Arotech Corp. (ARTX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Arotech Corp. has a market cap of $22.7 million; its shares were traded at around $1.5419 with and P/S ratio of 0.3. ARTX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
In accordance with FASB ASC 505-50, we incurred, for the six months ended June 30, 2010 and 2009, compensation expense related to stock options and restricted shares of approximately $302,000 and $212,000, respectively, of which $0 and $18,000, respectively, was for stock options and $302,000 and $194,000, 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 June 30, 2010 totaled $18.9 million, compared to $16.0 million in the comparable period in 2009, an increase of $2.9 million, or 17.9%. In the second quarter of 2010, revenues were $10.4 million for the Training and Simulation Division (compared to $9.8 million in the second quarter of 2009, an increase of $579,000, or 5.9%, due primarily to a simulation contract with the state of California); $4.5 million for the Armor Division (compared to $1.7 million in the second quarter of 2009, an increase of $2.8 million, or 163.7%, due primarily to increased production of the David vehicle); and $3.9 million for the Battery and Power Systems Division (compared to $4.5 million in the second quarter of 2009, a decrease of $533,000, or 11.9%, due primarily to decreased orders for our battery and charger products).
Direct expenses were $8.3 million for the Training and Simulation Division (compared to $8.1 million in the second quarter of 2009, an increase of $120,000, or 1.5%, due primarily to the increase in revenue for the quarter); $4.8 million for the Armor Division (compared to $2.6 million in the second quarter of 2009, an increase of $2.2 million, or 87.3%, due primarily to increased production of the David vehicle offset to some extent by improved operating efficiencies); and $4.1 million for the Battery and Power Systems Division (compared to $4.2 million in the second quarter of 2009, a decrease of $69,000, or 1.7%, due primarily to decreased material costs for our battery and charger products).
Revenues. Revenues for the six months ended June 30, 2010 totaled $40.1 million, compared to $36.1 million in the comparable period in 2009, an increase of $3.9 million, or 10.9%. In the first six months of 2010, revenues were $20.1 million for the Training and Simulation Division (compared to $21.3 million in the first six months of 2009, a decrease of $1.2 million, or 5.8%, due primarily to a simulation contract with the military that concluded in 2009); $11.1 million for the Armor Division (compared to $6.4 million in the first six months of 2009, an increase of $4.7 million, or 72.3%, due primarily to increased production of the David vehicle); and $8.9 million for the Battery and Power Systems Division (compared to $8.4 million in the first six months of
Direct expenses were $16.3 million for the Training and Simulation Division (compared to $17.9 million in the first six months of 2009, a decrease of $1.6 million, or 9.1%, due primarily to the reduction in revenue for the period); $11.0 million for the Armor Division (compared to $7.1 million in the first six months of 2009, an increase of $3.9 million, or 55.9%, due primarily to increased production of the David vehicle and improved operating efficiencies); and $8.7 million for the Battery and Power Systems Division (compared to $7.7 million in the first six months of 2009, an increase of $1.0 million, or 13.3%, due primarily to increased orders for our battery and charger products).
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Arotech Corp. has a market cap of $22.7 million; its shares were traded at around $1.5419 with and P/S ratio of 0.3. ARTX is in the portfolios of Jim Simons of Renaissance Technologies LLC.
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On August 10, 2010, DEI repaid the entire $2.5 million principal amount, along with all outstanding earned and unpaid interest. Inasmuch as we had previously established an allowance of $500,000 in the fourth quarter of 2009 based on the expectation that the DEI Note would not be fully collected, we recognized in the second quarter of 2010 the difference between the $2.0 million book value of the DEI Note and the $2.5 million that was actually collected as a recovery under allowance for settlements on our financial statements. Additionally, we accrued unpaid interest on the note through June 30, 2010 in the amount of $140,000 which was booked as a reduction of financial expenses. This transaction extinguished our conversion options and rights of first refusal with DEI.In accordance with FASB ASC 505-50, we incurred, for the six months ended June 30, 2010 and 2009, compensation expense related to stock options and restricted shares of approximately $302,000 and $212,000, respectively, of which $0 and $18,000, respectively, was for stock options and $302,000 and $194,000, 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 June 30, 2010 totaled $18.9 million, compared to $16.0 million in the comparable period in 2009, an increase of $2.9 million, or 17.9%. In the second quarter of 2010, revenues were $10.4 million for the Training and Simulation Division (compared to $9.8 million in the second quarter of 2009, an increase of $579,000, or 5.9%, due primarily to a simulation contract with the state of California); $4.5 million for the Armor Division (compared to $1.7 million in the second quarter of 2009, an increase of $2.8 million, or 163.7%, due primarily to increased production of the David vehicle); and $3.9 million for the Battery and Power Systems Division (compared to $4.5 million in the second quarter of 2009, a decrease of $533,000, or 11.9%, due primarily to decreased orders for our battery and charger products).
Direct expenses were $8.3 million for the Training and Simulation Division (compared to $8.1 million in the second quarter of 2009, an increase of $120,000, or 1.5%, due primarily to the increase in revenue for the quarter); $4.8 million for the Armor Division (compared to $2.6 million in the second quarter of 2009, an increase of $2.2 million, or 87.3%, due primarily to increased production of the David vehicle offset to some extent by improved operating efficiencies); and $4.1 million for the Battery and Power Systems Division (compared to $4.2 million in the second quarter of 2009, a decrease of $69,000, or 1.7%, due primarily to decreased material costs for our battery and charger products).
Revenues. Revenues for the six months ended June 30, 2010 totaled $40.1 million, compared to $36.1 million in the comparable period in 2009, an increase of $3.9 million, or 10.9%. In the first six months of 2010, revenues were $20.1 million for the Training and Simulation Division (compared to $21.3 million in the first six months of 2009, a decrease of $1.2 million, or 5.8%, due primarily to a simulation contract with the military that concluded in 2009); $11.1 million for the Armor Division (compared to $6.4 million in the first six months of 2009, an increase of $4.7 million, or 72.3%, due primarily to increased production of the David vehicle); and $8.9 million for the Battery and Power Systems Division (compared to $8.4 million in the first six months of
Direct expenses were $16.3 million for the Training and Simulation Division (compared to $17.9 million in the first six months of 2009, a decrease of $1.6 million, or 9.1%, due primarily to the reduction in revenue for the period); $11.0 million for the Armor Division (compared to $7.1 million in the first six months of 2009, an increase of $3.9 million, or 55.9%, due primarily to increased production of the David vehicle and improved operating efficiencies); and $8.7 million for the Battery and Power Systems Division (compared to $7.7 million in the first six months of 2009, an increase of $1.0 million, or 13.3%, due primarily to increased orders for our battery and charger products).
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