BVR Systems squeaks past line with $5K earnings for Q2

BVR Systems (1998) (Nasdaq:BVRS) squeaked past the line with a five-thousand dollar net profit for the second quarter of 2002, equivalent to zero cents per share.

In the parallel quarter of 2001, the company lost a net $228,000, or 2 cents per share.

Net income for the first half of 2002 was $13,000 or zero cents per share, the company said, versus losing $1.1 million or 10 cents per share for the first half of 2001.

Revenues for the first half of 2002 were $9.4 million compared with revenues of $11.8 million for the second quarter of 2001.

For the first half of 2002, BVRS' revenues decreased 12% to $19.4 million compared with first half 2001 revenues of $22 million.

BVRS' chief executive officer, Yoel Katzir commented: "We are posting breakeven bottom line results in a difficult global economic environment, which has affected our customer base."

Second-quarter 2002 operating profit was $0.4 million, compared with an operating loss of $0.3 million for the same period of last year.

Operating profit for the first six months of 2002 came to $0.8 million compared with an operating loss of $0.9 million for first half of 2001.

Gross profit for the second quarter of 2002 increased to $2.5 million from $1.7 million for the second quarter of the previous year. For the first half of 2002, the gross profit was $5.0 million compared with the gross profit of $3.0 million for the first half of 2001.

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