ROSH HA'AYIN,
Israel,
November 21 /PRNewswire-FirstCall/ -- BVR Systems
(1998) Ltd. (OTC:BVRSF), a diversified world leader in advanced military
training and simulation systems, today announced a net loss of
$0.8 million
or
$0.01 per share for the third quarter of 2007, compared with a net loss of
$0.6 million, or
$0.01 per share for the third quarter of 2006. Net loss for
the first nine months of 2007 was
$1.8 million or
$0.02 per share, compared
with a net loss of
$2.1 million or
$0.02 per share for the first nine months
of 2006.
Revenues for the third quarter of 2007 were $2.7 million, compared with
revenues of $2.6 million for the third quarter of 2006. For the first nine
months of 2007, BVR's revenues were $9.7 million compared with revenues in
the first nine months of 2006 of $6.4 million.
Gross profit for the third quarter of 2007 was $0.5 million, compared
with a gross profit of $0.4 million for the third quarter of the previous
year. For the first nine months of 2007, gross profit was $2.2 million
compared with a gross profit of $1.1 million for the first nine months of
2006.
Operating loss for the third quarter of 2007 was $0.7 million, compared
with an operating loss of $0.6 million for the same period last year.
Operating loss for the first nine months of 2007 was $1.8 million compared
with an operating loss of $1.9 million for the first nine months of 2006.
BVR's order backlog at the end of the third quarter of 2007 was
approximately $34.0 million.
On October 31, 2007 the Company announced the award of a major EHUD(TM)
Air Combat Maneuvering Instrumentation (ACMI) system contract in the value of
approximately US $19.5 million.
BVR Systems (1998) Ltd., (OTC: BVRSF) is a diversified world leader in
advanced defense training and simulation systems. For more information, visit
the Company's web site at http://www.bvrsystems.com.
Safe Harbor
This press release contains forward-looking statements within the meaning
of the "safe harbor" provision of the Private Securities Litigation Reform
Act of 1995. These statements are based on the current expectations or
beliefs of BVR Systems' management and are subject to a number of factors and
uncertainties that could cause actual results or performance of the Company
to differ materially from those contemplated in such forward-looking
statements. These factors include but are not limited to the fact that the
Company has experienced reductions in backlog; the Company has reported
operating and/or net losses in the past and may report operating and/or net
loses in the future, conditions in Israel affect the Company's operations and
may limit its ability to produce and sell its products, changes in technology
and market requirements; decline in demand for the Company's products;
inability to timely develop and introduce new technologies, products and
applications; loss of market share and pressure on pricing resulting from
competition. For other factors that could cause BVR Systems' results to vary
from expectations, please see the Company's reports filed from time to time
with the SEC.
Consolidated Balance Sheet
September 30 December
31
2007 2006 2006
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Assets
Current assets
Cash and cash equivalents 3,483 2,078 3,421
Restricted bank deposits 630 949 967
Trade receivables 2,197 2,870 4,383
Other receivables and prepaid expenses 371 599 262
Inventories 2,021 2,021 2,021
Total current assets 8,702 8,517 11,054
Other non-current assets 2,045 1,055 1,155
Fixed assets
Cost 10,712 10,259 10,379
Less - accumulated depreciation 9,809 9,422 9,514
Fixed assets, net 903 837 865
Other assets, net 146 243 219
Total assets 11,796 10,652 13,293
Consolidated Balance Sheet
September 30 December
31
2007 2006 2006
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Audited
Liabilities and Shareholders'
Equity
Current liabilities
Current maturities of long-term - 516 516
bank loans
Short term loans 620 120 120
Trade payables 1,412 1,447 1,487
Excess of advances from customers
over amounts
recognized as revenue 3,743 541 2,952
Other payables and accrued expenses 2,280 2,087 2,492
Total current liabilities 8,055 4,711 7,567
Long-term liabilities
Long-term payables - 278 154
Liability for employee severance 163 148 166
benefits, net
Total long-term liabilities 163 426 320
Shareholders' equity
Share capital:
Ordinary shares NIS 1.00 par value
400,000,000 shares
authorized as of September 30, 2007
and December 31, 2006
and 200,000,000 shares authorized
as of September 30, 2006;
116,863,757 shares issued as of
September 30, 2007,
December 31, 2006 and September 30,
2006; and
116,863,757 shares outstanding as
of September 30, 2007
and December 31, 2006, and
116,813,757 shares outstanding
as of September 30, 2006 25,861 25,849 25,861
Additional paid-in capital 17,005 16,985 16,992
Accumulated deficit (39,288) (37,319) (37,447)
3,578 5,515 5,406
Total liabilities and
shareholders' equity 11,796 10,652 13,293
Consolidated Statements of Operations
Nine months ended Three months ended Year
September 30 September 30 ended
2007 2006 2007 2006 December
31, 2006
US$ US$ US$ US$ US$
thousands thousands thousands thousands thousands
Unaudited Unaudited Unaudited Unaudited Audited
Revenues:
Sales 9,203 6,148 2,600 2,545 9,827
Royalties and 528 212 105 19 276
commissions
Total revenues 9,731 6,360 2,705 2,564 10,103
Cost of revenues 7,486 5,288 2,211 2,126 7,866
Gross profit 2,245 1,072 494 438 2,237
Operating expenses:
Research and 719 457 194 185 615
development
Selling and marketing 1,630 1,019 520 317 1,430
General and 1,692 1,524 527 514 2,155
administrative
Operating loss (1,796) (1,928) (747) (578) (1,963)
Financial expenses, (45) (92) (31) (27) (185)
net
Losses before income (1,841) (2,020) (778) (605) (2,148)
taxes
Tax expenses - (75) - - (75)
Net loss for the (1,841) (2,095) (778) (605) (2,223)
period
loss per share:
Basic and diluted loss
per share (in US$) (0.02) (0.02) (0.01) (0.01) (0.02)
Weighted average
number of
ordinary shares (in
thousands)
used in calculation of
the basic
and diluted loss per 116,864 110,849 116,864 116,781 112,361
share
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
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