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Elbit Systems Q1/09:
Surfing the C4ISR Wave Surge

Elbit Systems reported today an increase of 6.6% in revenues over the first quarter of 2008 ($656.9 million in Q1/09) and an increase in net profit, from $4.6 million to $19 million in Q1/09, an improvement of 34.5%. However, the positive performance was somewhat offset by reduced cash flow, down to $5.4 million from $66.3 million in the first quarter of 2008 and $209 million through the entire year of 2008. The company indicated the reduction in cash-flow was the result in the overall amount of advanced payments made by customers. While market conditions could mean customers are less open to shed cash in advance, the numbers show they keep coming and sales are increasing. Elbit has increased its orders backlog in the first quarter of the year by 61 million to a level of $5.091 billion. 37% of the company's backlog is derived from domestic sales. 72% of these orders are scheduled to be fulfilled within the next 20 months.

While the quarterly data is indicative of the tough market conditions, it is also validating the robust market for defense electronics - particularly intelligence, surveillance and reconnaissance (ISR) and command, control and communications (C3) solutions - areas which Elbit has focused on in recent years. "The growth in the C4ISR area of operations is encouraging and a good example of our ability to successfully foresee our customers' needs." Commented Joseph Ackerman, President and CEO of Elbit Systems. "We have also witnessed continued demand in other areas of our activity. Based on all these factors, we expect a double digit growth in revenues in 2009, as compared to 2008" Ackerman added.