COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS FIRST QUARTER RESULTS
MIGDAL HA'EMEK, Israel, June 1 - ACS-Tech80 Ltd., (Nasdaq: ACSEF - news), a
developer of proprietary software and advanced electronics for the production of
universal, fully digital motion control products, today reports first quarter
revenues and earnings.
Revenues for the first quarter were $1,983,000, compared to $2,269,000 in the
first quarter a year ago.
Net income for the first quarter of 2003 was $67,000, or $0.02 per share,
compared to $34,000, or $0.01 per share in the first quarter a year ago.
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, CEO, ACS-TECH80 LTD. (011-972-4-654-6440)
2003, Q1 CONSOLIDATED STATEMENT OF OPERATIONS THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
2003 2002 2002
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CONSOLIDATED
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U.S. DOLLARS IN THOUSANDS
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Revenues 1,983 2,269 7,907
Cost of revenues 973 1,033 3,579
Write off - Inventory - - 466
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GROSS PROFIT 1,010 1,236 3,862
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RESEARCH AND DEVELOPMENT COSTS
Costs incurred 339 566 1,664
Less-grants received (129) (111) (459)
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NET RESEARCH AND DEVELOPMENT COSTS 210 455 1,205
Selling, general and administrative expenses, net 647 740 3,011
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TOTAL OPERATING COSTS 857 1,195 4,216
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OPERATING INCOME 153 41 (354)
Financing expenses, net (36) (71) (154)
Other income (expenses), net - (2) 4
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INCOME BEFORE TAXES ON INCOME 117 (32) (504)
Taxes on income, net 50 66 303
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NET INCOME 67 34 (201)
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Earnings per Ordinary Share, BASIC - in U.S. Dollars 0.02 0.01 (0.07)
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Weighted average number of Ordinary Shares outstanding
BASIC - in thousands 2,795 2,872 2,795
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2003, Q1 CONSOLIDATED BALANCE SHEET MARCH 31, DECEMBER 31,
2003 2002 2002
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CONSOLIDATED
-------------------------
U.S. DOLLARS IN THOUSANDS
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,152 1,044 1,548
Short-term bank deposits 1,021 1,005 1,096
Accounts receivable:
Trade 1,917 1,614 1,439
Other 645 977 437
Inventories 2,248 3,134 2,276
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TOTAL CURRENT ASSETS 6,983 7,774 6,796
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LONG-TERM ASSETS
Deferred income taxes 256 148 279
Investment in Held Company 1,218 1,218 1,218
Long-term balances 24 36 23
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1,498 1,402 1,520
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PROPERTY AND EQUIPMENT
Cost 3,354 3,426 3,347
Less - accumulated depreciation (1,890) (1,546) (1,782)
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1,464 1,880 1,565
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OTHER ASSETS
Non-compete agreements - 63 -
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9,945 11,119 9,881
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans 1,263 1,122 1,266
Accounts payable and accruals:
Trade 923 711 612
Other 798 929 761
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TOTAL CURRENT LIABILITIES 2,984 2,762 2,639
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LONG-TERM LIABILITIES
Long-term loans, net of current maturities 1,035 2,147 1,348
Accrued severance pay, net 224 340 259
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TOTAL LONG-TERM LIABILITIES 1,259 2,487 1,607
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SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
March 31, 2003 and 2002 - 2,795,201
Dec 31, 2002 - 2,795,201) 9 9 9
Treasury stock (March 31,2003 and 2002- 24,801
Dec 31, 2002- 24,801) (346) (346) (346)
Proceeds from issuance of stock options 1 1 1
Share premium 5,530 5,530 5,530
Capital reserve 28 28 28
Retained earnings 480 648 413
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5,702 5,870 5,635
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9,945 11,119 9,881
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