Elbit Systems (Nasdaq:ESLT) today reported revenue growth and a positive net profit for the third quarter of 2001.
Company president Joseph Ackerman said he was pleased with the results. In conversation with TheMarker.com, he denied that Elbit Systems is negotiating to buy the Elisra defense group from Koor Industries (Nasdaq:KOR).
Ackerman also said the positive third-quarter results demonstrate the success of Elbit Systems' merger with El-Op. The company plans to continue its policy of growing through mergers and acquisitions, he added, but the press stories on the subject are all pure speculation.
He declined to speculate on how the September 11 attacks on the U.S. will ultimately affect the defense sector in general, and Elbit Systems in particular.
Elbit Systems reported 13% revenue growth for the third quarter to $188 million, compared with $166.8 million for the corresponding three months of 2000.
The company, which develops, manufactures and integrates advanced, high-performance defense electronics systems and upgrades military aircraft, netted $13.2 million, excluding the net cost of intangible assets created through mergers and acquisitions.
Including one-time charges and amortization of excess cost, the company netted $11.3 million, or 29 cents per fully diluted share. In the third quarter of 2000 it lost a net $48.7 million, or $1.29 per diluted share.
Analysts had predicted that Elbit Systems would net 31 cents per share.
The company's backlog of orders stood at $1.55 billion at the end of the third quarter, compared with $1.44 billion at the end of 2000.
Elbit Systems' board has resolved upon an 8 cent per share dividend, costing $3.1 million, payable on December 17.
Company president Joseph Ackerman said Elbit Systems would continue to invest in R&D and marketing, while implementing efficiency measures.