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News from Valor Computerized Systems

Valor Computerized Systems reports Q2 2004 results

Aug 03, 2004

Lake Forest, CA. and Yavne, Israel - August 03, 2004 - Valor Computerized Systems [Prime Standard: VCR, WKN 928731], a leader in productivity increasing software solutions to the electronics industry, reported today financial results for the six-month period ending June 30, 2004:

Summary Financial Data:

Q2'04 Q2'03 % 1-6'04 1-6'03 %


Sales 4,773 3,996 19.44% 9,386 7,847 19.61%

Maint. 2,679 2,318 15.57% 5,220 4,610 13.23%


Reven. 7,452 6,314 18.02% 14,606 12,457 17.25%


Profit 6,455 5,992 7.73% 13,129 11,692 12.29%

EBIT 114 598 226 1,151

EBITDA 318 745 671 1,654

Net Prof.

(Loss) 301 (539) 596 84


in US$

(basic) 0.02 (0.03) 0.03 0


Equity 33,615 33,768 33,615 33,768


Assets 41,078 44,844 41,078 44,844


Invest. 135 112 353 284

R&D 2,461 1,875 31.25% 5,119 3,540 44.60%


(Per, End)215 186 15.59% 215 186 15.59%

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

Valor's Q2-04 results, when compared to Q2-03, show an increase of 18% in total revenues. In Q2-04 Valor generated revenues of close to US$ 7.5 Million matching the company's quarterly sales record as compared to US$ 6.3 Million for Q2-03.

Over a six-month period the company�s accumulated revenues reached US$ 14.6 Million in H1-04, an increase of 17.3% in comparison to US$ 12.5 Million achieved in the same comparable period of 2003.

Net profits in Q2-04 reached US$ 301,000 or US$ 0.02 per share a switch from net losses of US$ 539,000 or US$ 0.03 per share after income tax due to dividend distribution in Q2-03.

In Q2-2004 Valor generated positive operational cash flow of one Million Dollars and accumulated a positive operational cash flow of US$ 2.2 Million for H1-2004.

R&D costs increased for the second quarter of 2004 by more than 31% reaching US$ 2.46 Million as compared to US$ 1.88 Million for the equal period of 2003. When compared on a half year basis R&D costs in H1-04 increased by 44.6% as compared to H1-03.

Sales and marketing expenses increased in H1-04 by close to 10% to US$ 6.79 Million in comparison to US$ 6.18 Million in H1-03.

The increase in R&D and sales and marketing expenses resulted in lower operational profits (EBIT) for Q2-04 reaching US$ 114,000 down from US$ 598,000 for the same quarter of 2003.

Ofer Shofman, President & CEO, commented: "I am delighted with these results. This is the fifth consecutive quarter of revenue growth, and we expect to maintain our growth rate in the second half of 2004. As we already informed the financial markets, we will continue to invest heavily in R&D to secure our technological advantage and future growth. We successfully penetrated with our Trilogy and TraceXpert platforms into several larger key accounts this quarter exchanging competitive systems with our new generation solutions."

Dan Hoz, CFO, added: "Although we heavily invest in R&D our overall goal is to remain profitable and to leverage our firm financial situation to extend our global market presence and to continue our search for technologies that complement our solution scope."

The complete quarterly report can be downloaded in the Investor Relations section on the corporate website

About Valor

Valor Computerized Systems [FSE: VCR, WKN 928 731] is a global leader in vertically integrated manufacturing productivity solutions to the electronics industry. Valor is publicly listed on the Frankfurt Stock Exchange. The company's powerful software tools, based on ODB++, the Valor-funded data format which forms the main structure of the new IPC 2851 standard for high-level data exchange, ensure the rapid transfer of optimized data from the design through manufacturing stages. Enterprise 3000 DFM system for physical design verification, Trilogy 5000 for assembly and test engineering, TraceXpert for real-time SMT production monitoring, exact traceability and materials management and the unique Valor Parts Library on-line data service are utilized by designers and engineers to deliver enhanced productivity, higher yields, shorter cycle times and increased product quality. All Valor products are sold and supported by a worldwide network that includes global subsidiary offices, VARs and OEM channels. More information about the company can be found at

Reader Contact Information:

North America

Valor Computerized Systems, Inc., 25341 Commercentre Drive, Suite 200, Lake Forest, CA 92630, Tel: (+1) 949-586 5969, Fax: (+1) 949-586 1343

Valor Corporate

Valor Computerized Systems, Ltd., Faran St. 4, P.O.Box 152, 70600 Yavne, Israel,

Tel +(972) 8-943 2430, Fax +(972) 8-943 2429

# # #

Valor, Trilogy 5000, Enterprise 3000, Valor Parts Library, VPL and the Valor Logo

are trademarks or registered trademarks of Valor Computerized Systems, Ltd.

All other trade names mentioned herein are believed to be the property of their respective owners.

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