ACSEF
Thursday February 26, 11:48 am Eastern Time
Company Press Release
SOURCE: A.C.S. Electronics Ltd.
A.C.S. Electronics Ltd., Reports Record Fourth Quarter and Year End Results
*Revenues Up 40%
*EPS of $0.50 vs. $0.45
MIGDAL HA'EMEK, Israel, Feb. 26 /PRNewswire/ -- A.C.S. Electronics Ltd., (Nasdaq: ACSEF - news), a developer of proprietary software and advanced electronics for the production of universal, fully digital motion control products, today is pleased to report record fourth quarter and full year 1997 revenues and earnings.
Revenues for the fourth quarter increased 56% to $1.36 million, compared with $873,000 in the fourth quarter of 1996. ACS Electronics' net income for the fourth quarter of 1997 was $272,000, up 37% from $198,000 in the same period last year. Earnings per share for the fourth quarter 1997 was $0.10, on more shares, versus $0.14 in the fourth quarter of 1996. The increase in the number of shares outstanding was a result of the Company's IPO which was completed in the third quarter of 1997.
Revenues for the year ended December 31, 1997 were $4.55 million, an increase of 40% compared to US $3.24 million for the corresponding period of 1996. Net income for the year was $901,000 up 41% from $641,000 in 1996. Earnings per share were $0.50 in 1997, on a greater share count, versus $0.45 in 1996.
''We are very pleased with our fourth quarter and year end results,'' said Ze'ev Kirshenboim, Chief Executive Officer of A.C.S. Electronics. ''The percentage of growth in revenues and net income the Company achieved in the last twelve months is consistent with the Company's revenue growth rate over the last four years of approximately 30%. Our growth is being driven by the strength in the underlying demand for our customers' products, as well as the continued acceptance of the Company's solutions for additional projects. Going forward, we have a solid backlog of orders and see no barriers to continuing the growth we've demonstrated so far over the last four years. With regard to Southeast Asia, we have seen no significant impact to our orders with those of our customers who supply this area of the world.''
A.C.S. Electronics develops and markets advanced, highly automated motion control products that provide automated systems with the ability to move accurately, quickly and in accordance with the needs of a specific application. The Company's motion control products are utilized in advanced industrial applications, medical scanning and imaging systems, semiconductor manufacturing equipment, electronic testing and inspection stations, and high-quality printing machinery. The Company's products are software intensive, are user-programmable, and store motion sequences and comprehensive application programs. Such controllers interact with human operators, other equipment, and sensors and ensure that the proper motions are being executed in the necessary sequence and time frame.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit additional personnel.
A.C.S. ELECTRONICS LIMITED
(An Israeli Corporation)
BALANCE SHEETS
December 31,
1996 1997
U.S. dollars in thousands
ASSETS
Current assets
Cash and cash equivalents 227 2,480
Certificates of deposit -- 3,040
Accounts receivable
Trade 662 1,045
Other 91 202
Current maturities of
long-term loans to shareholders 107 --
Inventories 615 1,052
Total current assets 1,702 7,819
Deferred taxes -- 20
Property and equipment
Cost 401 633
Less - accumulated depreciation 204 246
197 387
Other asset 140 --
2,039 8,226
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term bank loan 75 --
Current maturities of
long-term loans 63 5
Accounts payable and accruals
Trade 282 468
Other 566 599
Total current liabilities 986 1,072
Long-term loans,
net of current maturities 6 1
Accrued severance pay, net 253 336
Total long-term liabilities 259 337
Shareholders' equity
Share capital -
Ordinary Shares of NIS 0.01
par value
(Authorized: 8,000,000;
Issued and outstanding:
December 31, 1996 - 1,440,000;
December 31, 1997 - 2,820,000) 5 9
Share premium 96 5,214
Retained earnings 693 1,594
794 6,817
Commitments 2,039 8,226
A.C.S. ELECTRONICS LIMITED
(An Israeli Corporation)
STATEMENTS OF OPERATIONS
Year Ended
December 31,
1995 1996 1997
U.S. dollars in thousands
Revenues 2,459 3,248 4,554
Cost of revenues 1,232 1,495 2,188
Gross profit 1,227 1,753 2,366
Research and development costs
Costs incurred 520 627 768
Less-grants received (137) (147) (9)
Net research and development costs 383 480 759
Selling, general and
administrative expenses, net 496 576 663
Total operating costs 879 1,056 1,422
Operating income 348 697 944
Financing income (expenses), net (63) (14) 36
Other income -- 1 5
Income before taxes on income 285 684 985
Taxes on income, net 22 43 84
Net income 263 641 901
Earnings per Ordinary Share
- in U.S. dollars 0.18 0.45 0.50
Weighted average number of
Ordinary Shares outstanding
- in thousands 1,440 1,440 1,807
SOURCE: A.C.S. Electronics Ltd. |
