ROSH HA'AYIN, Israel,
August 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 profit of
$0.4 million or
$0.00 per share for the second quarter of 2008, compared with
a net loss of
$1.1 million, or
$0.01 per share for the second quarter of 2007.
For the first half of 2008, the net profit sums up to $0.9 million or
$0.01 per share, compared with a net loss of $1.2 million, or $0.01 per share
for the first half of 2007.
Revenues for the second quarter of 2008 were $6.6 million, compared with
revenues of $2.9 million for the second quarter of 2007. The total revenues
for the first half of 2008 are $14.2, compared with total revenues of $7.0
million for the first half of 2007.
Gross profit for the second quarter of 2008 was $2.0 million, compared
with a gross profit of $0.3 million for the second quarter of the previous
year.
Operating profit for the second quarter of 2008 was $0.3 million,
compared with an operating loss of $1.1 million for the same period last year.
BVR's order backlog at the end of the second quarter of 2008 was
approximately $64.6 million.
Mr. Ilan Gillies, BVR Systems' CEO, commented: "I am pleased with the
fact that we are able to present a second consecutive profitable quarter. The
strong growth of revenue and growth of backlog at the same time reflect
strength in performance across the board. We start to see the fruits of the
investment BVR made during the last few years in its product lines, new
marketing strategy, excellence in the delivery of programs and the broadening
of its installed customer base."
Mr. Aviv Tzidon, BVR System's Chairman of the board said that: "The
strategy we set forth proves itself. The company is focused on its products,
goals and target market niches where it has leverage and will continue to do
so." "During the first half of 2008, Mr. Tzidon added, the company achieved
more revenues than the entire 2007 while continuing the growth of new orders
and backlog."
IFRS Reporting:
This condensed unaudited financial information has been prepared
according to International Financial Reporting Standards ("IFRS"). The
preparation of the financial information in accordance with IFRS resulted in
changes to the accounting policies as compared with the previous financial
statements prepared in accordance with generally accepted accounting
principles in Israel ("Israeli GAAP"). The new accounting policies have been
applied consistently to all periods presented in these condensed consolidated
interim financial statements. They also have been applied in preparing an
opening IFRS balance sheet at January 1, 2007 for the purposes of the
transition to IFRSs, as required by IFRS 1. The impact of the transition from
previous GAAP to IFRSs resulted mainly with an increase to operating expenses
of $ 144 thousands, and $ 232 thousands for the six months ended June 30,
2007, and for the year ended December 31, 2007, respectively. The increase to
the operating expenses was due to increased stock based compensation expenses
and the increase in employees benefits cost for the reported periods. In
addition, various balance sheet reclassifications were done in order to
conform to the current period presentation.
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
This press release contains forward-looking statements wihthin 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. For other factors that could cause BVR Systems' results to vary
from expectations, please see the Company's reports filed from time to time
with the SEC.
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
June 30 December 31
2008 2007 2007
$ thousands $ thousands $ thousands
Unaudited Unaudited Audited
Assets
Cash and cash equivalents 2,169 1,663 1,520
Restricted bank deposits 6,606 1,307 1,434
Trade receivables 4,101 2,994 2,433
Other receivables 968 358 313
Inventories 1,322 2,021 1,322
Total current assets 15,166 8,343 7,022
Other non-current assets 2,445 952 2,136
Property, plant and equipment 904 963 880
Other assets, net 73 170 122
Total non-current assets 3,422 2,085 3,138
Total assets 18,588 10,428 10,160
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
June 30 December 31
2008 2007 2007
$ thousands $ thousands $ thousands
Unaudited Unaudited Audited
Liabilities
Bank overdraft - 233 466
Short-term loans from bank and 120 620 620
other
Trade payables 1,948 1,625 1,922
Excess of advances from customers
over amounts
recognized as revenue 11,341 1,203 3,591
Other payables 2,373 1,683 1,728
Income taxes payables - 435 -
Provisions 59 83 84
Total current liabilities 15,841 5,882 8,411
Liability for employee severance 95 92 64
benefits, net
Total non current liabilities 95 92 64
Total liabilities 15,936 5,974 8,475
Shareholders' equity
Share capital 25,891 25,861 25,861
Additions paid-in capital 16,944 16,954 16,954
Accumulated deficit (40,183) (38,361) (41,130)
Total shareholders' equity 2,652 4,454 1,685
Total liabilities and shareholders' 18,588 10,428 10,160
equity
B.V.R. Systems (1998) Ltd.
Consolidated Statements of Operations
Six months ended Three months ended Year ended
June 30, June 30, June 30, June 30, December
2008 2007 2008 2007 2007
$ thousands $ thousands $ thousands $ thousands $ thousands
Unaudited Unaudited Unaudited Unaudited Audited
Revenues:
Sales 12,573 6,603 6,107 2,943 12,547
Royalties and 1,605 423 513 - 559
commissions
Total revenues 14,178 7,026 6,620 2,943 13,106
Cost of sales 10,084 5,297 4,621 2,624 10,763
Inventory write - - - - 699
-off
Total cost of 10,084 5,297 4,621 2,624 11,462
revenues
Gross profit 4,094 1,729 1,999 319 1,644
Operating expenses:
Research and 520 525 244 273 959
development
Selling and 1,171 1,115 594 574 2,241
marketing
General and 1,606 1,282 867 604 2,522
administrative
Total operating 3,297 2,922 1,705 1,451 5,722
expenses
Operating profit 797 (1,193) 294 (1,132) (4,078)
(loss)
Financial income *391 *121 271 36 *231
Financial expenses *(314) *(135) (153) (48) *(249)
Financial income
(expenses), net 77 (14) 118 (12) (18)
Profit (loss) before
taxes on income 874 (1,207) 412 (1,144) (4,096)
Income tax expense - - - - -
Net profit (loss)
for
the period 874 (1,207) 412 (1,144) (4,096)
Profit (loss) per
share:
Basic profit (loss)
per share
(in $) 0.01 (0.01) 0.00 (0.01) (0.03)
Diluted profit
(loss) per
share (in $) 0.01 (0.01) 0.00 (0.01) (0.03)
* Certain amounts of comparative data were reclassified in order to
conform with the current period presentation.
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
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