DGAP-News: Electronics Line 3000 Ltd.: Electronics Line 3000 Announces Results for First Half of 2010
(firmenpresse) - Electronics Line 3000 Ltd. / Key word(s): Half Year Results/Forecast
17.11.2010 07:45
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Electronics Line 3000 Announces Results for First Half of 2010
- H1 Revenues Increase to $14.1 million with a Positive Cash Flow from
Operations of $218,000
- Outsourcing of Production and the Move of Corporate Administration Cause
Depreciation of Machinery and Fixed Assets in the Amount of $1.0 million
- The Financial Highlights for the First Nine Months to be Published on
November 19, 2010
Petach Tikva, Israel (November 17, 2010) - Electronics Line 3000 Ltd.
('EL3K' or 'the Company') (XETRA: ELN), a leading global provider of
wireless security with remote management solutions, today announced its
financial results for the first half of 2010 in U.S. Dollars.
Financial Highlights
- Revenues for the first half of 2010 were $14.1 million, compared to $12.4
million for the first half of 2009.
- Gross margin during the first half was 25% of sales, compared to 35%
for the first half of 2009. The decrease in gross margin is due to
accelerated depreciation expenses for machinery and fixed assets in the
production facility in the amount of $780,000 as a result of outsourcing
the production activity and an increase in provisions for slow moving
inventory in a total amount of $280,000.
Also, due to the outsourcing process and the move of corporate
administration, the company will have to register additional expenses of
$2.1 million in the second half of 2010. At the end of FY 2010 the negative
financial effects of both measures are expected to be accounted for in
full, while the positive effects are expected to start in 2011.
- The operating loss for the first half of 2010 subsequently amounted to
$1.349 million, compared to an operating loss of $781,000 for the first
half of 2009.
- The net loss for the first half of 2010 was $1.654 million, compared to a
net loss of $1.415 million for the first half of 2009.
- Net cash provided by operating activities for the first half of 2010 was
$218,000, compared to $1.2 million for the first half of 2009.
- Cash used by the company during the 6 months reporting period, was $1.25
million mostly due to a repayment of bank loans, necessary investments and
interest payments.
- The Interim Report for the First Half Year of 2010 will be available at
the company's website on November 17, 2010.
Based on the current sales orders, the company expects to end 2010 with a
turnover similar to last year's.
The company will publish the financial highlights for the first nine months
on November 19, 2010.
About Electronics Line 3000
Electronics Line 3000 Ltd. (EL3K) is a leading global provider of wireless
security with remote management solutions for the mass residential and
commercial markets. Multiple technologies and applications are integrated
in the solutions to enable real-time, two-way data, audio and video
solutions. The Company has over 25 years of experience in the electronic
security industry, and is well recognized for its technological innovations
and for the high quality of its products. The Company partners with leading
monitoring companies, distributors and residential service providers to
create unique solutions.
Disclaimer:
'This release contains forward-looking statements, which express the
current beliefs and expectationsof management. Such statements involve a
number of known and unknown risks and uncertainties that could cause the
Company's future results, performance or achievements to differ
significantly from those expressed or implied by such forward-looking
statements. A number of these risks and other factors that might cause
differences, some of which could be material, along with additional
discussion of forward-looking statements, are set forth in the Company's
Annual Report and its other filings filed with the Israeli Securities
Authority. Forward-looking statements speak only as of the date on which
they are made and the Company undertakes no obligation to update publicly
or revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.'
Contact:
For more information please contact:
Electronics Line 3000 Ltd.
Sigal Yehuda
Financial Controller
Sigal.Yehuda(at)electronics-line.com
For information in German please contact:
Claudia Press
ir(at)electronics-line.com
17.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Electronics Line 3000 Ltd.
2 Granit St.
49130 Petach Tikva
Israel
Phone: 00972 3 9181333
Fax: 00972 3 9616 584
E-mail: ir(at)electronics-line.com
Internet: www.electronics-line.com
ISIN: IL0010905052
WKN: A0B5R7
Indices: General All-Share , DAXsector All Technology , DAXsubsector
All Communications Technology
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in München, Berlin
End of Announcement DGAP News-Service
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Datum: 17.11.2010 - 07:45 Uhr
Sprache: Deutsch
News-ID 32642
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
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