Elbit Systems Reports Second Quarter Increase

HAIFA, Israel, Aug. 5 -- Elbit Systems Ltd. said revenues for the second quarter ended June 30, 1999, were $104.0 million, compared with $100.3 million for the same period in 1998. Net income for the quarter was $7.3 million, or $0.28 per diluted share, compared with $6.8 million, or $0.25 per diluted share for the second quarter of the prior fiscal year. Gross profit for the quarter was $28.8 million versus $27.7 million for the same period in 1998.
Revenues for the six months ended June 30, 1999 were $210.8 million, compared with $203.3 million for the same period last year. Net income for the first six months of 1999 was $14.4 million, or $0.54 per diluted share, compared with $12.9 million, or $0.48 per diluted share in 1998. Gross profit for this period was $58.8 million, versus $56.4 million for the six months ended June 30, 1998.
Elbit Systems' backlog of orders at the close of the quarter was $714.5 million, compared with $710 million as of December 31, 1998. Orders from outside Israel comprised approximately 68 percent of the backlog as of June 30, 1999.