RoboGroup Announces First-Quarter 2005 Financial Results ROSH
HA'AYIN, Israel, May 19 /PRNewswire-FirstCall/ -- RoboGroup T.E.K.
Ltd. (NASDAQ:ROBO) today reported first-quarter 2005 financial
results. Revenues for the first quarter totaled NIS 10.8 million
(US$2.5 million) compared with NIS 14.4 million (US$3.3 million)
for the comparable quarter in 2004. Gross profit for the first
quarter reached NIS 4.2 million (US$1.0 million) compared with NIS
6.1 million (US$1.4 million) in the first quarter of 2004.
Operating expenses for the first quarter decreased to NIS 6.6
million (US$1.5 million) from NIS 8.6 million (US$2.0 million) in
the first quarter of 2004. RoboGroups' first quarter net loss was
reduced to NIS 2.6 million (US$0.6 million) from a net loss of NIS
2.9 million (US$0.7 million) in the first quarter of 2004. Rafael
Aravot, Chief Executive Officer of RoboGroup, commented: "Although
our sales figures in the first quarter were somewhat disappointing
we did our best to minimize our loss mainly by controlling our
expenses. As is evident, our operating expenses this quarter are
substantially lower than the comparable quarter due to the
cost-cutting plan we implemented in the educational sector in
mid-2004. Looking forward, we plan to continue with our efforts to
increase sales, while focusing our attention on operating
efficiency to ensure that we maximize output while controlling our
costs ". A complete Directors' Report for the first quarter of 2005
is available on the Company's Website at http://www.robo-group.com/
RoboGroup and its subsidiaries are engaged in two major fields of
activity. The first is the field of education devoted to
RoboGroup's training products and e-learning systems. RoboGroup is
a world leader in engineering and manufacturing technology training
systems. The Company is market driven, deriving its growth from
technological leadership, strong partnerships and management
expertise. The other field of activity is the development,
manufacturing and marketing of motion control products for the
industrial market, which is performed through the Company's
subsidiary, Yaskawa Eshed Technologies (YET). For more information,
visit http://www.robo-group.com/ To the extent that this press
release discusses expectations about market conditions or about
market acceptance and future sales of the Company's products, or
otherwise makes statements about the future, such statements are
forward-looking and are subject to a number of risks and
uncertainties that could cause results to differ materially from
the statements made. These factors include the rapidly changing
technology and evolving standards in the industries in which the
Company and its subsidiaries operate, risks associated with the
acceptance of new products by individual customers and by the
market place and other factors discussed in the business
description and management discussion and analysis sections of the
Company's Annual Report on Form 20-F. Company Contact: Michal Afuta
RoboGroup +972-3-900-4112 Agency Contact: Ayelet Shiloni Integrated
IR +1-866-447-8633 RoboGroup T.E.K. Ltd. Balance Sheets
-------------------------------------------------------------------------
NIS in Thousands March, 31 December, 31
----------------------------------- ----------- 2005 2005 2004 2004
----------- ----------- ----------- ----------- US$ (K) NIS (K) NIS
(K) NIS (K) ----------- ----------- ----------- -----------
Unaudited Unaudited Unaudited Audited ----------- -----------
----------- ----------- Convenience translation to US Reported
dollars amounts Reported amounts ----------- -----------
----------------------- ASSETS Current assets Cash and cash
equivalents 1,386 6,044 12,091 6,957 Short-term investments 6 28 -
99 Trade receivables 2,637 11,499 10,480 15,282 Other receivables
and debit balances 475 2,073 3,622 2,093 Inventories 2,510 10,946
13,301 9,372 ----------- ----------- ----------- ----------- 7,014
30,590 39,494 33,803 ----------- ----------- -----------
----------- Long-term investments Investments in investee and other
companies - - 15 - Funds in respect of employee rights upon
retirement, net 162 706 236 563 ----------- ----------- -----------
----------- 162 706 251 563 ----------- ----------- -----------
----------- Fixed assets 8,277 36,094 38,115 36,548 -----------
----------- ----------- ----------- Other assets and deferred
expenses 231 1,009 1,451 1,036 ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- 15,684
68,399 79,311 71,950 ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
RoboGroup T.E.K. Ltd. Balance Sheets
-------------------------------------------------------------------------
NIS in Thousands March, 31 December, 31
----------------------------------- ----------- 2005 2005 2004 2004
----------- ----------- ----------- ----------- US$ (K) NIS (K) NIS
(K) NIS (K) ----------- ----------- ----------- -----------
Unaudited Unaudited Unaudited Audited ----------- -----------
----------- ----------- Convenience translation to US Reported
dollars amounts Reported amounts ----------- -----------
----------------------- LIABILITIES Current liabilities Credit from
banks 3,654 15,936 15,302 15,228 Trade payables 1,210 5,276 6,298
5,853 Other payables and credit balances 2,295 10,008 11,074 10,333
----------- ----------- ----------- ----------- 7,159 31,220 32,674
31,414 ----------- ----------- ----------- ----------- Long-term
liabilities Loans from banks 3,746 16,335 18,727 17,100 Provision
for deferred taxes 24 106 - 163 Liability for termination of
employee/employer relationship, net 37 163 204 139 -----------
----------- ----------- ----------- 3,807 16,604 18,931 17,402
----------- ----------- ----------- ----------- Shareholders'
equity Share capital 2,614 11,400 11,399 11,400 Capital reserves
and premium on shares 10,140 44,219 44,207 44,179 Accumulated
deficit (7,855) (34,255) (26,897) (31,656) Treasury stock (181)
(789) (1,003) (789) ----------- ----------- ----------- -----------
4,718 20,575 27,706 23,134 ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- 15,684
68,399 79,311 71,950 ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
RoboGroup T.E.K. Ltd. Statement of Operations
-------------------------------------------------------------------------
NIS in Thousands For the three months ended Year ended March, 31
December, 31 ----------------------------------- ----------- 2005
2005 2004 2004 ----------- ----------- ----------- ----------- US$
(K) NIS (K) NIS (K) NIS (K) ----------- ----------- -----------
----------- Unaudited Unaudited Unaudited Audited -----------
----------- ----------- ----------- Convenience translation to US
Reported dollars amounts Reported amounts ----------- -----------
----------------------- Revenues 2,480 10,815 14,365 61,734 Cost of
revenues 1,524 6,648 8,231 35,843 ----------- -----------
----------- ----------- Gross profit 956 4,167 6,134 25,891
----------- ----------- ----------- ----------- Operating expenses
Research and development expenses, net 388 1,690 2,302 7,619
Marketing and selling expenses 674 2,941 3,485 13,204
Administrative and general expenses 444 1,938 2,792 10,042
----------- ----------- ----------- ----------- 1,506 6,569 8,579
30,865 ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- Operating loss (550) (2,402)
(2,445) (4,974) Financial expenses, net (27) (116) (765) (2,111)
Other income, net 7 31 282 809 ----------- ----------- -----------
----------- Loss before taxes on income (570) (2,487) (2,928)
(6,276) Income tax expenses 26 112 - 1,411 ----------- -----------
----------- ----------- Net loss (596) (2,599) (2,928) (7,687)
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- Loss per share ("EPS") (0.05)
(0.24) (0.27) (0.71) ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Weighted average number of Shares used in computation of EPS (in
thousands) 10,851 10,851 10,744 10,757 ----------- -----------
----------- ----------- ----------- ----------- -----------
----------- DATASOURCE: RoboGroup t.e.k. Ltd CONTACT: Company
Contact: Michal Afuta, RoboGroup, , +972-3-900-4112; Agency
Contact: Ayelet Shiloni, Integrated IR, , +1-866-447-8633
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