Valor Computerized Systems Ltd. / Quarter Results
18.11.2009
Dissemination of an Ad hoc announcement according to § 15 WpHG, 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 - November 18, 2009 - 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, 2009.
Revenues in the third quarter of 2009 were $8.4M, a decrease of 9% as
compared with $9.2M in the previous quarter.
Operating profit in the third quarter of 2009 was $0.1M, as compared with
operating profit of $0.7M in the previous quarter.
Net profit in the third quarter of 2009, not including transaction related
costs associated with the definitive merger agreement signed between Mentor
Graphics and Valor, was $0.3M, as compared with net profit of $1.1M in the
previous quarter. Positive cash flow from operating activities during the
quarter accumulated to $0.3M.
Revenues in the first nine months of 2009 accumulated to $26.6M. Operating
profit during that period was $1.5M, and net profit was $2.2M, not
including transaction related costs associated with the definitive merger
agreement signed between Mentor Graphics and Valor.
The company has increased its cash position by $1M to $28.3M during the
three months ended September 30, 2009.
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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:
Referring to the financial results, Dan Hoz, Valor's CEO said: 'Valor
managed to show profitability and an increase in cash position despite Q3
being a traditionally weaker quarter, especially in a challenging year such
as this. So far, on an accumulative basis, our operating and net profits
have met and even exceeded our expectations. We are also happy to see the
continuous increase in cash position.'
'The positive trend in the assembly market and in the Far East that we
began to see in the previous quarter has manifested in strong business this
quarter. We are also continuing to develop our OEM business, and have
recently joined forces with Philips Electronics (Assembléon), to bring full
factory integration to Assembléon's pick and place equipment and deliver a
complete suite of software and tools for the electronics assembly
marketplace, in a first of its kind industry partnership', Hoz added.
On October 13, 2009, Valor announced the signing of a definitive merger
agreement for the acquisition of Valor by Mentor Graphics. Under the terms
of the agreement, which was approved by the boards of directors of both
companies, Valor shareholders will receive a combination of Mentor Graphics
common shares and cash for aggregate consideration equating to
approximately $4.60 per Valor share. Subject to satisfaction of regulatory
requirements and approval of Valor shareholders, as well as certain closing
conditions, the transaction is expected to close during the first calendar
quarter of 2010, after which Valor will become a wholly-owned subsidiary of
Mentor Graphics.
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
18.11.2009 Financial News distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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, München, Düsseldorf, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Valor Announces Financial Results for Q3/2009; Positive Cash Flow Trend Persists.
| Source: EQS Group AG