-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N6Gsk386sNEudI1OPWzGsUQYyo1avahUp16BT7acSb/pjsX6fjZp9kCBDXunRS5J 6tnaK3PyTTh71Bwr8t168g== 0000916529-09-000038.txt : 20091112 0000916529-09-000038.hdr.sgml : 20091111 20091112061903 ACCESSION NUMBER: 0000916529-09-000038 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091111 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091112 DATE AS OF CHANGE: 20091112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AROTECH CORP CENTRAL INDEX KEY: 0000916529 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690] IRS NUMBER: 954302784 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23336 FILM NUMBER: 091173824 BUSINESS ADDRESS: STREET 1: 632 BROADWAY STREET 2: STE 1200 CITY: NEW YORK STATE: NY ZIP: 10012 BUSINESS PHONE: 6466542107 MAIL ADDRESS: STREET 1: 632 BROADWAY STREET 2: SUITE 1200 CITY: NEW YORK STATE: NY ZIP: 10012 FORMER COMPANY: FORMER CONFORMED NAME: ELECTRIC FUEL CORP DATE OF NAME CHANGE: 19931223 8-K 1 earnings8k-2009q3.htm 2009-11-11 -- Q3 2009 EARNINGS earnings8k-2009q3.htm
 
 
 
 


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):
November 11, 2009

AROTECH CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
  
0-23336
  
95-4302784
(State or other jurisdiction
  
(Commission
  
(IRS Employer
of incorporation)
  
File Number)
  
Identification No.)

1229 Oak Valley Drive, Ann Arbor, Michigan
  
48108
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code:
  
(800) 281-0356

                                                              
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 

 
SEC 873 (02/08)

Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
 

 
 
 
 
 
Item 2.02
Results of Operations and Financial Condition.
 
On November 11, 2009, Arotech Corporation (the “Registrant”) publicly disseminated an earnings release (the “Release”) announcing its financial results for the three and nine months ended September 30, 2009. A copy of the Release is attached as Exhibit 99.1 hereto.
 
The information included in the attached Exhibit 99.1 is being furnished pursuant to Item 2.02 of Form 8-K, insofar as it discloses historical information regarding the Registrant’s results of operations and financial condition as of and for the three and nine months ended September 30, 2009. In accordance with General Instructions B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01          Financial Statements and Exhibits.
 
As described above, the following Exhibits are furnished as part of this Current Report on Form 8-K:
 
Exhibit
Number
  
Description
   99.1  
Press release dated November 11, 2009

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Dated:   November 12, 2009
AROTECH CORPORATION
  
 
(Registrant)
  
   
 
 
/s/ Robert S. Ehrlich
   
Name:
Robert S. Ehrlich
   
Title:
Chairman and CEO
 
 
 
 
 
 
 EX-99.1 2 exhibit99-1.htm EXHIBIT 99.1 exhibit99-1.htm
 
 
 
Exhibit 99.1
 
 
 
 
 
arotech logo
Earnings News
Investor Relations Department
Phone: 1-646-290-6400
TTC Group

FOR IMMEDIATE RELEASE
 
AROTECH CORPORATION REPORTS RESULTS
FOR THE THIRD QUARTER AND FIRST NINE MONTHS, 2009
__________
 
First nine months’ revenues reach record $53 million, up 19% over 2008 –
full year 2009 expected to top 2008’s record results
 
Ann Arbor, Michigan, November 11, 2009 – Arotech Corporation (NasdaqGM: ARTX), a provider of quality defense and security products for the military, law enforcement and security markets, today reported results for the quarter and nine months ended September 30, 2009.
 
First Nine Months Results
 
Revenues for the first nine months of 2009 reached $53.7 million, compared to $45.1 million for the corresponding period last year, an increase of 19.1% over the same period last year.
 
Gross profit for the first nine months of 2009 was $14.4 million, or 26.8% of revenues, compared to $11.8 million, or 26.2% of revenues, for the corresponding period last year, a 0.6 point increase in the gross margin percentage.
 
The net loss for the first nine months of 2009 was $(2.6) million, or $(0.18) per share, versus $(3.0) million, or $(0.22) per share, for the corresponding period last year.
 
Results for 2009 include a one-time write-down of $500,000 in respect of Arotech’s $2.5 million senior subordinated convertible note from an unaffiliated company in view of management’s opinion that the obligor under the note would seek an extension of the note. This write-down was charged to other income (expense).
 
“We are pleased with our results thus far this year,” noted Arotech Chairman and CEO Robert S. Ehrlich. “While we cannot expect the fourth quarter to match last year’s record, which was heavily impacted by a major order from the U.S. Marines that was shipped in the fourth quarter of 2008 and the first quarter of 2009, we believe that we are poised to finish 2009 strongly and to make 2009 Arotech’s best year ever,” continued Ehrlich. “We look forward to working to continue this improvement in 2010 and beyond,” concluded Ehrlich.
 
Third Quarter Results
 
Revenues for the third quarter reached $17.5 million, compared to $19.2 million for the corresponding period in 2008, a decrease of 8.7% over the same period last year.
 
Gross profit for the quarter was $4.8 million, or 27.6% of revenues, compared to $5.7 million, or 29.8% of revenues, for the corresponding period last year, a 2.2 point decrease in the gross margin percentage.
 
The net loss for the third quarter was $(1.2) million or $(0.09) per share, versus $(44,000), or $(0.00) per share, for the corresponding period last year.
 
Backlog
 
Backlog of orders totaled approximately $52.4 million as of September 30, 2009, as compared to $41.7 million at September 30, 2008 and $42.9 million as of June 30, 2009.
 
Cash Position at Quarter End
 
As of September 30, 2009, the Company had $2.8 million in cash, $310,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $51,000 in available-for-sale marketable securities, as compared to December 31, 2008, when the Company had $4.3 million in cash, $382,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $49,000 in available-for-sale marketable securities.
 
Short- and long-term borrowings were $5.5 million at the end of the first nine months of 2009 compared to $9.3 million at the end of 2008. The Company also had $3.7 million available in unused bank lines of credit at the Company’s primary bank in the U.S. at quarter end.
 
The Company had trade receivables of $11.3 million as of September 30, 2009, compared to $19.3 million as of December 31, 2008. The Company had a current ratio (current assets/current liabilities) of 2.0 as of September 30, 2009, up from the December 31, 2008 current ratio of 1.7.
 
Conference Call
 
The Company will host a conference call tomorrow, Thursday, November 12, 2009 at 10:00 am EST. Those wishing to access the conference call should dial 1-877-407-8031 (U.S.) or +1-201-689-8031 (international) a few minutes before the 10:00 a.m. EST start time. A replay of the conference call will be available starting Thursday, November 12, 2009 at 12:30 pm EST until Friday, November 20, 2009 at 11:59 p.m. The replay telephone number is 1-877-660-6853 (U.S) and +1-201-612-7415 (international). The replay ID pass code is 337290 and the account number is 286.
 
About Arotech Corporation
 
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets. Arotech provides multimedia interactive simulators/trainers, lightweight armoring and advanced zinc-air and lithium batteries and chargers. Arotech operates through three major business divisions: Training and Simulation, Armor, and Battery and Power Systems.
 
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan and research, development and production subsidiaries in Alabama, Michigan and Israel.
 
CONTACT:
 
Victor Allgeier, TTC Group, (646) 290-6400, vic@ttcominc.com
 
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements
 

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are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech’s products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders; dilution resulting from issuances of Arotech’s common stock upon conversion or payment of its outstanding convertible debt, which would be increasingly dilutive if and to the extent that the market price of Arotech’s stock decreases; and other risk factors detailed in Arotech’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2008 and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this press release.
 
 
TABLES TO FOLLOW
 

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AROTECH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 

   
Nine months ended September 30,
    
Three months ended September 30,
  
   
2009
    
2008
    
2009
    
2008
  
Revenues
   $ 53,674,998     $ 45,074,091     $ 17,547,586     $ 19,216,509  
Cost of revenues, exclusive of amortization of intangibles
     39,294,226       33,256,814       12,698,782       13,484,314  
Research and development
     1,313,363       1,231,530       577,788       398,658  
Selling and marketing expenses 
     3,535,273       3,290,499       1,217,818       1,003,504  
General and administrative expenses
     8,680,228       10,025,658       3,131,701       3,199,878  
Amortization of intangible assets
     1,104,957       1,362,251       358,331       377,230  
Escrow adjustment – credit
     –       (1,448,074 )     –       –  
Total operating costs and expenses
     53,928,047       47,718,678       17,984,420       18,463,584  
Operating profit (loss)
     (253,049 )     (2,644,587 )     (436,834 )     752,925  
Other income (expense)
     (429,418 )     670,483       (481,068 )     11,334  
Financial expenses, net
     (1,159,372 )     (341,632 )     (59,880 )     (288,680 )
Income (loss) before earnings of affiliated company and income tax expenses
     (1,841,839 )     (2,315,736 )     (977,782 )     475,579  
Income tax expenses
     (722,480 )     (386,690 )     (253,836 )     (374,862 )
Loss from affiliated company
     –       (261,207 )     –       (145,121 )
Net loss attributable to common stockholders
   $ (2,564,319 )   $ (2,963,633 )   $ (1,231,618 )   $ (44,404 )
Basic and diluted net loss per share
   $ (0.18 )   $ (0.22 )   $ (0.09 )   $ (0.00 )
Weighted average number of shares used in computing basic and diluted net loss per share
     13,943,991       13,513,993       14,240,523       13,534,347  
 

 

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AROTECH CORPORATION REPORTS RESULTS
FOR THE THIRD QUARTER AND FIRST NINE MONTHS, 2008
__________
 
Company has break even results for the third quarter, as revenues increase 24%
over the same period last year
 
Ann Arbor, Michigan, November 11, 2008 – Arotech Corporation (NasdaqGM: ARTX), a provider of quality defense and security products for the military, law enforcement and security markets, today reported results for the quarter and nine months ending September 30, 2008.
 
Third Quarter Results
 
Revenues for the third quarter reached $19.2 million, compared to $15.5 million for the corresponding period in 2007, an increase of 24.4% over the same period last year.
 
Gross profit for the quarter was $5.7 million, or 29.8% of revenues, compared to $4.4 million, or 28.3% of revenues, for the corresponding period in 2007.
 
The net loss for the third quarter was $(44,000), or $(0.00) per share, versus a loss of $(783,000), or $(0.06) per share, for the corresponding period last year.
 
“During the third quarter our Armor and Battery Divisions were able to get back on track with their production and deliveries, while our Simulation Division continued its strong performance in what is shaping up to be a record year for that division, enabling us to break even in the third quarter,” noted Arotech’s Chairman and CEO Robert S. Ehrlich. “We hope to continue this positive performance during the remainder of 2008,” concluded Ehrlich.
 
First Nine Months Results
 
Revenues for the first nine months reached $45.1 million, compared to $40.0 million for the corresponding period in 2007, an increase of 12.7% over the same period last year.
 
Gross profit for the nine months was $11.8 million, or 26.2% of revenues, compared to $12.2 million, or 30.6% of revenues, for the corresponding period in 2007.
 
The net loss for the first nine months was $(3.0) million, or $(0.24) per share, versus $(4.0) million, or $(0.35) per share, for the corresponding period last year.
 
Backlog
 
Backlog of orders totaled approximately $41.7 million as of September 30, 2008, as compared to $50.9 million at September 30, 2007.
 
Cash Position at Quarter End
 
As of September 30, 2008, the Company had $1.6 million in cash, $163,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $54,000 in   
 

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available-for-sale marketable securities, as compared to December 31, 2007, when the Company had $3.4 million in cash, $320,000 in restricted collateral deposits, $1.5 million in an escrow receivable, and $47,000 in available-for-sale marketable securities. Cash was invested in the Company’s Armor Division and a pay down of its working capital bank line.
 
Short term bank borrowings were $2.8 million at the end of the third quarter 2008 compared to $4.6 million at the end of 2007.
 
The Company had trade receivables of $13.9 million as of September 30, 2008, compared to $14.6 million as of December 31, 2007. The Company had a current ratio (current assets/current liabilities) of 1.98, up from the December 31, 2007 current ratio of 1.93.
 
Conference Call
 
Those wishing to access the conference call should dial 1-888-300-2335 (U.S.) or 1-719-325-2280 (international) a few minutes before the 9:00 a.m. ET start time.  The confirmation code is 2182343.  A replay of the conference call will be available starting Wednesday, November 12, 2008 at 11:00 a.m. until Friday, November 14, 2008 at 12:00 p.m.  The replay telephone number is 1-888-203-1112 (U.S) and 1-719-457-0820 (international).  The replay passcode is: 2182343

About Arotech Corporation
 
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets. Arotech provides multimedia interactive simulators/trainers, lightweight armoring and advanced zinc-air and lithium batteries and chargers. Arotech operates through three major business divisions: Armor, Training and Simulation, and Batteries and Power Systems.
 
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan and research, development and production subsidiaries in Alabama, Michigan and Israel.
 
CONTACT:
 
Victor Allgeier, TTC Group, (646) 290-6400, vic@ttcominc.com
 
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech’s products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders; dilution resulting from issuances of Arotech’s common stock upon conversion or payment of its outstanding convertible debt, which would be increasingly dilutive if and to the extent that the market price of Arotech’s stock decreases; and other risk factors detailed in Arotech’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as amended, and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company’s website above does not constitute incorporation of any of the information thereon into this press release.
 
TABLES TO FOLLOW
 

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AROTECH CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 

   
Nine months ended September 30,
    
Three months ended September 30,
  
   
2008
    
2007
    
2008
    
2007
  
Revenues
   $ 45,074,091     $ 40,011,014     $ 19,216,509     $ 15,453,124  
Cost of revenues, exclusive of amortization of intangibles
     33,256,814       27,764,509       13,484,314       11,079,269  
Research and development
     1,231,530       1,413,852       398,658       491,597  
Selling and marketing expenses 
     3,290,499       2,999,226       1,003,504       905,725  
General and administrative expenses
     10,025,658       9,221,310       3,199,878       3,309,628  
Amortization of intangible assets
     1,362,251       1,481,764       377,230       307,871  
Escrow adjustment – credit
     (1,448,074 )     –       –       –  
Total operating costs and expenses
     47,718,678       42,880,661       18,463,584       16,094,090  
Operating income (loss)
     (2,644,587 )     (2,869,647 )     752,925       (640,966 )
Other income
     670,483       75,452       11,334       6,333  
Financial expenses, net
     (341,632 )     (707,225 )     (288,680 )     (80,412 )
Income (loss) before minority interest in earnings of a subsidiary, earnings from affiliated company and income tax expenses
     (2,315,736 )     (3,501,420 )     475,579       (715,045 )
Income tax expenses
     (386,690 )     (298,193 )     (374,862 )     (123,287 )
Loss from affiliated company
     (261,207 )     (139,725 )     (145,121 )     (27,546 )
Minority interest in loss (earnings) of subsidiaries
     –       (27,402 )     –       82,929  
Net loss
   $ (2,963,633 )   $ (3,966,740 )   $ (44,404 )   $ (782,949 )
Basic and diluted net loss per share
   $ (0.24 )   $ (0.35 )   $ (0.00 )   $ (0.06 )
Weighted average number of shares used in computing basic net loss per share
     12,595,987       11,315,676       12,604,715       12,161,564  

 

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