FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN ISSUER
Pursuant to rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of July 2004
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)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Attached, as Exhibits 1 through 3 to this Report on Form 6-K, respectively, are
(i) the Registrant's press release dated February 26, 2004, regarding its
results for the year ended December 31, 2003 (ii) the Registrant's press release
dated April 26, 2004, regarding its results for the quarter ended March 31,
2004, and (iii) the Registrant's press release dated July 22, 2004, regarding
its results for the quarter ended June 30, 2004, all of which are hereby
incorporated by reference herein.
SIGNATURES
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 - Tech80 Ltd.
(Registrant)
By: /s/ Ze'ev Kirshenboim
-------------------------
Name: Ze'ev Kirshenboim
Title: President and CEO
Date: July 26, 2004
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD., 2003, FOURTH QUARTER AND YEAR END RESULTS
MIGDAL HA'EMEK, Israel, February 26, 2004 /PRNewswire/ -- 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 2003 fourth quarter and year end results.
Revenues for the fourth quarter were $2,615,000, compared to $1,669,000 in the
fourth quarter a year ago.
Net income for the fourth quarter of 2003 was $315,000, or $0.11 per share,
compared with a net loss of $242,000, or $0.08 per share in the fourth quarter
of 2002.
Revenues for the twelve months ended December 31, 2003 were $9,205,000, compared
with revenues of $7,907,000 for the twelve months ended December 31, 2002. Net
income was $822,000, or $0.28 per share, compared to a net loss of $201,000, or
$0.07 per share for the year ended December 31, 2002.
The results reflect an improving business environment in the markets that the
company serves and gaining of new opportunities. It is the fourth quarter in a
row with sequential increase both in sales and net income. Now, two-thirds into
the first quarter of 2004, the positive trend is even further enhanced.
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
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
-------------------- --------------------
2003 2002 2003 2002
------ ------ ------ ------
CONSOLIDATED
------------------------------------------------
U.S. DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
------------------------------------------------
Revenues 2,615 1,669 9,205 7,907
Cost of revenues 1,307 687 4,548 3,579
Write off - Inventory - 466 - 466
------ ------ ------ ------
Gross profit 1,308 516 4,657 3,862
------ ------ ------ ------
Research and development costs
Costs incurred 377 352 1,415 1,664
Less-grants received (99) (120) (430) (459)
------ ------ ------ ------
Net research and development costs 278 232 985 1,205
Selling, general and administrative
expenses, net 773 747 2,801 3,011
------ ------ ------ ------
Total operating costs 1,051 979 3,786 4,216
------ ------ ------ ------
Operating income (loss) 257 (463) 871 (354)
Financing income (expenses), net 8 31 (21) (154)
Other income (expenses) (7) 2 (9) 4
------ ------ ------ ------
Income (loss) before taxes on income 258 (430) 841 (504)
Taxes on income, net 57 188 (19) 303
------ ------ ------ ------
Net income (loss) 315 (242) 822 (201)
====== ====== ====== ======
Earnings (loss) per Ordinary Share
in U.S. dollars
Basic 0.11 (0.08) 0.28 (0.07)
====== ====== ====== ======
Diluted 0.09 (0.08) 0.26 (0.07)
====== ====== ====== ======
Weighted average number Shares used
in computation of earnings (loss) per share
Basic - in thousands 2,965 2,795 2,965 2,795
====== ====== ====== ======
Diluted - in thousands 3,284 2,795 3,269 2,795
====== ====== ====== ======
CONSOLIDATED BALANCE SHEETS
DECEMBER 31,
------------------
2003 2002
------- -------
CONSOLIDATED
------------------
U.S. DOLLARS IN THOUSANDS
------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,730 1,548
Short-term bank deposits 1,029 1,096
Accounts receivable:
Trade 2,445 1,439
Other 348 437
Inventories 1,981 2,276
------- -------
TOTAL CURRENT ASSETS 7,533 6,796
------- -------
LONG-TERM ASSETS
Deferred income taxes 245 279
Investment 1,218 1,218
Other long-term assets 96 23
------- -------
TOTAL LONG-TERM ASSETS 1,559 1,520
------- -------
PROPERTY AND EQUIPMENT
Cost 3,336 3,347
Less - accumulated depreciation (2,160) (1,782)
------- -------
1,176 1,565
------- -------
10,268 9,881
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans 1,349 1,266
Accounts payable and accruals:
Trade 1,354 612
Other 901 761
------- -------
TOTAL CURRENT LIABILITIES 3,604 2,639
------- -------
LONG-TERM LIABILITIES
Long-term loans, net of current maturities - 1,348
Long-term accrued expenses 62 -
Accrued severance pay, net 142 259
------- -------
TOTAL LONG-TERM LIABILITIES 204 1,607
------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
December 31, 2003 - 2,821,752 (2002 - 2,820,001) 9 9
Treasury stock (December 31, 2003 and 2002 - 24,801) (346) (346)
Share premium 5,813 5,530
Proceeds from issuance of stock options 1 1
Capital reserve 28 28
Retained earnings 955 413
------- -------
6,460 5,635
------- -------
10,268 9,881
======= =======
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS FIRST QUARTER RESULTS
MIGDAL HA'EMEK, Israel, April 26 /PRNewswire/ - 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 results.
Revenues for the first quarter were $2,995,000, compared to $1,983,000 in the
first quarter a year ago.
Net income for the first quarter of 2004 was $474,000, or $0.15 per share,
compared to $67,000, or $0.02 per share in the first quarter a year ago.
This is the fifth quarter in a row with sequential increase both in revenues and
in net income. Now, one-third into the second quarter of 2004, we see additional
improvement in our markets and a stronger demand for our products. Therefore, we
expect a further increase both in revenues and in net income of the second
quarter.
Financial results release policy:
The policy of the Company is to release quarter results within approximately 30
days from the end of the quarter and within approximately 60 days from the end
of the year.
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)
2004, Q1 CONSOLIDATED STATEMENT OF OPERATIONS THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
2004 2003 2003
------ ------ ------
CONSOLIDATED
--------------------------
U.S. DOLLARS IN THOUSANDS
--------------------------
Revenues 2,995 1,983 9,205
Cost of revenues 1,570 973 4,548
------ ------ ------
GROSS PROFIT 1,425 1,010 4,657
------ ------ ------
RESEARCH AND DEVELOPMENT COSTS
Costs incurred 363 339 1,415
Less-grants received - (129) (430)
------ ------ ------
NET RESEARCH AND DEVELOPMENT COSTS 363 210 985
Proceeds from insurance claim (182) - -
Selling, general and administrative expenses, net 653 647 2,801
------ ------ ------
TOTAL OPERATING COSTS 834 857 3,786
------ ------ ------
OPERATING INCOME 591 153 871
Financing expenses, net (36) (36) (21)
Other income (expenses), net - - (9)
------ ------ ------
INCOME BEFORE TAXES ON INCOME 555 117 841
Taxes on income, net (81) 50 (19)
------ ------ ------
NET INCOME 474 67 822
====== ====== ======
Earnings (loss) per Ordinary Share in U.S. Dollars
Basic 0.15 0.02 0.28
====== ====== ======
Diluted 0.15 0.02 0.26
====== ====== ======
Weighted average number of Shares used in computation
of earnings per share
Basic - in thousands 3,225 2,795 2,965
====== ====== ======
Diluted - in thousands 3,361 2,795 3,269
====== ====== ======
2004, Q1 CONSOLIDATED BALANCE SHEET MARCH 31, DECEMBER 31,
2004 2003 2003
------- ------- -------
CONSOLIDATED
-----------------------------
U.S. DOLLARS IN THOUSANDS
-----------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,367 1,152 1,730
Short-term bank deposits 1,031 1,021 1,029
Accounts receivable:
Trade 2,892 1,917 2,445
Other 448 645 348
Inventories 2,358 2,248 1,981
------- ------- -------
TOTAL CURRENT ASSETS 9,096 6,983 7,533
------- ------- -------
LONG-TERM ASSETS
Deferred income taxes 188 256 245
Investment in Held Company 1,218 1,218 1,218
Long-term balances 97 24 96
------- ------- -------
1,503 1,498 1,559
------- ------- -------
PROPERTY AND EQUIPMENT
Cost 3,374 3,354 3,336
Less - accumulated depreciation (2,264) (1,890) (2,160)
------- ------- -------
1,110 1,464 1,176
------- ------- -------
11,709 9,945 10,268
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans 1,032 1,263 1,349
Accounts payable and accruals: 0
Trade 1,775 923 1,354
Other 1,058 798 901
------- ------- -------
TOTAL CURRENT LIABILITIES 3,865 2,984 3,604
------- ------- -------
LONG-TERM LIABILITIES
Long-term loans, net of current maturities - 1,035 -
Long-term accrued expenses 49 - 62
Accrued severance pay, net 147 224 142
------- ------- -------
TOTAL LONG-TERM LIABILITIES 196 1,259 204
------- ------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
March 31, 2004 - 3,053,973, March 31 2003 - 2,820,002
Dec 31, 2003 - 2,821,752) 9 9 9
Treasury stock (March 31,2004 and 2003- 24,801
Dec 31, 2003- 24,801) (346) (346) (346)
Proceeds from issuance of stock options 1 1 1
Share premium 6,527 5,530 5,813
Capital reserve 28 28 28
Retained earnings 1,429 480 955
------- ------- -------
7,648 5,702 6,460
------- ------- -------
11,709 9,945 10,268
======= ======= =======
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS SECOND QUARTER RESULTS
MIGDAL HA'EMEK, Israel, July 22 , 2004 - ACS-Tech80 Ltd., (Nasdaq: ACSEF -
news), a developer of proprietary software and advanced electronics for the
production of motion control products, today reports second quarter revenues and
earnings.
Revenues for the second quarter were $3,689,000, compared to $2,097,000 recorded
in the second quarter a year ago. Net income for the second quarter of 2004 was
$668,000, or $0.20 per share, compared to $164,000, or $0.06 per share in the
second quarter last year. Revenues for the first six months period ended June
30, 2004 were $6,684,000, compared to $4,080,000 in the same period a year ago.
Net income for the first six months ended June 30, 2004 was $1,142,000, or $0.34
per share, compared to $231,000, or $0.08 per share recorded in the same period
a year ago.
This is the sixth quarter in a row with sequential increase both in revenues and
in net income. Now, approximately one-third into the third quarter of 2004, we
see a further increase in demand for our products. Therefore, we expect a
further improvement in the operating results of the third quarter.
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)
2004, Q2 CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
JUNE 30, JUNE 30, DECEMBER 31,
---------------- ---------------- ------
2004 2003 2004 2003 2003
------ ------ ------ ------ ------
CONSOLIDATED
----------------------------------------------
U.S. DOLLARS IN THOUSANDS
----------------------------------------------
REVENUES 6,684 4,080 3,689 2,097 9,205
COST OF REVENUES 3,555 1,974 1,985 1,001 4,548
------ ------ ------ ------ ------
GROSS PROFIT 3,129 2,106 1,704 1,096 4,657
------ ------ ------ ------ ------
RESEARCH AND DEVELOPMENT COSTS
COSTS INCURRED 739 689 376 350 1,415
LESS-GRANTS RECEIVED (171) (220) (171) (91) (430)
------ ------ ------ ------ ------
NET RESEARCH AND DEVELOPMENT COSTS 568 469 205 259 985
PROCEEDS FROM INSURANCE CLAIM (182) - - - -
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES, NET 1,416 1,348 763 701 2,801
------ ------ ------ ------ ------
TOTAL OPERATING COSTS 1,802 1,817 968 960 3,786
------ ------ ------ ------ ------
OPERATING INCOME 1,327 289 736 136 871
FINANCING INCOME (EXPENSES), NET (64) (8) (28) 28 (21)
OTHER INCOME (EXPENSES), NET (2) (2) (2) (2) (9)
------ ------ ------ ------ ------
INCOME BEFORE TAXES ON INCOME 1,261 279 706 162 841
TAXES ON INCOME (EXPENSE), NET (119) (48) (38) 2 (19)
------ ------ ------ ------ ------
NET INCOME 1,142 231 668 164 822
====== ====== ====== ====== ======
EARNINGS PER SHARE - IN U.S. DOLLARS
BASIC NET EARNINGS PER SHARE 0.34 0.08 0.20 0.06 0.28
====== ====== ====== ====== ======
DILUTED NET EARNINGS PER SHARE 0.34 0.08 0.20 0.06 0.26
====== ====== ====== ====== ======
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC - IN THOUSANDS 3,339 2,795 3,339 2,795 2,965
====== ====== ====== ====== ======
DILUTED - IN THOUSANDS 3,339 2,795 3,339 2,795 3,269
====== ====== ====== ====== ======
2004, Q2 CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31,
2004 2003 2003
------- ------- -------
CONSOLIDATED
-----------------------------
U.S. DOLLARS IN THOUSANDS
-----------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,273 1,365 1,730
Short-term bank deposits 578 1,024 1,029
Accounts receivable:
Trade 3,576 1,859 2,445
Other 583 518 348
Inventories 2,966 2,160 1,981
------- ------- -------
TOTAL CURRENT ASSETS 9,976 6,926 7,533
------- ------- -------
LONG-TERM ASSETS
Deferred income taxes 193 257 245
Investment in Held Company 1,218 1,218 1,218
Long-term balances 98 22 96
------- ------- -------
1,509 1,497 1,559
------- ------- -------
PROPERTY AND EQUIPMENT
Cost 3,415 3,341 3,336
Less - accumulated depreciation 2,360 1,987 2,160
------- ------- -------
1,055 1,354 1,176
------- ------- -------
12,540 9,777 10,268
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans 181 1,260 1,349
Accounts payable and accruals:
Trade 2,715 816 1,354
Other 1,082 918 901
------- ------- -------
TOTAL CURRENT LIABILITIES 3,978 2,994 3,604
------- ------- -------
LONG-TERM LIABILITIES
Long-term loans, net of current maturities - 722 -
Long-term accrued expenses 36 - 62
Accrued severance pay, net 145 195 142
------- ------- -------
TOTAL LONG-TERM LIABILITIES 181 917 204
------- ------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
June 30, 2004 - 3,070,147, June 30, 2003 - 2,820,002
Dec 31, 2003 - 2,821,752) 9 9 9
Treasury stock (June 30, 2004 and 2003 - 24,801
Dec 31, 2003 - 24,801) (346) (346) (346)
Share premium 6,621 5,559 5,842
Retained earnings 2,097 644 955
------- ------- -------
8,381 5,866 6,460
------- ------- -------
12,540 9,777 10,268
======= ======= =======