For Immediate Release
For further information contact:
Fern Lazar/David Carey
Lazar Partners Ltd.
1-212-867-1768
flazar@lazarpartners.com/
dcarey@lazarpartners.com
GIVEN IMAGING REPORTS FIRST QUARTER 2009 RESULTS
- First Quarter 2009 Revenues Increase 12% to $30.5 Million -
- Revenues in Americas Region Increase 28% -
- First Quarter 2009 GAAP EPS of $0.01 -
- First Quarter 2009 Non-GAAP EPS of $0.06 -
- Improved Gross and Operating Margins -
YOQNEAM, Israel, May 6, 2009 - Given Imaging Ltd. (NASDAQ: GIVN) today announced financial results for the first quarter ended March 31, 2009.
Worldwide revenues were $30.5 million in the first quarter of 2009, a 12 percent increase from $27.1 million in the first quarter of 2008. Gross margin in the first quarter of 2009 was 76 percent, compared to gross margin of 71.1 percent in the first quarter of 2008.
Net income for the first quarter of 2009 was $239,000 or $0.01 per share on a fully diluted GAAP basis, compared to net income of $1.1 million, or $0.03 per share on a fully diluted GAAP basis in the first quarter of 2008. Non-GAAP earnings per share for the first quarter of 2009 were $0.06, compared to break-even in the same quarter of last year. A reconciliation of GAAP results to non-GAAP results is included in the financial statements.
Cash and cash equivalents, short-term investments and marketable securities at March 31, 2009 totaled $74 million.
“We are pleased that we achieved solid top and bottom line results in the first quarter of 2009, despite economic conditions which adversely affected the demand for capital equipment,” said Homi Shamir, president and CEO of Given Imaging. “The 12% increase in first quarter revenue reflects sales growth of 28% in the Americas region. This was primarily due to a 21% increase in PillCam revenue as well as a solid contribution from our new Bravo pH Monitoring System in the U.S. While the number of PillCam capsules sold in the EMEA region was also strong, increasing by 21% compared to the same period last year, the dollar’s strength this quarter impacted the overall level of sales on a reporting basis from this region as well as from Asia and Australia. We remain cautiously optimistic regarding our prospects this year as we expand the global footprint for PillCam, particularly in France and Japan, and continue to grow the market for PillCam SB and the Bravo System in the U.S.”
First Quarter 2009 Revenue Analysis
Sales in the Americas region were $20.2 million and include Bravo System revenue of approximately $2.9 million. Including Bravo System sales, revenue in the Americas region increased 27.8 percent from sales of $15.8 million in the same period in 2008. Relative weakness of the Euro impacted revenue growth in the EMEA region where sales came in flat at $8.2 million compared to the same period last year. APAC sales declined by 29 percent to $2.2 million compared to $3.1 million in the same period in 2008. Sales in the region were also affected by foreign exchange.
The strengthening U.S. dollar reduced total first quarter 2009 revenues by 5%, or $1.5 million compared to the first quarter of 2008.
Worldwide PillCam SB sales amounted to 50,100 capsules in the first quarter of 2009, an increase of 8.7 percent compared to the same period last year. PillCam SB sales in the Americas region increased by 15 percent to 34,400 in the first quarter of 2009 compared to 29,900 in the first quarter of 2008. PillCam SB sales in the EMEA region increased 21.3 percent compared to the first quarter of 2008 while PillCam SB sales in the APAC region decreased 52%. Worldwide reorders of PillCam SB increased by 10 percent to approximately 49,000 compared to approximately 44,600 in the first quarter of 2008. Reorders of PillCam SB in the Americas region increased by 16 percent to 34,100 compared to 29,300 in the first quarter of 2008. Reorders in the EMEA region increased by 22 percent, while APAC reorders decreased by 55%.
Supplemental first quarter data can be found at www.givenimaging.com in the Investor Relations section.
2009 Guidance
The company is reaffirming its guidance for 2009 for revenues between $141 million and $148 million, and GAAP EPS of between $0.20 – $0.28, and non-GAAP EPS (excluding charges relating to FAS123R) of $0.46 – $0.54.
Recent Developments
Given Imaging paid a special cash dividend of approximately $0.54 per share, or $15.8 million on March 11, 2009.
| · | Named One of the Top 100 Most Trustworthy Companies |
Given Imaging was named one of the top 100 most trustworthy publicly traded small cap companies in an annual listing compiled by Forbes.com and Audit Integrity, an independent financial analytics firm. Given Imaging was ranked 18th on a list of more than 12,000 companies analyzed which includes companies demonstrating clear financial reporting and transparent corporate governance. The top100 companies have a low incidence of risk factors in accounting, governance and high risk events.
Conference Call / Webcast Information
U.S. Call / Webcast
The company will host a conference call in English at 9:00am ET on Thursday, May 7. To participate in this teleconference, please dial 888-677-8775 fifteen minutes before the conference is scheduled to begin. Callers outside of the U.S. should dial 913-312-1421. The call will also be webcast live at www.givenimaging.com. A replay of the call will be available for two weeks on the company’s website, or until May 21 by dialing 888-203-1112. Callers outside of the U.S. should dial 719-457-0820. The replay participant code is 4221114.
Hebrew Call
A separate conference call in Hebrew will take place on May 7 at 2:00pm Israel time, 7am ET. To access this call, please dial +972 3 9180609 ten minutes before the conference is scheduled to begin. A replay of the call will be available from May 7 until May 9 by dialing +972 3 9255930.
About Given Imaging
Since 2001 Given Imaging has advanced gastrointestinal diagnosis by developing innovative, patient-friendly tools based on its PillCam(R) Platform. PillCam capsule endoscopy provides physicians with natural images of the small intestine via PillCam SB, the esophagus through PillCam ESO and the colon with PillCam COLON [not cleared for use in the USA]. The PillCam capsules are miniature video cameras that patients ingest. Given Imaging's other capsule products include Agile(TM) patency capsule, to verify intestinal patency, and Bravo(R), the only wireless, catheter-free, 48-hour pH test commercially available for pH testing to assess gastroesophageal reflux disease (GERD). Given Imaging's products use cutting-edge wireless technology and advanced software to enable gastroenterologists to better diagnose and more accurately treat patients. All Given Imaging products allow patients to maintain normal activities. Given Imaging's headquarters, manufacturing and R&D facilities are located in Yoqneam, Israel, with operating subsidiaries in the United States, Germany, France, Japan, Australia and Singapore. For more information, please visit http://www.givenimaging.com.
Use of Non-GAAP Measures
This press release provides financial measures for net income and basic and diluted earnings per share that exclude certain items and are therefore not calculated in accordance with generally accepted accounting principals (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance that enhances management's and investors' ability to evaluate the Company's net income and earnings per share and to compare it with historical net income and earnings per share.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, projections about our business and our future revenues, expenses and profitability. Forward-looking statements may be, but are not necessarily, identified by the use of forward-looking terminology such as "may," "anticipates," "estimates," "expects," "intends," "plans," "believes," and words and terms of similar substance. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual events, results, performance, circumstances or achievements of the Company to be materially different from any future events, results, performance, circumstances or achievements expressed or implied by such forward-looking statements. Factors that could cause actual events, results, performance, circumstances or achievements to differ from such forward-looking statements include, but are not limited to, the following: (1) our ability to develop and bring to market new products, (2) our ability to receive regulatory clearance or approval to market our products or changes in regulatory environment, (3) our success in implementing our sales, marketing and manufacturing plans, (4) protection and validity of patents and other intellectual property rights, (5) the impact of currency exchange rates, (6) the effect of competition by other companies, (7) the outcome of significant litigation, (8) our ability to obtain reimbursement for our product from government and commercial payors, (9) quarterly variations in operating results, (10) the possibility of armed conflict or civil or military unrest in Israel, (11) the impact of global economic conditions, and (12) other risks and factors disclosed in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks and factors identified under such headings as "Risk Factors," "Cautionary Language Regarding Forward-Looking Statements" and "Operating Results and Financial Review and Prospects" in the Company's Annual Report on Form 20-F for the year ended December 31, 2008. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except for the Company's ongoing obligations to disclose material information under the applicable securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
# # #
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Balance Sheets
In thousands except share data
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Assets | | | | | | |
| | | | | | | |
| Current assets | | | | | | |
| Cash and cash equivalents | | $ | 37,296 | | | $ | 31,697 | |
| Short-term investments | | | 17,998 | | | | 28,509 | |
| Accounts receivable: | | | | | | | | |
| Trade (Net of provisions for doubtful debts of $258 | | | | | | | | |
| and of $210 as of March 31, 2009 and December 31, | | | | | | | | |
| 2008, respectively) | | | 21,854 | | | | 21,673 | |
| Other | | | 2,328 | | | | 4,662 | |
| Inventories | | | 22,295 | | | | 18,931 | |
| Prepaid expenses | | | 3,581 | | | | 3,540 | |
| Deferred tax assets | | | 1,168 | | | | 1,178 | |
| Advances to suppliers | | | 1,886 | | | | 1,631 | |
| | | | | | | | | |
| Total current assets | | | 108,406 | | | | 111,821 | |
| | | | | | | | | |
| Deposits | | | 1,031 | | | | 1,094 | |
| | | | | | | | | |
| Assets held for employee severance payments | | | 3,544 | | | | 3,686 | |
| | | | | | | | | |
| Marketable Securities | | | 18,681 | | | | 30,063 | |
| | | | | | | | | |
| Fixed assets, at cost, less accumulated depreciation | | | 14,832 | | | | 15,115 | |
| | | | | | | | | |
| Intangible assets less accumulated amortization | | | 11,906 | | | | 12,067 | |
| | | | | | | | | |
| Goodwill | | | 4,092 | | | | 4,069 | |
| | | | | | | | |
| Total Assets | | $ | 162,492 | | | $ | 177,915 | |
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Balance Sheets
In thousands except share data
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Liabilities and shareholders' equity | | | | | | |
| | | | | | | |
| Current liabilities | | | | | | |
| | | | | | | |
| Current installments of obligation under capital lease | | $ | 131 | | | $ | 114 | |
| Accounts payable | | | | | | | | |
| Trade | | | 6,826 | | | | 7,418 | |
| Other | | | 18,124 | | | | 17,612 | |
| Deferred income | | | 1,129 | | | | 1,523 | |
| Total current liabilities | | | 26,210 | | | | 26,667 | |
| | | | | | | | | |
| Long-term liabilities | | | | | | | | |
| Obligation under capital lease, net | | | 419 | | | | 485 | |
| Liability in respect of employees’ severance payments | | | 4,306 | | | | 4,599 | |
| Total long-term liabilities | | | 4,725 | | | | 5,084 | |
| Total liabilities | | | 30,935 | | | | 31,751 | |
| | | | | | | | | |
| Equity | | | | | | | | |
| Shareholders’ equity | | | | | | | | |
| Ordinary Shares, NIS 0.05 par value each (90,000,000 | | | | | | | | |
shares authorized; 29,257,785 shares | | | | | | | | |
| issued and fully paid as of March 31, 2009 and | | | | | | | | |
| December 31, 2008) | | | 343 | | | | 343 | |
| Additional paid-in capital | | | 175,493 | | | | 173,983 | |
| Capital reserve | | | 2,166 | | | | 2,166 | |
| Accumulated other comprehensive loss | | | (858 | ) | | | (600 | ) |
| Accumulated deficit | | | (47,281 | ) | | | (31,721 | ) |
| Shareholders' equity | | | 129,863 | | | | 144,171 | |
| Noncontrolling interest | | | 1,694 | | | | 1,993 | |
| Total Equity | | | 131,557 | | | | 146,164 | |
| | | | | | | | |
| Total liabilities and equity | | $ | 162,492 | | | $ | 177,915 | |
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Operations
In thousands except share and per share data
| | | Three month period ended | | | Year ended | |
| | | | | | December 31, | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Revenues | | $ | 30,473 | | | $ | 27,124 | | | $ | 125,108 | |
| Cost of revenues | | | (7,318 | ) | | | (7,835 | ) | | | (33,001 | ) |
| | | | | | | | | | | | | |
| Gross profit | | | 23,155 | | | | 19,289 | | | | 92,107 | |
| | | | | | | | | | | | | |
| Operating expenses | | | | | | | | | | | | |
| Research and development, gross | | | (4,010 | ) | | | (3,796 | ) | | | (15,126 | ) |
| In-process research and development acquired in a | | | | | | | | | | | | |
| business combination | | | - | | | | - | | | | (4,700 | ) |
| | | | (4,010 | ) | | | (3,796 | ) | | | (19,826 | ) |
| | | | | | | | | | | | | |
| Government grants | | | 334 | | | | 420 | | | | 1,530 | |
| Research and development, net | | | (3,676 | ) | | | (3,376 | ) | | | (18,296 | ) |
| | | | | | | | | | | | | |
| Sales and marketing | | | (13,958 | ) | | | (14,962 | ) | | | (60,902 | ) |
| General and administrative | | | (4,415 | ) | | | (7,279 | ) | | | (19,320 | ) |
| Termination of marketing agreement | | | - | | | | 5,443 | | | | 5,443 | |
| Other, net | | | (12 | ) | | | - | | | | (867 | ) |
| | | | | | | | | | | | | |
| Total operating expenses | | | (22,061 | ) | | | (20,174 | ) | | | (93,942 | ) |
| | | | | | | | | | | | | |
| Operating profit (loss) | | | 1,094 | | | | (885 | ) | | | (1,835 | ) |
| Financing income, net | | | (1,126 | ) | | | 1,596 | | | | 4,004 | |
| | | | | | | | | | | | | |
| Profit (loss) before taxes on income | | | (32 | ) | | | 711 | | | | 2,169 | |
| Income tax expense | | | (28 | ) | | | (159 | ) | | | (250 | ) |
| | | | | | | | | | | | | |
| Net Profit (loss) | | | (60 | ) | | | 552 | | | | 1,919 | |
| | | | | | | | | | | | | |
| Net loss attributable to noncontrolling interest | | | 299 | | | | 524 | | | | 2,087 | |
| | | | | | | | | | | | | |
| Net profit attributable to shareholders | | $ | 239 | | | $ | 1,076 | | | | 4,006 | |
| | | | | | | | | | | | | |
| Earnings per share | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Basic Earnings attributable to shareholders per Ordinary Share | | $ | 0.01 | | | $ | 0.04 | | | $ | 0.14 | |
| | | | | | | | | | | | | |
Diluted Earnings attributable to shareholders per Ordinary Share | | $ | 0.01 | | | $ | 0.03 | | | $ | 0.13 | |
| | | | | | | | | | | | | |
| Weighted average number of Ordinary Shares used | | | | | | | | | | | | |
| to compute basic Earnings per Ordinary share | | | 29,257,785 | | | | 29,250,952 | | | | 29,254,035 | |
| | | | | | | | | | | | | |
| Weighted average number of Ordinary Shares used | | | | | | | | | | | | |
| to compute dilute Earnings per Ordinary share | | | 29,910,943 | | | | 31,094,578 | | | | 30,798,360 | |
Given Imaging Ltd. and its Consolidated Subsidiaries
Consolidated Statements of Cash Flows
In thousands
| | | Three month period ended | | | Year ended | |
| | | | | | December 31, | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Cash flows from operating activities: | | | | | | | | | |
| Net profit (loss) | | $ | (60 | ) | | $ | 552 | | | $ | 1,919 | |
| | | | | | | | | | | | | |
| Adjustments required to reconcile net profit (loss) | | | | | | | | | | | | |
| to net cash used in operating activities: | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| Depreciation and amortization | | | 1,465 | | | | 1,265 | | | | 5,183 | |
| In-process research and development | | | - | | | | - | | | | 4,700 | |
| Goodwill impairment | | | - | | | | - | | | | 406 | |
| Deferred tax assets | | | 10 | | | | 162 | | | | 172 | |
| Stock option compensation | | | 1,510 | | | | 1,511 | | | | 6,918 | |
| Other | | | 9 | | | | 172 | | | | 621 | |
| Net increase in trading securities | | | - | | | | (89 | ) | | | - | |
| Decrease (increase) in accounts receivable – trade | | | (181 | ) | | | 4,951 | | | | 1,642 | |
| Decrease in accounts receivable – other | | | 2,334 | | | | 7,550 | | | | 5,723 | |
| Decrease (increase) in prepaid expenses | | | (255 | ) | | | 83 | | | | (342 | ) |
| Increase in advances to suppliers | | | (41 | ) | | | (63 | ) | | | (3,350 | ) |
| Increase in inventories | | | (3,364 | ) | | | (600 | ) | | | (2,971 | ) |
| Increase (decrease) in accounts payable | | | 178 | | | | (2,088 | ) | | | (3,287 | ) |
| Decrease in deferred income | | | (394 | ) | | | (6,492 | ) | | | (7,856 | ) |
| Net cash provided by operating activities | | | 1,211 | | | | 6,914 | | | | 9,478 | |
| | | | | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | | | | |
| Purchase of fixed assets and intangible assets | | | (1,056 | ) | | | (1,247 | ) | | | (6,300 | ) |
| Purchase of fixed assets, intangible assets and goodwill in | | | | | | | | | | | | |
| a business combination | | | - | | | | - | | | | (16,660 | ) |
| Deposits | | | 3 | | | | (25 | ) | | | (192 | ) |
| Proceeds from sales of marketable securities and short term investments | | | 21,781 | | | | 18,446 | | | | 67,743 | |
| Proceeds from sales of fixed assets | | | - | | | | 25 | | | | 61 | |
| Investments in marketable securities | | | (250 | ) | | | (19,627 | ) | | | (61,986 | ) |
| Net cash provided by (used in) investing activities | | | 20,478 | | | | (2,428 | ) | | | (17,334 | ) |
| | | | | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | | | | |
| Principal payments on capital lease obligation | | | (33 | ) | | | (50 | ) | | | (120 | ) |
| Proceeds from the issuance of Ordinary Shares | | | - | | | | 196 | | | | 252 | |
| Dividend distribution | | | (15,799 | ) | | | - | | | | - | |
| Issuance of shares by consolidated company | | | - | | | | 1,207 | | | | 2,288 | |
| Net cash (used in) provided by financing activities | | | (15,832 | ) | | | 1,353 | | | | 2,420 | |
| | | | | | | | | | | | | |
| Effect of exchange rate changes on cash | | | (258 | ) | | | 175 | | | | 30 | |
| | | | | | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 5,599 | | | | 6,014 | | | | (5,406 | ) |
| Cash and cash equivalents at beginning of period | | | 31,697 | | | | 37,103 | | | | 37,103 | |
| | | | | | | | | | | | | |
| Cash and cash equivalents at end of period | | $ | 37,296 | | | $ | 43,117 | | | $ | 31,697 | |
| | | | | | | | | | | | | |
| Supplementary cash flow information | | | | | | | | | | | | |
| Income taxes paid | | $ | 44 | | | $ | 77 | | | $ | 259 | |
| | | | | | | | | | | | | |
| Assets acquired under capital lease | | $ | - | | | $ | 109 | | | $ | 109 | |
Given Imaging Ltd. and its Consolidated Subsidiaries
Specified Items
For the Three Months Ended March 31, 2008 and 2009
(Unaudited, dollars in thousands)
| | | Research | | | Selling | | | General | | | Termination | | | | |
| | | And | | | And | | | And | | | Of Marketing | | | | |
| | | Development | | | Marketing | | | Administration | | | Agreement | | | Total | |
| | | | | | | | | | | | | | | | |
Three month period ended March 31, 2009 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Compensation expenses | | $ | 78 | | | $ | 153 | | | $ | 1,279 | | | $ | - | | | $ | 1,510 | |
| IP Litigation expenses | | | - | | | | - | | | | - | | | | - | | | | - | |
| Termination of marketing agreement | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total | | $ | 78 | | | $ | 153 | | | $ | 1,279 | | | $ | - | | | $ | 1,510 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
Three month period ended March 31, 2008 | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Compensation expenses | | $ | 85 | | | $ | 336 | | | $ | 1,090 | | | $ | - | | | $ | 1,511 | |
| IP Litigation expenses | | | - | | | | - | | | | 2,907 | | | | - | | | | 2,907 | |
| Termination of marketing agreement | | | - | | | | - | | | | - | | | | (5,443 | ) | | | (5,443 | ) |
| Total | | $ | 85 | | | $ | 336 | | | $ | 3,997 | | | $ | (5443 | ) | | $ | (1,025 | ) |
Given Imaging Ltd. and its Consolidated Subsidiaries
Reconciliation of GAAP results to non-GAAP results
For the three months ended March 31, 2009 and 2008
Condensed, in thousands except share and per share data
| | | | | | Q1 2009 | | | | | | | | | Q1 2008 | | | | |
| | | | | | Specified | | | Non | | | | | | Specified | | | Non | |
| | | GAAP | | | Items (*) | | | GAAP | | | GAAP | | | Items (*) | | | GAAP | |
| | | | | | | | | | | | | | | | | | | | | |
| Revenues | | $ | 30,473 | | | | - | | | $ | 30,473 | | | $ | 27,124 | | | | - | | | $ | 27,124 | |
| Cost of revenues | | | (7,318 | ) | | | - | | | | (7,318 | ) | | | (7,835 | ) | | | - | | | | (7,835 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 23,155 | | | | - | | | | 23,155 | | | | 19,289 | | | | - | | | | 19,289 | |
| Gross profit as a % of revenues | | | 76.0 | % | | | - | | | | 76.0 | % | | | 71.1 | % | | | - | | | | 71.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | |
| Research and development, net | | | (3,676 | ) | | | 78 | | | | (3,598 | ) | | | (3,376 | ) | | | 85 | | | | (3,291 | ) |
| Sales and marketing | | | (13,958 | ) | | | 153 | | | | (13,805 | ) | | | (14,962 | ) | | | 336 | | | | (14,626 | ) |
| General and administrative | | | (4,415 | ) | | | 1,279 | | | | (3,136 | ) | | | (7,279 | ) | | | 3,997 | | | | (3,282 | ) |
| Termination of marketing agreement | | | - | | | | - | | | | - | | | | 5,443 | | | | (5,443 | ) | | | - | |
| Other, net | | | (12 | ) | | | - | | | | (12 | ) | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total operating expenses | | | (22,061 | ) | | | 1,510 | | | | (20,551 | ) | | | (20,174 | ) | | | (1,025 | ) | | | (21,199 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Operating profit (loss) | | | 1,094 | | | | 1,510 | | | | 2,604 | | | | (885 | ) | | | (1,025 | ) | | | (1,910 | ) |
| Operating profit (loss) as a % of revenues | | | 3.6 | % | | | | | | | 8.5 | % | | | (3.2 | %) | | | | | | | (7.0 | %) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Financing income (expense), net | | | (1,126 | ) | | | - | | | | (1,126 | ) | | | 1,596 | | | | - | | | | 1,596 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Profit (loss) before taxes on income | | | (32 | ) | | | 1,510 | | | | 1,478 | | | | 711 | | | | (1,025 | ) | | | (314 | ) |
| Income tax expense | | | (28 | ) | | | - | | | | (28 | ) | | | (159 | ) | | | - | | | | (159 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Profit (loss) | | | (60 | ) | | | 1,510 | | | | 1,450 | | | | 552 | | | | (1,025 | ) | | | (473 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net loss attributable to non-controlling interest | | | 299 | | | | - | | | | 299 | | | | 524 | | | | - | | | | 524 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net profit attributable to shareholders | | $ | 239 | | | $ | 1,510 | | | $ | 1,749 | | | $ | 1,076 | | | $ | (1,025 | ) | | $ | 51 | |
Net profit attributable to shareholders as a % of revenues | | | 0.8 | % | | | | | | | 5.7 | % | | | 4.0 | % | | | | | | | 0.2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Earnings per share | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Basic Earnings attributable to shareholders per Ordinary Share | | $ | 0.01 | | | $ | 0.05 | | | $ | 0.06 | | | $ | 0.04 | | | $ | (0.04 | ) | | $ | 0.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Diluted Earnings attributable to shareholders per Ordinary Share | | $ | 0.01 | | | $ | 0.05 | | | $ | 0.06 | | | $ | 0.04 | | | $ | (0.04 | ) | | $ | 0.00 | |
(*)See specified items
