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COMPANY PRESS RELEASE SOURCE: ACS MOTION CONTROL LTD. ACS MOTION CONTROL LTD. REPORTS THIRD QUARTER RESULTS MIGDAL HA'EMEK, Israel, November 1, 2007 - ACS Motion Control Ltd., (Nasdaq: ACSEF - news), a developer and manufacturer of advanced motion control products, reports third quarter revenues and earnings. Revenues for the third quarter of 2007 were $2,062,000, compared to $2,932,000 revenues reported in the third quarter of 2006. Revenues for the first nine months of 2007 were $6,632,000, compared to $10,556,000 revenues reported in the first nine months of 2006. Net loss for the third quarter of 2007 was $216,000, compared to $270,000 net income reported in the third quarter of 2006. Net loss for the first nine months of 2007 was $143,000, compared to $1,417,000 net income reported in the first nine months of 2006. 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. CONTACT: ZE'EV KIRSHENBOIM, CHAIRMAN OF THE BOARD, ACS MOTION CONTROL LTD. (011-972-4-654-6440)
2007, Q3 CONSOLIDATED STATEMENTS OF OPERATIONS NINE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31,
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2007 2006 2007 2006 2006
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CONSOLIDATED
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U.S. DOLLARS IN THOUSANDS
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REVENUES 6,632 10,556 2,062 2,932 13,503
COST OF REVENUES 3,363 5,370 1,187 1,464 6,877
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GROSS PROFIT 3,269 5,186 875 1,468 6,626
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RESEARCH AND DEVELOPMENT COSTS
COSTS INCURRED 1,591 1,468 489 494 2,065
LESS-GRANTS RECEIVED (323) (224) (108) (114) (340)
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NET RESEARCH AND DEVELOPMENT COSTS 1,268 1,244 381 380 1,725
SELLING AND MARKETING EXPENSES 1,207 1,314 412 451 1,783
GENERAL AND ADMINISTRATIVE EXPENSES 1,149 1,262 376 410 1,675
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TOTAL OPERATING COSTS 3,624 3,820 1,169 1,241 5,183
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OPERATING INCOME (LOSS) (355) 1,366 (294) 227 1,443
FINANCING INCOME, NET 196 116 61 57 167
OTHER EXPENSES - - - - (9)
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INCOME (LOSS) BEFORE TAXES ON INCOME (159) 1,482 (233) 284 1,601
TAXES ON INCOME 16 (65) 17 (14) (64)
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NET INCOME (LOSS) (143) 1,417 (216) 270 1,537
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EARNINGS (LOSS) PER SHARE IN U.S. DOLLARS
BASIC (0.04) 0.44 (0.07) 0.09 0.48
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WEIGHTED AVERAGE NUMBER OF SHARES USED IN COMPUTATION
OF EARNINGS PER SHARE
BASIC - IN THOUSANDS 3,281 3,201 3,281 3,290 3,207
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2007, Q3 CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, DECEMBER 31,
2007 2006 2006
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CONSOLIDATED
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U.S. DOLLARS IN THOUSANDS
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,727 2,474 3,042
Marketable debt securities 4,043 2,125 2,619
Trade receivables, net 1,734 2,744 2,335
Inventories 3,684 3,462 3,658
Other 736 522 485
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TOTAL CURRENT ASSETS 12,924 11,327 12,139
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LONG-TERM ASSETS
Deferred income taxes 146 121 110
Marketable debt securities 1,044 2,423 1,933
Investment in other company 532 1,011 1,002
Long-term assets 62 90 104
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1,784 3,645 3,149
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PROPERTY AND EQUIPMENT
Cost 3,842 3,622 3,648
Less - accumulated depreciation (3,359) (3,070) (3,160)
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483 552 488
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TOTAL ASSETS 15,191 15,524 15,776
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade payables 1,279 1,477 1,440
Other 912 1,113 1,226
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TOTAL CURRENT LIABILITIES 2,191 2,590 2,666
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LONG-TERM LIABILITIES
Accrued severance pay, net 201 181 202
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TOTAL LONG-TERM LIABILITIES 201 181 202
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TOTAL LIABILITIES 2,392 2,771 2,868
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SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
Authorized: 8,000,000 shares
Issued - September 30, 2007 - 3,280,752, September 30, 2006-
3,290,052,
December 31, 2006- 3,266,752
Outstanding - September 30, 2007 - 3,280,751, September 30, 2006-
3,290,051, Dec 31, 2006- 3,266,751 10 10 10
Treasury stock - (1 share as of September 30, 2007, September 30,
2006 and December 31, 2006) (150) (150) (150)
Additional paid-in capital 7,363 7,294 7,329
Retained earnings 5,576 5,599 5,719
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TOTAL SHAREHOLDERS' EQUITY 12,799 12,753 12,908
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 15,191 15,524 15,776
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NET TANGIBLE ASSETS 12,799 12,753 12,908
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