Arotech Corp. (ARTX, Financial) filed Quarterly Report for the period ended 2009-06-30.
Arotech Corporation operates two business divisions: Electric Fuel Batteries -- developing and manufacturing zinc-air batteries for military and homeland security applications and developing electric vehicle batteries for zero emission public transportation; and Arotech Defense -- consisting of IES Interactive which provides advanced high-tech multimedia training systems for law enforcement and paramilitary organizations MDT Armor which provides vehicle armoring for the military industrial and private sectors and Arcon Security. Arotech Corp. has a market cap of $21.3 million; its shares were traded at around $1.5035 with and P/S ratio of 0.3.
Revenues. Revenues for the three months ended June 30, 2009 totaled $16.0 million, compared to $12.6 million in the comparable period in 2008, an increase of $3.4 million, or 27.2%. In the second quarter of 2009, revenues were $9.8 million for the Training and Simulation Division (compared to $7.2 million in the second quarter of 2008, an increase of $2.6 million, or 37.0%, due primarily to increased sales of military vehicle simulators and use of force simulators); $1.7 million for the Armor Division (compared to $3.2 million in the second quarter of 2008, a decrease of $1.5 million, or 46.3%, due primarily to decreased revenues from MDT and MDT Armor, mostly as a result of the previous completion of most of the remaining outstanding orders for the “David” Armored Vehicle); and $4.5 million for the Battery and Power Systems Division (compared to $2.2 million in the second quarter of 2008, an increase of $2.3 million, or 102.1%, due primarily to increased sales of our battery products at Epsilor and EFB).
Direct expenses for our three divisions during the second quarter of 2009 were $8.1 million for the Training and Simulation Division (compared to $6.3 million in the second quarter of 2008, an increase of $1.8 million, or 30.1%, due primarily to increased revenues at FAAC partially offset by increased materials costs); $2.6 million for the Armor Division (compared to $5.2 million in the second quarter of 2008, a decrease of $2.6 million, or 50.0%, due primarily to decreased production of the “David” Armored Vehicle); and $4.2 million for the Battery and Power Systems Division (compared to $2.5 million in the second quarter of 2008, an increase of $1.7 million, or 67.0%, due primarily to increased revenues at Epsilor and EFL).
Revenues. Revenues for the six months ended June 30, 2009 totaled $36.1 million, compared to $25.9 million in the comparable period in 2008, an increase of $10.3 million, or 39.7%. In the first six months of 2009, revenues were $21.3 million for the Training and Simulation Division (compared to $14.7 million in the first six months of 2008, an increase of $6.6 million, or 44.7%, due primarily to increased sales of military vehicle simulators and use of force simulators); $6.4 million for the Armor Division (compared to $5.8 million in the first six months of 2008, an increase of $622,000, or 10.7%, due primarily to increased revenues from MDT and MDT Armor, mostly in respect of the completion of orders in the first quarter for the “David” Armored Vehicle); and $8.4 million for the Battery and Power Systems Division (compared to $5.3 million in the first six months of 2008, an increase of $3.1 million, or 57.6%, due primarily to increased sales of our battery products at Epsilor and EFL).
Direct expenses for our three divisions during the first six months of 2009 were $17.9 million for the Training and Simulation Division (compared to $12.3 million in the first six months of 2008, an increase of $5.6 million, or 45.8%, due primarily to increased revenues at FAAC partially offset by increased materials costs); $7.1 million for the Armor Division (compared to $7.4 million in the first six months of 2008, a decrease of $344,000, or 4.6%, due primarily to decreased production of the “David” Armored Vehicle in the first quarter offset by increased labor and material costs); and $7.7 million for the Battery and Power Systems Division (compared to $5.8 million in the first six months of 2008, an increase of $1.8 million, or 31.4%, due primarily to increased revenues at Epsilor and EFL offset by a reduction in material costs).
As of June 30, 2009, we had $3.1 million in cash, $296,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $48,000 in available-for-sale marketable securities, as compared to December 31, 2008, when we had $4.3 million in cash, $382,000 in restricted collateral securities and $49,000 in available-for-sale marketable securities.
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Arotech Corporation operates two business divisions: Electric Fuel Batteries -- developing and manufacturing zinc-air batteries for military and homeland security applications and developing electric vehicle batteries for zero emission public transportation; and Arotech Defense -- consisting of IES Interactive which provides advanced high-tech multimedia training systems for law enforcement and paramilitary organizations MDT Armor which provides vehicle armoring for the military industrial and private sectors and Arcon Security. Arotech Corp. has a market cap of $21.3 million; its shares were traded at around $1.5035 with and P/S ratio of 0.3.
Highlight of Business Operations:
In accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payments,” we incurred, for the six months ended June 30, 2009 and 2008, compensation expense related to stock options and restricted shares of approximately $212,000 and $631,000, respectively, of which $18,000 and $34,000, respectively, was for stock options and $194,000 and $597,000, respectively, was for restricted shares.Revenues. Revenues for the three months ended June 30, 2009 totaled $16.0 million, compared to $12.6 million in the comparable period in 2008, an increase of $3.4 million, or 27.2%. In the second quarter of 2009, revenues were $9.8 million for the Training and Simulation Division (compared to $7.2 million in the second quarter of 2008, an increase of $2.6 million, or 37.0%, due primarily to increased sales of military vehicle simulators and use of force simulators); $1.7 million for the Armor Division (compared to $3.2 million in the second quarter of 2008, a decrease of $1.5 million, or 46.3%, due primarily to decreased revenues from MDT and MDT Armor, mostly as a result of the previous completion of most of the remaining outstanding orders for the “David” Armored Vehicle); and $4.5 million for the Battery and Power Systems Division (compared to $2.2 million in the second quarter of 2008, an increase of $2.3 million, or 102.1%, due primarily to increased sales of our battery products at Epsilor and EFB).
Direct expenses for our three divisions during the second quarter of 2009 were $8.1 million for the Training and Simulation Division (compared to $6.3 million in the second quarter of 2008, an increase of $1.8 million, or 30.1%, due primarily to increased revenues at FAAC partially offset by increased materials costs); $2.6 million for the Armor Division (compared to $5.2 million in the second quarter of 2008, a decrease of $2.6 million, or 50.0%, due primarily to decreased production of the “David” Armored Vehicle); and $4.2 million for the Battery and Power Systems Division (compared to $2.5 million in the second quarter of 2008, an increase of $1.7 million, or 67.0%, due primarily to increased revenues at Epsilor and EFL).
Revenues. Revenues for the six months ended June 30, 2009 totaled $36.1 million, compared to $25.9 million in the comparable period in 2008, an increase of $10.3 million, or 39.7%. In the first six months of 2009, revenues were $21.3 million for the Training and Simulation Division (compared to $14.7 million in the first six months of 2008, an increase of $6.6 million, or 44.7%, due primarily to increased sales of military vehicle simulators and use of force simulators); $6.4 million for the Armor Division (compared to $5.8 million in the first six months of 2008, an increase of $622,000, or 10.7%, due primarily to increased revenues from MDT and MDT Armor, mostly in respect of the completion of orders in the first quarter for the “David” Armored Vehicle); and $8.4 million for the Battery and Power Systems Division (compared to $5.3 million in the first six months of 2008, an increase of $3.1 million, or 57.6%, due primarily to increased sales of our battery products at Epsilor and EFL).
Direct expenses for our three divisions during the first six months of 2009 were $17.9 million for the Training and Simulation Division (compared to $12.3 million in the first six months of 2008, an increase of $5.6 million, or 45.8%, due primarily to increased revenues at FAAC partially offset by increased materials costs); $7.1 million for the Armor Division (compared to $7.4 million in the first six months of 2008, a decrease of $344,000, or 4.6%, due primarily to decreased production of the “David” Armored Vehicle in the first quarter offset by increased labor and material costs); and $7.7 million for the Battery and Power Systems Division (compared to $5.8 million in the first six months of 2008, an increase of $1.8 million, or 31.4%, due primarily to increased revenues at Epsilor and EFL offset by a reduction in material costs).
As of June 30, 2009, we had $3.1 million in cash, $296,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $48,000 in available-for-sale marketable securities, as compared to December 31, 2008, when we had $4.3 million in cash, $382,000 in restricted collateral securities and $49,000 in available-for-sale marketable securities.
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