Arotech Corp. (ARTX, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $28.4 million; its shares were traded at around $2.03 with and P/S ratio of 0.4.
Revenues. Revenues for the three months ended September 30, 2009 totaled $17.5 million, compared to $19.2 million in the comparable period in 2008, a decrease of $1.7 million, or 8.7%. In the third quarter of 2009, revenues were $7.7 million for the Training and Simulation Division (compared to $8.4 million in the third quarter of 2008, a decrease of $634,000, or 7.6%, due primarily to the timing of simulator contracts that led to the record first half for this division); $5.5 million for the Armor Division (compared to $6.5 million in the third quarter of 2008, a decrease of $1.0 million, or 15.5%, due primarily to decreased revenues as a result of a delay in a customer s processing of the contracts for new orders of armored vehicles); and $4.4 million for the Battery and Power Systems Division (compared to $4.4 million in the third quarter of 2008).
Direct expenses were $6.7 million for the Training and Simulation Division (compared to $6.8 million in the third quarter of 2008, a decrease of $39,000, or 0.6%, due primarily to decreased revenues at FAAC partially offset by the product mix and increased materials costs); $5.0 million for the Armor Division (compared to $5.7 million in the third quarter of 2008, a decrease of $732,000, or 12.8%, due primarily to decreased production of armored vehicles); and $4.3 million for the Battery and Power Systems Division (compared to $4.1 million in the third quarter of 2008, an increase of $220,000, or 5.4%, due primarily to increased material and labor cost).
Revenues. Revenues for the nine months ended September 30, 2009 totaled $53.7 million, compared to $45.1 million in the comparable period in 2008, an increase of $8.6 million, or 19.1%. In the first nine months of 2009, revenues were $29.0 million for the Training and Simulation Division (compared to $23.1 million in the first nine months of 2008, an increase of $5.9 million, or 25.8%, due primarily to increased sales of military vehicle simulators); $11.9 million for the Armor Division (compared to $12.3 million in the first nine months of 2008, a decrease of $378,000, or 3.1%, due primarily to decreased revenues as a result of a delay in a customer s processing of the contracts for new orders of armored vehicles); and $12.7 million for the Battery and Power Systems Division (compared to $9.7 million in the first nine months of 2008, an increase of $3.0 million, or 31.2%, due primarily to increased sales of our battery products at Epsilor and EFL).
Direct expenses were $24.6 million for the Training and Simulation Division (compared to $19.0 million in the first nine months of 2008, an increase of $5.6 million, or 29.3%, due primarily to increased revenues in Training and Simulation Division partially offset by increased materials costs); $12.0 million for the Armor Division (compared to $13.1 million in the first nine months of 2008, a decrease of $1.1 million, or 8.2%, due primarily to decreased production of armored vehicles in the first quarter along with decreased labor and material costs); and $12.0 million for the Battery and Power Systems Division (compared to $9.9 million in the first nine
As of September 30, 2009, we had $2.8 million in cash, $310,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $51,000 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 $28.4 million; its shares were traded at around $2.03 with and P/S ratio of 0.4.
Highlight of Business Operations:
In accordance with Statement of Financial Accounting Standards No. 123 (revised 2004), “Share-Based Payments,” we incurred, for the nine months ended September 30, 2009 and 2008, compensation expense related to stock options and restricted shares of approximately $549,000 and $853,000, respectively, of which $27,000 and $52,000, respectively, was for stock options and $522,000 and $801,000, respectively, was for restricted shares.Revenues. Revenues for the three months ended September 30, 2009 totaled $17.5 million, compared to $19.2 million in the comparable period in 2008, a decrease of $1.7 million, or 8.7%. In the third quarter of 2009, revenues were $7.7 million for the Training and Simulation Division (compared to $8.4 million in the third quarter of 2008, a decrease of $634,000, or 7.6%, due primarily to the timing of simulator contracts that led to the record first half for this division); $5.5 million for the Armor Division (compared to $6.5 million in the third quarter of 2008, a decrease of $1.0 million, or 15.5%, due primarily to decreased revenues as a result of a delay in a customer s processing of the contracts for new orders of armored vehicles); and $4.4 million for the Battery and Power Systems Division (compared to $4.4 million in the third quarter of 2008).
Direct expenses were $6.7 million for the Training and Simulation Division (compared to $6.8 million in the third quarter of 2008, a decrease of $39,000, or 0.6%, due primarily to decreased revenues at FAAC partially offset by the product mix and increased materials costs); $5.0 million for the Armor Division (compared to $5.7 million in the third quarter of 2008, a decrease of $732,000, or 12.8%, due primarily to decreased production of armored vehicles); and $4.3 million for the Battery and Power Systems Division (compared to $4.1 million in the third quarter of 2008, an increase of $220,000, or 5.4%, due primarily to increased material and labor cost).
Revenues. Revenues for the nine months ended September 30, 2009 totaled $53.7 million, compared to $45.1 million in the comparable period in 2008, an increase of $8.6 million, or 19.1%. In the first nine months of 2009, revenues were $29.0 million for the Training and Simulation Division (compared to $23.1 million in the first nine months of 2008, an increase of $5.9 million, or 25.8%, due primarily to increased sales of military vehicle simulators); $11.9 million for the Armor Division (compared to $12.3 million in the first nine months of 2008, a decrease of $378,000, or 3.1%, due primarily to decreased revenues as a result of a delay in a customer s processing of the contracts for new orders of armored vehicles); and $12.7 million for the Battery and Power Systems Division (compared to $9.7 million in the first nine months of 2008, an increase of $3.0 million, or 31.2%, due primarily to increased sales of our battery products at Epsilor and EFL).
Direct expenses were $24.6 million for the Training and Simulation Division (compared to $19.0 million in the first nine months of 2008, an increase of $5.6 million, or 29.3%, due primarily to increased revenues in Training and Simulation Division partially offset by increased materials costs); $12.0 million for the Armor Division (compared to $13.1 million in the first nine months of 2008, a decrease of $1.1 million, or 8.2%, due primarily to decreased production of armored vehicles in the first quarter along with decreased labor and material costs); and $12.0 million for the Battery and Power Systems Division (compared to $9.9 million in the first nine
As of September 30, 2009, we had $2.8 million in cash, $310,000 in restricted collateral securities and restricted held-to-maturity securities due within one year, and $51,000 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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