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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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We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective storage designed to handle the massive surge in back-end data in a world where timely analytics is e...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrategies, will examine why IT must finally fulfill its role in support of its SBUs or face a new round of...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have s...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device experiences grounded in people's real needs and desires.
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at @ThingsExpo, Robin Raymond, Chief Architect at Hookflash, will walk through the shifting landscape of traditional telephone and voice services ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
The Domain Name Service (DNS) is one of the most important components in networking infrastructure, enabling users and services to access applications by translating URLs (names) into IP addresses (numbers). Because every icon and URL and all embedded content on a website requires a DNS lookup loading complex sites necessitates hundreds of DNS queries. In addition, as more internet-enabled ‘Things' get connected, people will rely on DNS to name and find their fridges, toasters and toilets. According to a recent IDG Research Services Survey this rate of traffic will only grow. What's driving t...
Enthusiasm for the Internet of Things has reached an all-time high. In 2013 alone, venture capitalists spent more than $1 billion dollars investing in the IoT space. With "smart" appliances and devices, IoT covers wearable smart devices, cloud services to hardware companies. Nest, a Google company, detects temperatures inside homes and automatically adjusts it by tracking its user's habit. These technologies are quickly developing and with it come challenges such as bridging infrastructure gaps, abiding by privacy concerns and making the concept a reality. These challenges can't be addressed w...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...