NEW YORK, May 16, 2005 (PRIMEZONE) -- Lapis Technologies Inc. (OTCBB:LPST) today filed its quarterly report on Form 10-QSB for the quarter ended March 31st 2005 with a surge in revenue of 48.5% for the quarter ended March 31st 2005 versus the same quarter for the prior year. Revenue was reported as $1,665,000 for the first quarter of 2005 as compared to revenue of $1,121,000 for the first quarter in 2004. In addition Lapis Technologies Inc. reported a significant jump in net income of 178% for the quarter ended March 31st 2005 versus the same quarter for the prior year. The net income reported for the first Quarter of 2005 was $50,000 as compared to $18,000 for the first Quarter of 2004.
Harry Mund, the CEO of Lapis Technologies was proud to report the Company's progress and explains the jump in revenues and earnings as a result of both a strong demand in the commercial market for electronic products as well as an improved military market for automatic testing devices and military systems which directly affect the sales of Lapis Technologies Inc.'s subsidiaries in Israel: Enertec Electronics, Ltd and Enertec Systems 2001 Inc. In addition to this Lapis Technologies Inc. remains committed to focusing on expanding gross profit margins by identifying clients and projects that have high profit potential and repeat order capacity as reflected in the Company's rise in net income.
Lapis Technologies Inc. was formed in Delaware on January 31, 2002. Lapis Technologies Inc. conducts operations in Israel through its wholly owned subsidiaries, Enertec Electronics Ltd, Enertec Management Ltd, and its 55% owned subsidiary Enertec Systems 2001 Inc. Lapis Technologies Inc., through its subsidiaries, manufactures and distributes electronic components and products relating to power supplies, converters and related power conversion products, automatic test equipment (ATE), simulators and various military and airborne systems.
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Lapis Technologies Inc. could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion and changes in the general economic climate. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward looking statements are reasonable, such statement s should not be regarded as a representation by the company or any other person, that such forward-looking statement will be achieved. We undertake no duty to update any of the forward-looking statements whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our company, review our SEC filings or circumstances after the date hereof that bear upon forward looking statements.