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Strong sales brought Elbit Systems (NASDAQ:
ESLT) to record the highest level of revenues per quarter
($468 million), in the second quarter of 2007, increased 36%
over previous year Q2. According to Joseph Ackerman, President
and CEO the company demonstrated an organic growth that amounted
to more than 20% and, including the new acquisition, the overall
growth was 36%. The growth is partially attributed to the completion
of acquisition of Tadiran Communications, for which the company
used $27.1 million in cash, totally eroding a potential net
profit of $23.7 million, into a loss of $0.7 million. In the
first half of 2007 the company generated $130 in cash. Relying
on a backlog of orders set at a record $4.2 billion, Elbit Systems
is set to continue to prosper from a growing demand for aerospace
and defense electronics.
As expected, Force Protection (NASDAQ: FRPT) reported
yesterday (Aug. 9, 2007) a sharp increase in sales (140%) and
net profit ($0.14 EPS) in its second quarter sales. The company's
net sales reached US$134.7 million, compared to $56.1 million
in Q2/06. This surge reflects the growing demand for mine protected
armored vehicles (MRAP) pioneered by Force Protection. In the
first six months of 2007 the company sold about a quarter billion
worth of armored vehicles ($234.9 million, 158% over the first
half of 2006).
EDO Corporation (NYSE: EDO) reported today an
increase of 61.4% in its quarterly revenue over the same period
last year. For the second quarter of 2007 the company's revenue
reached $246.0 million compared to sales of $152.4 million last
year. This increase was attributed to the acquisitions of CAS
Inc and Impact Science & Technology Inc in September of
2006, as well as strong sales of battlefield-communications
equipment.
Alliant Techsystems (NYSE:ATK) reported today
a sharp increase of 35% in its net income for Q1/2008, compared
to the 1st quarter of 2007. Net income was $52 million in the
current second quarter, generated from sales totaling $958 million,
a 16% increase over Q1 2007. Based on a forcasted 15% increase
in its order book, which is expected to reach 6 billion, ATK
is raising its full-year FY08 sales guidance by about 3.8%,
to a range of $4.0 - $4.1 billion with Earning Per Share (EPS)
expected to be at the range of $6.15 - $6.25. The strong orders
growth was driven by increases in the demand for small and medium
caliber ammunition, the Ares program from NASA, advanced weapons
and missile defense programs.
Cubic Corporation (AMEX:CUB) announced yesterday
higher sales and increased earnings for the third quarter of
2007 ended June 30, 2007. Sales increased 9% to $233.7 million
up from $214.9 million last year. Net income for the quarter
increased 87% to $11.2 million ($0.42 per share). The company's
defense segment's sales increased 18% in the quarter reaching
$176.6 million this year. In the past 9 months defense sales
increased 15% from $422.1 million to $484.7 million. Sales of
training systems were increased, demonstrating higher profit
while communications and electronic systems' sales dropped throughout
the year, reducing profitability to merely break-even level.
Cubic reported an increase in the funded backlog in the past
quarter to $1.347 billion (at June 30, 2007) compared to $1.224
billion at September 30, 2006.
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