Exhibit 1
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD., 2004, FOURTH QUARTER AND YEAR END RESULTS
MIGDAL HA'EMEK, Israel, March 7, 2005 /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 2004 fourth quarter and year end results.
For fiscal year 2004, revenues were $14,376,000, an increase of 56% from
$9,205,000 in 2003. Net income in 2004 was $2,253,000, an increase of 174% from
$822,000 in 2003.
For the fourth quarter of 2004, revenues were $3,584,000, an increase of 37%
from $2,615,000 in the fourth quarter of 2003. Net income for the fourth quarter
of 2004 was $376,000, an increase of 19% from $315,000 in the fourth quarter of
2003.
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,
---------------------- ----------------------
2004 2003 2004 2003
------- ------- ------- -------
CONSOLIDATED
----------------------------------------------------
U.S. DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
----------------------------------------------------
Revenues 3,584 2,615 14,376 9,205
Cost of revenues 1,806 1,307 7,602 4,548
------- ------- ------- -------
Gross profit 1,778 1,308 6,774 4,657
------- ------- ------- -------
Research and development costs
Costs incurred 491 377 1,668 1,415
Less-grants received - (99) (247) (430)
------- ------- ------- -------
Net research and development costs 491 278 1,421 985
Proceeds from insurance claim - - (182) -
Selling, general and administrative
expenses, net 866 773 3,001 2,801
------- ------- ------- -------
Total operating costs 1,357 1,051 4,240 3,786
------- ------- ------- -------
Operating income 421 257 2,534 871
Financing income (expenses), net 51 8 (26) (21)
Other expenses (17) (7) (20) (9)
------- ------- ------- -------
Income before taxes on income 455 258 2,488 841
Tax benefit (income taxes) (79) 57 (235) (19)
------- ------- ------- -------
Net income 376 315 2,253 822
======= ======= ======= =======
Earnings per Ordinary Share
in U.S. dollars
Basic 0.11 0.11 0.70 0.28
======= ======= ======= =======
Diluted 0.10 0.09 0.66 0.26
======= ======= ======= =======
Weighted average number Shares used
in computation of earnings per share
Basic - in thousands 3,210 2,965 3,210 2,965
======= ======= ======= =======
Diluted - in thousands 3,393 3,284 3,383 3,269
======= ======= ======= =======
CONSOLIDATED BALANCE SHEETS
DECEMBER 31,
----------------------
2004 2003
------- -------
CONSOLIDATED
----------------------
U.S. DOLLARS IN THOUSANDS
----------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,626 1,730
Short-term and restricted bank deposits - 1,029
Trade receivables, net 3,170 2,445
Inventories 2,784 1,981
Other 376 348
------- -------
TOTAL CURRENT ASSETS 8,956 7,533
------- -------
LONG-TERM ASSETS
Deferred income taxes 142 245
Debt securities held to maturity 1,000 -
Investment in other company 1,218 1,218
Other long-term assets 105 96
------- -------
TOTAL LONG-TERM ASSETS 2,465 1,559
------- -------
PROPERTY AND EQUIPMENT
Cost 3,418 3,336
Less - accumulated depreciation (2,498) (2,160)
------- -------
920 1,176
------- -------
12,341 10,268
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans - 1,349
Trade payables 1,376 1,354
Accounts payable and accruals 1,229 901
------- -------
TOTAL CURRENT LIABILITIES 2,605 3,604
------- -------
LONG-TERM LIABILITIES
Long-term accrued expenses - 62
Accrued severance pay, net 152 142
------- -------
TOTAL LONG-TERM LIABILITIES 152 204
------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
December 31, 2004 - 3,101,647 shares (December 31, 2003 - 2,821,752 shares) 9 9
Treasury stock (December 31, 2004 and 2003 - 24,801) (346) (346)
Additional paid-in capital 6,713 5,842
Retained earnings 3,208 955
------- -------
9,584 6,460
------- -------
12,341 10,268
======= =======
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS FIRST QUARTER RESULTS
MIGDAL HA'EMEK, Israel, May 2 /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 $2,503,000, compared to $2,995,000 in the
first quarter a year ago. Net income for the first quarter of 2005 was $40,000,
or $0.01 per share, compared to $474,000, or $0.15 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)
2005, Q1 CONSOLIDATED STATEMENT OF OPERATIONS THREE MONTHS ENDED YEAR ENDED
MARCH 31, DECEMBER 31,
2005 2004 2004
------- ------- -------
CONSOLIDATED
-------------------------------------------
U.S. DOLLARS IN THOUSANDS
-------------------------------------------
Revenues 2,503 2,995 14,376
Cost of revenues 1,281 1,570 7,602
------- ------- -------
GROSS PROFIT 1,222 1,425 6,774
------- ------- -------
RESEARCH AND DEVELOPMENT COSTS
Costs incurred 408 363 1,668
Less-grants received - - (247)
------- ------- -------
NET RESEARCH AND DEVELOPMENT COSTS 408 363 1,421
Proceeds from insurance claim - (182) (182)
Selling, general and administrative expenses, net 786 653 3,001
------- ------- -------
TOTAL OPERATING COSTS 1,194 834 4,240
------- ------- -------
OPERATING INCOME 28 591 2,534
Financing income (expenses), net 34 (36) (26)
Other expenses, net (1) - (20)
------- ------- -------
INCOME BEFORE TAXES ON INCOME 61 555 2,488
Taxes on income, net (21) (81) (235)
------- ------- -------
NET INCOME 40 474 2,253
======= ======= =======
Earnings per Ordinary Share in U.S. Dollars
Basic 0.01 0.15 0.70
======= ======= =======
Diluted 0.01 0.15 0.66
======= ======= =======
Weighted average number of Shares used in computation
of earnings per share
Basic - in thousands 3,165 3,225 3,210
======= ======= =======
Diluted - in thousands 3,473 3,361 3,383
======= ======= =======
2005, Q1 CONSOLIDATED BALANCE SHEET MARCH 31, DECEMBER 31,
2005 2004 2004
------- ------- -------
CONSOLIDATED
-------------------------------------------
U.S. DOLLARS IN THOUSANDS
-------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,575 2,367 2,626
Marketable securities 258 - -
Short-term and restricted bank deposits - 1,031 -
Trade receivables, net 2,186 2,892 3,170
Inventories 2,756 2,358 2,784
Other 530 448 376
------- ------- -------
TOTAL CURRENT ASSETS 8,305 9,096 8,956
------- ------- -------
LONG-TERM ASSETS
Deferred income taxes 143 188 142
Debt securities held to maturity 1,000 - 1,000
Investment in Held Company 1,218 1,218 1,218
Long-term balances 101 97 105
------- ------- -------
2,462 1,503 2,465
------- ------- -------
PROPERTY AND EQUIPMENT
Cost 3,471 3,374 3,418
Less - accumulated depreciation (2,591) (2,264) (2,498)
------- ------- -------
880 1,110 920
------- ------- -------
11,647 11,709 12,341
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans - 1,032 -
Trade payables 934 1,775 1,376
Other 945 1,058 1,229
------- ------- -------
TOTAL CURRENT LIABILITIES 1,879 3,865 2,605
------- ------- -------
LONG-TERM LIABILITIES
Long-term accrued expenses - 49 -
Accrued severance pay, net 144 147 152
------- ------- -------
TOTAL LONG-TERM LIABILITIES 144 196 152
------- ------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
March 31, 2005 - 3,102,147, March 31 2004 - 3,053,973
Dec 31, 2004 - 3,101,647) 9 9 9
Treasury stock (March 31,2005 and 2004- 24,801
Dec 31, 2004 - 24,801) (346) (346) (346)
Additional paid-in capital 6,713 6,556 6,713
Retained earnings 3,248 1,429 3,208
------- ------- -------
9,624 7,648 9,584
------- ------- -------
11,647 11,709 12,341
======= ======= =======
COMPANY PRESS RELEASE
SOURCE: ACS-TECH80 LTD.
ACS-TECH80 LTD. REPORTS SECOND QUARTER RESULTS
MIGDAL HA'EMEK, Israel, July 20, 2005 - 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 of 2005 were $2,846,000, a decrease of 23% from
the $3,689,000 revenues reported in the second quarter of 2004, and an increase
of 14% from the $2,503,000 revenues reported for the first quarter of 2005.
Revenues for the first six months of 2005 were $5,349,000, a decrease of 20%
from the $6,684,000 revenues reported in the first six months of 2004.
Operating income for the second quarter of 2005 was $319,000, compared to
$736,000 in the second quarter of 2004, and $28,000 in the first quarter of
2005. Operating income for the first six months of 2005 was $347,000, compared
to $1,327,000 in the first six months of 2004.
Net income for the second quarter of 2005 was $145,000, or $0.05 per share,
compared to $668,000 net income, or $0.20 per share in the second quarter of
2004, and $40,000 net income, or $0.01 per share in the first quarter of 2005.
Net income for the first six months of 2005 was $185,000, or $0.06 per share,
compared to $1,142,000 net income, or $0.34 per share reported in the first six
months of 2004.
The company completed the second quarter of 2005 with cash, cash equivalents,
marketable securities and long-term debt securities of approximately $4.3
million, compared to $3.6 million at the end of 2004, due principally to a
positive operating cash flow.
The decline in revenues compared to the same period in 2004 is mainly attributed
to a temporary business decline experienced by a large customer in the field of
Electronics manufacturing equipment, who expects business increase later this
year. On the other hand, we have experienced an increase in demand from our
customers in the Medical Imaging and Digital Printing equipment industries.
Our solid financial and cash position enabled us to increase our investment in
development of new products and in marketing activities, to forgo applying for
Chief Scientist grants, funding R&D activities using our own resources.
Based on current market conditions and new design wins that will positively
affect our results in the next 12 months, we expect our revenues in the second
half of 2005 to increase by approximately 5% to 10% when compared to the first
half of 2005.
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)
2005, Q2 CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
JUNE 30, JUNE 30, DECEMBER 31,
---------------------- ---------------------- -------
2005 2004 2005 2004 2004
------- ------- ------- ------- -------
CONSOLIDATED
-------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS
-------------------------------------------------------------------
REVENUES 5,349 6,684 2,846 3,689 14,376
COST OF REVENUES 2,629 3,555 1,348 1,985 7,602
------- ------- ------- ------- -------
GROSS PROFIT 2,720 3,129 1,498 1,704 6,774
------- ------- ------- ------- -------
RESEARCH AND DEVELOPMENT COSTS
COSTS INCURRED 818 739 410 376 1,668
LESS-GRANTS RECEIVED - (171) - (171) (247)
------- ------- ------- ------- -------
NET RESEARCH AND DEVELOPMENT COSTS 818 568 410 205 1,421
PROCEEDS FROM INSURANCE CLAIM - (182) - - (182)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES, NET 1,555 1,416 769 763 3,001
------- ------- ------- ------- -------
TOTAL OPERATING COSTS 2,373 1,802 1,179 968 4,240
------- ------- ------- ------- -------
OPERATING INCOME 347 1,327 319 736 2,534
FINANCING EXPENSES, NET (23) (64) (57) (28) (26)
OTHER INCOME (EXPENSES), NET (1) (2) - (2) (20)
------- ------- ------- ------- -------
INCOME BEFORE TAXES ON INCOME 323 1,261 262 706 2,488
TAXES ON INCOME (138) (119) (117) (38) (235)
------- ------- ------- ------- -------
NET INCOME 185 1,142 145 668 2,253
======= ======= ======= ======= =======
EARNINGS PER SHARE - IN U.S. DOLLARS
BASIC NET EARNINGS PER SHARE 0.06 0.34 0.05 0.20 0.70
======= ======= ======= ======= =======
DILUTED NET EARNINGS PER SHARE 0.06 0.34 0.04 0.20 0.66
======= ======= ======= ======= =======
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC - IN THOUSANDS 3,111 3,339 3,111 3,339 3,210
======= ======= ======= ======= =======
DILUTED - IN THOUSANDS 3,455 3,339 3,483 3,339 3,383
======= ======= ======= ======= =======
2005, Q2 CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31,
2005 2004 2004
------- ------- -------
CONSOLIDATED
-------------------------------------
U.S. DOLLARS IN THOUSANDS
-------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,898 2,273 2,626
Marketable securities 294
Short-term bank deposits - 578 -
Accounts receivable:
Trade 1,883 3,576 3,170
Inventories 3,049 2,966 2,784
Other 430 583 376
------- ------- -------
TOTAL CURRENT ASSETS 7,554 9,976 8,956
------- ------- -------
LONG-TERM ASSETS
Deferred income taxes 133 193 142
Debt securities held to maturity 2,155 - 1,000
Investment in Held Company 1,218 1,218 1,218
Long-term balances 105 98 105
------- ------- -------
3,611 1,509 2,465
------- ------- -------
PROPERTY AND EQUIPMENT
Cost 3,508 3,415 3,418
Less - accumulated depreciation 2,680 2,360 2,498
------- ------- -------
828 1,055 920
------- ------- -------
11,993 12,540 12,341
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term loans - 181 -
Accounts payable and accruals:
Trade 1,004 2,715 1,376
Other 1,082 1,082 1,229
------- ------- -------
TOTAL CURRENT LIABILITIES 2,086 3,978 2,605
------- ------- -------
LONG-TERM LIABILITIES
Long-term accrued expenses - 36 -
Accrued severance pay, net 137 145 152
------- ------- -------
TOTAL LONG-TERM LIABILITIES 137 181 152
------- ------- -------
SHAREHOLDERS' EQUITY
Share capital - Ordinary Shares of NIS 0.01 par value
(Authorized: 8,000,000; Issued and outstanding:
June 30, 2005 - 3,102,147, June 30, 2004 - 3,070,147
Dec 31, 2004- 3,101,647) 9 9 9
Treasury stock (June 30, 2005 and 2004 - 24,801 (346) (346) (346)
Dec 31, 2004 - 24,801)
Additional paid-in capital 6,714 6,621 6,713
Retained earnings 3,393 2,097 3,208
------- ------- -------
9,770 8,381 9,584
------- ------- -------
11,993 12,540 12,341
======= ======= =======