MIGDAL HA'EMEK, Israel, July 31 /PRNewswire-FirstCall/ -- ACS Motion Control Ltd., , a developer and manufacturer of advanced motion control products, reports second quarter revenues and earnings.
Revenues for the second quarter of 2008 were $2,600,000, compared to $2,149,000 in the second quarter of 2007. Revenues for the first six months of 2008 were $4,800,000, compared to $4,570,000 revenues reported in the first six months of 2007.
Net loss for the second quarter of 2008 was ($450,000), compared to $4,000 net income in the second quarter of 2007. Net loss for the first six months of 2008 was ($1,026,000) compared to $73,000 net income in the first six months of 2007. The net loss is mainly due the company's decision to use its free cash for increasing it's spending on marketing and R&D and the devaluation of the dollar.
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company's product, successful implementation of the Company's product, competitive factors, the ability to manage the Company's growth and the ability to recruit additional personnel.
2008, Q2 Consolidated Six months Three months Year Statements of Operations ended ended ended June 30, June 30, December 31, 31, 2008 2007 2008 2007 2007 Consolidated U.S. Dollars in thousands Revenues 4,800 4,570 2,600 2,149 8,868 Cost of revenues 2,595 2,176 1,383 1,002 4,661 Gross profit 2,205 2,394 1,217 1,147 4,207 Research and development costs Costs incurred 1,552 1,102 808 587 2,303 Less-grants received (265) (216) (137) (109) (438) Net research and development costs 1,287 886 671 478 1,865 Selling and marketing expenses 1,114 795 576 371 1,659 General and administrative expenses 1,012 774 512 379 1,565 Total operating costs 3,413 2,455 1,759 1,228 5,089 Operating loss (1,208) (61) (542) (81) (882) Financing income (expense), net 35 135 (14) 79 287 Impairment of investment in other - - - - (169) company Income (loss) before taxes on income (1,173) 74 (556) (2) (764) Taxes on income 147 (1) 106 6 79 Net income (loss) (1,026) 73 (450) 4 (685) Earnings (loss) per Share - in U.S. Dollars Basic net earnings (loss) per share (0.31) 0.02 (0.14) 0.001 (0.21) Weighted average number of shares used in computation of earnings (loss) per share Basic - in thousands 3,281 3,274 3,281 3,281 3,277 2008, Q2 Consolidated Balance Sheets June 30, December 31, 2008 2007 2007 Consolidated U.S. Dollars in thousands ASSETS Current assets Cash and cash equivalents 2,105 2,937 3,136 Marketable debt securities 3,730 4,331 4,103 Trade receivables, net 2,259 2,004 1,966 Inventories 2,976 2,582 2,534 Other 807 690 422 Total current assets 11,877 12,544 12,161 Long-term assets Deferred income taxes 204 140 123 Marketable debt securities - 284 982 Investment in other company 357 532 363 Inventories 975 950 906 Pre-paid expenses and lease deposits 72 62 71 Long-term assets 1,608 1,968 2,445 Property and equipment Cost 4,289 3,781 3,951 Less - accumulated depreciation (3,542) (3,302) (3,416) 747 479 535 Total assets 14,232 14,991 15,141 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade payables 1,292 856 1,569 Other 1,405 934 1,104 Total current liabilities 2,697 1,790 2,673 Accrued severance pay, net 271 191 198 Total liabilities 2,968 1,981 2,871 Shareholders' equity Share capital - Ordinary Shares of NIS 0.01 par value Authorized - 8,000,000 shares Issued - June 30, 2008, June 30, 2007 and December 31, 2007- 3,280,752 Outstanding - June 30, 2008, June 30, 2007 and December 31, 2007- 3,280,751 10 10 10 Additional paid-in capital 7,396 7,358 7,376 Treasury stock - (1 share as of June 30, 2008, June 30, 2007 and December 31, 2007) (150) (150) (150) Retained earnings 4,008 5,792 5,034 Total Shareholders' equity 11,264 13,010 12,270 Total Liabilities and Shareholders' 14,232 14,991 15,141 equity Net Tangible Assets 11,264 13,010 12,270
