DGAP-Adhoc: Valor Announces Q3/2008 and Nine Months Results


Valor Computerized Systems Ltd. / Quarter Results

12.11.2008 

Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------

YAVNE, Israel – November 12, 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 September 30, 2008.

Revenues in the first nine months of 2008 were $31.4 Million, similar to
the revenues in the first nine months of 2007.

Operating income for the first nine months of 2008, not including issuance
costs in amount of $1.4 Million and a one-time expense of $0.7 Million
related mainly to the retirement of the previous CEO, was $2.8 Million, or
9% of revenues, representing a growth of 46% in operating margin as
compared with the first nine months of 2007.

Net income for the first nine months of 2008 not including the issuance
costs and one-time expense, net of tax, was $2.7 Million, or 8.6% of
revenues, representing a growth of 23% in net profit as compared with the
first nine months of 2007.

Earnings per Share (diluted) in the first nine months of 2008 was $0.06, as
compared with $0.10 in the parallel period of the previous year.

Revenues in the third quarter of 2008 were $10 Million, a decrease of 5% as
compared with $10.6 Million in the third quarter of 2007.

In the third quarter of 2008, EBITDA before issuance costs was $1.3
Million, as compared with $1.4M in the third quarter of 2007.

Net loss including issuance costs was $0.7 Million in the third quarter of
2008, as compared with a net profit of $0.7 Million in the third quarter of
2007.

Summary of Financial Data (in $US thousands, unless otherwise noted):<pre>

   1-9/08  1-9/07  %  Q3/08  Q3/07  %
   (Unaudited) (Unaudited) Change  (Unaudited) (Unaudited) Change
Product Sales  17,637   18,826   (6.3)%  5,242   6,200   (15.5)%
Maintenance Income 13,725   12,582   9.1%  4,759   4,356   9.3%
Total Revenues  31,363   31,408   (0.1)%  10,001   10,556   (5.3)%
Gross Profit  26,735   27,082   (1.3)%  8,510   8,956   (5.0)%
Issuance Costs  1,422  -  100%  1,422  -  100%
One Time Expense 731  -  100%  -  -  -
EBITDA*   2,273   3,457   (34.3)%  (158)  1,356   (111.7)%
EBIT*   671   1,936   (65.4)%  (674)  786   (185.7)%
Net Profit*  1,333   2,199   (39.4)%  (748)  743   (200.7)%
EPS in US$ (diluted) 0.06  0.10   (40.0)%  (0.04)  0.03   (233.0)%
Shareholder’s Equity 45,908   43,554   5.4%  45,908   43,554   5.4%
Total Assets  57,740   56,537   2.1%  57,740   56,537   2.1%
Research & Development 8,572   10,047   (14.7)%  2,750   3,152   (12.8)%
Employees (Period End) 256   264   (3.0)%  256   264   (3.0)%</pre>


* Including issuance costs, and a one-time expense related mainly to the
retirement of the former CEO, totalling $2.2 Million

---------------------------------------------------------------------------

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:

'The industry is rapidly catching up with the global economic conditions,'
said Dan Hoz, Valor’s CEO. 'and we are beginning to witness a slowdown in
the assembly market in the form of delays in orders from electronics
manufacturers, although we have not seen any cancellations. Overall,
despite market conditions and negative exchange rate differences, the
company still continues to show stability. Our revenues in the design
market remain stable, and our operating and net profit margins in the first
nine months, not including issuance costs and a one-time expense, represent
an increase over 2007 figures.'

'Like many other companies, we are using this time to prepare ourselves for
breaking forward once the crisis is behind us - on one hand, strengthening
our infrastructure and focusing our portfolio on products that are more
mandatory for the industry and are more cost-savings-oriented, and on the
other hand, exploring various cost saving measures, whose effect should
prove to be even greater once the crisis is over than it would now. In
parallel, we continue to seek expansion of our product distribution via
profitable channels such as OEM agreements, as well as pursue our M&A-based
growth strategy, relying on our strong cash position and financial
firmness.'

'Despite market conditions, we have confidence in our long-term growth and
profitability and in our ability to come out of this downturn stronger, and
we manage our strategic plans accordingly,' Hoz concluded.

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.  Valor’s 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 12.11.2008 
---------------------------------------------------------------------------
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
---------------------------------------------------------------------------