Elbit Systems Reports Fourth Quarter and Full Year 2010 Results

2010 Revenues Amounted to $2,670 million; Net Profit of $183.5 Million and EPS of $4.25; Backlog of Orders Over $5.4 Billion

HAIFA, Israel, March 15, 2011 /PRNewswire via COMTEX/ —

Elbit Systems Ltd. (NASDAQ and TASE: ESLT), the international defense electronics company, reported today its consolidated results for the fourth quarter and full year ended December 31, 2010.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )

In this release, the Company is providing its usual US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company’s business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.

Fourth quarter 2010 results:

Revenues for the fourth quarter of 2010 increased by 11.8% to $798.7 million, as compared to $714.7 million in the fourth quarter of 2009. The increase in the Company’s revenues was driven mainly by the electro-optics and airborne systems areas of operations.

Gross profit for the fourth quarter of 2010 was $231.9 million (29.0% of revenues), as compared to gross profit of $212.0 million (29.7% of revenues) in the fourth quarter of 2009. The reduction in the gross profit margin rate was caused mainly by write-off of inventories as well as additional acquisition expenses related to the acquisitions completed during the fourth quarter of 2010, including mainly Soltam, ITL, Ares and M7.

Research and development expenses, net for the fourth quarter of 2010 were $68.5 million (8.6% of revenues), as compared to $61.8 million (8.7% of revenues) in the fourth quarter of 2009.

Marketing and selling expenses for the fourth quarter of 2010 were $65.9 million (8.2% of revenues), as compared to $59.4 million (8.3% of revenues) in the fourth quarter of 2009.

General and administrative expenses for the fourth quarter of 2010 were $40.8 million (5.1% of revenues), as compared to $32.5 million (4.5% of revenues) in the fourth quarter of 2009. The increase was mainly a result of consolidation of expenses from the newly acquired subsidiaries in the fourth quarter of 2010.

Financial expenses, net for the fourth quarter of 2010 were $11.6 million, as compared to $7.4 million in the fourth quarter of 2009. Expenses were relatively low in the fourth quarter of 2009 due to currency hedging related gains. The increased expenses in the fourth quarter of 2010 were mainly due to higher expenses related to the Series A Notes that the Company issued during the second quarter of 2010, as well as to the revaluation of the New Israeli Shekel against the US dollar.

Taxes on income for the fourth quarter of 2010 were $2.4 million (effective tax rate of 5.4%), as compared to taxes on income of $0.4 million (effective tax rate of 0.8%) in the fourth quarter of 2009. The change in the effective tax rate was attributable mainly to the mix of the tax rates in the various jurisdictions in which the Company’s entities generate taxable income. The unusually low effective tax rate in the fourth quarter of 2009 was related to tax adjustments from prior years in some of the Company’s subsidiaries. The fourth quarter of 2010 was also affected by an increase in deferred tax assets.

Equity in net earnings of affiliated companies and partnership for the fourth quarter of 2010 increased to $6.1 million (0.8% of revenues), as compared to $4.9 million (0.7% of revenues) in the fourth quarter of 2009.

Net income attributable to non-controlling interests for the fourth quarter of 2010 was $4.9 million, as compared to $3.0 million in the fourth quarter of 2009.

Net income attributable to the Company’s ordinary shareholders for the fourth quarter of 2010 was $43.7 million (5.5% of revenues), as compared with $53.7 million (7.5% of revenues) in the fourth quarter of 2009.

Diluted net earnings per share attributable to the Company’s ordinary shareholders for the fourth quarter of 2010 were $1.01, as compared with $1.24 for the fourth quarter of 2009.

Source : Elbit Systems

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