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Elbit Systems Reports Third Quarter 2012 Results

Backlog of orders increased to $5.53 billion; Revenues at $677 million; Net income at $39.5 million; Diluted net earnings per share at $0.95

HAIFA, Israel, November 13, 2012 /PRNewswire/ --

Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense electronics company, reported today its consolidated financial results for the third quarter ended September 30, 2012.

In this release, the Company is providing its usual US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors with a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is US- GAAP financial data.

Management Comment:

Joseph Ackerman, President and CEO of Elbit Systems, commented: "I am encouraged by the third quarter results, which reflect improvements in some parameters, resulting in part from our ongoing cost-reduction and cost-effectiveness efforts. Concurrently, the increase in backlog reflects Elbit Systems' long-term strategy achievements in increasing our customer base".

Ackerman added: "We have recently been awarded a number of important projects in Asia- Pacific and Latin America, some in new fields and others in new countries. We will continue to increase our activity in these markets as well as in additional potential growing markets in order to balance the situation in other markets that currently are experiencing decreasing budgets. The third quarter results continue our trend of stability and I believe that Elbit Systems is well positioned and prepared for the challenges ahead".

Third quarter 2012 results:

Revenues were $677.5 million in the third quarter of 2012, as compared to $663.7 million in the third quarter of 2011. The main contributors to the Company's revenues were the Airborne and C4ISR systems areas of operations.  

Gross profit was $191.5 million (28.3% of revenues) in the third quarter of 2012, as compared to $204.1 million (30.8% of revenues) in the third quarter of 2011. The non-GAAP gross profit in the third quarter of 2012 was $196.6 million (29.0% of revenues), compared to $211.6 million (31.9% of revenues) in the third quarter of 2011.

Research and development expenses, net were $50.7 million (7.5% of revenues) in the third quarter of 2012, as compared to $55.5 million (8.4% of revenues) in the third quarter of 2011.

Marketing and selling expenses were $59.0 million (8.7% of revenues) in the third quarter of 2012, as compared to $58.4 million (8.8% of revenues) in the third quarter of 2011.  

General and administrative expenses were $32.7 million (4.8% of revenues) in the third quarter of 2012, as compared to $34.0 million (5.1% of revenues) in the third quarter of 2011. This continues the trend of reduction in general and administrative expenses we have experienced over several quarters, partially due to cost cutting and efficiency measures.

Operating Income was $49.0 million (7.2% of revenues), compared to $56.2 million (8.5% of revenues) in the third quarter of 2011. The non-GAAP operating income in the third quarter of 2012 was $61.0 million (9.0% of revenues), as compared to $70.3 million (10.6% of revenues) in the third quarter of 2011.

Financial expenses, net were $5.5 million in the third quarter of 2012, as compared to $3.1 million in the third quarter of 2011.

Taxes on income were $4.9 million (effective tax rate of 11.2%) in the third quarter of 2012, as compared to taxes on income of $9.8 million (effective tax rate of 18.2%) in the third quarter of 2011. The lower effective tax rate in the quarter was attributable mainly to adjustments related to tax positions taken during prior periods and to the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.

Equity in net earnings of affiliated companies and partnerships was $1.0 million (0.2% of revenues) in the third quarter of 2012, as compared to $4.0 million (0.6% of revenues) in the third quarter of 2011.

Net income attributable to non-controlling interests was $0.4 million in the third quarter of 2012, as compared to a net expense of $3.4 million in the third quarter of 2011.

Net income, attributable to the Company's ordinary shareholders, was $39.5 million (5.8% of revenues) in the third quarter of 2012, as compared to $36.5 million (5.5% of revenues) in the third quarter of 2011. The non-GAAP net income in the third quarter of 2012 was $49.4 million (7.3% of revenues), as compared to $56.4 million (8.5% of revenues) in the third quarter of 2011.

Diluted net earnings per shareattributable to the Company'sordinary shareholders were $0.95 for the third quarter of 2012, as compared with $0.85 for the third quarter of 2011. The non-GAAP diluted net earnings per share in the third quarter of 2012 were $1.18, as compared to $1.31 in the third quarter of 2011.

The Company's backlog of orders as of September 30, 2012 was $5,529 million, as compared with $5,465 million as of June 30, 2012 and $5,528 million as of December 31, 2011. Approximately 74% of the backlog relates to orders outside of Israel. Approximately 54% of the Company's backlog as of September 30, 2012 is scheduled to be performed during the fourth quarter of 2012 and in 2013.

Operating cash flow was $61.0 million during the first nine months of 2012, as compared to $11.2 million in the first nine months of 2011.

Non-GAAP financial data:

The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.  

The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items which, in management's judgment, are items that are considered to be outside of the review of core operating results.

In the Company's non-GAAP presentation, the Company made the following adjustments, in each or some of the applicable periods: (1) added back amortization of purchased intangible assets, (2) added back significant reorganization, restructuring and other related expenses, (3) added back impairment of investments, including impairment of auction rate securities, (4) subtracted gain from changes in holdings, including revaluation of the previously held shares at the acquisition date when a business combination is achieved in stages (step-up), (5) added back impairment loss from discontinued operations, (6) excluded the impact of the cessation of a program with a foreign customer and (7) excluded the income tax effects of the foregoing.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.  Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.


    

    Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
    (U.S. Dollars in millions)
    
                                Nine Months       Three Months
                                   Ended              Ended        Year Ended
                                September 30       September 30     December 31
                                2012      2011     2012      2011         2011
 
    GAAP gross profit          576.8     590.3    191.4     204.1        732.0
    Adjustments:
    Amortization of
    purchased intangible
    assets                      15.6      23.0      5.2       7.5         30.9
    Cessation of program (*)       -         -        -         -         72.8
    Non-GAAP gross profit      592.4     613.3    196.6     211.6        835.7
    Percent of revenues        29.0%     31.0%    29.0%     31.9%        29.7%
 
    GAAP operating income      132.8     149.8     49.0      56.2        115.7
    Adjustments:
    Amortization of
    intangible assets           36.2      42.7     12.0      14.1         57.3
    Cessation of program (*)       -         -        -         -         72.8
    Non-GAAP operating
    income                     169.0     192.5     61.0      70.3        245.8
    Percent of revenues         8.3%      9.7%     9.0%     10.6%         8.7%
 
    GAAP net income
    attributable to Elbit
    Systems' shareholders      110.7     103.3     39.5      36.5         90.3
    Adjustments:
    Amortization of
    intangible assets           36.2      42.7     12.0      14.1         57.3
    Cessation of program (*)       -         -        -         -         72.8
    Impairment of
    investments                    -       0.5        -         -          0.5
    Gain from changes in
    holdings                   (2.3)         -        -         -            -
    Loss from discontinued
    operations, net              0.3       9.3      0.1       9.0          9.4
    Related tax benefits       (6.5)     (9.8)    (2.2)     (3.2)       (23.7)
    Non-GAAP net income
    attributable to
 
    Elbit Systems'
    shareholders               138.4     146.0     49.4      56.4        206.6
    Percent of revenues         6.8%      7.4%     7.3%      8.5%         7.3%
 
    Non-GAAP diluted net EPS    3.26      3.38     1.18      1.31         4.80


(*) Adjustment of expenses related to cessation of program, which resulted in write-off of inventories and other related costs.

Recent Events:

On August 13, 2012, the Company announced that the Company's Board of Directors accepted the request of Joseph Ackerman, the Company's President and CEO, to retire from his position on March 31, 2013, and the Board confirmed the appointment of Bezhalel (Butzi) Machlis as his successor.

On September 10, 2012, the Company announced that TOR - Advanced Flight Training, its partnership with Israel Aerospace Industries Ltd. established in order to perform the Israeli Air Force's future trainer program, reached an agreement with the Israel Ministry of Defense regarding a contract in a total amount of approximately $603 million. The Company's share in this contract is valued at $420 million of which approximately $110 million will be preformed over three years, and approximately $310 million will be preformed over approximately twenty years.    

On September 13, 2012, the Company announced that its Brazilian subsidiary AEL Sistemas S.A. was awarded an initial production order valued at $15 million as part of the Guarani Project.

On September 23, 2012, the Company announced that it was awarded a contract valued at $18.5 million for the establishment of a Mission Training Center (MTC) for fighter aircraft of a Latin American Air Force.

On October 2, 2012, the Company announced that it was awarded a contract from the Australian Defense Force for the supply of Battle Management Systems (BMS) for the Royal Australian Navy's landing craft.

On October 14, 2012, the Company announced that it was awarded two contracts from a Far Eastern country to supply defense systems at a total value of approximately $50 million.

On October 21, 2012, the Company announced that Elbit Systems of America, LLC, a wholly-owned subsidiary of Elbit Systems, was awarded a $17.5 million contract by The Boeing Company to redesign and upgrade the Apache Block III AH-64D Mission Processor over a five-year period.

On October 24, 2012, the Company announced that Ares Aeroespacial e Defesa S.A., its Brazilian subsidiary, was awarded an initial production order valued at approximately $25 million to supply 12.7/7.62mm Remote Controlled Weapon Stations (RCWS) to the Brazilian Army.

On November 8, 2012, the Company announced that its subsidiary, Elbit Systems Electro-Optics - Elop Ltd., was compelled to file a lawsuit, in the amount of approximately $74 million, against the Government of Israel, for damages and expenses caused in connection with the cancellation of export licenses for a project of a foreign customer.

Dividend:

The Board of Directors declared a dividend of $0.30 per share for the third quarter of 2012. The dividend's record date is November 20, 2012, and the dividend will be paid on December 3, 2012, net of taxes and levies, at the rate of 25%.  

Conference Call:

The Company will also be hosting a conference call later today, November 13, 2012 at 10:00am Eastern Time. On the call, management will review and discuss the 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: 1-888-407-2553

UK Dial-in Number: 0-800-917-9141

ISRAEL Dial-in Number: 03-918-0644

INTERNATIONAL Dial-in Number:  +972-3-918-0644

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:

1-888-782-4291 (US) or +972-3-925-5904 (Israel and International).

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: http://www.elbitsystems.com.

Attachments:

Consolidated balance sheet

Consolidated statements of income

Condensed consolidated statements of cash flow

Consolidated revenue distribution by areas of operation and by geographical regions

 

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)


   
                            ELBIT  SYSTEMS LTD.
                        CONSOLIDATED BALANCE SHEETS
                      (In thousands of U.S. Dollars)
                                                         September
                                                            30,      December 31,
                                                           2012         2011
                                                        Unaudited     Audited
    Assets
 
    Current assets:
    Cash and cash equivalents                             144,929      202,577
    Short-term bank deposits and available for sale
    securities                                             74,369       21,693
    Trade and unbilled receivables, net                   695,420      669,524
    Other receivables and prepaid expenses                158,181      180,024
    Inventories, net of customers advances                782,985      761,269
    Total current assets                                1,855,884    1,835,087
 
    Investments in affiliated companies, partnership
    and other companies                                   117,622      110,159
    Long-term trade and unbilled receivables              173,187      162,762
    Long-term bank deposits and other receivables           7,382       12,215
    Deferred income taxes, net                             33,483       36,130
    Severance pay fund                                    287,062      283,477
                                                          618,736      604,743
 
    Property, plant and equipment, net                    504,802      517,608
    Goodwill and other intangible assets, net             728,228      763,072
    Total assets                                        3,707,650    3,720,510
 
    Liabilities and Equity
 
    Short-term bank credits and loans                           -        2,998
    Current maturities of long-term loans and Series
    A Notes                                               139,811      127,627
    Trade payables                                        240,445      316,264
    Other payables and accrued expenses                   717,066      743,866
    Customer advances in excess of costs incurred on
    contracts in progress                                 408,464      407,222
                                                        1,505,786    1,597,977
 
    Long-term loans, net of current maturities            174,722      302,255
    Series A Notes, net of current maturities             387,468      235,319
    Employee benefit liabilities                          384,699      394,115
    Deferred income taxes and tax liabilities, net         50,358       48,467
    Customer advances in excess of costs incurred on
    contracts in progress                                 153,158      154,696
    Other long-term liabilities                            66,682       59,961
                                                        1,217,087    1,194,813
 
    Elbit Systems Ltd.'s equity                           952,880      898,337
    Non-controlling interests                              31,897       29,383
    Total equity                                          984,777      927,720
    Total liabilities and equity                        3,707,650    3,720,510


   
                               ELBIT  SYSTEMS LTD.
                       CONSOLIDATED STATEMENTS OF INCOME
          (In thousands of U.S. Dollars, except for share and per share amounts)
    
                                                                       Year
                                                      Three Months     Ended
                                 Nine Months Ended       Ended       December
                                   September 30       September 30      31
                                   2012      2011    2012     2011     2011
                                              Unaudited                Audited
    Revenues                    2,044,690 1,975,602 677,470  663,712 2,817,465
    Cost of revenues            1,467,863 1,385,287 486,023  459,577 2,085,451
    Gross profit                  576,827   590,315 191,447  204,135   732,014
 
    Operating expenses:
    Research and development,
    net                           165,114   165,136  50,703   55,533   241,092
    Marketing and selling         180,325   170,829  59,044   58,401   235,909
    General and administrative     98,580   104,587  32,677   33,992   139,349
                                  444,019   440,552 142,424  147,926   616,350
 
    Operating income              132,808   149,763  49,023   56,209   115,664
 
    Financial expenses, net       (15,524)  (23,120) (5,456)  (3,108) (13,569)
    ther income, net                   76     1,355     260      981     1,909
    Income before income taxes    117,360   127,998  43,827   54,082   104,004
    Taxes on income                14,203    20,565   4,890    9,846    13,624
                                  103,157   107,433  38,937   44,236    90,380
 
    Equity in net earnings of
    affiliated companies and
    partnership                     8,866    10,626   1,049    4,025    15,377
    Income from continuing
    operations                    112,023   118,059  39,986   48,261   105,757
    Loss from discontinued
    operations, net                  (519)  (15,630)    (93) (15,180)  (15,977)
    Net income                    111,504   102,429  39,893   33,081    89,780
 
    Less: net loss (income)
    attributable to
    non-controlling interests        (835)      901    (369)   3,425       508
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                  110,669   103,330  39,524   36,506    90,288
 
    Earnings per share
    attributable to Elbit
    Systems Ltd.'s ordinary
    shareholders:
    Basic net earnings per
    share
    Continuing operations            2.63      2.63    0.95     1.06      2.33
    Discontinued operations         (0.01)    (0.22)  (0.00)   (0.21)    (0.22)
    Total                            2.62      2.41    0.95     0.85      2.11
    Diluted net earnings per
    share
    Continuing operations            2.62      2.61    0.95     1.06      2.31
    Discontinued operations         (0.01)    (0.22)  (0.00)   (0.21)    (0.22)
    Total                            2.61      2.39    0.95     0.85      2.09
    Weighted average number of
    shares used in
 
    Computation of basic
    earnings per share             42,296    42,774  41,693   42,809    42,764
    Weighted average number of
    shares used in
 
    Computation of diluted
    earnings per share             42,374    43,179  41,693   43,074    43,131
 
    Amounts attributable to
    Elbit Systems Ltd.'s common
    shareholders
    Income from continuing
    operations, net of income
    tax                           110,977   112,614  39,579   45,523    99,778
    Discontinued operations,
    net of income tax                (308)   (9,284)    (55)  (9,017)   (9,490)
    Net income attributable to
    Elbit Systems Ltd.'s
    shareholders                  110,669   103,330  39,524   36,506    90,288



    

                                 ELBIT  SYSTEMS LTD.
                         CONSOLIDATED STATEMENTS OF CASH FLOW
                             (In thousands of U.S. Dollars)
    
                                                                       Year
                                              Nine Months Ended        Ended
                                                                     December
                                                September 30,           31,
                                              2012            2011     2011
                                                  Unaudited           Audited
    CASH FLOWS FROM OPERATING ACTIVITIES
    Net income                              111,504         102,429     89,780
    Adjustments to reconcile net income
    to net cash provided by operating
    activities:
    Depreciation and amortization           103,300         112,007    150,618
    Write-off impairment and discontinued
    operations, net                             519          15,630     15,977
    Stock based compensation                    494             831      1,996
    Amortization of Series A Notes
    discount and related issuance costs       1,215             330        422
    Deferred income taxes and reserve,
    net                                       5,485         (12,183)    (8,777)
    Gain on sale of property, plant and
    equipment                                  (556)         (1,088)    (1,645)
    Loss (gain) on sale of investment          (994)            520      2,189
    Equity in net loss (earnings) of
    affiliated companies and partnership,
    net of dividend received(*)              (2,454)          3,679       (270)
    Changes in operating assets and
    liabilities, net of amounts acquired:
    Increase in short and long-term trade
    receivables and prepaid expenses        (17,442)        (76,827)   (65,062)
    Increase in inventories, net            (21,716)       (123,555)   (95,363)
    Increase (decrease) in trade
    payables, other payables and accrued
    expenses                               (105,834)        (68,129)    17,225
    Severance, pension and termination
    indemnities, net                        (12,176)         (5,056)     1,879
    Increase (decrease) in advances
    received from customers                    (296)         62,594     81,946
    Net cash provided by operating
    activities                               61,049          11,182    190,915
 
    CASH FLOWS FROM INVESTING ACTIVITIES
    Purchase of property, plant and
    equipment                               (59,753)        (92,484)  (121,977)
    Acquisition of subsidiaries and
    business operations                           -         (12,173)   (12,173)
    Investments in affiliated companies
    and other companies                        (507)        (13,401)   (13,555)
    Proceeds from sale of property, plant
    and equipment                             6,106          11,232     15,059
    Proceeds from sale of investments           705               -        329
    Investment in long-term deposits, net       184          23,102     39,787
    Investment in short-term deposits and
    available for sale securities           (49,008)         36,347     37,464
    Net cash used in investing activities  (102,273)        (47,377)   (55,066)
 
    CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from exercise of options           739           2,974      3,833
    Purchase of non-controlling interests         -         (71,000)   (71,000)
    Repayment of long-term loans           (195,624)        (66,930)   (73,666)
    Proceeds from long-term loans            53,038         139,893    172,303
    Proceeds from issuance of Series A
    Notes                                   246,000               -          -
    Purchase of treasury shares             (26,006)              -    (10,101)
    Repayment of Series A Notes and
    convertible debentures                  (53,530)        (29,998)   (29,998)
    Purchase of convertible debentures of
    a subsidiary                                  -          (2,121)    (2,121)
    Dividends paid                          (38,043)        (46,235)   (61,633)
    Tax benefit in respect of options
    exercised
                                                  -               -        169
    Change in short- term bank credit and
    loan, net                                (2,998)         49,782    (12,117)
    Net cash used in financing activities   (16,424)        (23,635)   (84,331)
 
    NET INCREASE (DECREASE) IN CASH AND
    CASH EQUIVALENTS                        (57,648)        (59,830)    51,518
    CASH AND CASH EQUIVALENTS AT THE
    BEGINNING OF THE PERIOD                 202,577         151,059    151,059
    CASH AND CASH EQUIVALENTS AT THE END
    OF THE PERIOD                           144,929          91,229    202,577
    * Dividend received from affiliated
    companies and partnership                 6,412          14,107     15,107
 


    ELBIT  SYSTEMS LTD.

    DISTRIBUTION OF REVENUES

    CONSOLIDATED REVENUES BY AREAS OF OPERATION:

                              Nine Months Ended             Three Months Ended
                                September 30                   September 30
                            2012          2011             2012          2011
                        $ millions  %  $ millions  %    $ millions  %  $ millions  %
    Airborne systems      793.5   38.8    695.2  35.2      267.9  39.5    235.6  35.4
    Land systems          264.3   12.9    284.1  14.4      105.5  15.6    100.9  15.2
    C4ISR systems         676.7   33.1    704.7  35.7      197.8  29.2    235.4  35.5
    Electro-optics        211.5   10.4    197.9  10.0       66.8   9.9     60.8   9.2
    Other (mainly
    non-defense
    engineering and
    production
    services)              98.7    4.8     93.7   4.7      39.5    5.8     31.0   4.7
    Total               2,044.7    100  1,975.6   100     677.5    100    663.7   100


    CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:

                                Nine Months Ended           Three Months Ended
                                September 30                   September 30
                            2012          2011           2012          2011
                       $ millions  %  $ millions  %    $ millions  %  $ millions  %
    Israel                355.4  17.4    511.4  25.9    104.8    15.5    155.5  23.4
    United States         642.1  31.4    652.1  33.0    229.0    33.8    225.0  33.9
    Europe                367.0  18.0    352.9  17.9    125.6    18.5    111.9  16.9
    Other countries       680.2  33.2    459.2  23.2    218.1    32.2    171.3  25.8
    Total               2,044.7   100  1,975.6   100    677.5     100    663.7   100




    
Company Contact:   
Joseph Gaspar, Executive VP & CFO
Tel:  +972-4-8316663
[email protected] 

Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
[email protected]
Elbit Systems Ltd.

IR Contact:
Ehud Helft
Kenny Green
CCG Investor Relations
Tel: 1-646-201-9246
[email protected]

SOURCE Elbit Systems Ltd

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Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including cloud...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.