Company Press Release
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS SECOND QUARTER RESULTS
MIGDAL HA'EMEK, Israel, August 12 , 2003 - 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
second quarter revenues and earnings.
Revenues for the second quarter were $2,097,000, compared to $1,988,000 recorded
in the second quarter a year ago. Net income for the second quarter of 2003 was
$164,000, compared to $2,000 for the second quarter last year. Revenues for the
first six months period ended June 30, 2003 were $4,080,000, compared to
$4,257,000 in the same period a year ago. Net income for the first six months
ended June 30, 2003 was $231,000, compared to $36,000 recorded in the same
period 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, Q2 CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
JUNE 30, JUNE 30, DECEMBER 31,
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2003 2002 2003 2002 2002
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CONSOLIDATED
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U.S. DOLLARS IN THOUSANDS
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Revenues 4,080 4,257 2,097 1,988 7,907
COST OF REVENUES 1,974 2,013 1,001 980 3,579
WRITE OFF - INVENTORY - - - - 466
------ ------ ------ ------ ------
GROSS PROFIT 2,106 2,244 1,096 1,008 3,862
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RESEARCH AND DEVELOPMENT COSTS
COSTS INCURRED 689 932 350 366 1,664
LESS-GRANTS RECEIVED (220) (216) (91) (105) (459)
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NET RESEARCH AND DEVELOPMENT COSTS 469 716 259 261 1,205
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES, NET 1,348 1,458 701 718 3,011
------ ------ ------ ------ ------
TOTAL OPERATING COSTS 1,817 2,174 960 979 4,216
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OPERATING INCOME (LOSS) 289 70 136 29 (354)
FINANCING INCOME (EXPENSES), NET (8) (115) 28 (44) (154)
OTHER INCOME (EXPENSES), NET (2) 3 (2) 5 4
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INCOME (LOSS) BEFORE TAXES ON INCOME 279 (42) 162 (10) (504)
TAXES ON INCOME (EXPENSE), NET (48) 78 2 12 303
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NET INCOME (LOSS) 231 36 164 2 (201)
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EARNINGS (LOSS) PER ORDINARY SHARE, BASIC - IN
U.S. DOLLARS 0.08 0.01 0.06 0.00 (0.07)
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WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
OUTSTANDING BASIC - IN THOUSANDS 2,795 2,835 2,795 2,835 2,795
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2003, Q2 CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31,
2003 2002 2002
---- ---- ----
CONSOLIDATED
-------------------------
U.S. DOLLARS IN THOUSANDS
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ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,365 1,423 1,548
Short-term bank deposits 1,024 1,010 1,096
Accounts receivable:
Trade 1,859 1,486 1,439
Other 518 654 437
Inventories 2,160 2,918 2,276
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TOTAL CURRENT ASSETS 6,926 7,491 6,796
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LONG-TERM ASSETS
Deferred income taxes 257 173 279
Investment in Held Company 1,218 1,218 1,218
Long-term balances 22 31 23
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1,497 1,422 1,520
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PROPERTY AND EQUIPMENT
Cost 3,341 3,450 3,347
Less - accumulated depreciation 1,987 1,623 1,782
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1,354 1,827 1,565
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OTHER ASSETS
Non-compete agreements - 38 -
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9,777 10,778 9,881
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans 1,260 1,120 1,266
Accounts payable and accruals:
Trade 816 619 612
Other 918 870 761
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TOTAL CURRENT LIABILITIES 2,994 2,609 2,639
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LONG-TERM LIABILITIES
Long-term loans, net of current maturities 722 1,967 1,348
Accrued severance pay, net 195 330 259
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TOTAL LONG-TERM LIABILITIES 917 2,297 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:
June 30, 2003 and 2002 - 2,795,201
Dec 31, 2002 - 2,795,201) 9 9 9
Treasury stock (June 30, 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 644 650 413
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5,866 5,872 5,635
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9,777 10,778 9,881
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