Crow Technologies 1977 Ltd., (Formerly Bari Trust Investments Ltd) Announces Its Financial Results for the Year Ended December 31, 2000

Apr 02, 2001, 01:00 ET from Crow Technologies 1977 Ltd.

    TEL AVIV, Israel, April 2 /PRNewswire/ -- Crow Technologies 1977 Ltd.,
 (formerly Bari Trust Investments Ltd.) traded on OTC bulletin Board: CRWTF,
 announces its financial results for the year ended December 31, 2000.
     Crow Technologies 1977 Ltd., (formerly: Bari-Trust Investments Ltd.)
 develops manufactures and markets (mainly by its subsidiary, Crow Electronic
 Engineering Ltd.) a broad range of sophisticated security alarm systems
 consisting of interior and perimeter alarm systems for use in commercial and
 industrial facilities, residential home and open areas.
     These security alarm systems include passive infrared and other motion
 detectors microwave barrier detectors, closed circuit television equipment,
 wireless transmitter and some other contacts, switches and connectors.
     Crow Electronic Engineering Ltd., is know as a leading manufacturer of
 security alarm systems in Israel.
 
     Crow Electronic Engineering Ltd., holds 3 subsidiaries:
 
     *  Video Domain Ltd. (35%) which deals with developing, manufacturing and
        marketing of Digital Video networks,
 
     *  Freelink Ltd., (48.25%) which deals with developing, manufacturing and
        marketing of security wireless-proof networks,
 
     *  Secusell Ltd., (79%) which deals with developing GMS broadcasting-based
        products.
 
     The company's turnover of sales summed up during the six month ended
 June 30, 2000 to approximately $ 9.5 million and the gross profit at this
 period summed up to $ 3.5 million (37% of the turnover of sales).
     The company is engaged currently with launching of a new line of products,
 mainly external detectors and mirrors detectors based on high level
 technology.  This line will enable the company, according to its opinion, to
 expose itself to new markets and to grow by its turnovers during the year
 2001.
 
     For further information please contact Dov Meir of Crow Technologies 1977
 Ltd., +972-3-6489327.
 
     Following are the Financial Statements:
 
 
                          CONSOLIDATED BALANCE SHEETS
                      Adjusted to the NIS of December 2000
 
                                                                 Convenience
                                                                 translation
 
                                            December 31,          December 31,
                                        1999            2000          2000
                                           Adjusted NIS              U.S. $
                                                    (In thousands)
 
     ASSETS
 
     CURRENT ASSETS:
     Cash and cash equivalents        10,841           3,566           882
     Short-term deposit                   --           7,898         1,954
     Trade receivables                18,877          22,340         5,528
     Marketable securities             1,018             130            32
     Other accounts receivable
      and prepaid expenses             2,039           3,550           878
     Inventories                      21,839          20,619         5,102
 
     Total current assets             54,614          58,103        14,376
 
     LONG-TERM INVESTMENTS:
     Long-term loans to a
      jointly controlled entity          140             534           132
     Investment in affiliates             --           4,637         1,148
     Investment in other company          --           2,047           507
 
                                         140           7,218         1,787
 
     FIXED ASSETS, NET                12,430          15,574         3,854
 
                                      67,184          80,895        20,017
 
 
                          CONSOLIDATED BALANCE SHEETS
                      Adjusted to the NIS of December 2000
 
                                                                  Convenience
                                                                  translation
 
                                            December 31,          December 31,
                                        1999            2000          2000
                                           Adjusted NIS              U.S. $
                                                      (In thousands)
       LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
     Short-term bank
      credit and loans                39,914          42,920        10,621
     Trade payables                    6,021           7,226         1,787
     Other accounts payable
      and accrued expenses             6,049           7,137         1,766
 
     Total current liabilities        51,984          57,283        14,174
 
     LONG-TERM LIABILITIES
     Long-term loan from banks            --           3,825           947
     Long-term loan from
      related party in subsidiary        200              --            --
     Deferred taxes on income            251             396            98
     Accrued severance pay, net        1,382           1,197           296
 
                                       1,833           5,418         1,341
 
     COMMITMENTS CONTINGENT LIABILITIES, CHARGES AND GUARANTEES
 
     SHAREHOLDERS' EQUITY:
     Ordinary shares of NIS 0.25 par value each -
      Authorized: 5,000,000 shares
      as of December 31, 2000 and 1999;
      Issued and outstanding:
      4,234,520 and 3,994,530
      shares as of December 31, 2000
      and 1999                        14,397          14,458         3,578
     Additional paid-in capital       12,251          15,901         3,935
     Accumulated deficit             (13,281)        (12,165)       (3,011)
 
                                      13,367          18,194         4,502
 
                                      67,184          80,895        20,017
 
 
                            STATEMENTS OF OPERATIONS
                      Adjusted to the NIS of December 2000
 
                           The Company                Consolidated
                                                                   Convenience
                                                                   translation
 
                                         Year ended                Year ended
                                         December 31,              December 31,
                               1998          1999         2000          2000
                                         Adjusted NIS                  U.S. $
                              (In thousands, except share and per share data)
 
     Sales                       --        46,865       65,889        16,305
     Cost of sales               --        30,885       47,068        11,648
 
     Gross profit                --        15,980       18,821         4,657
     Research and
      development expenses       --         1,601        3,101           767
     Selling and
      marketing expenses         73         3,176        4,983         1,233
     General and
      administrative expenses 1,310         9,719        8,149         2,016
 
     Operating income (loss) (1,383)        1,484        2,588           641
     Financial expenses
      (income), net          (1,769)          833        3,646           905
 
                                386           651       (1,058)         (264)
 
     Other income
      (expenses), net            --            (5)       4,658         1,157
 
     Income before taxes
      on income                 386           646        3,600           893
     Taxes on income             --         1,487        1,063           264
 
                                386          (841)       2,537           629
 
     Equity in losses
      of affiliates,
      net of taxes               --            --       (1,421)         (353)
     Minority interest in
      earnings of subsidiaries   --          (165)          --            --
 
     Income (loss) from
      continuing operations     386        (1,006)       1,116           276
     Gain from discontinued
      operations, net         6,934            --           --            --
 
     Net income (loss)        7,320        (1,006)       1,116           276
 
     Basic and diluted
      net earnings (loss) per
      NIS 1 par value
     (in adjusted NIS):
 
      Basic and diluted
       net earnings (loss)
       per NIS 1 from
       continuing operations   0.45         (1.18)        1.09          0.27
      Basic and diluted
       net earnings per
       NIS 1 from discontinued
       operations              8.17            --           --            --
 
      Basic and diluted
       net earnings
      (loss) per NIS 1         8.62         (1.18)        1.09          0.27
 
     Weighted average number
      of shares outstanding
      during the year       848,625       848,625    1,112,945     1,112,945
 
 
                 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                      Adjusted to the NIS of December 2000
 
 
                                         Additional
                              Share       paid-in    Accumulated
                             capital      capital      deficit         Total
                                              Adjusted NIS
                                             (In thousands)
 
     Balance as of
      January 1, 1998         14,278       20,045      (17,567)       16,756
     Net income                   --           --        7,320         7,320
 
     Balance as of
 
      December 31, 1998       14,278       20,045      (10,247)       24,076
       Capital effect of
        reverse acquisition *)    --      (19,678)          --       (19,678)
       Issuance of
        share capital, net       119       11,884           --        12,003
       Dividends paid             --           --       (2,028)       (2,028)
       Net loss                   --           --       (1,006)       (1,006)
 
     Balance as of
      December 31, 1999       14,397       12,251      (13,281)       13,367
      Expenses related
       to reverse acquisition     --          (70)          --           (70)
      Exercise of
       share options, net         61        3,720           --         3,781
      Net income                  --           --        1,116         1,116
 
     Balance as of
      December 31, 2000       14,458       15,901      (12,165)       18,194
 
 
 
 
                                 Convenience translation into U.S. $
                                              (In thousands)
 
     Balance as of
      January 1, 2000          3,563        3,032       (3,287)        3,308
       Expenses related
        to reverse acquisition    --          (17)          --           (17)
       Exercise of
        share options, net        15          920           --           935
       Net income                 --           --          276           276
 
     Balance as of
      December 31, 2000        3,578        3,935       (3,011)        4,502
 
     (*)  The surplus payment to the shareholders of the acquired company (the
          economic buyer) over the book value of the net assets.
 
 

SOURCE Crow Technologies 1977 Ltd.
    TEL AVIV, Israel, April 2 /PRNewswire/ -- Crow Technologies 1977 Ltd.,
 (formerly Bari Trust Investments Ltd.) traded on OTC bulletin Board: CRWTF,
 announces its financial results for the year ended December 31, 2000.
     Crow Technologies 1977 Ltd., (formerly: Bari-Trust Investments Ltd.)
 develops manufactures and markets (mainly by its subsidiary, Crow Electronic
 Engineering Ltd.) a broad range of sophisticated security alarm systems
 consisting of interior and perimeter alarm systems for use in commercial and
 industrial facilities, residential home and open areas.
     These security alarm systems include passive infrared and other motion
 detectors microwave barrier detectors, closed circuit television equipment,
 wireless transmitter and some other contacts, switches and connectors.
     Crow Electronic Engineering Ltd., is know as a leading manufacturer of
 security alarm systems in Israel.
 
     Crow Electronic Engineering Ltd., holds 3 subsidiaries:
 
     *  Video Domain Ltd. (35%) which deals with developing, manufacturing and
        marketing of Digital Video networks,
 
     *  Freelink Ltd., (48.25%) which deals with developing, manufacturing and
        marketing of security wireless-proof networks,
 
     *  Secusell Ltd., (79%) which deals with developing GMS broadcasting-based
        products.
 
     The company's turnover of sales summed up during the six month ended
 June 30, 2000 to approximately $ 9.5 million and the gross profit at this
 period summed up to $ 3.5 million (37% of the turnover of sales).
     The company is engaged currently with launching of a new line of products,
 mainly external detectors and mirrors detectors based on high level
 technology.  This line will enable the company, according to its opinion, to
 expose itself to new markets and to grow by its turnovers during the year
 2001.
 
     For further information please contact Dov Meir of Crow Technologies 1977
 Ltd., +972-3-6489327.
 
     Following are the Financial Statements:
 
 
                          CONSOLIDATED BALANCE SHEETS
                      Adjusted to the NIS of December 2000
 
                                                                 Convenience
                                                                 translation
 
                                            December 31,          December 31,
                                        1999            2000          2000
                                           Adjusted NIS              U.S. $
                                                    (In thousands)
 
     ASSETS
 
     CURRENT ASSETS:
     Cash and cash equivalents        10,841           3,566           882
     Short-term deposit                   --           7,898         1,954
     Trade receivables                18,877          22,340         5,528
     Marketable securities             1,018             130            32
     Other accounts receivable
      and prepaid expenses             2,039           3,550           878
     Inventories                      21,839          20,619         5,102
 
     Total current assets             54,614          58,103        14,376
 
     LONG-TERM INVESTMENTS:
     Long-term loans to a
      jointly controlled entity          140             534           132
     Investment in affiliates             --           4,637         1,148
     Investment in other company          --           2,047           507
 
                                         140           7,218         1,787
 
     FIXED ASSETS, NET                12,430          15,574         3,854
 
                                      67,184          80,895        20,017
 
 
                          CONSOLIDATED BALANCE SHEETS
                      Adjusted to the NIS of December 2000
 
                                                                  Convenience
                                                                  translation
 
                                            December 31,          December 31,
                                        1999            2000          2000
                                           Adjusted NIS              U.S. $
                                                      (In thousands)
       LIABILITIES AND SHAREHOLDERS' EQUITY
 
     CURRENT LIABILITIES:
     Short-term bank
      credit and loans                39,914          42,920        10,621
     Trade payables                    6,021           7,226         1,787
     Other accounts payable
      and accrued expenses             6,049           7,137         1,766
 
     Total current liabilities        51,984          57,283        14,174
 
     LONG-TERM LIABILITIES
     Long-term loan from banks            --           3,825           947
     Long-term loan from
      related party in subsidiary        200              --            --
     Deferred taxes on income            251             396            98
     Accrued severance pay, net        1,382           1,197           296
 
                                       1,833           5,418         1,341
 
     COMMITMENTS CONTINGENT LIABILITIES, CHARGES AND GUARANTEES
 
     SHAREHOLDERS' EQUITY:
     Ordinary shares of NIS 0.25 par value each -
      Authorized: 5,000,000 shares
      as of December 31, 2000 and 1999;
      Issued and outstanding:
      4,234,520 and 3,994,530
      shares as of December 31, 2000
      and 1999                        14,397          14,458         3,578
     Additional paid-in capital       12,251          15,901         3,935
     Accumulated deficit             (13,281)        (12,165)       (3,011)
 
                                      13,367          18,194         4,502
 
                                      67,184          80,895        20,017
 
 
                            STATEMENTS OF OPERATIONS
                      Adjusted to the NIS of December 2000
 
                           The Company                Consolidated
                                                                   Convenience
                                                                   translation
 
                                         Year ended                Year ended
                                         December 31,              December 31,
                               1998          1999         2000          2000
                                         Adjusted NIS                  U.S. $
                              (In thousands, except share and per share data)
 
     Sales                       --        46,865       65,889        16,305
     Cost of sales               --        30,885       47,068        11,648
 
     Gross profit                --        15,980       18,821         4,657
     Research and
      development expenses       --         1,601        3,101           767
     Selling and
      marketing expenses         73         3,176        4,983         1,233
     General and
      administrative expenses 1,310         9,719        8,149         2,016
 
     Operating income (loss) (1,383)        1,484        2,588           641
     Financial expenses
      (income), net          (1,769)          833        3,646           905
 
                                386           651       (1,058)         (264)
 
     Other income
      (expenses), net            --            (5)       4,658         1,157
 
     Income before taxes
      on income                 386           646        3,600           893
     Taxes on income             --         1,487        1,063           264
 
                                386          (841)       2,537           629
 
     Equity in losses
      of affiliates,
      net of taxes               --            --       (1,421)         (353)
     Minority interest in
      earnings of subsidiaries   --          (165)          --            --
 
     Income (loss) from
      continuing operations     386        (1,006)       1,116           276
     Gain from discontinued
      operations, net         6,934            --           --            --
 
     Net income (loss)        7,320        (1,006)       1,116           276
 
     Basic and diluted
      net earnings (loss) per
      NIS 1 par value
     (in adjusted NIS):
 
      Basic and diluted
       net earnings (loss)
       per NIS 1 from
       continuing operations   0.45         (1.18)        1.09          0.27
      Basic and diluted
       net earnings per
       NIS 1 from discontinued
       operations              8.17            --           --            --
 
      Basic and diluted
       net earnings
      (loss) per NIS 1         8.62         (1.18)        1.09          0.27
 
     Weighted average number
      of shares outstanding
      during the year       848,625       848,625    1,112,945     1,112,945
 
 
                 STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
                      Adjusted to the NIS of December 2000
 
 
                                         Additional
                              Share       paid-in    Accumulated
                             capital      capital      deficit         Total
                                              Adjusted NIS
                                             (In thousands)
 
     Balance as of
      January 1, 1998         14,278       20,045      (17,567)       16,756
     Net income                   --           --        7,320         7,320
 
     Balance as of
 
      December 31, 1998       14,278       20,045      (10,247)       24,076
       Capital effect of
        reverse acquisition *)    --      (19,678)          --       (19,678)
       Issuance of
        share capital, net       119       11,884           --        12,003
       Dividends paid             --           --       (2,028)       (2,028)
       Net loss                   --           --       (1,006)       (1,006)
 
     Balance as of
      December 31, 1999       14,397       12,251      (13,281)       13,367
      Expenses related
       to reverse acquisition     --          (70)          --           (70)
      Exercise of
       share options, net         61        3,720           --         3,781
      Net income                  --           --        1,116         1,116
 
     Balance as of
      December 31, 2000       14,458       15,901      (12,165)       18,194
 
 
 
 
                                 Convenience translation into U.S. $
                                              (In thousands)
 
     Balance as of
      January 1, 2000          3,563        3,032       (3,287)        3,308
       Expenses related
        to reverse acquisition    --          (17)          --           (17)
       Exercise of
        share options, net        15          920           --           935
       Net income                 --           --          276           276
 
     Balance as of
      December 31, 2000        3,578        3,935       (3,011)        4,502
 
     (*)  The surplus payment to the shareholders of the acquired company (the
          economic buyer) over the book value of the net assets.
 
 SOURCE  Crow Technologies 1977 Ltd.