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RoboGroup Announces Third-Quarter 2004 Financial Results
Sharp Decrease in Net Loss
ROSH HA'AYIN, Israel, November 9 /PRNewswire-FirstCall/ -- RoboGroup T.E.K.
Ltd. (NASDAQ:ROBO) today reported third-quarter and first nine months of 2004
financial results.
The company's third-quarter net loss dropped to NIS 0.6 million (US$0.1
million) from a net loss of NIS 2.1 million (US$0.5 million) in the third
quarter of 2003.
Rafael Aravot, chief executive officer of RoboGroup, commented: "These third
quarter results reflect significant cost cuts and strict controls as we
continue implementing our cost-cutting plan in an effort to align expenses and
revenues and to improve our financial position. This plan's implementation
resulted in a sharp decline in our net loss."
Revenues for the third quarter totaled NIS 14 million (US$3.1 million) compared
with NIS 18 million (US$4 million) for the comparable quarter in 2003. Gross
profit for the third quarter reached NIS 6.6 million (US$1.5 million) compared
with NIS 8.4 million (US$1.9 million) for the comparable quarter in 2003.
Backlog as of September 30, 2004 stood at NIS 12.8 million (US$2.9 million)
compared with NIS 4.6 million (US$1.0 million) as of September 30, 2003.
The net loss for the nine month period decreased significantly to NIS 6.4
million (US$1.4 million) from NIS 11.7 million (US$2.6 million) in the
comparable period in 2003. Revenues for the nine month period reached NIS 41.7
million (US$9.3 million) compared to NIS 44.9 million (US$10 million) for the
comparable period in 2003. Gross profit for the nine-month period reached
NIS18.6 (US$4.2 million) compared with NIS 20.3 million (US$4.5 million) for
the comparable period in 2003.
During the quarter YET continued its investment in the development of sales and
marketing channels in Europe and the USA. YET's fully owned subsidiary, YET US
Inc., continued its efforts to distribute YET's products in the US market and
has entered into agreements with multiple distributors for distribution across
the United States. In addition, YET US received an order from an American
client for the purchase of YET products valued at US$350 thousand over a
two-year period. The operations with OMRON YASKAWA Motion Control B.V, YET's
European partner, continued to produce sales of YET products in Europe. YET's
revenues this quarter totaled US$1.25 million, compared with US$0.7 million for
the comparable quarter in 2003.
In July 2004, YET's Board of Directors decided on a dividend distribution of
US$800 thousand to its two shareholders. RoboGroup received approximately
US$400 thousand from the dividend distribution.
A complete Directors' Report for the third quarter of 2004 is available on the
Company's Website at http://www.robo-group.com/ or as a PDF file upon request.
Please contact Ayelet Shiloni at Integrated IR, toll-free +1-866-447-8633.
RoboGroup engages in three business sectors. The first sector is devoted to
RoboGroup's training products and e-learning systems. RoboGroup is a world
leader in engineering and manufacturing technology training systems. The
Company is market driven, deriving its growth from technological leadership,
strong partnerships and management expertise. The second is Yaskawa Eshed
Technology (YET), a joint venture with Japan's Yaskawa Electric Corp., which
provides industrial motion controls, particularly those based on its patented
algorithms. The third is MemCall, a company with a limited operation, which
develops new technology designed to shorten the length of time required to
locate and retrieve information in computer and communications networks. For
more information, visit http://www.robo-group.com/.
To the extent that this press release discusses expectations about market
conditions or about market acceptance and future sales of the Company's
products, or otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and uncertainties that
could cause results to differ materially from the statements made. These
factors include the rapidly changing technology and evolving standards in the
industries in which the Company and its subsidiaries operate, risks associated
with the acceptance of new products by individual customers and by the market
place and other factors discussed in the business description and management
discussion and analysis sections of the Company's Annual Report on Form 20-F.
RoboGroup T.E.K. Ltd.
Balance Sheets
December,
September 30 31
2004 2004 2003 2003
US$ (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
ASSETS
Current assets
Cash and cash equivalents 1,574 7,054 17,698 14,878
Trade receivables 3,033 13,596 13,280 13,217
Other receivables and debit
balances 658 2,946 3,268 2,292
Inventories 2,845 12,751 14,353 13,603
8,110 36,347 48,599 43,990
Long-term investments
Investments in investee and other
companies 3 15 108 15
Funds in respect of employee rights
upon retirement, net 73 329 - 81
76 344 108 96
Fixed assets 8,215 36,821 39,042 38,233
Deferred taxes 94 420 764 1,097
Other assets 60 270 551 428
16,555 74,202 89,064 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
December,
September 30 31
2004 2004 2003 2003
US$ (K) NIS (K) NIS (K) NIS (K)
Unaudited Unaudited Unaudited Audited
Adjusted amount for
the
Convenience Israeli CPI as of
translation Reported December 2003
to US amounts
dollars (*)
LIABILITIES
Current liabilities
Credit from banks 3,516 15,757 16,625 15,941
Trade payables 1,234 5,533 5,645 5,394
Other payables and credit
balances 2,407 10,790 11,482 14,345
7,157 32,080 33,752 35,680
Long-term liabilities
Loans from banks 3,958 17,740 18,002 17,516
Liability for termination of
employee/employer relationship,
net 46 207 429 200
4,004 17,947 18,431 17,716
Shareholders' equity
Share capital 2,544 11,400 11,399 11,399
Capital reserves and premium
on shares 9,853 44,159 44,150 44,021
Accumulated deficit (6,779) (30,381) (17,665) (23,969)
Treasury stock (224) (1,003) (1,003) (1,003)
5,394 24,175 36,881 30,448
16,555 74,202 89,064 83,844
(*) Discontinuance of the adjustment for the effects of inflation according to
the Israeli CPI as of December
RoboGroup T.E.K. Ltd.
Statements of Operations
For the three Year
For the nine months ended months ended ended
December,
September 30 September 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 9,300 41,682 44,942 14,001 17,992 56,116
Cost of revenues 5,141 23,044 24,628 7,412 9,557 32,598
Gross profit 4,159 18,638 20,314 6,589 8,435 23,518
Operating expenses
Research and
development
expenses, net 1,330 5,963 9,324 1,676 2,633 12,651
Marketing and
selling
expenses 2,271 10,175 9,742 3,108 3,119 12,622
Administrative
and general
expenses 1,639 7,348 11,278 2,328 3,982 14,569
5,240 23,486 30,344 7,112 9,734 39,842
Operating loss (1,081) (4,848) (10,030) (523) (1,299) (16,324)
Financial
expenses, net (298) (1,334) (3,176) (259) (1,192) (3,783)
Other income, net 150 671 1,533 173 409 2,032
Loss before taxes
on income (1,229) (5,511) (11,653) (609) (2,082) (18,075)
Income tax
expenses
(income) 201 901 36 - - (82)
Net loss (1,430) (6,412) (11,689) (609) (2,082) (17,993)
Loss per share
("LPS") (0.13) (0.6) (1.09) (0.06) (0.19) (1.67)
Weighted average
number of shares
used in
computation of
LPS (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:
Michal Afuta
RoboGroup
+972-3-900-4112
Agency contact:
Ayelet Shiloni
Integrated IR
+1-866-447-8633
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