ROSH HA'AYIN, Israel,
April 20 /PRNewswire-FirstCall/ -- BVR Systems
(1998) Ltd. (OTCBB: BVRSF), a diversified world leader in advanced military
training and simulation systems, today announced a net profit of
$0.5 million
or
$0.00 per share for the fourth quarter of 2008, compared with a net loss
of
$2 million, or
$0.02 per share for the fourth quarter of 2007.
Net profit for fiscal year 2008 was $1.6 million or $0.01 per share,
compared with a net loss of $4million, or $0.03 per share for fiscal year
2007.
Revenues for the fourth quarter of 2008 were $8.3million, compared with
revenues of $3.4 million for the fourth quarter of 2007. In fiscal year 2008,
BVR's revenues were $31.6 million, compared with total revenues of $13.1
million in fiscal year 2007, an increase of 141%.
Gross profit for the fourth quarter of 2008 was $2.0 million, compared
with a gross loss of $0.6 million for the fourth quarter of the previous
year. The gross loss for the fourth quarter of 2007 includes an inventory
write-off of $0.7 million. For Fiscal year 2008, gross profit was $8.3
million compared with gross profit of $1.7 million for fiscal year 2007.
Operating profit for the fourth quarter of 2008 was $0.8 million,
compared with an operating loss of $2 million for the same period last year.
Operating profit for fiscal year 2008 was $2.2 million compared with an
operating loss of $4 million for fiscal year 2007.
BVR's order backlog at the end of fiscal year 2008 was approximately
$52.8 million.
The company concluded 2008 with new booked orders in the total value of
approximately US $33.3 million. In January-February 2009 the company
announced the award of three new orders in the total value of approximately
US $6.9 million.
Mr. Ilan Gillies, BVR Systems CEO, commented: "We are very pleased with
the results reported today. They prove that the strategy, the restructuring
of the organization and the unification of the technology are solid. Focus on
delivery, and the fact that we have our customer's confidence will play a key
role in our attempts to continue and lead while we improve our financial
performance. We have invested a lot in creating a unique and advanced
offering that is starting to bear fruits."
Mr. Aviv Tzidon, BVR Systems Chairman of the board, added: "I have great
confidence in the company's management and employees. Future challenges call
for more training to be done in simulators and at the same time get more
value out of each live training session. BVR is an expert in integrating live
and virtual training across multiple services. Hence, we have the best
solutions to these challenges."
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 $200 thousands for the year ended December 31, 2007. The increase to the
operating expenses was due to increased stock based compensation expenses and
the increase in employees benefits cost for the reported periods. In
addition, various balance sheet reclassifications were done in order to
conform to the current period presentation.
BVR Systems (1998) Ltd., (OTCBB: BVRSF) is a diversified world leader in
advanced defense training and simulation systems. For more information, visit
the Company's web site at http://www.bvrsystems.com.
Safe Harbor
This press release contains forward-looking statements within the meaning
of the "safe harbor" provision of the Private Securities Litigation Reform
Act of 1995. These statements are based on the current expectations or
beliefs of BVR Systems' management and are subject to a number of factors and
uncertainties that could cause actual results or performance of the Company
to differ materially from those contemplated in such forward-looking
statements. These factors include but are not limited to the fact that the
Company has experienced reductions in backlog; the Company has reported
operating and/or net losses in the past and may report operating and/or net
loses in the future, conditions in Israel affect the Company's operations and
may limit its ability to produce and sell its products, changes in technology
and market requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies, products and
applications; loss of market share and pressure on pricing resulting from
competition. For other factors that could cause BVR Systems' results to vary
from expectations, please see the Company's reports filed from time to time
with the SEC.
B.V.R. Systems (1998) Ltd.
and Subsidiary
Consolidated Balance Sheets as of December 31 (Unaudited)
2008 2007
US$ thousands US$ thousands
Assets
Current assets
Cash and cash equivalents 4,249 1,520
Restricted bank deposits 8,251 1,434
Trade receivables 3,406 2,433
Other receivables 2,526 313
Inventories 1,322 1,322
Total current assets 19,754 7,022
Other non-current assets 757 2,136
Property, plant and equipment 792 824
Intangible assets 109 178
Total assets 21,412 10,160
B.V.R. Systems (1998) Ltd.
and Subsidiary
Consolidated Balance Sheets as of December 31 (Unaudited)
2008 2007
US$ thousands US$ thousands
Liabilities and Shareholders' Equity
Current liabilities
Bank overdraft - 466
Short-term loans from bank and others 120 620
Trade payables 4,853 1,922
Deferred revenue 11,423 3,591
Other payables 1,457 1,728
Provisions 94 84
Total current liabilities 17,947 8,411
Employee benefits 77 38
Total non-current liabilities 77 38
Total liabilities 18,024 8,449
Shareholders' equity
Share capital:
Ordinary shares, NIS 1.00 par value
400,000,000 shares authorized,
116,970,535 and 116,860,535 shares issued and
outstanding as of December 31, 2008 and 2007 25,891 25,861
Share premium 16,944 16,954
Accumulated deficit (39,447) (41,104)
Total shareholders' equity 3,388 1,711
Total liabilities and shareholders' equity 21,412 10,160
B.V.R. Systems (1998) Ltd.
and Subsidiary
Consolidated Statements of Operations (Unaudited)
Year ended December Three months ended
31 December 31
2008 2007 2008 2007
US$ US$ US$ US$
thousands thousands thousands thousands
Revenues:
Sales 29,711 12,547 8,202 3,344
Royalties and commissions 1,855 559 72 31
Total revenues 31,566 13,106 8,274 3,375
Cost of revenues 23,282 10,746 6,274 3,227
Inventory write-off - 699 - 699
Total cost of revenues 23,282 11,445 6,274 3,926
Gross profit (loss) 8,284 1,661 2,000 (551)
Operating expenses:
Research and development 1,213 959 319 240
Selling and marketing 2,128 2,240 386 603
General and administrative 2,773 2,508 474 638
Total operating expenses 6,114 5,707 1,179 1,481
Operating profit (loss) 2,170 (4,046) 821 (2,032)
Financial income 219 231 - 80
Financial expenses (766) (249) (328) (53)
Financial income (expenses), (547) (18) (328) 27
net
Net profit (loss) for the 1,623 (4,064) 493 (2,005)
period
Earning (loss) per share:
Basic earnings (loss) per share 0.0139 (0.0348) 0.0042 (0.0172)
(in $)
Diluted earnings (loss) per 0.0139 (0.0348) 0.0042 (0.0172)
share (in $)
Weighted average number of
ordinary shares of nominal NIS
1.00 par value outstanding (in
thousands) used in
calculation of the basic
earnings (loss)per share 116,952 116,861 116,971 116,861
Weighted average number of
ordinary shares of nominal NIS
1.00 par value outstanding (in
thousands) used in calculation
of the diluted
earnings (loss)per share 116,958 116,861 116,973 116,861
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
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