SMT, PCB Electronics Industry News

Valor Computerized Systems reports Q3 2004 results;

Nov 02, 2004

YAVNE, Israel - November 02, 2004 - Valor Computerized Systems [Prime Standard: VCR, WKN 928 731], a leader in productivity increasing software solutions to the electronics industry, reports an improvement in its revenue and profit line for the third quarter of 2004. Revenue increased in the reporting period to $7.8 million in comparison to $6.35 million achieved in Q3 of 2003 equalling a rise of 23%. Net profit results for Q3-04 reached $0.4 million as compared to $0.85 million achieved for the same quarter of previous year. EBIT was $0.34 million in comparison to $0.63 million generated in Q3-03.

Summary Financial Data:

Q3-04 Q3-03 %Chg Jan-Sep04 Jan-Sep03%Chg


Sales 5,079 3,951 28.55 14,465 11,798 22.61


enance 2,722 2,400 13.42 7,942 7,010 13.30


Reven. 7,801 6,351 22.83 22,407 18,808 19.14


Profit 6,727 5,968 12.72 19,856 17,660 12.43

EBIT 341 627(45.61) 567 1,778(68.11)

EBITDA 570 873(34.71) 1,240 2,527(50.93)



(Loss) 401 854(53.04) 997 938 6.29


in US$

(basic) 0.02 0.05 0.06 0.05


in US$

(diluted) 0.02 0.04 0.05 0.05


Equity 34,131 34,532(1.16) 34,131 34,532(1.16)


Assets 41,971 40,139 4.56 41,971 40,139 4.56


Investm 24 n/a n/a n/a

R&D 2,442 1,961 24.53 7,561 5,501 37.45


(Period End)222 188 18.09 222 188 18.09

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

Nine months revenues accumulated to $22.4 million an increase of 19% compared to the first three quarters of previous year. Net profits for the nine-month reporting period reached close to

$1 million an in crease of 6% compared to the same period of 2003.

R&D expenses for Q3-04 increased by 25% to $2,4 million as compared to Q3-03 and increased by 38% to $7,6 million for this year�s nine months period compared to the nine months reporting period of 2003.

Worldwide headcount reached 222 employees in Q3-04 an increase of 18% as compared to Q3 of the previous year.

In Q3-04 the company generated a negative cash flow resulting from operating activities in the amount of $221 thousand and a positive cash flow amounting to $2,4 million for the nine months period of 2004.

Explanatory Text:

Ofer Shofman, President & CEO at Valor, commented on the quarterly results: �This quarter marks the sixth consecutive quarter of revenue growth. We are showing exceptional growth quarter after quarter and we anticipate to continue with a strong growth rate in Q4 2004.�

The decrease in net profit stems from the large increase in R&D investments targeted at new product developments.

�We are continuing to successfully invest in R&D for new products, which will secure our future growth and strengthen our leadership position in the marketplace,� says Shofman and continues:

�We have completed an intense restructuring process in our Far East subsidiary and as a result have doubled our Asian work force led by a new management team. In the past six months we experienced a significant growth in our Asian business volume and over the next year we will continue to further expand our Asian subsidiary. I am confident that we now have the resources in place to grow our Asian business substantially and as a result to positively impact our overall top and bottom line results.�

The company has added this quarter new major clients to its customer base and has increased its presence in the worldwide PCB assembly market. With over $30 million in liquid assets the company�s financial situation is strong, positioning the company for potential M&A activities.

Shofman concludes: �I am happy with the large increase in product sales. With a growth factor of nearly 30% as compared to last year, we have surpassed our own predictions. This increase is also attributed to the fast and seamless integration of the TraceXpert solution into the Valor product family and emphasizes our ability to successfully incorporate M&A strategies into our corporate growth plan.�

The complete quarterly report can be downloaded from the company�s website at / investor relations.


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

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