RoboGroup Announces First-Quarter 2004 Financial Results ROSH
HA'AYIN, Israel, May 31 /PRNewswire-FirstCall/ -- RoboGroup T.E.K.
Ltd. (NASDAQ:ROBO) today reported first-quarter 2004 financial
results. Revenues for the first quarter totalled NIS 14.4 million
(US$3.2 million) compared with NIS 12.7 million (US$2.8 million)
for the comparable quarter in 2003. The revenue increase is
attributed primarily to increased sales by RoboGroup's educational
sector and by YET. First-quarter gross profit reached approximately
43% of revenues, compared with 39% in first-quarter 2003. The
increase mainly reflects higher revenues from more profitable
e-learning products as well as from a change in the company's
product mix. Operating expenses for the quarter totalled NIS 8.6
million (US$1.9 million) compared with NIS 10.7 million (US$2.4
million) in the year-earlier period. Research and development
expenses for the quarter declined to NIS 2.3 million (US$0.5
million) from NIS 3.7 million (US$0.8 million) in first-quarter
2003. The decline stems primarily from lower R&D expenses in
MemCall. Marketing and sales expenses for the first quarter
totalled NIS 3.5 million (US$0.8 million) compared with NIS 3.3
million (US$0.7 million) in first-quarter 2003. First-quarter
general and administrative expenses declined to NIS2.8 million
(US$0.6) compared with NIS 3.8 million (US$0.8 million) for the
year- earlier quarter. The decline is mainly due to lower G&A
expenses in the educational sector and at MemCall. The company's
first-quarter net loss amounted to NIS 2.9 million (US$0.65
million) compared with a net loss of NIS 5.7 million (US$1.3
million) in first-quarter 2003. Rafael Aravot, chief executive
officer of RoboGroup, said: "Our first-quarter results reflect
increased revenues along with cost cuts and strict controls as we
continue our effort to improve our financial position. In the
educational sector, we recently implemented a cost-cutting plan to
improve profitability. The plan includes, among other things,
personnel cuts as well as tighter integration of activities. We
expect this plan to reduce our expenses in the next 12 months by
approximately US$ 1 million and to improve our financial results
starting in the second half of 2004." During first-quarter 2004,
RoboGroup recorded approximately US$720,000 of revenue from a US$1
million order for training products that the company received in
November 2003. In addition, YET received approximately US$590,000
for development services from Yawaskawa Electric Corporation
("YEC"). YET also sold approximately US$340,000 of its own
products. During the quarter YET continued to invest in developing
marketing and sales channels in Europe and the U.S. YET's wholly
owned subsidiary, YET US Inc., has signed several distribution
agreements with key players in the US motion control market. YET's
activity in the European market had led to sales of its products
there. A complete Directors' Report for the first quarter of 2004
is available on the Company's Website at http://www.robo-group.com/
or as a PDF file upon request. Please contact Ayelet Shiloni at
Integrated IR, toll-free +1-866-447-8633. RoboGroup engages in
three business sectors. The first sector is 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 second is Yaskawa Eshed Technology (YET), a joint
venture with Japan's Yaskawa Electric Corp., which provides
industrial motion controls, particularly those based on its
patented algorithms. The third focuses on MemCall, a fabless VLSI
semiconductor developer with unique Call Out Memory(TM) technology
for Internet and communications applications requiring intensive
search and filter capabilities. 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. RoboGroup T.E.K. Ltd. Balance
Sheets NIS in Thousands March, 31 December, 31 2004 2004 2003 2003
US$ (K) NIS (K) NIS (K) NIS (K) Unaudited Unaudited Unaudited
Audited Adjusted amount for Convenience the Israeli translation
Reported CPI as of to US dollars amounts(*) December 2003 ASSETS
Current assets Cash and cash equivalents 2,670 12,091 24,713 14,878
Short-term investments - - 123 - Trade receivables 2,314 10,480
13,596 13,217 Other receivables and debit balances 800 3,622 3,522
2,292 Inventories 2,937 13,301 16,811 13,603 8,721 39,494 58,765
43,990 Long-term investments Investments in investee and other
companies 3 15 107 15 Funds in respect of employee rights upon
retirement, net 52 236 - 81 55 251 107 96 Fixed assets 8,418 38,115
39,976 38,233 Deferred taxes 236 1,067 754 1,097 Other assets 85
384 646 428 17,515 79,311 100,248 83,844 (*) Discontinuance of the
adjustment for the effects of inflation according to the Israeli
CPI as of December 2003 RoboGroup T.E.K. Ltd. Balance Sheets NIS in
Thousands March, 31 December, 31 2004 2004 2003 2003 US$ (K) NIS
(K) NIS (K) NIS (K) Unaudited Unaudited Unaudited Audited Adjusted
amount for Convenience the Israeli translation Reported CPI as of
to US dollars amounts(*) December 2003 LIABILITIES Current
liabilities Credit from banks 3,379 15,302 14,063 15,941 Trade
payables 1,391 6,298 10,232 5,394 Other payables and 2,445 11,074
12,539 14,345 credit balances 7,215 32,674 36,834 35,680 Long-term
liabilities Loans from banks 4,136 18,727 19,656 17,516 Liability
for termination of employee/employer relationship, net 45 204 714
200 4,181 18,931 20,370 17,716 Shareholders' equity Share capital
2,517 11,399 11,393 11,399 Capital reserves and premium on shares
9,763 44,207 44,342 44,021 Accumulated deficit (5,940) (26,897)
(11,688) (23,969) Treasury stock (221) (1,003) (1,003) (1,003)
6,119 27,706 43,044 30,448 17,515 79,311 100,248 83,844 (*)
Discontinuance of the adjustment for the effects of inflation
according to the Israeli CPI as of December 2003 RoboGroup T.E.K.
Ltd. Statement of Operations NIS in Thousands For the three months
ended Year ended March 31 December, 31 2004 2004 2003 2003 US$ (K)
NIS (K) NIS (K) NIS (K) Unaudited Unaudited Unaudited Audited
Adjusted amount for the Convenience Reported Israeli CPI as of
translation amounts (*) December 2003 to US dollars Revenues 3,172
14,365 12,729 56,116 Cost of revenues 1,818 8,231 7,757 32,598
Gross profit 1,354 6,134 4,972 23,518 Operating expenses Research
and development expenses, net 508 2,302 3,682 12,651 Marketing and
selling expenses 770 3,485 3,270 12,622 Administrative and 617
2,792 3,782 14,569 general expenses 1,895 8,579 10,734 39,842
Operating loss (541) (2,445) (5,762) (16,324) Financial expenses,
net (168) (765) (626) (3,783) Other income, net 62 282 712 2,032
Loss before taxes on income (647) (2,928) (5,676) (18,075) Income
tax expenses (income) - - 36 (82) Net loss (647) (2,928) (5,712)
(17,993) Loss per share ("EPS") (0.06) (0.27) (0.54) (1.67)
Weighted average number of shares used in computation of EPS (in
thousands) 10,744 10,744 10,731 10,744 (*) Discontinuance of the
adjustment for the effects of inflation according to the Israeli
CPI as of December 2003 Company contact: Talia Myron RoboGroup
+972-3-900-4170 Agency contact: Ayelet Shiloni Integrated IR
+1-866-447-8633 DATASOURCE: RoboGroup t.e.k. Ltd CONTACT: Talia
Myron, RoboGroup, , +972-3-900-4170. Agency contact: Ayelet
Shiloni, Integrated IR, , +1-866-447-8633
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