Pursuantto rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of May 2006
ACS Motion Control Ltd. (formerly ACS-Tech80 Ltd.)
(Translation of registrant’s name in English)
Ha’mada Avenue, Ramat Gabriel Industrial Park, Migdal Ha’emek, Israel
(Address of principal executive offices)
Indicateby check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-Fx Form 40-Fo
Attached, as an Exhibit to this Report on Form 6-K, is the Registrant’s press release dated April 26, 2006, regarding its results for the quarter ended March 31, 2006 which is hereby incorporated by reference herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ACS Motion Control Ltd. (Registrant) BY: /S/ Ze'ev Kirshenboim —————————————— Ze'ev Kirshenboim President and CEO Date: May 1, 2006 |
Company Press Release
SOURCE: ACS Motion Control Ltd.
ACS MOTION CONTROL REPORTS FIRST QUARTER RESULTS
MIGDAL HA’EMEK, Israel, April 26 /PRNewswire/ – ACS Motion Control Ltd., (Nasdaq: ACSEF – news), a developer and manufacturer of advanced motion control products, today reports first quarter results.
Revenues for the first quarter of 2006 were $3,801,000, an increase of 52% from the $2,503,000 revenues reported in the first quarter of 2005, and an increase of 31% from the $2,906,000 revenues reported for the fourth quarter of 2005.
Net income for the first quarter of 2006 was $624,000, or $0.20 per share, compared to $40,000 net income, or $0.01 per share in the first quarter of 2005, and $324,000 net income, or $0.10 per share in the fourth quarter of 2005.
Operating income for the first quarter of 2006 was $589,000, compared to $28,000 in the first quarter of 2005, and $148,000 in the fourth quarter of 2005.
The company completed the first quarter of 2006 with cash, cash equivalents and marketable securities of approximately $5 million, compared to $3.8 million at the end of the first quarter of 2005, due to a positive cash flow from operations.
The increase in revenues is attributed to growth in the markets that we serve, to the gaining of new customers and new projects with existing customers.
Based on current improved market conditions and backlog of customer orders, we expect that revenues in the next two quarters will increase by 10% to 15% as compared to revenues in the last two quarters.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company’s product, successful implementation of the Company’s product, competitive factors, the ability to manage the Company’s growth and the ability to recruit additional personnel.
2006, Q1 Consolidated Statement of Operations
| Three months ended March 31, | Year ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2005 | |||||||||
| Consolidated | |||||||||||
| U.S. Dollars in thousands | |||||||||||
| Revenues | 3,801 | 2,503 | 11,428 | ||||||||
| Cost of revenues | 1,856 | 1,281 | 5,657 | ||||||||
| Gross profit | 1,945 | 1,222 | 5,771 | ||||||||
| Research and development costs | |||||||||||
| Costs incurred | 500 | 408 | 1,629 | ||||||||
| Less-grants received | - | - | (17 | ) | |||||||
| Net research and development costs | 500 | 408 | 1,612 | ||||||||
| Selling, general and administrative expenses, net | 856 | 786 | 3,137 | ||||||||
| Total operating costs | 1,356 | 1,194 | 4,749 | ||||||||
| Operating income | 589 | 28 | 1,022 | ||||||||
| Financing income, net | 63 | 34 | 12 | ||||||||
| Other income (expenses), net | - | (1 | ) | 4 | |||||||
| Income before taxes on income | 652 | 61 | 1,038 | ||||||||
| Taxes on income, net | (28 | ) | (21 | ) | (64 | ) | |||||
| Net income | 624 | 40 | 974 | ||||||||
| Earnings per Ordinary Share in U.S. Dollars | |||||||||||
| Basic | 0.20 | 0.01 | 0.32 | ||||||||
| Weighted average number of Shares used in computation | |||||||||||
| of earnings per share | |||||||||||
| Basic - in thousands | 3,089 | 3,077 | 3,078 | ||||||||
2006, Q1 Consolidated Balance Sheet
| March 31, | December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2006 | 2005 | 2005 | |||||||||
| Consolidated | |||||||||||
| U.S. Dollars in thousands | |||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 1,136 | 2,575 | 1,641 | ||||||||
| Short-term marketable securities | 693 | 258 | 511 | ||||||||
| Marketable debt securities | 1,001 | - | 724 | ||||||||
| Trade receivables, net | 3,352 | 2,186 | 2,517 | ||||||||
| Inventories | 2,841 | 2,756 | 2,833 | ||||||||
| Other | 457 | 530 | 330 | ||||||||
| Total current assets | 9,480 | 8,305 | 8,556 | ||||||||
| Long-term assets | |||||||||||
| Deferred income taxes | 118 | 143 | 121 | ||||||||
| Marketable debt securities | 2,216 | 1,000 | 2,201 | ||||||||
| Investment in other company | 1,218 | 1,218 | 1,218 | ||||||||
| Long-term assets | 115 | 101 | 120 | ||||||||
| 3,667 | 2,462 | 3,660 | |||||||||
| Property and equipment | |||||||||||
| Cost | 3,524 | 3,471 | 3,465 | ||||||||
| Less - accumulated depreciation | (2,893 | ) | (2,591 | ) | (2,810 | ) | |||||
| 631 | 880 | 655 | |||||||||
| 13,778 | 11,647 | 12,871 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Trade payables | 1,515 | 934 | 1,118 | ||||||||
| Other | 883 | 945 | 1,030 | ||||||||
| Total current liabilities | 2,398 | 1,879 | 2,148 | ||||||||
| Long-term liabilities | |||||||||||
| Accrued severance pay, net | 167 | 144 | 134 | ||||||||
| Total long-term liabilities | 167 | 144 | 134 | ||||||||
| Shareholders' equity | |||||||||||
| Share capital - Ordinary Shares of NIS 0.01 par value | |||||||||||
| Authorized:- 8,000,000 shares | |||||||||||
| Issued - March 31, 2006 and December 31, 2005 - 3,113,577, March 31 | |||||||||||
| 2005 - 3,102,147 | |||||||||||
| Outstanding - March 31, 2006 and December 31, 2005 - 3,088,776, | |||||||||||
| March 31, 2005 - 3,077,346 | 10 | 9 | 10 | ||||||||
| Treasury stock (March 31,2006 and 2005- 24,801 | |||||||||||
| Dec 31, 2005- 24,801) | (346 | ) | (346 | ) | (346 | ) | |||||
| Additional paid-in capital | 6,743 | 6,713 | 6,743 | ||||||||
| Retained earnings | 4,806 | 3,248 | 4,182 | ||||||||
| 11,213 | 9,624 | 10,589 | |||||||||
| 13,778 | 11,647 | 12,871 | |||||||||
