Arotech Corp. (ARTX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Arotech Corp. has a market cap of $28.1 million; its shares were traded at around $1.91 with and P/S ratio of 0.4. ARTX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
In accordance with FASB ASC 505-50, we incurred, for the nine months ended September 30, 2010 and 2009, compensation expense related to stock options and restricted shares of approximately $404,000 and $549,000, respectively, of which $0 and $27,000, respectively, was for stock options and $404,000 and $522,000, respectively, was for restricted shares. Our directors received their annual restricted stock grants on April 1, 2010 in accordance with the terms of the directors stock compensation plan.
Revenues. Revenues for the three months ended September 30, 2010 totaled $16.4 million, compared to $17.5 million in the comparable period in 2009, a decrease of $1.2 million, or 6.8%. In the third quarter of 2010, revenues were $7.7 million for the Training and Simulation Division (compared to $7.7 million in the third quarter of 2009, a decrease of $29,000, or 0.4%); $4.5 million for the Armor Division (compared to $5.5 million in the third quarter of 2009, a decrease of $1.0 million, or 17.6%, due primarily to a decline in production in our Israel facility); and $4.2 million for the Battery and Power Systems Division (compared to $4.4 million in the third quarter of 2009, a decrease of $199,000, or 4.6%, due primarily to decreased orders for our battery and charger products).
Direct expenses were $6.9 million for the Training and Simulation Division (compared to $6.7 million in the third quarter of 2009, an increase of $134,000, or 2.0%, due primarily to a slight increase in material costs for the quarter); $4.3 million for the Armor Division (compared to $5.0 million in the third quarter of 2009, a decrease of $653,000, or 13.2%, due primarily to a decline in production in our Israel facility); and $4.0 million for the Battery and Power Systems Division (compared to $4.3 million in the third quarter of 2009, a decrease of $317,000, or 7.4%, due primarily to decreased material costs for our battery and charger products).
Revenues. Revenues for the nine months ended September 30, 2010 totaled $56.4 million, compared to $53.7 million in the comparable period in 2009, an increase of $2.7 million, or 5.1%. In the first nine months of 2010, revenues were $27.8 million for the Training and Simulation Division (compared to $29.0 million in the first nine months of 2009, a decrease of $1.3 million, or 4.4%, due primarily to a simulation contract with the military that concluded in 2009); $15.6 million for the Armor Division (compared to $11.9 million in the first nine months of 2009, an increase of $3.7 million, or 31.1%, due primarily to increased production of the David vehicle); and $13.0 million for the Battery and Power Systems Division (compared to $12.7 million in the first nine months of 2009, an increase of $308,000, or 2.4%, due primarily to increased orders for our battery and charger products).
Direct expenses were $23.1 million for the Training and Simulation Division (compared to $24.6 million in the first nine months of 2009, a decrease of $1.5 million, or 6.1%, due primarily to the reduction in revenue for the period); $15.3 million for the Armor Division (compared to $12.0 million in the first nine months of 2009, an increase of $3.3 million, or 27.4%, due primarily to increased production of the David vehicle offset by improved operating efficiencies); and $12.7 million for the Battery and Power Systems Division (compared to $12.0 million in the first nine months of 2009, an increase of $705,000, or 5.9%, due primarily to increased orders for our battery and charger products and by a small increase in overhead expenses).
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Arotech Corp. has a market cap of $28.1 million; its shares were traded at around $1.91 with and P/S ratio of 0.4. ARTX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On August 10, 2010, prior to the filing of our June 30, 2010 Form 10-Q with the SEC, DEI repaid the entire $2.5 million principal amount of the DEI Note, along with all outstanding earned and unpaid interest. Inasmuch as we had previously established an allowance of $500,000 in the fourth quarter 2009 on the DEI Note based on our expectation that we would not collect the entire DEI Note, we recognized the difference between the $2.0 million book value of the DEI Note and the $2.5 million that we actually collected as a recovery under allowance for settlements on our financial statements. Additionally, we accrued unpaid interest on the DEI Note through June 30, 2010 in the amount of $140,000, which was booked as a reduction of financial expenses and additionally recorded $11,000 in interest income in the third quarter. This transaction extinguished our conversion options and rights of first refusal with respect to DEI.In accordance with FASB ASC 505-50, we incurred, for the nine months ended September 30, 2010 and 2009, compensation expense related to stock options and restricted shares of approximately $404,000 and $549,000, respectively, of which $0 and $27,000, respectively, was for stock options and $404,000 and $522,000, respectively, was for restricted shares. Our directors received their annual restricted stock grants on April 1, 2010 in accordance with the terms of the directors stock compensation plan.
Revenues. Revenues for the three months ended September 30, 2010 totaled $16.4 million, compared to $17.5 million in the comparable period in 2009, a decrease of $1.2 million, or 6.8%. In the third quarter of 2010, revenues were $7.7 million for the Training and Simulation Division (compared to $7.7 million in the third quarter of 2009, a decrease of $29,000, or 0.4%); $4.5 million for the Armor Division (compared to $5.5 million in the third quarter of 2009, a decrease of $1.0 million, or 17.6%, due primarily to a decline in production in our Israel facility); and $4.2 million for the Battery and Power Systems Division (compared to $4.4 million in the third quarter of 2009, a decrease of $199,000, or 4.6%, due primarily to decreased orders for our battery and charger products).
Direct expenses were $6.9 million for the Training and Simulation Division (compared to $6.7 million in the third quarter of 2009, an increase of $134,000, or 2.0%, due primarily to a slight increase in material costs for the quarter); $4.3 million for the Armor Division (compared to $5.0 million in the third quarter of 2009, a decrease of $653,000, or 13.2%, due primarily to a decline in production in our Israel facility); and $4.0 million for the Battery and Power Systems Division (compared to $4.3 million in the third quarter of 2009, a decrease of $317,000, or 7.4%, due primarily to decreased material costs for our battery and charger products).
Revenues. Revenues for the nine months ended September 30, 2010 totaled $56.4 million, compared to $53.7 million in the comparable period in 2009, an increase of $2.7 million, or 5.1%. In the first nine months of 2010, revenues were $27.8 million for the Training and Simulation Division (compared to $29.0 million in the first nine months of 2009, a decrease of $1.3 million, or 4.4%, due primarily to a simulation contract with the military that concluded in 2009); $15.6 million for the Armor Division (compared to $11.9 million in the first nine months of 2009, an increase of $3.7 million, or 31.1%, due primarily to increased production of the David vehicle); and $13.0 million for the Battery and Power Systems Division (compared to $12.7 million in the first nine months of 2009, an increase of $308,000, or 2.4%, due primarily to increased orders for our battery and charger products).
Direct expenses were $23.1 million for the Training and Simulation Division (compared to $24.6 million in the first nine months of 2009, a decrease of $1.5 million, or 6.1%, due primarily to the reduction in revenue for the period); $15.3 million for the Armor Division (compared to $12.0 million in the first nine months of 2009, an increase of $3.3 million, or 27.4%, due primarily to increased production of the David vehicle offset by improved operating efficiencies); and $12.7 million for the Battery and Power Systems Division (compared to $12.0 million in the first nine months of 2009, an increase of $705,000, or 5.9%, due primarily to increased orders for our battery and charger products and by a small increase in overhead expenses).
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