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RoboGroup Announces Second-Quarter 2004 Financial Results
ROSH HA'AYIN, Israel, August 23 /PRNewswire-FirstCall/ -- RoboGroup T.E.K.
Ltd. (NASDAQ:ROBO) today reported second-quarter and first-half 2004 financial
results. Revenues for the six month period increased slightly to NIS 27.7
million (US$6.2 million) compared to NIS 26.9 million (US$6 million) for the
comparable period in 2003. The net loss for the six month period decreased
significantly to NIS 5.8 million (US$1.3 million) from NIS 9.6 million (US$2.1
million) in the comparable period in 2003.
Rafael Aravot, chief executive officer of RoboGroup, commented: "Our financial
results for the first-half of 2004, reflect a slight increase in our revenues
along with significant cost-cuts in G&A and R&D expenses, which resulted in an
approximately 40 percent decrease in our net loss. In addition, as announced in
May 2004, we have begun to implement a cost-cutting plan to improve
profitability in the educational sector. The plan includes, among other things,
personnel cuts as well as tighter integration of activities. We expect that
this plan will reduce our expenses by US$ 1 million over the next 12 months and
will improve our financial results starting in the second half of 2004."
Gross profit for the six-month period reached NIS12 million (US$2.7 million)
compared with NIS 11.9 million (US$2.6 million) for the comparable period in
2003.
Revenues for the second quarter totaled NIS 13.3 million (US$3 million)
compared with NIS 14.2 million (US$3.2 million) for the comparable quarter in
2003. The company's second-quarter net loss amounted to NIS 2.9 million (US$0.6
million) compared with a net loss of NIS 3.9 million (US$0.9 million) in
second-quarter of 2003.
"During the second quarter we signed a Standby Equity Distribution Agreement
with Cornell Capital Partners that allows us, at our option, to issue shares to
Cornell Capital Partners up to a maximum value of US$5.5 million",Mr. Aravot
continued. "We are delighted to have signed this agreement with Cornell. I
believe that this should give shareholders confidence that we have a source for
the funds needed for the continuation and the expansion of our operations."
"In July 2004, we signed an agreement with Yaskawa Electric Corporation, a
Japanese corporation that holds a 50% stake in our subsidiary YET, to supply
LearnMate, our e-learning system, and custom e-learning content for a total of
US$0.75 million. LearnMate will assist YEC in its training efforts for its
high-level suite of motion control products. We see this agreement as an
important milestone in penetrating the industrial arena and we hope to leverage
this success into additional agreements."
During the quarter YET continued to invest in developing marketing and sales
channels in Europe and the U.S. YET's wholly owned subsidiary, YET US Inc.,
signed several distribution agreements with key players in the US motion
control market. YET's activity in the European market resulted in sales of its
products in that market. For the first half of 2004, YET's revenues increased
to $2.1 million, a 60% increase compared to the first half of 2003
In July 2004, YET's board of directors decided on a dividend distribution of
US$ 0.8 million to its two shareholders. In July, Robogroup received US$ 0.4
million from the dividend distribution.
A complete Directors' Report for the second 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 engages in three business sectors. The first sector is 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 second is Yaskawa Eshed
Technology (YET), a joint venture with Japan's Yaskawa Electric Corp., which
provides industrial motion controls, particularly those based on its patented
algorithms. The third is MemCall, a company with a limited operation, which
develops new technology designed to shorten the length of time required to
locate and retrieve information in computer and communications networks. 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.
RoboGroup T.E.K. Ltd.
Balance Sheets
NIS in Thousands
December,
June 30 31
2004 2004 2003 2003
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Adjusted amount for
Convenience the
translation Reported Israeli CPI as of
to US amounts December 2003
dollars (*)
ASSETS
Current assets
Cash and cash equivalents 1,703 7,656 17,688 14,878
Short-term investments - - 51 -
Trade receivables 3,277 14,735 15,276 13,217
Other receivables and debit
balances 658 2,959 3,425 2,292
Inventories 2,852 12,823 16,432 13,603
8,490 38,173 52,872 43,990
Long-term investments
Investments in investee
and other companies 3 15 107 15
Funds in respect of
employee rights
upon retirement, net 61 276 - 81
64 291 107 96
Fixed assets 8,299 37,322 39,436 38,233
Deferred taxes 92 414 759 1,097
Other assets 72 326 577 428
17,017 76,526 93,751 83,844
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
.
RoboGroup T.E.K. Ltd.
Balance Sheets
NIS in Thousands
December,
June 30 31
2004 2004 2003 2003
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Adjusted amount for
the
Convenience
translation Reported Israeli CPI as of
to US amounts
dollars (*) December 2003
LIABILITIES
Current liabilities
Credit from banks 3,566 16,036 17,964 15,941
Trade payables 1,349 6,066 6,904 5,394
Other payables and
credit balances 2,419 10,878 11,828 14,345
7,334 32,980 36,696 35,680
Long-term liabilities
Loans from banks 4,113 18,494 17,940 17,516
Liability for termination
of employee/employer
relationship, net 55 249 459 200
4,168 18,743 18,399 17,716
Shareholders' equity
Share capital 2,535 11,400 11,398 11,399
Capital reserves and
premium on shares 9,824 44,178 43,844 44,021
Accumulated deficit (6,621) (29,772) (15,583) (23,969)
Treasury stock (223) (1,003) (1,003) (1,003)
5,515 24,803 38,656 30,448
17,017 76,526 93,751 83,844
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
RoboGroup T.E.K. Ltd.
Statement of Operations
NIS in Thousands
For the three Year
For the six months ended months ended ended
December,
June 30 June 30 31
2004 2004 2003 2004 2003 2003
US$ (K) NIS (K) NIS (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Adjusted
amount
for the
Adjusted amount
Israeli for the
Convenience CPI as of
translation Reported Reported Israeli CPI as of
to US amounts December amounts
dollars (*) 2003 (*) December 2003
Revenues 6,155 27,681 26,948 13,316 14,220 56,116
Cost of revenues 3,476 15,632 15,071 7,401 7,314 32,598
Gross profit 2,679 12,049 11,877 5,915 6,906 23,518
Operating expenses
Research and
development
expenses, net 953 4,287 6,690 1,985 3,008 12,651
Marketing and
selling expenses 1,571 7,067 6,622 3,312 3,352 12,622
Administrative and
general expenses 1,116 5,020 7,296 2,498 3,515 14,569
3,640 16,374 20,608 7,795 9,875 39,842
Operating loss (961) (4,325) (8,731) (1,880) (2,969) (16,324)
Financial
expenses, net (239) (1,075) (1,982) (310) (1,355) (3,783)
Other income, net 111 498 1,142 216 429 2,032
Loss before taxes
on income (1,089) (4,902) (9,571) (1,974) (3,895) (18,075)
Income tax
expenses (income) 201 901 36 901 - (82)
Net loss (1,290) (5,803) (9,607) (2,875) (3,895) (17,993)
Loss per share
("EPS") (0.12) (0.54) (0.90) (0.27) (0.36) (1.67)
Weighted average
number of shares
used in computation
of EPS
(in thousands) 10,746 10,746 10,744 10,746 10,744 10,744
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December 2003
Company Contact:
Talia Myron
RoboGroup
+972-3-900-4170
Agency Contact:
Ayelet Shiloni
Integrated IR
+1-866-447-8633
DATASOURCE: RoboGroup t.e.k. Ltd
CONTACT: Company Contact: Talia Myron, RoboGroup,
+972-3-900-4170 Agency Contact:
Ayelet Shiloni, Integrated IR,
+1-866-447-8633