ROBO Global Robotics and... (AMEX:ROBO)
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RoboGroup Announces First-Quarter 2005 Financial Results
ROSH HA'AYIN, Israel, May 19 /PRNewswire-FirstCall/ -- RoboGroup T.E.K. Ltd.
(NASDAQ:ROBO) today reported first-quarter 2005 financial results.
Revenues for the first quarter totaled NIS 10.8 million (US$2.5 million)
compared with NIS 14.4 million (US$3.3 million) for the comparable quarter in
2004. Gross profit for the first quarter reached NIS 4.2 million (US$1.0
million) compared with NIS 6.1 million (US$1.4 million) in the first quarter of
2004. Operating expenses for the first quarter decreased to NIS 6.6 million
(US$1.5 million) from NIS 8.6 million (US$2.0 million) in the first quarter of
2004.
RoboGroups' first quarter net loss was reduced to NIS 2.6 million (US$0.6
million) from a net loss of NIS 2.9 million (US$0.7 million) in the first
quarter of 2004.
Rafael Aravot, Chief Executive Officer of RoboGroup, commented: "Although our
sales figures in the first quarter were somewhat disappointing we did our best
to minimize our loss mainly by controlling our expenses. As is evident, our
operating expenses this quarter are substantially lower than the comparable
quarter due to the cost-cutting plan we implemented in the educational sector
in mid-2004. Looking forward, we plan to continue with our efforts to increase
sales, while focusing our attention on operating efficiency to ensure that we
maximize output while controlling our costs ".
A complete Directors' Report for the first quarter of 2005 is available on the
Company's Website at http://www.robo-group.com/
RoboGroup and its subsidiaries are engaged in two major fields of activity. The
first is the field of education devoted to RoboGroup's training products and
e-learning systems. RoboGroup is a world leader in engineering and
manufacturing technology training systems. The Company is market driven,
deriving its growth from technological leadership, strong partnerships and
management expertise. The other field of activity is the development,
manufacturing and marketing of motion control products for the industrial
market, which is performed through the Company's subsidiary, Yaskawa Eshed
Technologies (YET). For more information, visit http://www.robo-group.com/
To the extent that this press release discusses expectations about market
conditions or about market acceptance and future sales of the Company's
products, or otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties that
could cause results to differ materially from the statements made. These
factors include the rapidly changing technology and evolving standards in the
industries in which the Company and its subsidiaries operate, risks associated
with the acceptance of new products by individual customers and by the market
place and other factors discussed in the business description and management
discussion and analysis sections of the Company's Annual Report on Form 20-F.
Company Contact:
Michal Afuta
RoboGroup
+972-3-900-4112
Agency Contact:
Ayelet Shiloni
Integrated IR
+1-866-447-8633
RoboGroup T.E.K. Ltd.
Balance Sheets
NIS in Thousands
December,
March, 31 31
2005 2005 2004 2004
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Convenience
translation
to US Reported
dollars amounts Reported amounts
ASSETS
Current assets
Cash and cash equivalents 1,386 6,044 12,091 6,957
Short-term investments 6 28 - 99
Trade receivables 2,637 11,499 10,480 15,282
Other receivables and debit
balances 475 2,073 3,622 2,093
Inventories 2,510 10,946 13,301 9,372
7,014 30,590 39,494 33,803
Long-term investments
Investments in investee and other
companies - - 15 -
Funds in respect of employee rights
upon retirement, net 162 706 236 563
162 706 251 563
Fixed assets 8,277 36,094 38,115 36,548
Other assets and deferred expenses 231 1,009 1,451 1,036
15,684 68,399 79,311 71,950
RoboGroup T.E.K. Ltd.
Balance Sheets
NIS in Thousands
December,
March, 31 31
2005 2005 2004 2004
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Convenience
translation
to US Reported
dollars amounts Reported amounts
LIABILITIES
Current liabilities
Credit from banks 3,654 15,936 15,302 15,228
Trade payables 1,210 5,276 6,298 5,853
Other payables and credit balances 2,295 10,008 11,074 10,333
7,159 31,220 32,674 31,414
Long-term liabilities
Loans from banks 3,746 16,335 18,727 17,100
Provision for deferred taxes 24 106 - 163
Liability for termination of
employee/employer relationship, net 37 163 204 139
3,807 16,604 18,931 17,402
Shareholders' equity
Share capital 2,614 11,400 11,399 11,400
Capital reserves and premium on
shares 10,140 44,219 44,207 44,179
Accumulated deficit (7,855) (34,255) (26,897) (31,656)
Treasury stock (181) (789) (1,003) (789)
4,718 20,575 27,706 23,134
15,684 68,399 79,311 71,950
RoboGroup T.E.K. Ltd.
Statement of Operations
NIS in Thousands
Year
For the three months ended ended
December,
March 31 31
2005 2005 2004 2004
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Convenience
translation
to US Reported
dollars amounts Reported amounts
Revenues 2,480 10,815 14,365 61,734
Cost of revenues 1,524 6,648 8,231 35,843
Gross profit 956 4,167 6,134 25,891
Operating expenses
Research and development
expenses, net 388 1,690 2,302 7,619
Marketing and selling expenses 674 2,941 3,485 13,204
Administrative and
general expenses 444 1,938 2,792 10,042
1,506 6,569 8,579 30,865
Operating loss (550) (2,402) (2,445) (4,974)
Financial expenses, net (27) (116) (765) (2,111)
Other income, net 7 31 282 809
Loss before taxes on income (570) (2,487) (2,928) (6,276)
Income tax expenses 26 112 - 1,411
Net loss (596) (2,599) (2,928) (7,687)
Loss per share ("EPS") (0.05) (0.24) (0.27) (0.71)
Weighted average number of
Shares used in computation
of EPS (in thousands) 10,851 10,851 10,744 10,757
DATASOURCE: RoboGroup t.e.k. Ltd
CONTACT: Company Contact: Michal Afuta, RoboGroup,
, +972-3-900-4112; Agency Contact: Ayelet
Shiloni, Integrated IR, ,
+1-866-447-8633