Published:
BVR Systems (1998) Ltd. Reports First Quarter 2008 Results
ROSH HA'AYIN, Israel, May 28 /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 $0.5 million
or $0.0 per share for the first quarter of 2008, compared with a net loss of
$0.1 million, or $0.0 per share for the first quarter of 2007.
Revenues for the first quarter of 2008 were $7.6 million, compared with
revenues of $4.1 million for the first quarter of 2007.
Gross profit for the first quarter of 2008 was $2.1 million, compared
with a gross profit of $1.4 million for the first quarter of the previous
year.
Operating profit for the first quarter of 2008 was $0.5 million, compared
with an operating loss of $0.1 million for the same period last year.
BVR's order backlog at the end of the first quarter of 2008 was
approximately $65.5 million.
Mr. Ilan Gillies, BVR Systems' CEO, commented: "We are very pleased with
the results reported today. We believe that they follow the extensive work
invested in marketing and successful completion of contracts to the full
satisfaction of our customers."
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 inIsrael ("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 $ 86 thousands, and $ 232 thousands for the three months ended March 31,
2007, and for the year ended December 31, 2007, respectively, the increase to
the operating expenses was due to increased stock based compensation expenses
that were offset by a decrease 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 inIsrael 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
March 31 December 31
2008 2007 2007
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Unaudited
Assets
Cash and cash equivalents 6,766 4,139 1,520
Restricted bank deposits 2,850 1,218 1,434
Trade receivables 2,196 2,898 2,433
Other receivables 494 345 313
Inventories 1,322 2,021 1,322
Total current assets 13,628 10,621 7,022
Other non-current bank deposits 3,498 913 2,107
Property, plant and equipment 955 871 880
Other assets, net 116 253 151
Total non-current assets 4,569 2,037 3,138
Total assets 18,197 12,658 10,160
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
March 31 December 31
2008 2007 2007
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Unaudited
Liabilities
Short-term bank credit, net - - 466
Short-term loan from bank and 620 120 620
other
Trade payables 2,601 1,871 1,922
Excess of advances from
customers over amounts
recognized as revenue 10,512 2,670 3,591
Taxes payables - 553 -
Other payables 2,117 1,702 1,728
Provisions 81 133 84
Total current liabilities 15,931 7,049 8,411
Long-term tax payables - 24 -
Employee benefits 70 47 64
Total long-term liabilities 70 71 64
Total liabilities 16,001 7,120 8,475
Shareholders' equity
Share capital 25,891 25,861 25,861
Additional paid-in capital 16,944 16,954 16,954
Accumulated deficit (40,639) (37,277) (41,130)
Total shareholders' equity 2,196 5,538 1,685
Total liabilities and 18,197 12,658 10,160
shareholders' equity
B.V.R. Systems (1998) Ltd.
Consolidated Balance Sheet
March 31 December 31
2008 2007 2007
US$ US$ US$
thousands thousands thousands
Unaudited Unaudited Unaudited
Revenues:
Sales 6,466 3,660 12,547
Royalties and commissions 1,092 423 559
Total revenues 7,558 4,083 13,106
Cost of revenues 5,463 2,673 10,763
Inventory write-off - - 699
Gross profit 2,095 1,410 1,644
Operating expenses:
Research and development 276 252 959
Selling and marketing 577 541 2,241
General and administrative 739 678 2,522
Total operating expenses 1,592 1,471 5,722
Operating profit (loss) 503 (61) (4,078)
Financial income 34 19 15
Financial expenses (75) (21) (33)
Financial costs, net (41) (2) (18)
Profit (loss) before income taxes 462 (63) (4,096)
Income tax expense - - -
Net profit (loss) for the period 462 (63) (4,096)
Profit (loss) per share:
Basic profit (loss) per share (in US$) 0.00 (0.00) (0.03)
Diluted profit (loss) per share (in US$) 0.00 (0.00) (0.03)
Contacts:
Ilan Gillies, CEO
BVR Systems (1998) Ltd.
Tel: +972-3-900-8000
SOURCE BVR Systems (1998) Ltd.
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