532)



(55,535)


Dividends paid (**)

(68,277)



(75,549)


Change in short-term bank credit and loans, net

557



(181)


Net cash used in financing activities

(89,049)



(101,186)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

8,670



(7,504)


CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR

$

191,737



$

199,241


CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

$

200,407



$

191,737








* Dividend received from affiliated companies and partnerships

$

12,998



$

13,500



** Dividends paid in 2014 and 2013 included approximately $14,500 and $24,900, respectively, dividends paid by a subsidiary to non-controlling interests.

 

 

ELBIT SYSTEMS LTD.

DISTRIBUTION OF REVENUES


Consolidated Revenues by Areas of Operation:



Year Ended


Three Months Ended


December 31,


December 31,


2014


2013


2014


2013


$ millions


%


$ millions


%


$ millions


%


$ millions


%

Airborne systems

$

1,197.9



40.5



$

1,133.1



38.7



$

314.3



37.0



$

283.8



35.0


Land systems

274.9



9.3



309.3



10.6



113.4



13.3



113.9



14.0


C4ISR systems

1,118.5



37.8



1,071.4



36.6



309.6



36.4



299.5



36.9


Electro-optic systems

265.1



9.0



313.9



10.7



82.6



9.7



86.6



10.7


Other (mainly non-defense
engineering and production
services)

101.8



3.4



97.5



3.4



30.4



3.6



27.7



3.4


Total

$

2,958.2



100.0



$

2,925.2



100.0



$

850.3



100.0



$

811.5



100.0



Consolidated Revenues by Geographical Regions:



Year Ended


Three Months Ended


December 31,


December 31,


2014


2013


2014


2013


$ millions


%


$ millions


%


$ millions


%


$ millions


%

Israel

$

638.8



21.6



$

705.7



24.1



$

145.9



17.2



$

235.1



29.0


North America

826.8



27.9



860.7



29.4



216.3



25.4



229.7



28.3


Europe

460.9



15.6



546.7



18.7



152.0



17.9



148.8



18.3


Asia Pacific

528.8



17.9



448.1



15.3



182.5



21.5



90.7



11.2


Latin America

454.5



15.4



283.0



9.7



143.0



16.8



72.1



8.9


Other countries

48.4



1.6



81.0



2.8



10.6



1.2



35.1



4.3


Total

$

2,958.2



100.0



$

2,925.2



100.0



$

850.3



100.0



$

811.5



100.0


 

 

SOURCE Elbit Systems Ltd.



RELATED LINKS

http://www.elbitsystems.com