ROSH HA'AYIN, Israel, November 18 /PRNewswire-FirstCall/ -- BVR Systems (1998) Ltd. (OTCBB: BVRSF.OB), a diversified world leader in advanced military training and simulation systems, today announced a net loss of $3.3 million or $0.03 per share for the third quarter of 2009, compared with a net profit of $0.1 million, or $0.00 per share for the third quarter of 2008.
For the nine months ended September 30, 2009, the net profit totaled $0.2 million or $0.00 per share, compared with a net profit of $1.1 million, or $0.01 per share for the nine months ended September 30, 2008.
Revenues for the third quarter of 2009 were $10.9 million, compared with revenues of $9.1 million for the third quarter of 2008. The total revenues for the nine months ended September 30, 2009 were $34.6 million, compared with total revenues of $23.3 million for the nine months ended September 30, 2008.
Gross profit for the third quarter of 2009 was $0.9 million, compared with a gross profit of $2.1 million for the third quarter of the previous year.
Operating loss for the third quarter of 2009 was $2.3 million, compared with an operating profit of $0.4 million for the same period last year.
BVR's order backlog at the end of the third quarter of 2009 was approximately $47.5 million.
The Company announced on July 20, 2009, that it has signed an agreement with Elbit Systems Ltd. (NASDAQ:ESLT), pursuant to which BVR shall sell to Elbit substantially all of its assets in consideration for a cash payment of approximately $34,000,000. Since the Company is of the opinion that the probability of closing the transaction is high when preparing the financial statements the Company took into consideration the expenses relating to such transaction in an amount of approximately $2.5 million.
BVR Systems (1998) Ltd., (OTCBB: BVRSF.OB) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of BVR Systems' management and are subject to a number of factors and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These factors include but are not limited to the fact that the Company has experienced reductions in backlog; the Company has reported operating and/or net losses in the past and may report operating and/or net loses in the future, conditions in Israel affect the Company's operations and may limit its ability to produce and sell its products, changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, the risks and uncertainties relating to the purchase agreement with Elbit, including the closing of the transaction and the effects of the transaction on the Company, and risks and uncertainties relating to the operations of the Company following any such closing. For other factors that could cause BVR Systems' results to vary from expectations, please see the Company's Report on Form 6-K filed with the SEC on July 20, 2009 and the Company other reports filed from time to time with the SEC.
B.V.R. Systems (1998) Ltd. and Subsidiary Condensed Consolidated Interim Statements of Operations for the Nine months ended Three months ended Year ended September 30 September 30 December 31 2009 2008 2009 2008 2008 (Unaudited) (Unaudited) (Audited) $ thousands $ thousands $ thousands Revenues: Sales 31,207 21,509 10,682 8,936 29,711 Royalties, commissions and 3,410 1,783 193 178 1,855 others Total revenues 34,617 23,292 10,875 9,114 31,566 Cost of revenues 26,294 17,040 9,959 7,024 23,282 Gross profit 8,323 6,252 916 2,090 8,284 Operating expenses: Research and development 1,325 894 430 374 1,213 Selling and marketing 1,493 1,747 537 579 2,128 General and administrative 3,735 2,299 2,203 701 2,773 Total operating expenses 6,553 4,940 3,170 1,654 6,114 Operating profit (loss) 1,770 1,312 (2,254) 436 2,170 Financial income 290 435 63 44 219 Financial expenses (1,901) (654) (1,092) (340) (766) Financial expenses, net (1,611) (219) (1,029) (296) (547) Profit (loss) before taxes on 159 1,093 (3,283) 140 1,623 income Income tax expense - - - - - Net profit (loss) for the 159 1,093 (3,283) 140 1,623 period Earnings (loss) per share Basic earnings per share 0.00 0.01 (0.03) 0.00 0.014 Diluted earnings per share 0.00 0.01 (0.03) 0.00 0.014 Contacts: Ilan Gillies, CEO BVR Systems (1998) Ltd. Tel: +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here