ROBO: NET+194%... Eshed Robotec (1982) Limited - the Company Reports an Increase of 194% in the Net Profit for the Year 1999...
ROSH HA'AYIN, Israel, March 31 /PRNewswire/ -- Eshed Robotec (1982) Limited (the ``Company') (Nasdaq: ROBO - news) today announced that its net profit for the fourth quarter of 1999 was US$ 520,000 compared with net profit of US$ 332,000 in the fourth quarter of 1998.
The Company's net profit for the year ended December 31, 1999 was US$ 408,000 (US$ 0.04 per share) as compared with US$ 139,000 (US$ 0.01 per share) in 1998.
The Company's sales in the fourth quarter of 1999 totaled US$ 3.7 million, a decrease of 47% from US$ 7.0 million in the fourth quarter of 1998.
Sales in 1999 decreased 35% to US$ 13.6 million from US$ 20.9 million in 1998. The decrease in sales was mainly due to a decrease in sales of computer solutions, due to the completion of a computerization project for the Israeli Ministry of Education.
In spite of the decrease in the Company's annual sales, gross profit increased as a result of an improved product mix with higher gross profit, by US$ 300,000 to US$ 6.2 million compared with US$ 5.9 million in 1998.
The Company's operating expenses increased by US$ 400,000 to US$ 5.7 million in 1999.
Operating profit decreased 14% to US$ 544,000 (US$ 0.05 per share) in 1999 compared to US$ 631,000 (US$ 0.06 per share) in 1998.
Income from rentals and from the company's securities portfolio resulted in a US$ 269,000. -- or 194% increase in the company's net profit to US$ 408,000.
During March 2000, the Company completed a US$ 1 million private placement with New York-based Kinetics Mutual Fund Inc, which includes The Internet Fund (WWWFX) and associated Internet and biotech growth funds. The company issued 90,539 treasury shares in the transaction, which shares are subject to a one-year lock-up period.
Eshed Robotec (1982) Ltd. is one of the world leaders in the field of automation training and education. The Company's products are sold worldwide in technical schools, universities and industry. The Company designs, manufactures, markets and supports a complete range of solutions for teaching subjects in the field of Automated Manufacturing Technologies. These products include software, hardware and multimedia curriculum for courses in fluid power, process control, robotics, Computer Integrated Manufacturing (CIM) and other subjects.
To the extent that this press release discusses expectations about market conditions or about market acceptance and future sales of the Company's products, or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause results to differ materially from the statements made. These factors include the rapidly changing technology and evolving standards in the industries in which the Company and its subsidiaries operate, risks associated with the acceptance of new products by individual customers and by the market place and other factors discussed in the business description and management discussion and analysis sections of the Company's Annual Report on Form F-20.
For further information, contact Ms. Anat Katz, CFO, at + 972 3 9004155 or at email: anatk@robotec.co.il.
Consolidated Balance Sheet
Dec 31, 1999 Dec 31, 1998
US dollars in thousands
Assets
Current assets
Cash and cash equivalents 1,937 2,538
Short term investments 628 419
Customers 4,825 8,025
Receivables and debit balances 953 919
Inventories 1,989 2,426
10,332 14,327
Long term investments and receivables
Customers 344 615
Investments in other companies 108 --
452 615
Fixed assets 7,662 7,213
Other assets 80 89
18,526 22,244
Current liabilities
Credit from bank corporations 581 6,108
Trade payables 2,611 5,733
Other payables and credit balances 1,601 1,800
4,793 13,643
Long term liabilities
Long term bank loans 4,665 101
Liability for termination
of employee/employer relationship 929 894
5,594 995
Shareholders' equity
Share capital and capital surplus 10,310 10,146
Accumulated earnings (deficit) (1,589) (1,966)
8,721 8,180
Loans guaranteed by shares (312) (308)
Treasury stock (270) (266)
8,139 7,606
18,526 22,244
Consolidated Profit & Loss
Year ended Quarter ended
Dec 31, Dec 31, Dec 31, Dec 31,
1999 1998 1999 1998
US dollars in thousands
Revenues, net 13,636 20,876 3,722 7,003
Cost of revenues 7,429 14,984 1,658 4,823
Gross profit 6,207 5,892 2,064 2,180
Operating expenses
Research and
development, net 1,361 1,129 272 345
Marketing and
selling expenses 2,522 2,583 680 702
Administrative
and general expenses 1,783 1,549 737 452
5,666 5,261 1,689 1,499
Operating Income 541 631 375 681
Financial income
(expenses) net (376) (295) (25) (277)
Other income (expenses) 334 (104) 247 (25)
Investment write-off -- (95) -- (95)
Income before
taxes on income 499 137 597 284
Tax saving
(taxes on income) (20) 2 (20) 48
Income before
Company's portion of
results of
investee companies 479 139 577 332
Company's portion of
profits (losses) of
investee companies (71) -- (57) --
Net income 408 139 520 332
Net income per share 0.04 0.01 0.05 0.03
1. The financial statements at December 31, 1999 have been translated into
US dollars solely for the convenience of the American reader. This
translation was made at the US dollar to the New Israeli Shekel
exchange rate in effect on the mentioned date, that is, US$ 1 = NIS
4.153.
2. The net income per share for the reported periods in these reports has
been calculated in accordance with generally accepted accounting
principles in Israel and USA. |
