This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Elbit Systems Reports Third Quarter 2012 Results

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:
    (U.S. Dollars in millions)
    
                                Nine Months       Three Months
                                   Ended              Ended        Year Ended
                                September 30       September 30     December 31
                                2012      2011     2012      2011         2011
 
    GAAP gross profit          576.8     590.3    191.4     204.1        732.0
    Adjustments:
    Amortization of
    purchased intangible
    assets                      15.6      23.0      5.2       7.5         30.9
    Cessation of program (*)       -         -        -         -         72.8
    Non-GAAP gross profit      592.4     613.3    196.6     211.6        835.7
    Percent of revenues        29.0%     31.0%    29.0%     31.9%        29.7%
 
    GAAP operating income      132.8     149.8     49.0      56.2        115.7
    Adjustments:
    Amortization of
    intangible assets           36.2      42.7     12.0      14.1         57.3
    Cessation of program (*)       -         -        -         -         72.8
    Non-GAAP operating
    income                     169.0     192.5     61.0      70.3        245.8
    Percent of revenues         8.3%      9.7%     9.0%     10.6%         8.7%
 
    GAAP net income
    attributable to Elbit
    Systems' shareholders      110.7     103.3     39.5      36.5         90.3
    Adjustments:
    Amortization of
    intangible assets           36.2      42.7     12.0      14.1         57.3
    Cessation of program (*)       -         -        -         -         72.8
    Impairment of
    investments                    -       0.5        -         -          0.5
    Gain from changes in
    holdings                   (2.3)         -        -         -            -
    Loss from discontinued
    operations, net              0.3       9.3      0.1       9.0          9.4
    Related tax benefits       (6.5)     (9.8)    (2.2)     (3.2)       (23.7)
    Non-GAAP net income
    attributable to
 
    Elbit Systems'
    shareholders               138.4     146.0     49.4      56.4        206.6
    Percent of revenues         6.8%      7.4%     7.3%      8.5%         7.3%
 
    Non-GAAP diluted net EPS    3.26      3.38     1.18      1.31         4.80

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

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs