Scitex Corporation Announces Third Quarter 2004 Results

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Global X Scientific Beta Asia ex Japan ETF	AMEX:SCIX	AMEX	Exchange Traded Fund

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Scitex Corporation Announces Third Quarter 2004 Results - Scitex Corporation achieves net income of over $1 million TEL AVIV, Israel, Nov. 7 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (Nasdaq & TASE: SCIX) today announced its unaudited financial results for the third quarter ended September 30, 2004. Results of Operations For the third quarter of 2004, Scitex's revenues were $32.7 million, an increase of 22% from $26.7 million in the third quarter of 2003 and an increase of 6% from $30.8 million in the second quarter of 2004. Operating income was $1.7 million compared to an operating loss of $0.6 million in the third quarter of 2003 and operating income of $0.2 million in the second quarter of 2004. Net income for the third quarter of 2004 was $1.1 million (which includes a one-time income of $0.6 million derived from the waiver of an aged loan to a subsidiary) compared to net income of $5.0 million in the third quarter of 2003 (which included net income of $4.1 million from a discontinued operation) and a net loss of $1.2 million in the second quarter of 2004. Balance Sheet Scitex's cash, cash equivalents and short-term investments at the end of the third quarter of 2004, on a consolidated basis, were $165.6 million (including a restricted deposit of $17.0 million and excluding $10.0 million retained in custodial accounts in connection with the transaction for the sale of the business of Scitex Digital Printing to Eastman Kodak Company). This amount is after giving effect to the approximately $90.0 million cash distribution made in the third quarter of 2004. Trade receivables at the end of the third quarter of 2004 increased to $39.4 million from $36.0 million at the end of 2003, and inventory increased to $32.1 million from $22.6 million at the end of 2003, both primarily as a result of the increase in business activities. Scitex Vision The third quarter of 2004 continues the solid quarter-to-quarter revenue growth demonstrated by Scitex Vision, a subsidiary of Scitex Corporation, since the beginning of 2003. During the quarter, the super wide format products (XLjet+, Grandjet and GOjet) continued to represent a substantial portion of revenue. In addition, Scitex Vision saw continuing growth in ink revenues due to an increased installed base of its machines and an increase in ink demand in the markets in which Scitex Vision operates. The third quarter was also characterized by the growth of sales to the screen printing market of Scitex Vision's recently launched TURBOjet machine. Scitex Vision demonstrated TURBOjet's exceptional high throughput drum technology at several Graphic Arts events around the world this quarter: ImageWorld in Mexico, SGIA in Minneapolis and Sign Spain. Scitex Vision's revenues for the third quarter of 2004 were $32.7 million, an increase of 22% from $26.7 million in the corresponding quarter of 2003 and an increase of 6% from $30.8 million in the second quarter of 2004. Gross margin for the third quarter of 2004 was 45.1%, compared to 40.5% in the corresponding quarter of 2003 and 43.9% in the second quarter of 2004. Scitex Vision had operating income of $3.7 million in the third quarter of 2004, compared to operating income of $0.3 million in the third quarter of 2003 and operating income of $2.0 million in the second quarter of 2004. Scitex Vision had net income of $2.3 million in the third quarter of 2004, compared to a net loss of $0.4 million in the third quarter of 2003 and net income of $1.2 million in the second quarter of 2004. The increase in operating and net income compared to the second quarter is mainly attributable to increased revenue levels and lower marketing expenses. Scitex Vision's geographic distribution of business this quarter was led by Europe, contributing 44% of revenues, followed by the Americas with 34% of revenues, and the rest of the world (primarily the Far East) with 22% of revenues. Raanan Cohen, Interim President and CEO of Scitex Corporation, commented: "Scitex continues to benefit from the improved performance of our main subsidiary, Scitex Vision. Scitex Vision's financial results shows continuing growth and enhancements on all fronts quarter-to-quarter, including revenues growth, gross margin improvement and positive cash flow, which, taken together, clearly demonstrate Scitex Vision's leading market position. Scitex Vision's line of digital printing products together with its high-quality ink and outstanding support services create a unique product offering in the market place." Conference Call Scitex will be holding a conference call to discuss its third quarter 2004 results on Monday, November 8, 2004 at 9:00 a.m. EST (6:00 a.m. Pacific time, 2:00 p.m. London, 4:00 p.m. Israel). All interested parties will have the opportunity to listen to a live simultaneous Webcast of the conference call by connecting online through http://www.scitex.com/ . A replay of the conference call will be available shortly after the call during the seven days following the conference call (until midnight November 15, 2004) at the following numbers: US: 1 800 475-6701 Intl: 1 320 365-3844 Access code: 751566 Scitex Corporation Ltd. Scitex Corporation Ltd's shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at http://www.scitex.com/. Forward Looking Statements Except for the historical information herein, the matters discussed in this news release include forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements that are based on various assumptions (some of which are beyond the Company's control) may be identified by the use of forward-looking terminology, such as "may," "can be," "will," "expects," "anticipates," "intends," "believes," "projects," "potential," "are optimistic," "view" and similar words and phrases. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, (1) risks in product and technology development, (2) market acceptance of new products and continuing product demand, (3) the impact of competitive products and pricing, (4) changes in domestic and foreign economic and market conditions, (5) timely development and release of new products by strategic suppliers, (6) the impact of the Company's accounting policies, (7) risks relating to the integration of new businesses (8) uncertainty of outcome of shareholder litigation, and (9) the other risk factors detailed in the Company's most recent annual report and other filings with the US Securities and Exchange Commission. Except as may be required by law, the Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such forward-looking statements. Scitex and the Scitex logo are registered trademarks and registered service marks of Scitex Corporation Ltd. Gojet, Grandjet, TURBOjet and Xljet+ are trademarks of Scitex Vision Ltd. Contact Yahel Shachar Chief Financial Officer Scitex Corporation Ltd. Tel: +972 3 607-5855 Fax: +972 3 607-5884 E-mail: Scitex Corporation Ltd. (An Israeli Corporation) and Subsidiaries Condensed Consolidated Statements of Income (U.S. Dollars in thousands, except per share data) Quarter ended September, 30 2004 2003 (Unaudited)(Unaudited) Revenues Sales $19,562 $15,739 Service and supplies 13,109 10,926 Total revenues 32,671 26,665 Cost of revenues Cost of sales 11,200 9,476 Cost of service and supplies 6,724 6,402 Total cost of revenues 17,924 15,878 Gross profit 14,747 10,787 Expenses Sales & marketing 4,529 3,697 General & administrative 3,929 3,807 Research & development, net 3,042 2,474 Amortization of intangible assets 1,522 1,446 Operating income (loss) 1,725 (637) Financial expense - net (22) (663) Other Income - net 586 3,711 Income before taxes on income 2,289 2,411 Taxes on income (551) 0 1,738 2,411 Share in losses of associated companies (145) (1,690) Minority interest in losses (income) of a subsidiary (494) 163 Net Income from continuing operations 1,099 884 Net Income from discontinued operation -- 4,079 Net Income $1,099 $4,963 Income per share - basic and diluted: continuing operations $0.03 $0.02 discontinued operation -- $0.10 Weighted average number of shares outstanding (in thousands) basic and diluted: 38,066 43,018 CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands) September 30 December 31 2004 2003 (Unaudited) (Audited) Assets Current assets: Cash and cash equivalents $97,938 $56,761 * Short-term investments 50,584 8,235 Restricted deposits 17,050 18,262 Total cash and short-term investments 165,572 83,258 Trade receivables 39,375 36,002 Other receivables 7,000 6,990 * Inventories 32,099 22,575 Current assets of discontinued operation 0 161,602 244,046 310,427 Investments and other non-current assets 14,464 6,781 Property plant and equipment - net 8,831 9,204 Goodwill and other intangible assets - net 22,408 23,499 Non-Current assets of discontinued operation 0 48,897 $289,749 $398,808 * Reclassified Liabilities and Shareholders' Equity Current liabilities: Short term debt and current maturities $38,323 $51,853 * Trade payables 19,753 14,505 Taxes on income, net of advances 18,045 29,517 Accrued and other liabilities 31,121 22,672 * Current liabilities related to discontinued operation 838 31,935 108,080 150,482 Long-term liabilities: Loans from banks 9,554 6,623 Loans from other 3,711 3,623 Liability for employee rights upon retirement 3,786 3,022 Long-term liabilities related to discontinued operation 0 5,431 17,051 18,699 Loans from related parties, convertible into subsidiary's shares 1,521 756 Minority interest 5,455 4,173 132,107 174,110 Shareholders' equity: Share capital 6,205 6,205 Capital surplus 278,283 368,104 Accumulated other comprehensive income (loss) 154 (552) Accumulated deficit (94,700) (144,852) Treasury shares, at cost (32,300) (4,207) 157,642 224,698 $289,749 $398,808 * Reclassified Scitex Vision Ltd. US Dollar in Thousands Three months ended September, 30 2004 2003 Unaudited Unaudited Revenues Equipment 19,562 15,739 Service and Consumables 13,109 10,926 Total Revenues 32,671 26,665 Gross Profit 14,747 10,787 * Expenses: S,G&A 7,646 6,847 * Research & Development 2,514 2,474 Amortization of Intangibles 932 1,161 11,092 10,482 Operating Income 3,655 305 Financial expenses (949) (685) Other Income (expenses) 95 (31) Tax on Income (531) 0 Net Income (Loss) 2,270 (411) * Reclassified DATASOURCE: Scitex Corporation Ltd. CONTACT: Yahel Shachar, Chief Financial Officer of Scitex Corporation Ltd., +972-3-607-5855, Fax: +972-3-607-5884, or Web site: http://www.scitex.com/

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SCIX Global X Scientific Beta Asia ex Japan ETF