x
|
Form 20-F
|
o
|
Form 40-F
|
o
|
Yes
|
x
|
No
|
ELBIT SYSTEMS LTD.
(Registrant)
|
|||
By:
|
/s/ Ronit Zmiri
|
||
Name:
|
Ronit Zmiri
|
||
Title:
|
Corporate Secretary
|
Exhibit No.
|
Description
|
1.
|
Press Release dated November 16, 2011
|
Nine Months Ended
September 30
|
Three Months Ended
September 30
|
Year Ended
December 31
|
||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2010
|
||||||||||||||||
GAAP gross profit
|
590.3 | 566.0 | 204.1 | 197.9 | 797.9 | |||||||||||||||
Adjustments:
|
||||||||||||||||||||
Amortization of purchased intangible assets
|
23.0 | 14.6 | 7.5 | 5.6 | 25.0 | |||||||||||||||
Reorganization, restructuring and other related expenses(1)
|
- | - | - | - | 12.8 | |||||||||||||||
Non-GAAP gross profit
|
613.3 | 580.6 | 211.6 | 203.5 | 835.7 | |||||||||||||||
Percent of revenues
|
31.0% | 31.0% | 31.9% | 31.3% | 31.3% | |||||||||||||||
GAAP operating income
|
149.8 | 150.7 | 56.2 | 52.4 | 207.4 | |||||||||||||||
Adjustments:
|
||||||||||||||||||||
Amortization of intangible assets
|
42.7 | 32.5 | 14.1 | 10.9 | 47.7 | |||||||||||||||
Reorganization, restructuring and other
related expenses(1)
|
- | - | - | - | 16.4 | |||||||||||||||
Impairment of investments(2)
|
- | 0.7 | - | - | 1.3 | |||||||||||||||
Gain from changes in holdings(3)
|
- | (4.8) | - | - | (4.8) | |||||||||||||||
Non-GAAP operating income
|
192.5 | 179.1 | 70.3 | 63.3 | 268.0 | |||||||||||||||
Percent of revenues
|
9.7% | 9.6% | 10.6% | 9.7% | 10.0% | |||||||||||||||
GAAP net income attributable to Elbit Systems’ shareholders
|
103.3 | 139.8 | 36.5 | 45.3 | 183.5 | |||||||||||||||
Adjustments:
|
||||||||||||||||||||
Amortization of intangible assets
|
42.8 | 32.5 | 14.1 | 10.9 | 47.7 | |||||||||||||||
Reorganization, restructuring and other
related expenses(1)
|
- | - | - | - | 16.4 | |||||||||||||||
Impairment of investments(2)
|
0.5 | 0.7 | - | - | 1.3 | |||||||||||||||
Gain from changes in holdings(3)
|
- | (17.6 | ) | - | - | (17.6) | ||||||||||||||
Adjustment of loss (gain) from discontinued operations, net(4)
|
9.3 | - | 9.0 | - | (0.5) | |||||||||||||||
Related tax benefits
|
(9.9) | (4.2) | (3.2) | (2.1) | (8.9) | |||||||||||||||
Non-GAAP net income attributable to
Elbit Systems’ shareholders
|
146.0 | 151.2 | 56.4 | 54.1 | 221.9 | |||||||||||||||
Percent of revenues
|
7.4% | 8.1% | 8.5% | 8.3% | 8.3% | |||||||||||||||
Non-GAAP diluted net EPS
|
3.38 | 3.50 | 1.31 | 1.25 | 5.13 |
(1)
|
Adjustment of reorganization, restructuring, and other related expenses in 2010, are mainly due to write-off of inventories in the amount of approximately $13 million related to the acquisition of Soltam and ITL.
|
(2)
|
Adjustment of impairment in available for sale marketable securities (ARS and CDO) during 2011 and an impairment of ICI shares in 2010.
|
(3)
|
Adjustment of gain in the amount of $12.8 million from the sale of Mediguide shares, and adjustment of net gain in the amount of $4.8 million, related to revaluation of previously held investment, due to accounting treatment as business combination achieved in stages during 2010.
|
(4)
|
Adjustment of loss from discontinued operations, net of tax and minority interests related to impairment of held-for sale investments acquired during 2010, as part of the acquisition of the Mikal group of companies.
|
Company Contact:
Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.
|
IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: 1-646-201-9246
elbitsystems@ccgisrael.com
|
September 30
|
December 31
|
|||||||
2011
|
2010
|
|||||||
Unaudited
|
Audited
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 91,229 | $ | 151,059 | ||||
Short-term bank deposits and trading marketable securities
|
24,897 | 63,486 | ||||||
Trade and unbilled receivables, net
|
699,775 | 702,364 | ||||||
Other receivables and prepaid expenses
|
163,176 | 166,124 | ||||||
Inventories, net of customers advances
|
789,461 | 665,270 | ||||||
Total current assets
|
1,768,538 | 1,748,303 | ||||||
Investment in affiliated companies, partnership and other companies
|
104,043 | 88,116 | ||||||
Available for sale marketable securities
|
9,457 | 7,179 | ||||||
Long-term trade and unbilled receivables
|
159,073 | 90,343 | ||||||
Long-term bank deposits and other receivables
|
23,534 | 44,401 | ||||||
Deferred income taxes, net
|
28,477 | 29,892 | ||||||
Severance pay fund
|
293,328 | 302,351 | ||||||
617,912 | 562,282 | |||||||
Property, plant and equipment, net
|
517,154 | 503,851 | ||||||
Goodwill and other intangible assets, net
|
778,270 | 799,639 | ||||||
Total assets
|
$ | 3,681,874 | $ | 3,614,075 | ||||
Liabilities and Shareholders' Equity
|
||||||||
Short-term bank credit and loans
|
$ | 52,391 | $ | 15,115 | ||||
Current maturities of long-term loans and Series A Notes
|
72,627 | 43,093 | ||||||
Trade payables
|
280,908 | 360,736 | ||||||
Other payables and accrued expenses
|
659,828 | 648,121 | ||||||
Customer advances in excess of costs incurred on contracts in progress
|
410,532 | 302,691 | ||||||
1,476,286 | 1,369,756 | |||||||
Long-term loans, net of current maturities
|
348,242 | 292,039 | ||||||
Series A Notes and convertible debentures, net of current maturities
|
240,728 | 273,357 | ||||||
Accrued termination liabilities
|
382,590 | 395,303 | ||||||
Deferred income taxes and tax liabilities, net
|
49,091 | 55,936 | ||||||
Customer advances in excess of costs incurred on contracts in progress
|
148,743 | 177,191 | ||||||
Other long-term liabilities
|
54,102 | 45,042 | ||||||
1,223,496 | 1,238,868 | |||||||
Elbit Systems Ltd.'s shareholders' equity
|
952,963 | 966,693 | ||||||
Non-controlling interests
|
29,129 | 38,758 | ||||||
Total shareholders' equity
|
982,092 | 1,005,451 | ||||||
Total liabilities and shareholders' equity
|
$ | 3,681,874 | $ | 3,614,075 |
Nine Months Ended
September 30
|
Three Months Ended
September 30
|
Year Ended
December 31
|
||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
2010
|
||||||||||||||||
Unaudited
|
Audited
|
|||||||||||||||||||
Revenues
|
1,975,602 | 1,871,384 | 663,712 | 649, 906 | 2,670,133 | |||||||||||||||
Cost of revenues
|
1,385,287 | 1,305,372 | 459,577 | 452,000 | 1,872,263 | |||||||||||||||
Gross profit
|
590,315 | 566,012 | 204,135 | 197,906 | 797,870 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development, net
|
165,136 | 165,660 | 55,533 | 56,149 | 234,131 | |||||||||||||||
Marketing and selling
|
170,829 | 164,053 | 58,401 | 59,122 | 229,942 | |||||||||||||||
General and administrative
|
104,587 | 90,369 | 33,992 | 30,228 | 131,200 | |||||||||||||||
Other income, net
|
- | (4,756 | ) | - | - | (4,756 | ) | |||||||||||||
440,552 | 415,326 | 147,926 | 145,499 | 590,517 | ||||||||||||||||
Operating income
|
149,763 | 150,686 | 56,209 | 52,407 | 207,353 | |||||||||||||||
Financial expenses, net
|
(23,120 | ) | (9,658 | ) | (3,108 | ) | (5,521 | ) | (21,251 | ) | ||||||||||
Other income, net
|
1,355 | 13,439 | 981 | 350 | 13,259 | |||||||||||||||
Income before taxes on income
|
127,998 | 154,467 | 54,082 | 47,236 | 199,361 | |||||||||||||||
Income taxes
|
20,565 | 21,606 | 9,846 | 4,791 | 24,037 | |||||||||||||||
107,433 | 132,861 | 44,236 | 42,445 | 175,324 | ||||||||||||||||
Equity in net earnings of affiliated companies and partnership
|
10,626 | 13,205 | 4,207 | 3,905 | 18,796 | |||||||||||||||
Income from continued operations
|
118,059 | 146,066 | 48,443 | 46,350 | 194,120 | |||||||||||||||
Income (loss) from discontinued operations, net
|
(15,630 | ) | - | (15,180 | ) | - | 921 | |||||||||||||
Net income
|
102,429 | 146,066 | 33,263 | 46,350 | 195,041 | |||||||||||||||
Less: net loss ( income) attributable to non-controlling interests
|
901 | (6,254 | ) | 3,243 | (1,099 | ) | (11,543 | ) | ||||||||||||
Net income attributable to Elbit Systems Ltd.'s shareholders
|
103,330 | 139,812 | 36,506 | 45,251 | 183,498 | |||||||||||||||
Earnings per share attributable to Elbit Systems Ltd.'s ordinary shareholders:
|
||||||||||||||||||||
Basic net earnings per share:
|
||||||||||||||||||||
Continuing operations
|
2.63 | 3.28 | 1.06 | 1.06 | 4.28 | |||||||||||||||
Discontinued operations
|
(0.22 | ) | - | (0.21 | ) | - | 0.02 | |||||||||||||
Total
|
2.41 | 3.28 | 0.85 | 1.06 | 4.30 | |||||||||||||||
Diluted net earnings per share:
|
||||||||||||||||||||
Continuing operations
|
2.61 | 3.23 | 1.06 | 1.05 | 4.24 | |||||||||||||||
Discontinued operations
|
(0.22 | ) | - | (0.21 | ) | - | 0.01 | |||||||||||||
Total
|
2.39 | 3.23 | 0.85 | 1.05 | 4.25 | |||||||||||||||
Weighted average number of shares used in
computation of basic earnings per share |
42,774 | 42,631 | 42,809 | 42,671 | 42,645 | |||||||||||||||
Weighted average number of shares used in
computation of diluted earnings per share |
43,179 | 43,226 | 43,074 | 43,165 | 43,217 | |||||||||||||||
Amounts attributable to Elbit Systems Ltd.'s common shareholders
|
||||||||||||||||||||
Income from continued operations, net of tax
|
112,615 | 139,812 | 45,523 | 45,251 | 182,577 | |||||||||||||||
Discontinued operations, net of tax
|
(9,285 | ) | - | (9,017 | ) | - | 921 | |||||||||||||
Net income
|
103,330 | 139,812 | 36,506 | 45,251 | 183,498 |
Nine Months Ended
|
Year Ended
|
|||||||||||
September 30,
|
December 31
|
|||||||||||
2011
|
2010
|
2010
|
||||||||||
Unaudited
|
Audited
|
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net income
|
102,429 | 146,066 | 195,041 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
112,007 | 93,669 | 132,141 | |||||||||
Write-off impairment and discontinued operations
|
15,630 | 717 | 363 | |||||||||
Stock based compensation
|
831 | 4,254 | 5,211 | |||||||||
Amortization of Series A Notes discounts and related issuance costs
|
330 | 103 | (3,664 | ) | ||||||||
Deferred income taxes and reserve, net
|
(12,183 | ) | (9,068 | ) | (28,162 | ) | ||||||
Gain on sale of property, plant and equipment
|
(1,088 | ) | (1,978 | ) | (2,600 | ) | ||||||
Loss (gain) on sale of investment
|
520 | (19,178 | ) | (19,151 | ) | |||||||
Equity in net earnings of affiliated companies and partnership, net of dividend received(*)
|
3,679 | (4,735 | ) | (8,418 | ) | |||||||
Change in operating assets and liabilities:
|
||||||||||||
Increase in short and long-term trade receivables, and prepaid expenses
|
(76,827 | ) | (65,959 | ) | (81,121 | ) | ||||||
Increase in inventories, net
|
(123,555 | ) | (48,282 | ) | (49,724 | ) | ||||||
Increase (decrease) in trade payables, other payables and accrued expenses
|
(68,129 | ) | 12,745 | 76,808 | ||||||||
Severance, pension and termination indemnities, net
|
(5,056 | ) | 2,129 | 4,160 | ||||||||
Increase (decrease) in advances received from customers
|
62,594 | (36,843 | ) | (36,396 | ) | |||||||
Net cash provided by operating activities
|
11,182 | 73,640 | 184,488 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||||||
Purchase of property, plant and equipment
|
(92,484 | ) | (105,397 | ) | (138,644 | ) | ||||||
Acquisitions of subsidiaries and business operations
|
(12,173 | ) | (34,566 | ) | (229,556 | ) | ||||||
Investments in affiliated companies and other companies
|
(13,401 | ) | (1,192 | ) | (4,956 | ) | ||||||
Proceed from sale of property, plant and equipment
|
11,232 | 7,732 | 11,841 | |||||||||
Proceed from sale of investments
|
- | 12,751 | 27,941 | |||||||||
Investment in long-term deposits, net
|
23,102 | 5,006 | 15,756 | |||||||||
Investment in short-term deposits and available for sale securities, net
|
36,347 | 6,387 | 63,205 | |||||||||
Net cash used in investing activities
|
(47,377 | ) | (109,279 | ) | (254,413 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds from exercise of options
|
2,974 | 4,084 | 3,590 | |||||||||
Purchase of non-controlling interests
|
(71,000 | ) | - | - | ||||||||
Repayment of long-term bank loans
|
(66,930 | ) | (246,146 | ) | (488,657 | ) | ||||||
Proceeds from long-term bank loans
|
143,395 | 159,000 | 387,692 | |||||||||
Proceeds from issuance of Series A Notes
|
- | 283,213 | 283,213 | |||||||||
Series A Notes issuance costs
|
- | (2,185 | ) | (2,164 | ) | |||||||
Dividends paid
|
(46,235 | ) | (47,990 | ) | (63,137 | ) | ||||||
Tax benefit in respect of options exercised
|
- | - | 710 | |||||||||
Purchase of convertible debentures
|
(2,121 | ) | - | - | ||||||||
Change in short-term bank credit and loans, net
|
49,782 | - | (40,972 | ) | ||||||||
Repayment of long-term debentures
|
(33,500 | ) | - | - | ||||||||
Net cash provided by (used in) financing activities
|
(23,635 | ) | 149,976 | 80,275 | ||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(59,830 | ) | 114,337 | 10,350 | ||||||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
|
151,059 | 140,709 | 140,709 | |||||||||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
|
91,229 | 255,046 | 151,059 | |||||||||
* Dividend received from affiliated companies and partnership
|
14,107 | 8,689 | 10,925 |
CONSOLIDATED REVENUES BY AREAS OF OPERATION:
|
|||||||||||||||||||||||||||||||||
Nine Months Ended
|
Three Months Ended
|
||||||||||||||||||||||||||||||||
September 30
|
September 30
|
||||||||||||||||||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||||||||||||||||||
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
||||||||||||||||||||||||||
Airborne systems
|
695.2 | 35.2 | 552.3 | 29.5 | 234.7 | 35.4 | 194.2 | 29.9 | |||||||||||||||||||||||||
Land systems
|
284.1 | 14.4 | 312.7 | 16.7 | 104.3 | 15.7 | 94.2 | 14.5 | |||||||||||||||||||||||||
C4ISR systems
|
704.7 | 35.7 | 674.1 | 36.0 | 232.8 | 35.1 | 266.8 | 41.1 | |||||||||||||||||||||||||
Electro-optics
|
197.9 | 10.0 | 243.3 | 13.0 | 60.8 | 9.1 | 75.1 | 11.5 | |||||||||||||||||||||||||
Other (mainly non-defense engineering and production services)
|
93.7 | 4.7 | 89.0 | 4.8 | 31.1 | 4.7 | 19.6 | 3.0 | |||||||||||||||||||||||||
Total
|
1,975.6 | 100.0 | 1,871.4 | 100.0 | 663.7 | 100.0 | 649.9 | 100.0 | |||||||||||||||||||||||||
CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:
|
|||||||||||||||||||||||||||||||||
Nine Months Ended
|
Three Months Ended
|
||||||||||||||||||||||||||||||||
September 30
|
September 30
|
||||||||||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||||||||
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
$ millions
|
%
|
||||||||||||||||||||||||||
Israel
|
511.4 | 25.9 | 458.8 | 24.5 | 155.5 | 23.4 | 182.5 | 28.1 | |||||||||||||||||||||||||
United States
|
652.1 | 33.0 | 589.6 | 31.5 | 225.0 | 33.9 | 187.8 | 28.9 | |||||||||||||||||||||||||
Europe
|
352.9 | 17.9 | 390.2 | 20.9 | 110.5 | 16.7 | 116.4 | 17.9 | |||||||||||||||||||||||||
Other countries
|
459.2 | 23.2 | 432.8 | 23.1 | 172.7 | 26.0 | 163.2 | 25.1 | |||||||||||||||||||||||||
Total
|
1,975.6 | 100.0 | 1,871.4 | 100.0 | 663.7 | 100.0 | 649.9 | 100.0 | |||||||||||||||||||||||||
|