Valor Increases First Quarter Revenues

May 04, 2004

YAVNE, Israel - May 04th, 2004 - Valor Computerized Systems [Prime Standard, VCR, WKN 928 731], the leader in productivity increasing software solutions to the electronics industry, reports an improvement in its revenue for the first quarter of 2004.

Business in the global electronics industry is picking up, which is positively impacting the company�s overall business. Revenues increased in the first quarter of 2004 by 16.4% and reached US$ 7.15 million compared to US$ 6.14 achieved in the first quarter of 2003.

Q1-04 revenues increased by 5% compared to Q4-03 revenues of US$ 6.8 million.

Summary Financial Data:

Q1 2004 Q1 2003 % Change

Product Sales 4,612 3,852 19.73

Maintenance 2,541 2,291 10.91

Total Revenues 7,153 6,143 16.44

Gross Profit 6,674 5,700 17.09

EBIT 112 553

EBITDA 349 910

Net Profit 295 623 -52.65

EpS in US$

(basic) 0.02 0.03


Equity 33,230 39,334 -15.52

Total Assets 41,419 45,363 -8.69

R&D 2,658 1,665 59.64

Employees(End Q1) 199 171 16.37

(all figures are in US$ 1000, unless otherwise noted)

During Q1-04 Valor experienced a steep increase in R&D investments, due to the purchase of 50% of Danish company TraceXpert and the development of new products. Q1-04 shows a raise of 60% in R&D expenses to US$ 2.66 million in comparison to US$ 1.67 for Q1-03. Headcount increased to 199, a raise of 16% compared to 171 employees in Q1-03, which is mainly attributed to the increase in the R&D force. These aggressive investments will enable to grow the company over the next five years and will start to bear fruits in 2005.

Selling and marketing expenses increased slightly to US$ 3.34 million, up 9.6% compared to Q1 in 2003, but remained unchanged compared to previous quarter. This indicates the ability to increase sales without further expanding selling and marketing expenses,

Product sales generated US$ 4.6 million in Q1-04, a swell of 20% compared to US$ 3.85 million for the same quarter of last year. Revenues resulting from maintenance and subscriptions increased by 11% to reach US$ 2.54 million compared to US$ 2.29 million in Q1-03.

Due to the investments in new products, the net profit for Q1-04 was US$ 295 thousand, down from US$ 623 thousand in Q1-03. However, positive cash flow from operating activities was significantly higher and reached US$ 1.25 million.

Ofer Shofman, President and CEO at Valor commented: �I am very pleased with these results. We are in line with our business goals to grow our revenues quarter over quarter by double digit figures while maintaining profitability.�

Dan Hoz, Valor�s CFO added: �Our emphasis in 2004 is to increase revenues and heavily invest in R&D for significant growth over the next 5 years. With about US$ 30 million in cash, we are well positioned to strengthen our presence through M&A activities, as well as through organic growth.�

Valor Corporate: Alon Levitan, Valor Computerized Systems Ltd. , Tel.: +972 (0)8-943 2430,,

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