Electronics Line 3000 Ltd.
Electronics Line 3000 Ltd.: Net profit improved to US$ 1.1 million for fiscal 2012
Electronics Line 3000 Ltd. / Key word(s): Final Results Net profit improved to US$ 1.1 million for fiscal 2012 – Sales totaled to US$ 14.3 million in 2012 (2011: adjusted US$ 18.2 million) – Gross profit margin for 2012 improved to 37.9% (2011: adjusted1 32.7%) – Net profit of US$ 1.1 million (2011: adjusted1 net profit of US$ 0.5 million) Rishon LeZion, Israel (March 21, 2013) – Electronics Line 3000 Ltd. ('the Company' or 'Electronics Line') (XETRA: ELN), a global provider of wireless security with remote management solutions, today published the financial results and the annual report for fiscal 2012. Despite significantly decreased revenues in 2012 ('Reporting Period'), mainly caused by the shortfall of orders from a major client and by general adverse market conditions, Electronics Line was able to significantly improve its profitability during the Reporting Period. Financial Highlights – The Company's revenues in the Reporting Period amounted to US$ 14.3 million, compared to adjusted US$ 18.2 million for the year ended December 31, 2011.
The decrease in revenues was mainly due to the change in the Scandinavian market, where a long-term customer relationship was discontinued because of an M&A transaction of the – The gross profit for the Reporting Period amounted to US$ 5.4 million (37.9% of the revenues) compared to adjusted US$ 5.9 million (32.7% of the revenues) in 2011. The margin increase resulted from efficiency gains and the use of outsourcing partners. Also, new high margin products were launched while old and low margin products were ceased. – The net profit for the Reporting Period amounted to US$ 1.1 million, compared to adjusted net profit of US$ 0.5 million in the comparable year. – During the Reporting Period, net cash provided by operating activities was US$ 617,000 compared to net cash used in operating activities of US$ 255,000 during the comparable year. – The Company's cash and cash equivalents as of December 31, 2012 were US$ 0.8 million, compared to US$ 1.7 million on December 31, 2011. The decrease is mainly due to cash used in financing activities, especially the repayment of a bank loan in the amount of US$ 1.2 million. This was compensated with cash provided by operating activity in the amount of US$ 0.6. – The Company's total equity as of December 31, 2012 was US$ 3.7 million, corresponding in an equity ratio of 51.5%, compared to US$ 2.5 million (29.0%) as at December 31, 2011. Outlook Looking ahead to the business year, the Company expects an increase in revenues of 25% to approximately US$ 18 million, mainly from its strategic customers and markets, in particular, Northern and Western Europe, and from the new product line (ELAS, iConnect 2 way and CommPact). With the increasing revenue, the Company also anticipates a continuously improving earnings situation. The Company launched a pilot of its cloud-based solution, www.MyELAS.com, among a small group of customers, enabling them to independently register their wireless alarm systems to the cloud and thereby monitor and control their premises as well as receiving images from the motion detector cameras. In addition, customers can manage their installer base via the web admin application. The Company expects that these new services, in addition to the Smartphone applications for iPhone and Android, will help increase sales of the iConnect and CommPact panels. The Company continues focusing on its Two-way-wireless iConnect product line and its PIR camera detector with a built-in camera for video verification, in addition to the release of new complimentary products such as the two-way repeater for extending the detectors' range and the two-way vibration detector, all sustaining market expansions and increased sales. The full 2012 annual report is available on the Company's website at www.electronics-line.com in the investors section. For more information please contact:
Ms. Sari Ellenberg
About Electronics Line (EL):
Upgrading Everyday Security EL's wireless solutions offer enhanced detection and PSTN/IP/GSM/GPRS-based event reporting, along with advanced remote management tools. The back-office support and customized branding of EL solutions provide superior security with significant business benefits and market expansion potential.
Global Partnerships EL has made emerging technology, user-friendly design and exceptional quality the benchmarks for serving its international network of clients and partners. Drawing on a tradition of pioneering expertise, EL specialists also provide security integration consultancy, installation service, training and technological support. EL was established in 1982 and is headquartered in Israel. The Company is publicly traded on the Frankfurt Stock Exchange (ELN) and is part of the RISCO Group, an established leader in the international security market. Disclaimer: 'This release contains forward-looking statements, which express the current beliefs and expectations of management. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company's future results, performance or achievements to differ significantly from those expressed or implied by such forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report and its other filings filed with the Israeli Securities Authority. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.' End of Corporate News 21.03.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | Electronics Line 3000 Ltd. | |
14 Hachoma St. | ||
75655 Rishon LeZion | ||
Israel | ||
Phone: | 00972 3 9181333 | |
Fax: | 00972 3 9616 584 | |
E-mail: | investor.relations@electronics-line.com | |
Internet: | www.electronics-line.com | |
ISIN: | IL0010905052 | |
WKN: | A0B5R7 | |
Indices: | DAXsector All Technology, DAXsector Technology, DAXsubsector All Communications Technology, DAXsubsector Communications Technology , Prime All Share, Technology All Share, | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München | |
End of News | DGAP News-Service |
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