Elbit Systems Reports Third Quarter 2012 Results

US Dial-in Numbers: 1-888-407-2553

UK Dial-in Number: 0-800-917-9141

ISRAEL Dial-in Number: 03-918-0644

INTERNATIONAL Dial-in Number:  [phone]

At 10:00am Eastern Time; 7:00am Pacific Time; 3:00pm UK Time; 5:00pm 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:

1-888-782-4291 (US) or [phone] ( 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.

(FINANCIAL TABLES TO FOLLOW)

   
                            ELBIT  SYSTEMS LTD.
                        CONSOLIDATED BALANCE SHEETS
                      (In thousands of U.S. Dollars)
                                                         September
                                                            30,      December 31,
                                                           2012         2011
                                                        Unaudited     Audited
    Assets
 
    Current assets:
    Cash and cash equivalents                             144,929      202,577
    Short-term bank deposits and available for sale
    securities                                             74,369       21,693
    Trade and unbilled receivables, net                   695,420      669,524
    Other receivables and prepaid expenses                158,181      180,024
    Inventories, net of customers advances                782,985      761,269
    Total current assets                                1,855,884    1,835,087
 
    Investments in affiliated companies, partnership
    and other companies                                   117,622      110,159
    Long-term trade and unbilled receivables              173,187      162,762
    Long-term bank deposits and other receivables           7,382       12,215
    Deferred income taxes, net                             33,483       36,130
    Severance pay fund                                    287,062      283,477
                                                          618,736      604,743
 
    Property, plant and equipment, net                    504,802      517,608
    Goodwill and other intangible assets, net             728,228      763,072
    Total assets                                        3,707,650    3,720,510
 
    Liabilities and Equity
 
    Short-term bank credits and loans                           -        2,998
    Current maturities of long-term loans and Series
    A Notes                                               139,811      127,627
    Trade payables                                        240,445      316,264
    Other payables and accrued expenses                   717,066      743,866
    Customer advances in excess of costs incurred on
    contracts in progress                                 408,464      407,222
                                                        1,505,786    1,597,977
 
    Long-term loans, net of current maturities            174,722      302,255
    Series A Notes, net of current maturities             387,468      235,319
    Employee benefit liabilities                          384,699      394,115
    Deferred income taxes and tax liabilities, net         50,358       48,467
    Customer advances in excess of costs incurred on
    contracts in progress                                 153,158      154,696
    Other long-term liabilities                            66,682       59,961
                                                        1,217,087    1,194,813
 
    Elbit Systems Ltd.'s equity                           952,880      898,337
    Non-controlling interests                              31,897       29,383
    Total equity                                          984,777      927,720
    Total liabilities and equity                        3,707,650    3,720,510

   
                               ELBIT  SYSTEMS LTD.
                       CONSOLIDATED STATEMENTS OF INCOME
          (In thousands of U.S. Dollars, except for share and per share amounts)
    
                                                                       Year
                                                      Three Months     Ended
                                 Nine Months Ended       Ended       December
                                   September 30       September 30      31
                                   2012      2011    2012     2011     2011
                                              Unaudited                Audited
    Revenues                    2,044,690 1,975,602 677,470  663,712 2,817,465
    Cost of revenues            1,467,863 1,385,287 486,023  459,577 2,085,451
    Gross profit                  576,827   590,315 191,447  204,135   732,014
 
    Operating expenses:
    Research and development,
    net                           165,114   165,136  50,703   55,533   241,092
    Marketing and selling         180,325   170,829  59,044   58,401   235,909
    General and administrative     98,580   104,587  32,677   33,992   139,349
                                  444,019   440,552 142,424  147,926   616,350
 
    Operating income              132,808   149,763  49,023   56,209   115,664
 
    Financial expenses, net       (15,524)  (23,120) (5,456)  (3,108) (13,569)
    ther income, net                   76     1,355     260      981     1,909
    Income before income taxes    117,360   127,998  43,827   54,082   104,004
    Taxes on income                14,203    20,565   4,890    9,846    13,624
                                  103,157   107,433  38,937   44,236    90,380
 
    Equity in net earnings of
    affiliated companies and
    partnership                     8,866    10,626   1,049    4,025    15,377
    Income from continuing
    operations                    112,023   118,059  39,986   48,261   105,757
    Loss from discontinued
    operations, net                  (519)  (15,630)    (93) (15,180)  (15,977)
    Net income                    111,504   102,429  39,893   33,081    89,780
 
    Less: net loss (income)
    attributable to
    non-controlling interests        (835)      901    (369)   3,425       508
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                  110,669   103,330  39,524   36,506    90,288
 
    Earnings per share
    attributable to Elbit
    Systems Ltd.'s ordinary
    shareholders:
    Basic net earnings per
    share
    Continuing operations            2.63      2.63    0.95     1.06      2.33
    Discontinued operations         (0.01)    (0.22)  (0.00)   (0.21)    (0.22)
    Total                            2.62      2.41    0.95     0.85      2.11
    Diluted net earnings per
    share
    Continuing operations            2.62      2.61    0.95     1.06      2.31
    Discontinued operations         (0.01)    (0.22)  (0.00)   (0.21)    (0.22)
    Total                            2.61      2.39    0.95     0.85      2.09
    Weighted average number of
    shares used in
 
    Computation of basic
    earnings per share             42,296    42,774  41,693   42,809    42,764
    Weighted average number of
    shares used in
 
    Computation of diluted
    earnings per share             42,374    43,179  41,693   43,074    43,131
 
    Amounts attributable to
    Elbit Systems Ltd.'s common
    shareholders
    Income from continuing
    operations, net of income
    tax                           110,977   112,614  39,579   45,523    99,778
    Discontinued operations,
    net of income tax                (308)   (9,284)    (55)  (9,017)   (9,490)
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                  110,669   103,330  39,524   36,506    90,288

    

                                 ELBIT  SYSTEMS LTD.
                         CONSOLIDATED STATEMENTS OF CASH FLOW
                             (In thousands of U.S. Dollars)
    
                                                                       Year
                                              Nine Months Ended        Ended
                                                                     December
                                                September 30,           31,
                                              2012            2011     2011
                                                  Unaudited           Audited
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                              111,504         102,429     89,780
    Adjustments to reconcile net income
    to net cash provided by operating
    activities:
    Depreciation and amortization           103,300         112,007    150,618
    Write-off impairment and discontinued
    operations, net                             519          15,630     15,977
    Stock based compensation                    494             831      1,996
    Amortization of Series A Notes
    discount and related issuance costs       1,215             330        422
    Deferred income taxes and reserve,
    net                                       5,485         (12,183)    (8,777)
    Gain on sale of property, plant and
    equipment                                  (556)         (1,088)    (1,645)
    Loss (gain) on sale of investment          (994)            520      2,189
    Equity in net loss (earnings) of
    affiliated companies and partnership,
    net of dividend received(*)              (2,454)          3,679       (270)
    Changes in operating assets and
    liabilities, net of amounts acquired:
    Increase in short and long-term trade
    receivables and prepaid expenses        (17,442)        (76,827)   (65,062)
    Increase in inventories, net            (21,716)       (123,555)   (95,363)
    Increase (decrease) in trade
    payables, other payables and accrued
    expenses                               (105,834)        (68,129)    17,225
    Severance, pension and termination
    indemnities, net                        (12,176)         (5,056)     1,879
    Increase (decrease) in advances
    received from customers                    (296)         62,594     81,946
    Net cash provided by operating
    activities                               61,049          11,182    190,915
 
    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property, plant and
    equipment                               (59,753)        (92,484)  (121,977)
    Acquisition of subsidiaries and
    business operations                           -         (12,173)   (12,173)
    Investments in affiliated companies
    and other companies                        (507)        (13,401)   (13,555)
    Proceeds from sale of property, plant
    and equipment                             6,106          11,232     15,059
    Proceeds from sale of investments           705               -        329
    Investment in long-term deposits, net       184          23,102     39,787
    Investment in short-term deposits and
    available for sale securities           (49,008)         36,347     37,464
    Net cash used in investing activities  (102,273)        (47,377)   (55,066)
 
    CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from exercise of options           739           2,974      3,833
    Purchase of non-controlling interests         -         (71,000)   (71,000)
    Repayment of long-term loans           (195,624)        (66,930)   (73,666)
    Proceeds from long-term loans            53,038         139,893    172,303
    Proceeds from issuance of Series A
    Notes                                   246,000               -          -
    Purchase of treasury shares             (26,006)              -    (10,101)
    Repayment of Series A Notes and
    convertible debentures                  (53,530)        (29,998)   (29,998)
    Purchase of convertible debentures of
    a subsidiary                                  -          (2,121)    (2,121)
    Dividends paid                          (38,043)        (46,235)   (61,633)
    Tax benefit in respect of options
    exercised
                                                  -               -        169
    Change in short- term bank credit and
    loan, net                                (2,998)         49,782    (12,117)
    Net cash used in financing activities   (16,424)        (23,635)   (84,331)
 
    NET INCREASE (DECREASE) IN CASH AND
    CASH EQUIVALENTS                        (57,648)        (59,830)    51,518
    CASH AND CASH EQUIVALENTS AT THE
    BEGINNING OF THE PERIOD                 202,577         151,059    151,059
    CASH AND CASH EQUIVALENTS AT THE END
    OF THE PERIOD                           144,929          91,229    202,577
    * Dividend received from affiliated
    companies and partnership                 6,412          14,107     15,107
 

    ELBIT  SYSTEMS LTD.

     DISTRIBUTION OF REVENUES

    CONSOLIDATED REVENUES BY AREAS OF OPERATION:

                              Nine Months Ended             Three Months Ended
                                September 30                   September 30
                            2012          2011             2012          2011
                        $ millions  %  $ millions  %    $ millions  %  $ millions  %
    Airborne systems      793.5   38.8    695.2  35.2      267.9  39.5    235.6  35.4
    Land systems          264.3   12.9    284.1  14.4      105.5  15.6    100.9  15.2
    C4ISR systems         676.7   33.1    704.7  35.7      197.8  29.2    235.4  35.5
    Electro-optics        211.5   10.4    197.9  10.0       66.8   9.9     60.8   9.2
    Other (mainly
    non-defense
    engineering and
    production
    services)              98.7    4.8     93.7   4.7      39.5    5.8     31.0   4.7
    Total               2,044.7    100  1,975.6   100     677.5    100    663.7   100

    CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:

                                Nine Months Ended           Three Months Ended
                                September 30                   September 30
                            2012          2011           2012          2011
                       $ millions  %  $ millions  %    $ millions  %  $ millions  %
    Israel                355.4  17.4    511.4  25.9    104.8    15.5    155.5  23.4
    United States         642.1  31.4    652.1  33.0    229.0    33.8    225.0  33.9
    Europe                367.0  18.0    352.9  17.9    125.6    18.5    111.9  16.9
    Other countries       680.2  33.2    459.2  23.2    218.1    32.2    171.3  25.8
    Total               2,044.7   100  1,975.6   100    677.5     100    663.7   100

     Company Contact:    Joseph Gaspar, Executive VP & CFO Tel:  [phone] [e-mail] 

Dalia Rosen, VP, Head of Corporate Communications Tel: [phone] [e-mail] Elbit Systems Ltd.

IR Contact: Ehud Helft Kenny Green CCG Investor Relations Tel: [phone] [e-mail]

SOURCE Elbit Systems Ltd

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