Elbit Systems Reports Second Quarter 2012 Results Backlog of orders increased to $5.47 billion; Revenues at $676 million; Net income at $38 million; Diluted net earnings per share at $0.90

HAIFA, Israel, August 14, 2012 /PRNewswire/ --

Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense electronics company, reported today its consolidated financial results for the second quarter ended June 30, 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 second quarter we saw a continued focus on improving our internal efficiencies, which enabled us to lower our G&A expenses during the quarter. Our second quarter continues the trend of increased revenues from the Latin American and Asia-Pacific markets, which made up over a third of our revenues in the quarter. In fact, over half of our revenues are coming from regions whose defense budgets are continuing to grow, including Israel. I believe that our focus on these regions will enable us to continue to grow, even against the background of tightening budgets in Europe and the United States."

Ackerman added, "Yesterday our Board of Directors accepted my request to step down after 16 years as President and CEO, effective at the end of March 2013.  After that, I plan to continue to contribute to the Company as may be requested, including as Vice Chairman of the Board.  I am pleased that the Board has approved as my successor Bezhalel (Butzi) Machlis, who currently is an Executive Vice President of the Company and General Manager of Elbit Systems Land and C4I Division.  I am confident that the Company will be well positioned to meet future challenges and achieve future growth under Butzi's leadership."

Second quarter 2012 results:

Revenues were $676.4 million in the second quarter of 2012, as compared to $691.6 million in the second quarter of 2011. The main contributors to the Company's revenues were the C4I and Airborne systems areas of operations.  

Gross profit was $189.6 million (28.0% of revenues) in the second quarter of 2012, as compared to $200.5 million (29.0% of revenues) in the second quarter of 2011. The non-GAAP gross profit in the second quarter of 2012 was $194.8 million (28.8% of revenues), compared to $208.4 million (30.1% of revenues) in the second quarter of 2011.

Research and development expenses, net were $55.6 million (8.2% of revenues) in the second quarter of 2012, as compared to 55.4 million (8.0% of revenues) in the second quarter of 2011.

Marketing and selling expenses were $59.9 million (8.9% of revenues) in the second quarter of 2012, as compared to $57.4 million (8.3% of revenues) in the second quarter of 2011.  

General and administrative expenses were $32.0 million (4.7% of revenues) in the second quarter of 2012, as compared to $35.1 million (5.1% of revenues) in the second quarter of 2011. This continues the trend of reduction in G&A expenses we have experienced over several quarters, partially due to cost cutting and efficiency measures.

Operating Income was $42.1 million (6.2% of revenues), compared to $52.6 million (7.6% of revenues) in the second quarter of 2011. The non-GAAP operating income in the second quarter of 2012 was $54.1 million (8.0% of revenues), as compared to $67.0 million (9.7% of revenues) in the second quarter of 2011.

Financial expenses, net were $2.3 million in the second quarter of 2012, as compared to $9.4 million in the second quarter of 2011. Financial expenses in the second quarter of 2012 were comparatively low due to currency hedging activities.

Taxes on income were $2.8 million (effective tax rate of 7.1%) in the second quarter of 2012, as compared to taxes on income of $5.4 million (effective tax rate of 12.5%) in the second quarter of 2011. The lower effective tax rate in the quarter was attributable mainly to adjustments related to tax positions taken during prior periods and to the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.

Equity in net earnings of affiliated companies and partnerships was $3.8 million (0.6% of revenues) in the second quarter of 2012, as compared to $2.7 million (0.4% of revenues) in the second quarter of 2011.

Net income attributable to non-controlling interests was $1.2 million in the second quarter of 2012, as compared to $1.6 million in the second quarter of 2011.

Net income, attributable to the Company's ordinary shareholders, was $38.3 million (5.7% of revenues) in the second quarter of 2012, as compared to $38.9 million (5.6% of revenues) for the second quarter of 2011. The non-GAAP net income in the second quarter of 2012 was $48.2 million (7.1% of revenues), as compared to $50.5 million (7.3% of revenues) in the second quarter of 2011.

Diluted net earnings per shareattributable to the Company'sordinary shareholders were $0.90 for the second quarter of 2012, as compared with $0.90 for the second quarter of 2011. The non-GAAP earnings per share in the second quarter of 2012 were $1.14, as compared to $1.16 in the second quarter of 2011.

The Company's backlog of orders as of June 30, 2012 was $5,465, as compared with $5,450 million as of March 31, 2012 and $5,528 million as of December 31, 2011. Approximately 76% of the backlog relates to orders outside of Israel. Approximately 73% of the Company's backlog as of June 30, 2012 is scheduled to be performed, during the second half of 2012 and in 2013.

Operating cash flow was $56.2 million during the first half of 2012, as compared to $23.3 million in the first half 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)
                                    Six Months       Three Months
                                      Ended              Ended         Year Ended
                                     June 30            June 30        December 31
                                 2012      2011    2012      2011         2011
 
    GAAP gross profit           385.4    386.2    189.6     200.5        732.0
    Adjustments:
    Amortization of purchased
    intangible assets            10.4     15.5      5.2       7.9         30.9
    Cessation of program
    [(*)]                           -        -        -         -         72.8
    Non-GAAP gross profit       395.8    401.7    194.8     208.4        835.7
    Percent of revenues          28.9%    30.6%    28.8%     30.1%        29.7%
 
    GAAP operating income        83.8     93.6     42.1      52.6        115.7
    Adjustments:
    Amortization of
    intangible assets            24.2     28.4     12.0      14.4         57.3
    Cessation of program
    [(*)]                           -        -        -         -         72.8
    Non-GAAP operating income   108.0    121.9     54.1      67.0        245.8
    Percent of revenues           7.9%     9.3%     8.0%      9.7%         8.7%
 
    GAAP net income
    attributable to Elbit
    Systems' shareholders        71.1     66.8     38.3      38.9         90.3
    Adjustments:
    Amortization of
    intangible assets            24.2     28.4     12.0      14.4         57.3
    Cessation of program
    [(*)]                                    -                  -         72.8
    Impairment of investments       -      0.5        -       0.5          0.5
    Gain from changes in
    holdings                     (2.3)       -        -         -            -
    Loss from discontinued
    operations                    0.2      0.3      0.1       0.1          9.4
    Related tax benefits         (4.3)    (6.7)    (2.2)     (3.4)       (23.7)
    Non-GAAP net income
    attributable to
 
    Elbit Systems'
    shareholders                 88.9     89.3     48.2      50.5        206.6
    Percent of revenues           6.5%     6.8%     7.1%      7.3%         7.3%
 
    Non-GAAP diluted net EPS     2.09     2.06     1.14      1.16         4.79


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

Recent Events:

On May 22, 2012, the Company announced that it was awarded an approximately $160 million contract by a European customer to supply Unmanned Aircraft Systems (UAS). The systems will be supplied over the next two years.

On May 30, 2012, the Company announced that it was awarded a follow-on contract by the Israel Ministry of Defense Procurement Administration, valued at approximately $30 million, to integrate the F-15 array into the Mission Training Center Elbit Systems is establishing for the Israeli Air Force. The contract will be performed over fifteen years.

On June 13, 2012, the Company announced that its wholly-owned Israeli subsidiary Elbit Systems - Cyclone Ltd. was awarded an approximately $80 million contract for the supply of structural components to The Boeing Company. The contract will be performed over seven years.

On June 24, 2012, the Company announced that it was awarded a contract valued at $62 million to upgrade Korean Air Force C-130 transport aircraft. Under the contract, the C-130 aircraft will be installed with various types of advanced electronic systems. In addition, Elbit Systems will convert the existing analog cockpit to a "Glass-Cockpit" using Elbit Systems' cutting-edge digital flight displays.

On August 5, 2012, the Company announced that it was awarded a contract valued at tens of millions of dollars, to supply a Latin American customer with a mixed fleet of Hermes® 900 and Hermes® 450 UAS. The contract will be performed over the next two years.

On August 13, 2012, the Company announced that the Board of Directors accepted the request of the Company's President and CEO, Joseph Ackerman, to retire effective March 31, 2013, and the Board approved as his successor Bezhalel (Butzi) Machlis, currently Executive Vice President and General Manager of Elbit Systems Land and C4I Division.

Dividend:

The Board of Directors declared a dividend of $0.30 per share for the second quarter of 2012. The dividend's record date is August 28, 2012, and the dividend will be paid on September 10, 2012, net of taxes and levies, at the rate of 25%.  

Conference Call:

The Company will also be hosting a conference call later today, August 14, 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 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 +972-3-925-5900 (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

Condensed 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)
                                                       June 30,   December 31,
                                                         2012         2011
                                                       Unaudited    Audited
    Assets
 
    Current assets:
    Cash and cash equivalents                           $ 328,449    $ 202,577
    Short-term bank deposits                               20,736       21,693
    Trade and unbilled receivables, net                   645,342      669,524
    Other receivables and prepaid expenses                144,653      180,024
    Inventories, net of customers advances                807,683      761,269
    Total current assets                                1,946,863    1,835,087
 
    Investments in affiliated companies, partnership
    and other companies                                   117,511      110,159
    Long-term trade and unbilled receivables              175,851      162,762
    Long-term bank deposits and other receivables           9,249       12,215
    Deferred income taxes, net                             38,409       36,130
    Severance pay fund                                    280,276      283,477
                                                          621,296      604,743
 
    Property, plant and equipment, net                    509,136      517,608
    Goodwill and other intangible assets, net             739,346      763,072
    Total assets                                      $ 3,816,641  $ 3,720,510
 
    Liabilities and Equity
 
    Short-term bank credit and loans                        $ 163      $ 2,998
    Current maturities of long-term loans and Series
    A Notes                                               187,178      127,627
    Trade payables                                        253,489      316,264
    Other payables and accrued expenses                   721,729      743,866
    Customer advances in excess of costs incurred on
    contracts in progress                                 439,367      407,222
                                                        1,601,926    1,597,977
 
    Long-term loans, net of current maturities            226,943      302,255
    Series A Notes, net of current maturities             384,817      235,319
    Employee benefit liabilities                          385,988      394,115
    Deferred income taxes and tax liabilities, net         58,621       48,467
    Customer advances in excess of costs incurred on
    contracts in progress                                 131,487      154,696
    Other long-term liabilities                            71,335       59,961
                                                        1,259,191    1,194,813
 
    Elbit Systems Ltd.'s equity                           925,658      898,337
    Non-controlling interests                              29,866       29,383
    Total equity                                          955,524      927,720
    Total liabilities and equity                      $ 3,816,641  $ 3,720,510




                                  ELBIT  SYSTEMS LTD.
                          CONSOLIDATED STATEMENTS OF INCOME
          (In thousands of US Dollars, except for share and per share amounts)
                                                                        Year
                                                      Three Months     Ended
                                  Six Months Ended        Ended       December
                                       June 30           June 30        31
                                   2012      2011     2012    2011     2011
                                              Unaudited               Audited
    Revenues                     1,367,220 1,311,890 676,432 691,632 2,817,465
    Cost of revenues               981,840   925,710 486,803 491,097 2,085,451
    Gross profit                   385,380   386,180 189,629 200,535   732,014
 
    Operating expenses:
    Research and development,
    net                            114,411   109,603  55,645  55,389   241,092
    Marketing and selling          121,281   112,428  59,920  57,441   235,909
    General and administrative      65,903    70,595  31,962  35,085   139,349
                                   301,595   292,626 147,527 147,915   616,350
 
    Operating income                83,785    93,554  42,102  52,620   115,664
 
    Financial expenses, net        (10,068)  (20,012) (2,252) (9,350)  (13,569)
    Other income, net                 (183)      374  (1,114)    180     1,909
    Income before income taxes      73,534    73,916  38,736  43,450   104,004
    Taxes on income                  9,315    10,719   2,755   5,419   (13,624)
                                    64,219    63,197  35,981  38,031    90,380
 
    Equity in net earnings of
    affiliated companies and
    partnership                      7,818     6,601   3,779   2,719    15,377
    Income from continuing
    operations                      72,037    69,798  39,760  40,750   105,757
    Loss from discontinued
    operations, net                   (427)     (450)   (271)   (228)  (15,977)
    Net income                      71,610    69,348  39,489  40,522    89,780
 
    Less: net income
    attributable to
    non-controlling interests         (465)   (2,524) (1,226) (1,627)      508
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                    71,145    66,824  38,263  38,895    90,288
 
    Earnings per share
    attributable to Elbit
    Systems Ltd.'s ordinary
    shareholders:
    Basic net earnings per share
    Continuing operations             1.68      1.57    0.91    0.91      2.33
    Discontinued operations           0.01     (0.01)  (0.01)   0.01     (0.22)
    Total                             1.68      1.56    0.90    0.91      2.11
    Diluted net earnings per
    share
    Continuing operations             1.68      1.55    0.91    0.90      2.31
    Discontinued operations          (0.01)     0.01   (0.01)   0.01     (0.22)
    Total                             1.67      1.55    0.90    0.90      2.09
    Weighted average number of
    shares used in
 
    computation of basic
    earnings per share              42,420    42,756  42,351  42,780    42,764
    Weighted average number of
    shares used in
 
    computation of diluted
    earnings per share              42,538    43,232  42,412  43,248    43,131
 
    Amounts attributable to
    Elbit Systems Ltd.'s common
    shareholders
    Income from continuing
    operations, net of income
    tax                             71,399    67,091  38,424  39,030    99,778
    Discontinued operations, net
    of income tax                     (254)     (267)   (161)   (135)   (9,490)
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                    71,145    66,824  38,263  38,895    90,288



                                       ELBIT  SYSTEMS LTD.
                             CONSOLIDATED STATEMENTS OF CASH FLOW
                                  (In thousands of US Dollars)

                                                                         Year
                                               Six Months Ended          Ended
                                                                       December
                                                   June 30,               31,
                                               2012           2011       2011
                                                  Unaudited             Audited
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                                71,611         69,348      89,780
    Adjustments to reconcile net income to
    net cash provided by operating
    activities:
    Depreciation and amortization             68,816         74,632     150,618
    Write-off impairment and discontinued
    operations, net                              408            520      15,977
    Stock based compensation                     364            599       1,996
    Amortization of Series A Notes
    discount and related issuance costs          422            247         422
    Deferred income taxes and reserve, net     4,410         (7,426)     (8,777)
    Loss (gain) on sale of property, plant
    and equipment                                 41           (690)     (1,645)
    Loss (gain) on sale of investment           (791)             -       2,189
    Equity in net loss (earnings) of
    affiliated companies and partnership,
    net of dividend received(*)               (2,852)         7,956        (270)
    Changes in operating assets and
    liabilities, net of amounts acquired:
    Decrease (increase) in short and
    long-term trade receivables, and
    prepaid expenses                          41,959        (87,410)     (65,062)
    Increase in inventories, net             (46,414)       (72,966)     (95,363)
    Increase (decrease) in trade payables,
    other payables and accrued expenses      (85,774)       (20,493)      17,225
    Severance, pension and termination
    indemnities, net                          (4,930)         5,464        1,879
    Increase in advances received from
    customers                                  8,936         53,533       81,946
    Net cash provided by operating
    activities                                56,205         23,314      190,915
 
    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property, plant and
    equipment                                (39,154)       (73,444)    (121,977)
    Acquisition of subsidiaries and
    business operations                            -        (12,173)     (12,173)
    Investments in affiliated companies
    and other companies                         (500)        (6,919)     (13,555)
    Proceeds from sale of property, plant
    and equipment                              2,218          4,983       15,059
    Proceeds from sale of investments            705              -          329
    Investment in long-term deposits            (244)          (589)        (609)
    Proceeds from sale of long-term
    deposits                                     430          3,600       40,396
    Investment in short-term deposits and
    available for sale securities           (285,356)       (85,486)     (88,842)
    Proceeds from sale of short-term
    deposits and available for sale
    securities                               286,324        115,706      126,306
    Net cash used in investing activities    (35,577)       (54,322)     (55,066)
 
    CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from exercise of options            803          2,514        3,833
    Purchase of non-controlling interests          -        (71,000)     (71,000)
    Repayment of long-term loans            (223,026)       (65,085)     (73,666)
    Proceeds from long-term loans            125,290        126,410      172,303
    Proceeds from issuance of Series A
    Notes                                    243,954              -            -
    Purchase of treasury shares              (13,231)             -      (10,101)
    Repayment of Series A Notes and
    convertible debentures                         -        (32.211)     (29,998)
    Purchase of convertible debentures of
    a subsidiary                                   -         (2.121)      (2,121)
    Dividends paid                           (25,446)       (30,836)     (61,633)
    Tax benefit in respect of options
    exercised                                      -              -          169
    Change in short-term bank credit and
    loans, net                                (3,099)        21,108      (12,117)
    Net cash provided by (used in)
    financing activities                     105,245        (51.221)     (84,331)
 
    NET INCREASE (DECREASE) IN CASH AND
    CASH EQUIVALENTS                         125,873        (82,229)      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                              328,450         68,830      202,577
    * Dividend received from affiliated
    companies and partnership                  4,539         14,107       15,107



                                ELBIT  SYSTEMS LTD.
                             DISTRIBUTION OF REVENUES
                    CONSOLIDATED REVENUE BY AREAS OF OPERATION:
                         Six Months Ended             Three Months Ended
                              June 30                       June 30
                        2012           2011           2012           2011
                      $              $              $              $
                   millions   %   millions   %   millions   %   millions   %
    Airborne
    systems           525.6  38.4    459.6  35.0    244.1  36.1    209.7  30.3
    Land systems      158.8  11.6    183.2  14.0     67.2   9.9     99.8  14.4
    C4ISR systems     478.9  35.0    469.3  35.8    260.1  38.4    275.6  39.8
    Electro-optics    144.7  10.6    137.1  10.5     76.2  11.3     72.3  10.5
    Other (mainly
    non-defense
    engineering
    and production
    services)          59.2   4.4     62.7   4.7     28.8   4.3     34.2   5.0
    Total           1,367.2 100.0  1,311.9 100.0    676.4 100.0    691.6 100.0



                   CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:

                         Six Months Ended             Three Months Ended
                              June 30                       June 30
                        2012           2011           2012           2011
                      $              $              $              $
                   millions   %   millions   %   millions   %   millions   %
    Israel            250.5  18.3    356.0  27.1    110.7  16.4    185.9  26.9
    United States     413.1  30.2    427.1  32.6    199.8  29.5    218.0  31.5
    Europe            241.5  17.7    241.0  18.4    127.4  18.8    129.8  18.8
    Other
    countries         462.1  33.8    287.8  21.9    238.5  35.3    157.9  22.8
    Total           1,367.2 100.0  1,311.9 100.0    676.4 100.0    691.6 100.0


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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