ROSH HA'AYIN, Israel,
November 25 /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
$0.3 million or
$0.00 per share for the third quarter of 2008, compared with
a net loss of
$0.9 million, or
$0.01 per share for the third quarter of 2007.
For the nine months ended September 30, 2008 the net profit sums up to
$1.1 million or $0.01 per share, compared with a net loss of $2.0 million, or
$0.02 per share for the nine months ended September 30, 2007.
Revenues for the third quarter of 2008 were $9.1 million, compared with
revenues of $2.7 million for the third quarter of 2007. The total revenues
for the nine months ended September 30, 2008 are $23.3, compared with total
revenues of $9.7 million for the nine months ended September 30, 2007.
Gross profit for the third quarter of 2008 was $2.2 million, compared
with a gross profit of $0.5 million for the third quarter of the previous
year.
Operating profit for the third quarter of 2008 was $0.6 million, compared
with an operating loss of $0.8million for the same period last year.
BVR's order backlog at the end of the third quarter of 2008 was
approximately $59.5 million.
For FY2008, the Company estimates to have revenues of more than $31
million, an increase of 140% compared with revenues of $13.1 million in
FY2007. In addition, the Company estimates to have a funded backlog of $58
million on December 31st 2008 out of which approximately 66% is expected to
be delivered during 2009.
Mr. Ilan Gillies, BVR Systems' CEO, commented: "I am pleased with the
fact that we are able to present a third consecutive profitable quarter. We
continue to meet our targets on both deliveries on the existing backlog as
well as win new orders. Our focus on areas where we have a unique and
compelling offering result with a strong position in our market niche. With
this, the company reached a turnover of revenue that supports the continued
profitability and growth."
Mr. Aviv Tzidon, BVR System's Chairman of the board said that: "the fact
that we are able to continue to grow strong at this challenging time is a
testimony of the strength of our strategy."
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 $ 218 thousands, and $ 232 thousands for the nine months ended September
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 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. 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.
Consolidated Balance Sheet
September 30 December 31
2008 2007 2007
$ thousands $ thousands $ thousands
Unaudited Unaudited Audited
Assets
Cash and cash equivalents 1,729 3,483 1,520
Restricted bank deposits 6,152 752 1,434
Trade receivables 5,487 1,883 2,433
Other receivables 1,307 371 313
Inventories 1,322 2,021 1,322
Total current assets 15,997 8,510 7,022
Other non-current assets 2,309 1,923 2,136
Property, plant and equipment 945 903 880
Intangible asset 49 146 122
Total non-current assets 3,303 2,972 3,138
Total assets 19,300 11,482 10,160
Consolidated Balance Sheet
September 30 December 31
2008 2007 2007
$ thousands $ thousands $ thousands
Unaudited Unaudited Audited
Liabilities
Bank overdraft - - 466
Short-term loans from bank and 120 620 620
others
Trade payables 4,575 1,412 1,922
Deferred revenue 9,537 3,753 3,591
Other payables 1,930 1,650 1,728
Income taxes payables - 230 -
Provisions 74 76 84
Total current liabilities 16,236 7,741 8,411
Employee benefits 120 79 64
Total non current liabilities 120 79 64
Total liabilities 16,356 7,820 8,475
Shareholders' equity
Share capital 25,891 25,861 25,861
Additions paid-in capital 16,944 16,954 16,954
Accumulated deficit (39,891) (39,153) (41,130)
Total shareholders' equity 2,944 3,662 1,685
Total liabilities and shareholders' 19,300 11,482 10,160
equity
Consolidated Statements of Operations
Nine months ended Three months ended Year ended
September September September September December
30, 2008 30, 2007 30, 2008 30, 2007 2007
$ thousands $ thousands $ thousands $ thousands $ thousands
Unaudited Unaudited Unaudited Unaudited Audited
Revenues:
Sales 21,509 9,203 8,936 2,600 12,547
Royalties
commissions and
Others 1,783 528 178 105 559
Total revenues 23,292 9,731 9,114 2,705 13,106
Cost of revenues 17,008 7,519 6,924 2,222 10,763
Inventory write-off - - - - 699
Total cost of 17,008 7,519 6,924 2,222 11,462
revenues
Gross profit 6,284 2,212 2,190 483 1,644
Operating expenses:
Research and 894 719 374 194 959
development
Selling and 1,742 1,637 571 522 2,241
marketing
General and 2,299 1,870 693 588 2,522
administrative
Total operating 4,935 4,226 1,638 1,304 5,722
expenses
Operating profit 1,349 (2,014) 552 (821) (4,078)
(loss)
Financial income 328 *151 45 * 30 *231
Financial expenses (547) * (196) (341) *(61) *(249)
Financial expenses, (219) (45) (296) (31) (18)
net
Profit (loss) before
taxes on income 1,130 (2,059) 256 (852) (4,096)
Income tax expense - - - - -
Net profit (loss)
for
the period 1,130 (2,059) 256 (852) (4,096)
Profit (loss) per
share:
Basic profit (loss)
per share
(in $) 0.01 (0.02) 0.00 (0.01) (0.03)
Diluted profit
(loss) per
share (in $) 0.01 (0.02) 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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