1st Quarter Results

 

TIDMORPK 
 
RNS Number : 2191S 
Orpak Systems Ltd 
14 May 2009 
 

14 May 2009 
Orpak Systems Ltd 
("Orpak" or "the Company") 
 
 
Financial results for the first quarter ended 31 March 2009 
 
Orpak Systems Ltd, the leading provider of card-free secure fuel payment systems 
based on vehicle identification and end-to-end solutions for the automation of 
fuel stations, announces its financial results for the first quarter 
ended 31 March 2009. 
 
 
First Quarter 2009 Highlights 
  *  Revenue was $15.3m (Q1 2008: $15.1m) 
  *  Operating profit increased 64% to $2.5m (Q1 2008: $1.5m) 
  *  Net profit increased 242% to $2.3m (Q1 2008: $0.7m). Non GAAP net profit was 
  $2.5m (Q1 2008: $0.9m) 
  *  Revenue in Europe increased by 7% to $12.0m (Q1 2008: $11.2m) 
  *  Net cash and cash equivalents totaled $26.9m at 31 March 2009 (Q1 2008: $25.3m) 
  *  Under contract with BP in Turkey, Orpak delivered a further 2,500 vehicle 
  identification units, bringing the total to date to 37,500 out of an anticipated 
  total of approximately 65,000 vehicles 
  *  Agreement signed with Gilbarco Inc. to equip new fleet management systems of 
  Gasboy International with Orpak technology, which will be sold through the 
  existing network of Gasboy distributors and Authorized Service Contractors in 
  the US, and globally on a non-exclusive basis 
  *  Company's systems were delivered to 90 petrol stations and 80,000 vehicles 
  bringing to date the total petrol stations equipped to 10,960 and 2.4 million 
  vehicles, distributed across 30 countries - an increase of approximately 760 
  petrol stations and 400,000 vehicles compared to the same period last year 
 
 
 
Outlook 
  *  Demand for Orpak's products remains strong and the Company continues to benefit 
  from a high level of repeat business 
  *  For full year 2009, the Company expects to continue to gain market share in 
  emerging markets 
 
 
 
 
 
Hayim Kohen, Chief Executive of Orpak, said: "We are pleased that this period 
has seen sustained momentum in revenue and net profit growth as demand for our 
products across all markets remains encouraging. Whilst the weakness of the 
financial markets remains challenging, we are focused on mitigating the negative 
impact and continuing the successes we have achieved to date. 
 
 
Looking ahead, the Company expects to continue to gain market share in emerging 
markets and as a result, the Board looks to the future with confidence." 
 
 
 
 
Hayim Kohen, CEO and Hemi Shtral, CFO will be hosting a conference call for 
investors today at 4pm BST (11am EDT, 8am PDT). In the US, please dial +1 866 
966 5335; in the UK, please dial 0808 109 0700; outside the US and UK, please 
dial [phone]. 
 
 
 
 
Enquiries: 
 
 
Orpak Systems Ltd 
Hayim Kohen, CEO    [phone] 
Hemi Shtral, CFO 
 
 
Libertas Capital 
Sandy Jamieson+44 20 7569 9650 
 
 
Corfin Communications 
Harry Chathli, Claire Norbury    [phone] 
  Note to Editors: 
 
Orpak develops, manufactures and markets end-to-end solutions for the automation 
of fuel stations and fleet management. Orpak is a market leader in automated 
refueling systems that incorporate fuel payment based on vehicle identification. 
Using advanced technologies to meet customer requirements, Orpak's solutions 
integrate forecourt automation and management, convenience-store management 
systems, commercial and retail sales solutions, and fuel delivery systems. The 
Company's solutions are designed to benefit customers through enabling fuel 
savings, preventing fuel fraud, maximizing loyalty programs and providing other 
advanced services that increase profitability. 
 
The Company's products have been delivered to more than 10,960 fuel stations and 
2.4 million vehicles in 30 countries across the globe and are distributed 
through an international network of subsidiaries and partners. 
 
Orpak has been ISO-9001 certified since 1995, and the Company's products meet 
appropriate local safety standards and regulations in markets in which it 
operates. 
 
Orpak (AIM: ORPK) was admitted to AIM in December 2005. 
  Financial review 
 
 
Orpak is pleased to announce continued growth in revenue for the first quarter 
ended 31 March 2009, reflecting sustained demand for the Company's products and 
services in key territories. 
 
 
First quarter revenue increased by 1% to $15.3m (Q1 2008: 
$15.1m). Operating profit increased by 64% to $2.5m (Q1 2008: $1.5m). Net profit 
for the first quarter increased by 242% to $2.3m (Q1 2008: $0.7m). 
 
 
During 2008, the Company took firm action to address the challenges arising from 
the weakness in the financial markets by reducing operating expenses. These 
steps produced encouraging results, which continued into the first quarter and 
the benefits are expected to persist into the next quarters. 
 
Net profit, excluding the provision of expenses for stock option plans and the 
amortization of intangible assets associated with acquisitions, amounted to 
$2.5m (Q1 2008: $0.9m). 
 
 
Fully diluted earnings per share were 7 cents (Q1 2008: 2 cents). 
 
 
Sales and marketing expenditure amounted to $3.2m compared with $3.3m for the 
same quarter last year as the Company maintained a tight control over its 
operating costs in response to the economic downturn. 
 
 
Net cash and cash equivalents totaled $26.9m at 31 March 2009 (Q1 2008: $25.3m). 
 
 
 
 
Operating review 
 
 
Orpak succeeded in increasing its market share in the territories in which it is 
established and continued to expand into new areas. During the first 
quarter, the Company's systems were delivered to 90 petrol stations and 80,000 
vehicles bringing the total to 10,960 petrol stations and 2.4 million vehicles 
equipped to date, distributed across 30 countries. 
 
 
Compared with the same period last year, revenue in Europe increased by 7% to 
$12.0m (Q1 2008: $11.2m), maintaining the region's position as the largest 
contributor to the Company's revenues. This reflects the completion of major 
orders, including contracts with oil companies in several countries in Eastern 
Europe, which were delivered on time and within budget, thereby consolidating 
Orpak's position in this region. 
 
 
Under a contract with BP in Turkey, Orpak delivered an additional 2,500 vehicle 
identification units, bringing the total to date to 37,500 out of an anticipated 
total of approximately 65,000 vehicles. This formed part of an ongoing contract 
with BP in Turkey, and further strengthens the Company's position in the region. 
 
 
During the quarter, the Company and its wholly owned subsidiary, Orpak USA Inc., 
signed an agreement with Gilbarco Inc. to equip new fleet management systems of 
Gasboy International, part of the Gilbarco family of companies, with Orpak 
technology. The Gasboy products will be sold and supported in the United States 
exclusively through the existing network of Gasboy distributors and 
Authorized Service Contractors, and globally on a non-exclusive basis. The new 
Gasboy fleet management systems include: fleet head office, site controller, 
wireless vehicle identification, and fuel truck controller. The inclusion of 
Orpak technology will enhance the product offering available to Gasboy 
customers. 
 
 
 
 
Outlook 
 
 
Demand for Orpak's products remains strong and the Company continues to benefit 
from a high level of repeat business. The Company expects to continue to gain 
market share in emerging markets. As a result, the Board looks to the future 
with confidence. 
 
 
 
  Interim Condensed Consolidated Balance Sheets as at 
 
 
 
 
[*** UNPARSEABLE TABLE ***]
 
 
 
 
+----------------------+----------------------------------------+ 
|                      |                                        | 
+----------------------+----------------------------------------+ 
|     Alex Milner                 Chairman of the Board         | 
+---------------------------------------------------------------+ 
|                      |                                        | 
+----------------------+----------------------------------------+ 
|                      |                                        | 
+----------------------+----------------------------------------+ 
| Hayim Kohen              General Manager and Member of        | 
| the Board                                                     | 
+---------------------------------------------------------------+ 
|                      |                                        | 
+----------------------+----------------------------------------+ 
|                      |                                        | 
+----------------------+----------------------------------------+ 
|     Hemi Shtral                 Chief Financial Officer       | 
+----------------------+----------------------------------------+ 
 
 
Date of approval of the financial statements: May 13, 2009 
 
Interim Consolidated Balance Sheets as at 
 
 
 
 
 
 
[*** UNPARSEABLE TABLE ***]
 
 
 
 
 
 
 
 
 
 
 
 
 
Interim Condensed Consolidated Income Statements 
 
 
 
 
 
 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |  For the three-month    | Year ended | 
|                                  |            |      period ended       |            | 
+----------------------------------+------------+-------------------------+------------+ 
|                                  |            |   March 31 |   March 31 |   December | 
|                                  |            |            |            |         31 | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |       2009 |       2008 |       2008 | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |  Unaudited |  Unaudited |    Audited | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |          $ |          $ |          $ | 
|                                  |            |  thousands |  thousands |  thousands | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Revenues from sales and services |            |    15,254  |    15,097  |    71,177  | 
+----------------------------------+------------+------------+------------+------------+ 
| Cost of sales and services       |            |     7,813  |     8,693  |    37,185  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Gross profit                     |            |     7,441  |     6,404  |    33,992  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Research and development costs   |            |       859  |       779  |     3,696  | 
+----------------------------------+------------+------------+------------+------------+ 
| Selling and marketing costs      |            |     3,163  |     3,285  |    15,051  | 
+----------------------------------+------------+------------+------------+------------+ 
| General and administrative       |            |       912  |       814  |     3,971  | 
| expenses                         |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Other income                     |            |       (27) |       (21) |       (12) | 
+----------------------------------+------------+------------+------------+------------+ 
| Other expenses                   |            |        13  |         -  |        18  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Results from operating           |            |     2,521  |     1,547  |    11,268  | 
| activities                       |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Financing expenses               |            |      (328) |    (1,436) |    (4,327) | 
+----------------------------------+------------+------------+------------+------------+ 
| Financing income                 |            |       750  |       455  |     1,498  | 
+----------------------------------+------------+------------+------------+------------+ 
| Net financing (costs) income     |            |       422  |      (981) |    (2,829) | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Profit before income tax         |            |     2,943  |       566  |     8,439  | 
+----------------------------------+------------+------------+------------+------------+ 
| Taxes on income                  |            |      (380) |       (42) |      (842) | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Profit for the period            |            |     2,563  |       524  |     7,597  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Attributable to:                 |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
|  Equity holders of the Parent    |            |     2,270  |       661  |     7,065  | 
+----------------------------------+------------+------------+------------+------------+ 
|  Minority interest               |            |       293  |      (137) |       532  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Profit for the period            |            |     2,563  |       524  |     7,597  | 
+----------------------------------+------------+------------+------------+------------+ 
 
 
+----------------------------------+------------+------------+------------+------------+ 
| Earnings per share (in U.S.      |            |            |            |            | 
| dollars)                         |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Basic                            |            |      0.07  |      0.02  |      0.21  | 
+----------------------------------+------------+------------+------------+------------+ 
|                                  |            |            |            |            | 
+----------------------------------+------------+------------+------------+------------+ 
| Diluted                          |            |      0.07  |      0.02  |      0.21  | 
+----------------------------------+------------+------------+------------+------------+ 
 
 
 
 
 
 
 
 
 
 
Interim Statement of Changes in Equity 
 
 
 
 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |              Attributable to equity holders of the Parent               |           |           | 
+----------------------------------+-------------------------------------------------------------------------+-----------+-----------+ 
|                                  |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |     Share |     Share |  Treasury |  Retained | Translation |           |  Minority |           | 
|                                  |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |   capital |   premium |    shares |  earnings |    reserve  |     Total |  interest |     Total | 
|                                  |           |           |           |           |             |           |           |    equity | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |         $ |         $ |         $ |         $ |           $ |         $ |         $ |         $ | 
|                                  | thousands | thousands | thousands | thousands |   thousands | thousands | thousands | thousands | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| For the three month period ended |           |           |           |           |             |           |           |           | 
| March 31, 2009                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at January 1, 2009    |      179  |   21,705  |     (501) |   24,401  |      1,967  |   47,751  |    1,155  |   48,906  | 
| (Unaudited)                      |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Changes during 2009:             |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Profit for the period            |           |        -  |           |    2,270  |          -  |    2,270  |      293  |    2,563  | 
| (Unaudited)                      |        -  |           |        -  |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Adjustments arising from         |           |           |           |           |             |           |           |           | 
| translation of                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| financial statements for the     |        -  |        -  |        -  |        -  |     (4,348) |   (4,348) |     (115) |   (4,463) | 
| period (Unaudited)               |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Total recognized income and      |        -  |        -  |        -  |    2,270  |     (4,348) |   (2,078) |      178  |   (1,900) | 
| expense for the period           |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Acquisition of treasure shares   |        -  |           |   (1,826) |        -  |          -  |   (1,826) |        -  |   (1,826) | 
| (Unaudited)                      |           |        -  |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Dividend declared to equity      |        -  |           |        -  |     (463) |          -  |     (463) |        -  |     (463) | 
| holders (Unaudited)              |           |        -  |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Share-based payment settled in   |        -  |        -  |        -  |       44  |          -  |       44  |        -  |       44  | 
| shares (Unaudited)               |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at March 31, 2009     |      179  |   21,705  |   (2,327) |   26,252  |     (2,381) |   43,428  |    1,333  |   44,761  | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| For the three month period ended |           |           |           |           |             |           |           |           | 
| March 31, 2008                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at January 1, 2008    |      179  |   21,705  |     (501) |   20,400  |      1,631  |   43,414  |      638  |   44,052  | 
| (Unaudited)                      |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Changes during 2008:             |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Profit for the period            |        -  |        -  |        -  |      661  |          -  |      661  |     (137) |      524  | 
| (Unaudited)                      |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Adjustments arising from         |           |           |           |           |             |           |           |           | 
| translation of                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| financial statements for the     |        -  |        -  |        -  |        -  |      3,696  |    3,696  |       50  |    3,746  | 
| period (Unaudited)               |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Total recognized income and      |        -  |        -  |        -  |      661  |      3,696  |    4,357  |      (87) |    4,270  | 
| expense for the period           |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Dividend to equity holders       |        -  |           |        -  |   (2,383) |          -  |   (2,383) |        -  |   (2,383) | 
| (Unaudited)                      |           |        -  |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Share-based payment settled in   |        -  |        -  |        -  |       58  |          -  |       58  |        -  |       58  | 
| shares (Unaudited)               |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at March 31, 2008     |      179  |   21,705  |     (501) |   18,736  |      5,327  |   45,446  |      551  |   45,997  | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
|                                  |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Year ended December 31, 2008     |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at January 1, 2008    |           |           |     (501) |   20,400  |      1,631  |   43,414  |      638  |   44,052  | 
| (Audited)                        |      179  |   21,705  |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Changes during 2008:             |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Profit for the year (Audited)    |        -  |        -  |        -  |    7,065  |          -  |    7,065  |      532  |    7,597  | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Adjustments arising from         |           |           |           |           |             |           |           |           | 
| translation of                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| financial statements for the     |        -  |        -  |        -  |        -  |        336  |      336  |      (15) |      321  | 
| year (Audited)                   |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Total recognized income and      |        -  |        -  |        -  |    7,065  |        336  |    7,401  |      517  |    7,918  | 
| expense for the year             |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Dividend to equity holders       |        -  |           |        -  |   (3,242) |          -  |   (3,242) |        -  |   (3,242) | 
| (Audited)                        |           |        -  |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Share-based payment settled in   |        -  |        -  |        -  |      178  |          -  |      178  |        -  |      178  | 
| shares (Audited)                 |           |           |           |           |             |           |           |           | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
| Balance as at December 31, 2008  |      179  |   21,705  |     (501) |   24,401  |      1,967  |   47,751  |    1,155  |   48,906  | 
+----------------------------------+-----------+-----------+-----------+-----------+-------------+-----------+-----------+-----------+ 
 
 
 
 
Interim Consolidated Statements of Cash Flows 
 
 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |    For the three-month    |    For the | 
|                                               |                           |       year | 
+-----------------------------------------------+---------------------------+------------+ 
|                                               |       period ended        |      ended | 
+-----------------------------------------------+---------------------------+------------+ 
|                                               |    March 31 |    March 31 |   December | 
|                                               |             |             |         31 | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |        2009 |        2008 |       2008 | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               | (Unaudited) | (Unaudited) |  (Audited) | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               | $ thousands |           $ |          $ | 
|                                               |             |   thousands |  thousands | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Operating activities                          |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Profit for the period                         |      2,563  |        524  |     7,597  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Depreciation                                  |        221  |        247  |       972  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Amortization                                  |        114  |        129  |       542  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Gain from sale of property and equipment, net |        (12) |         (3) |       (11) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| (Increase) decrease in value of marketable    |        (20) |        817  |     3,172  | 
| securities, net                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Increase (decrease) in value of long-term     |        515  |       (732) |      (509) | 
| liabilities                                   |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Income tax expense                            |        380  |         42  |       842  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Financing income, net                         |          -  |       (183) |      (758) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Share based payments                          |         44  |         58  |       178  | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |      3,805  |        899  |    12,025  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Changes in working capital:                   |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| (Increase) decrease in trade receivables      |     (1,221) |      8,692  |     7,758  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Increase in other receivables and prepayments |       (255) |     (1,188) |      (917) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| (Increase) decrease in inventories            |       (516) |        419  |     3,250  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Decrease in trade payables                    |       (655) |       (579) |      (881) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Decrease in other payables                    |     (1,158) |     (6,233) |    (4,572) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Changes in employee benefits                  |        (24) |       (112) |      (301) | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |     (3,829) |        999  |     4,337  | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Income tax paid                               |        (49) |        (78) |      (985) | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Net cash (used in) provided by operating      |        (73) |      1,820  |    15,377  | 
| activities                                    |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Investing activities                          |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Short-term loan granted to Rapac group        |        (40) |        267  |       278  | 
| companies, net                                |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Acquisition in property and equipment         |       (154) |       (384) |      (907) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Acquisition of other intangible assets        |       (391) |       (467) |    (1,823) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Investments in marketable securities, net     |      1,738  |        519  |      (244) | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Interest received                             |         47  |         183 |       705  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Proceeds from sale of property and equipment  |         31  |         14  |       113  | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Payment for investment in a subsidiary        |          -  |     (3,705) |    (3,705) | 
+-----------------------------------------------+-------------+-------------+------------+ 
|                                               |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
| Net cash provided by (used in) investing      |      1,231  |     (3,573) |    (5,583) | 
| activities                                    |             |             |            | 
+-----------------------------------------------+-------------+-------------+------------+ 
  Interim Consolidated Statements of Cash Flows (cont'd) 
 
 
 
 
 
 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |    For the three-month    |     For the | 
|                                               |                           |        year | 
+-----------------------------------------------+---------------------------+-------------+ 
|                                               |       period ended        |       ended | 
+-----------------------------------------------+---------------------------+-------------+ 
|                                               |    March 31 |    March 31 | December 31 | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |        2009 |        2008 |        2008 | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               | (Unaudited) | (Unaudited) |   (Audited) | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               | $ thousands |           $ | $ thousands | 
|                                               |             |   thousands |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Financing activities                          |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Dividend paid                                 |          -  |     (2,383) |     (3,242) | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Interest bearing loans and borrowing, net     |          3  |      1,915  |      2,019  | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Short-term loan from Rapac group companies    |       (348) |          3  |        371  | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Acquisition of treasury shares                |     (1,826) |          -  |          -  | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Interest paid                                 |        (47) |          -  |        (53) | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Long-term financing lease                     |         23  |         (6) |        (98) | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Net cash used in financing activities         |     (2,195) |       (471) |     (1,003) | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Net decrease (increase) in cash and cash      |     (1,037) |     (2,224) |      8,791  | 
| equivalents                                   |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Cash and cash equivalents at beginning of     |     17,060  |      8,673  |      8,673  | 
| period                                        |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Translation differences in respect of cash    |     (1,539) |        671  |       (404) | 
| balances                                      |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
|                                               |             |             |             | 
+-----------------------------------------------+-------------+-------------+-------------+ 
| Cash and cash equivalents at end of period    |     14,484  |      7,120  |     17,060  | 
+-----------------------------------------------+-------------+-------------+-------------+ 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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