ROBO Global Robotics and... (AMEX:ROBO)
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RoboGroup Announces Fourth-Quarter and Full-Year 2004 Financial
Results
Sharp Increase in 4th Quarter Revenues to NIS 20.1 Million; Sharp Decrease in
Net Loss
ROSH HA'AYIN, Israel, March 30 /PRNewswire-FirstCall/ -- RoboGroup T.E.K. Ltd.
(NASDAQ:ROBO) today reported fourth-quarter and full-year 2004 financial
results.
Revenues for the fourth quarter totaled NIS 20.1 million (US$4.7 million)
compared with NIS 11.2 million (US$2.6 million) for the comparable quarter in
2003. Gross profit for the fourth quarter increased to NIS 7.3 million (US$1.7
million) from NIS 3.2 million (US$0.7 million) in the fourth quarter of 2003.
During the fourth quarter the company performed an inventory write off for slow
moving and outdated inventory in the education field, in the amount of
approximately NIS 2.6 million (US$0.6 million), stemming among other things
from the launch of new products.
RoboGroups' fourth-quarter net loss dropped to NIS 1.3 million (US$0.3 million)
from a net loss of NIS 6.3 million (US$1.5 million) in the fourth quarter of
2003.
Rafael Aravot, Chief Executive Officer of RoboGroup, commented: "Our full-year
results reflect increased revenues, along with significant cost-cuts in G&A and
R&D expenses, which resulted in a substantial decrease in our annual net loss.
In mid 2004, we began to implement a cost-cutting plan to improve profitability
in the educational sector. The plan included personnel cuts as well as
integration of activities. However, despite the smaller workforce, I am happy
to announce that we succeeded in meeting our high revenue goal of over NIS 20
million in the fourth quarter, our highest in the last two years. In addition,
in the last quarter of the year, we would have achieved net income except for
the inventory write-off..
Revenues for the twelve-month period reached NIS 61.7 million (US$14.3 million)
compared to NIS 56.1 million (US$13 million) for the comparable period in 2003.
The increased revenues stem mainly from an increase in revenues in the
education segment and in the industrial motion control segment by YET. Gross
profit for the twelve-month period reached NIS 25.9 million (US$6 million)
compared with NIS 23.5 million (US$5.4 million) for the comparable period in
2003. The increase is mainly due to the increase in revenues. The net loss for
the twelve month period decreased significantly to NIS 7.7 million (US$1.8
million) from NIS 18.0 million (US$4.2 million) in the comparable period in
2003.
YET's revenues for the year 2004 totaled NIS 21 million (US$4.8) compared to
NIS 14 million (US$3.2 million) for the year 2003. RoboGroup's part in YET's
revenues is 50%.
XtraDrive sales in the European and the Israeli markets began in 2004,
following its launch in these markets in 2003. These sales were the main reason
for YET's increased revenues in 2004. In 2004, XtraDrive was also launched in
the US market.
A complete Directors' Report for the fourth quarter of 2004 is available on the
Company's Website at http://www.robo-group.com/ or as a PDF file upon request.
Please contact Ayelet Shiloni at Integrated IR, toll-free +1-866-447-8633.
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)
Consolidated
December, December, December,
31 31 31
2004 2004 2003
U.S.$ (K)
(1) NIS (K) NIS (K)
Reported Reported Adjusted
amounts amounts amount
(*) (*) (*)
ASSETS
Current assets
Cash and cash
equivalents 1,615 6,957 14,878
Short-term investments 23 99 -
Trade receivables 3,547 15,282 13,217
Other receivables and
debit balances 486 2,093 2,292
Inventories 2,175 9,372 13,603
7,846 33,803 43,990
Long-term investments
Investments in
investee and other
companies - - 15
Funds in respect of
employee rights upon
retirement, net 131 563 81
131 563 96
Fixed assets, net 8,484 36,548 38,233
Other assets and
deferred expenses 240 1,036 1,525
16,701 71,950 83,844
(1) Convenience translation into U.S. Dollars.
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
(*) Adjusted amounts for the Israeli CPI as of December 2003.
RoboGroup T.E.K. Ltd.
Balance Sheets
(NIS in Thousands)
Consolidated
December, December, December,
31 31 31
2004 2004 2003
U.S.$ (K)
(1) NIS (K) NIS (K)
Reported Reported Adjusted
amounts amounts amount
(*) (*) (*)
LIABILITIES
Current liabilities
Credit from banks 3,535 15,228 15,941
Trade payables 1,359 5,853 5,394
Other payables and
credit balances 2,398 10,333 14,345
7,292 31,414 35,680
Long-term liabilities
Loans from banks 3,969 17,100 17,516
Provision for deferred
taxes 38 163 -
Liability for
termination of
employee/employer
relationship, net 32 139 200
4,039 17,402 17,716
Commitments,
contingent liabilities
and pledges
Shareholders' equity
Share capital 2,646 11,400 11,399
Authorized capital as
at December 31, 2004
and 2003 was
25,000,000 shares of
NIS 0.5 par value of
which 11,239,952 and
11,238,352 shares were
issued and outstanding
on December 31, 2004
and 2003 respectively
Premium on shares 9,854 42,452 42,214
Capital reserves 401 1,727 1,807
Accumulated deficit (7,348) (31,656) (23,969)
Treasury stock (183) (789) (1,003)
5,370 23,134 30,448
16,701 71,950 83,844
(1) Convenience translation into U.S. Dollars.
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
(*) Adjusted amounts for the Israeli CPI as of December 2003.
RoboGroup T.E.K. Ltd.
Statement of Operations
(NIS in Thousands)
Consolidated
Year Year Year
Year ended ended ended ended
December, December, December, December,
31 31 31 31
2004 2004 2003 2002
U.S.$ (K) NIS (K)
(1) NIS (K) NIS (K)
Reported Reported Adjusted Adjusted
amounts amounts amount amount
(*) (*) (**) (**)
Revenues 14,330 61,734 56,116 86,159
Cost of revenues 8,320 35,843 32,598 41,412
Gross profit 6,010 25,891 23,518 44,747
Operating expenses
Research and
development
expenses, net 1,769 7,619 12,651 12,755
Marketing and
selling expenses 3,065 13,204 12,622 14,240
Administrative and
general expenses 2,331 10,042 14,569 13,630
7,165 30,865 39,842 40,625
Operating income
(loss) (1,155) (4,974) (16,324) 4,122
Financial
expenses, net (490) (2,111) (3,783) (1,402)
Other income, net 188 809 2,032 1,640
Income (loss)
before taxes on
income (1,457) (6,276) (18,075) 4,360
Income tax
expenses (income) 327 1,411 (82) 1,051
Income (loss)
before Company's
share in results
of Investee
companies (1,784) (7,687) (17,993) 3,309
Company's share in
losses of Investee
companies - - - -
Net income (loss) (1,784) (7,687) (17,993) 3,309
Earnings (loss)
per share ("EPS") (0.17) (0.71) (1.67) 0.31
Number of shares
used in
computation of EPS
(in thousands) 10,757 10,757 10,744 10,731
(1) Convenience translation into U.S. Dollars.
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
(**) Adjusted amounts for the Israeli CPI as of December 2003.
DATASOURCE: RoboGroup t.e.k. Ltd
CONTACT: Company Contact: Michal Afuta, RoboGroup,
, Tel: +972-3-900-4112, Agency Contact:
Ayelet Shiloni, Integrated IR, , Tel:
+1-866-447-8633