Valor Computerized Systems Ltd. / Half Year Results
19.08.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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YAVNE, Israel August 19, 2008 - Valor Computerized Systems Ltd. [Prime
Standard: VCR], a global provider of productivity improvement software
solutions for the printed circuit board industry, announced today its
financial results for the period ending June 30, 2008.
Revenues in the first six months of 2008 were $21.4 Million, an increase of
2% as compared with $20.9 Million in the first six months of 2007. Revenues
in the second quarter of 2008 were $10.7 Million, an increase of 2% as
compared with $10.6 Million in the second quarter of 2007.
Positive cash flow from operating activities in the second quarter of 2008
was $5.7 Million, as compared with a negative cash flow from operating
activities of $66 thousand in the second quarter of 2007.
Net profit increased by 43% in the first six months of 2008, standing at
$2.1 Million as compared with $1.5 Million in the first six months of 2007.
Net profit in the second quarter of 2008 accumulated to $0.6 Million, an
increase of 6% as compared with $0.57 Million in the second quarter of
2007.
EBITDA increased by 16%, standing at $2.4 Million in the first six months
of 2008 as compared with $2.1 Million in the parallel period of the
previous year. EBITDA in the second quarter of 2008 was $0.8 Million, a
decrease of 10% as compared with $0.9 Million in the second quarter of
2007.
EBIT excluding a one-time expense was $2.1 Million in the first half of
2008, an increase of 81% as compared with $1.2 Million in the first half of
2007. The one-time expense of $0.7 Million was related mainly to the
retirement of the former CEO. In the second quarter of 2008, EBIT excluding
the one-time expense was $1 Million, an increase of more than 100% as
compared with $0.5 Million in the second quarter of 2007.
Earning per Share (diluted) in the first half of 2008 was $0.10, as
compared with $0.07 in the parallel period of the previous year.
Summary of Financial Data (in $US thousands, unless otherwise noted):<pre>
H1 / H1 / % Q2 / 2008 Q2 / 2007 %
2008
(Un- 2007
(Un- Ch- (Unaudit- (Unaudit- Ch-
audited) audited) ange ed) ed) ange
Product 12,396 12,626 (1. 6,137 6,173 (0.
Sales 8)% 6)%
Maintenance 8,966 8,226 9.0% 4,573 4,377 4.5%
Income
Total 21,362 20,852 2.4% 10,710 10,550 1.5%
Revenues
Gross 18,226 18,126 0.6% 9,173 9,247 (0.
Profit 8)%
One Time 731 0 100 731 0 100
Expense .0% .0%
EBITDA* 2,431 2,101 15. 773 863 (10
7% .4)%
EBIT* 1,347 1,150 17. 256 453 (43
1% .7)%
Net Profit* 2,083 1,456 43. 602 569 5.8%
0%
EPS in US$ 0.10 0.07 42. 0.03 0.03 0.0%
(diluted) 9%
Sharehold- 48,389 40,963 18. 48,389 40,963 18.
ers Equity 1% 1%
Total 61,988 53,913 15. 61,988 53,913 15.
Assets 0% 0%
Research & 5,822 6,895 (15 2,984 3,408 (12
Development .6)% .4)%
Employees 256 259 (1. 256 259 (1.
(Period 2)% 2)%
End)</pre>
* Including a one-time expense of $0.7 Million related mainly to
the retirement of the former CEO
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Information and Explaination of the Issuer to this News:
Some of the following statements are forward-looking in nature, and actual
results may differ materially:
'Q2 was a good quarter for Valor, despite the slowdown in global economy
and the weakness of the US$.' -- said Dan Hoz, Valors CEO -- 'In addition,
our efforts to improve overall profitability are working out well and we
saw a very nice increase in profits in the first six months of 2008,
visible all the way from EBITDA to Net profits, despite a one-time expense
of $0.7 Million related mainly to the retirement of the former CEO. We also
had a positive cash flow from operations of $5.7 Million, bringing our
current cash position to over $33 Million. In order to support our future
growth, we are currently exploring some M&A opportunities which we plan to
act on when the time is right, and our strong cash position will assist us
in doing so.'
'During the quarter we established 3 new OEM agreements with major machine
vendors, who will be selling our products together with their machines.
This will allow us to expand our distribution channels, mainly in the
Electronic Assembly Process Engineering arena at the moment. We are also in
the process of releasing new products for quality management and business
intelligence for electronics manufacturing. We see growing demand for
solutions in those areas, and we believe that our knowledge and technology
can allow us to come out with winning products for those markets' added
Hoz.
In addition to investing in its business development, Valor has recently
engaged in a process of repurchasing its own shares, up to a total of $US 3
Million (at management discretion). 'We consider this to be an attractive
investment opportunity for us and believe that it will also have a positive
contribution to the earnings per share. We have confidence in our long-term
growth and profitability, and have therefore chosen to engage in this
process.' explained Hoz.
The complete financial report can be downloaded from the Investor Relations
section on the Valor corporate website: www.valor.com
About Valor
Valor is a global provider of productivity improvement software solutions
for the printed circuit board, or PCB, manufacturing supply chain. PCBs are
the principal electronic interconnect technology used in the vast majority
of electronic products sold today. Valors solutions target three key
segments in the PCB manufacturing market: design of the physical layout of
the PCB, fabrication of the bare PCB, and assembly of PCB components. Valor
is listed on the Prime Standard of the Frankfurt Stock Exchange [WKN
928731]. More information about Valor can be found on www.valor.com.
Contact Information
Valor Corporate:
Alon Erlich, Valor Computerized Systems, Ltd.; IR@Valor.com; Tel:
+972-(0)8-943-2430
Risks Regarding Forward Looking Statements
Certain statements included herein are forward-looking in nature and,
accordingly, are subject to risks and uncertainties. Such forward-looking
statements include statements regarding the size and timing of the proposed
offering. These forward-looking statements are only predictions based on
our current expectations and projections about future events. Many
factors, including those indicated in the press release, as well as general
market conditions, could impact the realization of these forward-looking
statements. Valor wishes to caution prospective investors not to rely on
any such forward-looking statements as predictions of future events. Valor
does not undertake, and specifically disclaims any obligation, to update
any forward-looking statements, which speak only as of the date made. For
additional information, see our website at: www.valor.com/fls
DGAP 19.08.2008
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Language: English
Issuer: Valor Computerized Systems Ltd.
4 Faran Street
70600 Yavne
Israel
Phone: +972-(0)3 - 9432430
Fax: +972-(0)3 - 9432429
E-mail: IR@valor.com
Internet: www.valor.com
ISIN: IL0010845324
WKN: 928731
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Stuttgart, München, Düsseldorf
End of News DGAP News-Service
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DGAP-Adhoc: Valor Announces H1/2008 and Q2/2008 Results
| Source: EQS Group AG