UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
____________________
FORM
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the Month of March 2010
_______________________
Commission
File Number 000-28998
ELBIT
SYSTEMS LTD.
(Translation
of Registrant’s Name into English)
Advanced
Technology Center, P.O.B. 539, Haifa 31053, Israel
(Address
of Principal Corporate Offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
|
x
|
Form
20-F
|
|
o |
Form
40-F
|
Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(1): o
Note
: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form
6-K if submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if
the registrant is submitting the Form 6-K in paper as permitted by Regulation
S-T Rule 101(b)(7): o
Note
: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K submitted to furnish a report or other document that the registrant
foreign private issuer must furnish and make public under the laws of the
jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant’s “home country”), or under the rules of the home
country exchange on which the registrant’s securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant’s security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark
whether the registrant by furnishing the information contained in this form is
also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934: o
|
o
|
Yes
|
x
|
No
|
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-______________
Attached
hereto as Exhibit 1 and incorporated herein by reference is the Registrant’s
press release dated March 10, 2010.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
ELBIT
SYSTEMS LTD.
(Registrant)
|
|||
|
By:
|
/s/ Ronit
Zmiri
|
||
|
Name:
|
Ronit
Zmiri
|
||
|
Title:
|
Corporate
Secretary
|
||
Dated: March
10, 2010
EXHIBIT
INDEX
|
Exhibit
No.
|
Description
|
|
1.
|
Press
Release dated March 10, 2010
|
ELBIT
SYSTEMS REPORTS
FOURTH
QUARTER AND FULL YEAR 2009 RESULTS
2009
revenues increased by 7.4% YoY to $2,832 million;
Net
profit of $215 million and EPS of $5.00;
Backlog
of orders over $5 billion
Haifa, Israel, March 10, 2010 – Elbit
Systems Ltd. (the “Company”) (NASDAQ: ESLT, TASE: ESLT), the
international defense electronics company, today reported its consolidated
results for the fourth quarter and full year ended December 31,
2009.
Fourth
quarter 2009 results:
Revenues for the fourth
quarter of 2009 increased by 2.4% to
$714.7 million, as compared to $697.9 million in the fourth quarter of
2008.
Gross profit for the fourth
quarter of 2009 increased by 5.3% to
$212.0 million (29.7% of revenues), as compared to gross profit of $201.4
million (28.9% of revenues) in the fourth quarter of 2008.
Net research and development
expenses for the fourth quarter of 2009 were $61.8 million (8.7%
of revenues), as compared to $63.9 million (9.2% of revenues) in the fourth
quarter of 2008.
Marketing and selling expenses
for the fourth quarter of 2009 were $59.4 million (8.3% of revenues), as
compared to $41.9 million (6.0% of revenues) in the fourth quarter of 2008. The
increased level of marketing and selling expenses in the quarter reflected
increased efforts by the Company in pursuit of a wide range of business
opportunities in various international markets.
General and administrative
expenses for the fourth quarter of 2009 were $32.5 million (4.5%
of revenues), as compared to $32.4 million (4.6% of revenues) in the fourth
quarter of 2008.
Net financial expenses for the
fourth quarter of 2009 were $7.4 million, as
compared to $3.8 million in the fourth quarter of 2008.
Taxes on income for the fourth
quarter of 2009 were $0.4 million
(effective tax rate of 0.8%), as compared to taxes on income of $26.3 million
(effective tax rate of 17.7%) in the fourth quarter of 2008. The change in the
effective tax rate was attributable mainly to the mix of the tax rates in the
various tax jurisdictions in which the Company’s entities generate taxable
income, as well as tax adjustments from prior years in some of the Company’s
subsidiaries.
Equity in net earnings of affiliated
companies and partnership for the fourth quarter of 2009 decreased to $4.9
million (0.7% of revenues), as compared to $6.4 million (0.9% of revenues) in
the fourth quarter of 2008.
-1-
Earning Release
Net income attributable to
non-controlling interests for the fourth quarter of 2009 was $3.0 million, as
compared to $23.3 million in the fourth quarter of 2008. The decrease in net
income attributable to non-controlling interests was mainly a result of the
Company’s purchase during the second quarter of 2009 of the remaining 49% of
Kinetics Ltd.’s shares. Subsequently, Kinetics became a wholly-owned subsidiary
of Elbit Systems.
During
the fourth quarter of 2008, the Company sold its holdings in Mediguide Inc., a
non-core subsidiary in which the Company owned a 41.3% interest on a fully
diluted basis, to St. Jude Medical. The Company recorded a net income of $74.4
million in the fourth quarter of 2008 from this sale. In addition, there was a
one-time impairment charge of $10.5 million relating to Sandel Avionics, Inc., a
U.S. company in which the Company invested $12.4 million in 2007. Thus the
aggregate contribution to the 2008 fourth quarter’s results from these one-time
effects was an additional $63.9 million to net profit.
Net income attributable to the
Company’s ordinary shareholders for the fourth quarter of 2009 was $53.7
million (7.5% of revenues), as compared with $105.3 million (15.1% of revenues)
in the fourth quarter of 2008. Excluding the gain due to Mediguide’s sale and
the Sandel write-off mentioned above, net income for the fourth quarter of 2008
was $41.4 million.
Diluted net earnings per share
attributable to the Company’s ordinary shareholders for the
fourth quarter of 2009 were $1.24, as compared with $2.48 for the fourth quarter
of 2008. Excluding the above-mentioned gain due to the Mediguide sale and the
Sandel write-off, earnings attributable to the Company’s ordinary shareholders
was $0.98 per share for the fourth quarter of 2008.
Full
year 2009 results:
Revenues for the year ended
December 31, 2009 increased by 7.4% to
$2,832 million, as compared to $2,638 million in the year ended December 31,
2008. The growth in the Company’s revenues was driven by an increase in sales in
the Airborne Systems, Electro-optics and C4I Systems’ areas of
operations.
Gross profit for the year
ended December 31, 2009 increased by 10.7% to
$849.5 million (30.0% of revenues), as compared with gross profit of $767.4
million (29.1% of revenues) in the year ended December 31, 2008. The improved
gross profit margin in 2009 was a result mainly of the mix of our programs, the
Company’s focus on improving operating efficiencies and the strengthening of the
U.S. dollar against the NIS.
Net research and development
expenses for the year ended December 31, 2009 were $216.8 million
(7.7% of revenues), as compared to $185.0 million (7.0% of revenues) in the year
ended December 31, 2008. The increased rate of R&D expenses in 2009 was
primarily a result of accelerated development programs, related to technology
and products in all areas of our operations, as well as increased engineering
activities to support marketing efforts worldwide.
Marketing and selling expenses
for the year ended December 31, 2009 were $251 million (8.9%
of revenues), as compared to $198.3 million (7.5% of revenues) in the year ended
December 31, 2008. The increase in 2009 is mainly due to enhanced marketing
efforts in existing markets, such as the United States and Brazil, as well as
development of markets relatively new to us such as Australia and certain
European countries.
-2-
Earning
Release
General and administrative
(“G&A”) expenses for the year ended December 31, 2009 were $119.3 million 4.2%
of revenues), as compared to $134.2 million (5.1% of revenues) in the year ended
December 31, 2008. The decrease in the total dollar amount in G&A expenses
in 2009 compared to 2008 was due in part to costs incurred in 2008 related to
the settlement agreement relating to the lawsuit between IS&S and Kollsman.
In general, the Company reduced its G&A expenses due to efficient management
of expenses as well as the strengthening of the U.S. dollar against NIS in 2009
compared to 2008.
Net financial expenses for the
year ended December 31, 2009 were $15.6 million, as
compared to $36.8 million in the year ended December 31, 2008. The net finance
expenses in 2008 included the impact of the other-than-temporary decline in the
value of our auction rate securities in the amount of $18.7 million. Our net
financing expenses in 2009 were also positively impacted by lower interest rates
in the market.
Taxes on income for the year
ended December 31, 2009 were $38.1 million
(effective tax rate of 15.4%), as compared to taxes on income of $54.4 million
(effective tax rate of 17.7%) in the year ended December 31, 2008. The change in
the effective tax rate was attributable mainly to the mix of the tax rates in
the various tax jurisdictions in which the Company’s entities generate taxable
income, as well as tax adjustments from prior years’ in some of the Company’s
subsidiaries.
Equity in net earnings of affiliated
companies and partnership for the year ended December 31, 2009 increased to $19.3
million (0.7% of revenues), as compared to $14.4 million (0.5% of revenues) in
the year ended December 31, 2008. This was a result of both growth in revenues
and operational improvements in those entities.
Net income attributable to
non-controlling interests for the year ended December 31, 2009 was $13.6 million, as
compared to $62.4 million in the year ended December 31, 2008. The decrease in
net income attributable to non-controlling interests was mainly a result of the
Company’s purchase of the remaining 49% of Kinetics Ltd.’s shares during the
second quarter of 2009, subsequently making Kinetics a wholly-owned
subsidiary.
Net income attributable to the
Company’s ordinary shareholders for the year ended December 31, 2009 increased by 5.3% to
$214.9 million (7.6% of revenues), as compared with $204.2 million (7.7% of
revenues) in the year ended December 31, 2008. Net income in 2008 included a net
gain of $63.9 million related to Mediguide and Sandel, as mentioned
above.
Diluted net earnings per share
attributable to the
Company’s ordinary
shareholders for the year ended December 31, 2009 were $5.00, as compared
with $4.78 for the year ended December 31,
2008, an increase of 4.6%. Excluding the above-mentioned gain due to the
Mediguide sale and the Sandel write-off, earnings attributable to the Company’s
ordinary shareholders were $3.28 per share in 2008.
The Company’s backlog of
orders for the year ended December 31, 2009 totaled $5,044 million,
as compared with $5,030 million as of December 31, 2008. Approximately 65% of
the current backlog is due to orders from outside Israel. Approximately 72% of
the current backlog is scheduled to be performed during 2010 and
2011.
Operating cash flow
for the year ended
December 31, 2009 was $209.7 million, as compared to
$209.4 million in the year ended December 31, 2008.
-3-
Earning
Release
Management
Comment:
“2009
caps another good year for Elbit Systems,” commented Mr. Joseph Ackerman,
President and CEO of Elbit Systems. “This was a year of building on our internal
competencies while acquiring complementary technologies and broadening our
offerings to the defense market. We grew our revenues level, while generating
continued strong profitability and cash flow, despite a tough year for the world
economy.”
Mr.
Ackerman continued, “Over the past few years, our R&D efforts and
investments were based on our analysis of the direction of the global defense
industry. Our read has so far proven us correct and we invested in areas which
have become relevant in today’s market environment. In particular, we correctly
foresaw the shift of defense budgets into unmanned vehicles and systems as well
as the digitization of the battlefield, and have built up significant
competitive assets in these areas. We continued to broaden our product range,
our operations and customer base are becoming even more global, and we are
continually enhancing our foundation as one of the leaders in the defense
electronics industry. Looking ahead, we believe that Elbit Systems is well
positioned strategically, operationally, and financially for the coming
years.”
Dividend:
The Board of Directors declared a
dividend of $0.36 per share for the fourth quarter of 2009. The dividend’s record date
is March 31, 2010, and the dividend will be paid on April 12, 2010, net of taxes
and levies, at the rate of 16.03%.
Conference
Call
The
Company will host a conference call today, Wednesday, March 10, 2010, at 10:00am
EST. On the call, management will review and discuss the Company’s fourth
quarter and year end 2009 results and will be available to answer
questions.
To
participate, please call one of the teleconferencing numbers that follow. If you
are unable to connect using the toll-free numbers, please try the international
dial-in number.
US
Dial-in Numbers: 1 888 668 9141
UK
Dial-in Number: 0 800 917 5108
ISRAEL
Dial-in Number: 03 918 0609
INTERNATIONAL
Dial-in Number: +972 3 918 0609
at:
10:00am Eastern Time; 7:00am Pacific Time; 3:00pm UK Time; 5:00pm Israel
Time
This call
will also be broadcast live on Elbit Systems’ web-site at http://www.elbitsystems.com.
An online replay will be available from 24 hours after the call
ends.
Alternatively,
for two days following the call, investors will be able to dial a replay number
to listen to the call. The dial-in numbers are:
1
888 326 9310 (US) or +972 3 925 5925 (Israel and International).
-4-
Earning
Release
About Elbit
Systems
Elbit
Systems Ltd. is an international defense electronics company engaged in a wide
range of programs throughout the world. The Company, which includes Elbit
Systems and its subsidiaries, operates in the areas of aerospace, land and naval
systems, command, control, communications, computers, intelligence surveillance
and reconnaissance (“C4ISR”), unmanned aircraft systems (“UAS”), advanced
electro-optics, electro-optic space systems, EW suites, airborne warning
systems, ELINT systems, data links and military communications systems and
radios. The Company also focuses on the upgrading of existing military
platforms, developing new technologies for defense, homeland security and
commercial aviation applications and providing a range of support services. For
additional information, visit: www.elbitsystems.com.
Attachments:
Consolidated
balance sheet
Consolidated
statements of income
Condense
consolidated statements of cash flow
Consolidated
revenue distribution by areas of operation and by geographical
regions
|
Company
Contact:
Joseph
Gaspar, Executive VP & CFO
Dalia
Rosen, Head of Corporate Communications
Elbit
Systems Ltd.
Tel: +972-4-831-6663
Fax:
+972-4-831-6944
|
IR
Contact:
Ehud
Helft / Kenny Green
CCG
Investor Relations
+1-646-201-9246
|
|
|
E-mail:
|
j.gaspar@elbitsystems.com
|
elbitsystems@ccgisrael.com |
|
dalia.rosen@elbitsystems.com
|
||
This
press release contains forward looking statements (within the meaning of Section
27A of the Securities Act of 1933, as amended and Section 21E of the Securities
Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or its
subsidiaries (collectively the Company), to the extent such statements do not
relate to historical or current fact. Forward Looking Statements are
based on management’s expectations, estimates, projections and
assumptions. Forward looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, as
amended. These statements are not guarantees of future performance
and involve certain risks and uncertainties, which are difficult to
predict. Therefore, actual future results, performance and trends may
differ materially from these forward looking statements due to a variety of
factors, including, without limitation: scope and length of customer contracts;
governmental regulations and approvals; changes in governmental budgeting
priorities; general market, political and economic conditions in the countries
in which the Company operates or sells, including Israel and the United States
among others; differences in anticipated and actual program performance,
including the ability to perform under long-term fixed-price contracts; and the
outcome of legal and/or regulatory proceedings. The factors listed
above are not all-inclusive, and further information is contained in Elbit
Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S.
Securities and Exchange Commission. All forward looking statements speak only as
of the date of this release. The Company does not undertake to update its
forward-looking statements.
(FINANCIAL
TABLES TO FOLLOW)
-5-
Earning Release
ELBIT SYSTEMS
LTD.
CONSOLIDATED BALANCE
SHEETS
(In
thousands of US Dollars)
|
December
31
2009 |
December
31
2008 |
|||||||
|
Audited
|
Audited
|
|||||||
|
Assets
|
||||||||
|
Current
assets:
|
||||||||
|
Cash
and cash equivalents
|
140,709 | 204,670 | ||||||
|
Short-term
bank deposits
|
115,924 | 69,642 | ||||||
|
Available
for sale marketable securities
|
23,639 | 3,731 | ||||||
|
Trade
receivables, net
|
659,524 | 477,010 | ||||||
|
Other
receivables and pre-paid expenses
|
115,856 | 211,988 | ||||||
|
Inventories,
net of advances
|
569,848 | 644,107 | ||||||
|
Total
current assets
|
1,625,500 | 1,611,148 | ||||||
|
Investment
in affiliated companies, partnership
and other companies
|
88,759 | 62,300 | ||||||
|
Available
for sale marketable securities
|
12,941 | 2,999 | ||||||
|
Long-term
bank deposits and other receivables
|
36,338 | 37,746 | ||||||
|
Deferred
income taxes
|
7,992 | 9,201 | ||||||
|
Severance
pay fund
|
274,136 | 238,645 | ||||||
| 420,166 | 350,891 | |||||||
|
Property,
plant and equipment, net
|
404,675 | 384,086 | ||||||
|
Goodwill
and other intangible assets, net
|
603,336 | 594,283 | ||||||
|
Total
assets
|
3,053,677 | 2,940,408 | ||||||
|
Liabilities and Shareholders'
Equity
|
||||||||
|
Short-term
bank credit and loans
|
- | 6,331 | ||||||
|
Current
maturities of long-term loans
|
2,663 | 9,082 | ||||||
|
Trade
payables
|
299,238 | 340,315 | ||||||
|
Other
payables and accrued expenses
|
552,806 | 476,222 | ||||||
|
Customer
advances in excess of costs incurred
on contracts in progress
|
367,137 | 489,192 | ||||||
| 1,221,844 | 1,321,142 | |||||||
|
Long-term
loans, net of current maturities
|
386,534 | 269,760 | ||||||
|
Accrued
termination liability
|
351,278 | 333,953 | ||||||
|
Deferred
income taxes and tax liabilities, net
|
59,602 | 70,068 | ||||||
|
Customer
advances in excess of costs incurred
on contracts in progress
|
142,566 | 115,470 | ||||||
|
Other
long-term liabilities
|
34,659 | 29,707 | ||||||
| 974,639 | 818,958 | |||||||
|
Elbit
Systems Ltd.'s shareholders' equity
|
832,868 | 723,833 | ||||||
|
Non-controlling
interests
|
24,326 | 76,475 | ||||||
|
Total
shareholders' equity
|
857,194 | 800,308 | ||||||
|
Total
liabilities and shareholders' equity
|
3,053,677 | 2,940,408 | ||||||
-6-
Earning
Release
ELBIT SYSTEMS
LTD.
CONSOLIDATED STATEMENTS OF
INCOME
(In
thousands of US Dollars, except for share and per share amounts)
|
For
the Year Ended
December
31,
|
Three
Months Ended
December
31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
Audited
|
Unaudited
|
|||||||||||||||
|
Revenues
|
2,832,437 | 2,638,271 | 714,696 | 697,854 | ||||||||||||
|
Cost
of revenues
|
1,982,954 | 1,870,830 | 502,652 | 496,504 | ||||||||||||
|
Gross
profit
|
849,483 | 767,441 | 212,044 | 201,350 | ||||||||||||
|
Operating
expenses:
|
||||||||||||||||
|
Research
and development, net
|
216,752 | 184,984 | 61,842 | 63,875 | ||||||||||||
|
Marketing
and selling
|
250,963 | 198,274 | 59,402 | 41,879 | ||||||||||||
|
General
and administrative
|
119,311 | 134,182 | 32,506 | 32,416 | ||||||||||||
|
Acquired
IPR&D
|
- | 1,000 | - | 1,000 | ||||||||||||
|
Total
operating expenses
|
587,026 | 518,440 | 153,750 | 139,170 | ||||||||||||
|
Operating
income
|
262,457 | 249,001 | 58,294 | 62,180 | ||||||||||||
|
Financial
expenses, net
|
(15,585 | ) | (36,815 | ) | (7,420 | ) | (3,759 | ) | ||||||||
|
Other
income, net
|
458 | 94,294 | 1,326 | 90,064 | ||||||||||||
|
Income
before taxes on income
|
247,330 | 306,480 | 52,200 | 148,485 | ||||||||||||
|
Taxes
on income
|
(38,109 | ) | (54,367 | ) | (413 | ) | (26,278 | ) | ||||||||
| 209,221 | 252,113 | 51,787 | 122,207 | |||||||||||||
|
Equity
in net earnings of affiliated companies and partnership
|
19,292 | 14,435 | 4,897 | 6,364 | ||||||||||||
|
Consolidated
net income
|
228,513 | 266,548 | 56,684 | 128,571 | ||||||||||||
|
Less:
net income attributable to non-controlling interests
|
(13,566 | ) | (62,372 | ) | (2,968 | ) | (23,299 | ) | ||||||||
|
Net
income attributable to Elbit Systems Ltd.'s shareholders
|
214,947 | 204,176 | 53,716 | 105,272 | ||||||||||||
|
Earnings
per share attributable to Elbit Systems Ltd.'s
shareholders:
|
||||||||||||||||
|
Basic
net earnings per share
|
5.08 | 4.85 | 1.26 | 2.50 | ||||||||||||
|
Diluted
net earnings per share
|
5.00 | 4.78 | 1.24 | 2.48 | ||||||||||||
|
Weighted
average number of shares used in computation of basic earnings per
share
|
42,305 | 42,075 | 42,497 | 42,079 | ||||||||||||
|
Weighted
average number of shares used in computation of diluted earnings per
share
|
42,983 | 42,758 | 43,253 | 42,475 | ||||||||||||
-7-
Earning
Release
ELBIT SYSTEMS
LTD.
CONSOLIDATED STATEMENTS OF
CASH FLOW
(In
thousands of US Dollars)
|
Year
Ended December 31,
|
||||||||
|
2009
|
2008
|
|||||||
|
Audited
|
||||||||
|
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||
|
Net
income
|
228,513 | 266,548 | ||||||
|
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
|
Depreciation
and amortization
|
123,473 | 129,437 | ||||||
|
Write-off
impairment
|
3,017 | 10,514 | ||||||
|
Acquired
IPR&D
|
- | 1,000 | ||||||
|
Other-than-temporary
impairment of available for sale marketable securities
|
- | 17,885 | ||||||
|
Stock
based compensation
|
5,134 | 5,067 | ||||||
|
Deferred
income taxes and reserve
|
7,606 | (8,488 | ) | |||||
|
Severance,
pension and termination indemnities, net
|
(16,773 | ) | 15,211 | |||||
|
Gain
on sale of property, plant and equipment
|
(723 | ) | (1 | ) | ||||
|
Gain
on sale of investment
|
(2,734 | ) | (100,031 | ) | ||||
|
Equity
in net earnings of affiliated companies and partnership, net of dividend
received (*)
|
(1,824 | ) | (1,866 | ) | ||||
|
Change
in operating assets and liabilities:
|
||||||||
|
Increase
in short and long-term trade receivables, and prepaid
expenses
|
(136,224 | ) | (39,698 | ) | ||||
|
Decrease
(increase) in inventories, net
|
75,431 | (169,482 | ) | |||||
|
Increase
in trade payables, other payables and accrued expenses
|
20,223 | 120,734 | ||||||
|
Decrease
in advances received from customers
|
(95,397 | ) | (37,402 | ) | ||||
|
Net
cash provided by operating activities
|
209,722 | 209,428 | ||||||
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||
|
Purchase
of property, plant and equipment
|
(107,893 | ) | (129,241 | ) | ||||
|
Acquisition
of subsidiaries and business combinations
|
(48,234 | ) | (20,637 | ) | ||||
|
Investments
in affiliated companies
|
(19,415 | ) | (4,001 | ) | ||||
|
Proceeds
from sale of property, plant and equipment
|
9,055 | 8,779 | ||||||
|
Proceeds
from sale of investment
|
33,026 | 50,254 | ||||||
|
Investment
in available-for-sale debt securities
|
(24,004 | ) | (19,166 | ) | ||||
|
Proceeds
fro sale of long-term bank deposits
|
12,994 | 939 | ||||||
|
Investment
in short-term deposits
|
(152,457 | ) | (62,518 | ) | ||||
|
Proceeds
from sale of short-term deposits
|
99,625 | 3,884 | ||||||
|
Net
cash used in investing activities
|
(197,303 | ) | (171,707 | ) | ||||
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||
|
Proceeds
from exercise of options
|
9,871 | 188 | ||||||
|
Purchase
of non-controlling interests
|
(110,250 | ) | - | |||||
|
Repayment
of long-term bank loans
|
(148,652 | ) | (333,590 | ) | ||||
|
Proceeds
from long-term bank loans
|
256,354 | 183,211 | ||||||
|
Dividends
paid
|
(76,172 | ) | (32,770 | ) | ||||
|
Tax
benefit in respect of options exercised
|
- | 116 | ||||||
|
Change
in short-term bank credit and loans, net
|
(7,531 | ) | (13,008 | ) | ||||
|
Net
cash used in financing activities
|
(76,380 | ) | (195,853 | ) | ||||
|
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(63,961 | ) | (158,132 | ) | ||||
|
CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD
|
204,670 | 362,802 | ||||||
|
CASH
AND CASH EQUIVALENTS AT THE END OF THE PERIOD
|
140,709 | 204,670 | ||||||
|
*
Dividend received
|
17,468 | 12,569 | ||||||
-8-
Earning Release
ELBIT SYSTEMS
LTD.
DISTRIBUTION OF
REVENUES
|
Consolidated revenues
by areas of operation:
|
|
For
the Year Ended
December
31,
|
Three
Months Ended
December
31,
|
|||||||||||||||||||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||||||||||||
|
$
millions
|
%
|
$
millions
|
%
|
$
millions
|
%
|
$
millions
|
%
|
|||||||||||||||||||||||||
|
Airborne
systems
|
716.9 | 25.3 | 634.7 | 24.1 | 203.7 | 28.5 | 160.3 | 23.0 | ||||||||||||||||||||||||
|
Land
systems
|
520.0 | 18.4 | 699.5 | 26.5 | 135.6 | 19.0 | 192.0 | 27.5 | ||||||||||||||||||||||||
|
C4ISR
systems
|
1,058.7 | 37.4 | 844.5 | 32.0 | 239.0 | 33.4 | 205.5 | 29.4 | ||||||||||||||||||||||||
|
Electro-optics
|
406.2 | 14.3 | 336.7 | 12.8 | 98.3 | 13.8 | 111.5 | 16.0 | ||||||||||||||||||||||||
|
Other
(mainly non-defense engineering and production services)
|
130.6 | 4.6 | 122.9 | 4.6 | 38.1 | 5.3 | 28.6 | 4.1 | ||||||||||||||||||||||||
|
Total
|
2,832.4 | 100.0 | 2,638.3 | 100.0 | 714.7 | 100.0 | 697.9 | 100.0 | ||||||||||||||||||||||||
|
Consolidated revenues
by geographical regions:
|
|
For
the Year Ended
December
31,
|
Three
Months Ended
December
31,
|
|||||||||||||||||||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||||||||||||||||
|
$
millions
|
%
|
$
millions
|
%
|
$
millions
|
%
|
$
millions
|
%
|
|||||||||||||||||||||||||
|
Israel
|
627.3 | 22.2 | 474.4 | 18.0 | 159.0 | 22.3 | 115.8 | 16.6 | ||||||||||||||||||||||||
|
United
States
|
813.4 | 28.7 | 907.1 | 34.4 | 210.3 | 29.4 | 253.0 | 36.3 | ||||||||||||||||||||||||
|
Europe
|
728.2 | 25.7 | 653.1 | 24.7 | 177.4 | 24.8 | 158.7 | 22.7 | ||||||||||||||||||||||||
|
Other
countries
|
663.5 | 23.4 | 603.7 | 22.9 | 168.0 | 23.5 | 170.4 | 24.4 | ||||||||||||||||||||||||
|
Total
|
2,832.4 | 100.0 | 2,638.3 | 100.0 | 714.7 | 100.0 | 697.9 | 100.0 | ||||||||||||||||||||||||
-9-