Elbit Systems Reports Fourth Quarter And Full Year 2013 Results

Improvement in key year over year business parameters:
Revenues over $2.9 billion; Backlog of orders over $5.8 billion;
Net income of $183 million; EPS of $4.34

PR Newswire

HAIFA, Israel, March 19, 2014 /PRNewswire/ -- Elbit Systems Ltd. (the "Company") (NASDAQ and TASE: ESLT), the international defense electronics company, reported today its consolidated results for the fourth quarter and full year ended December 31, 2013.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.

Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "I am pleased with our 2013 full year results that show growth in revenues and backlog, as well as a continued trend of controlling operational costs. The record backlog provides us good visibility into 2014 and beyond. Our continued focus on maintaining an efficient operation, while taking advantage of synergies across the various parts of our organization, resulted in solid year over year improvements in our margins.

Recently, we implemented some organizational changes to enhance our market position in the areas of cyber and intelligence systems as well as commercial avionics systems. We consider both of these areas as growth engines for the Company and complementary to our traditional defense-based business lines.

Looking back on last year, I believe Elbit Systems is well positioned financially, with diversification across our range of markets and business lines. We look forward to the opportunities ahead in 2014."

Machlis added: "I would like to express my gratitude to Elbit Systems' employees, who have invested great effort in reaching these achievements. They are the key factor to our success."

Fourth quarter 2013 results:

Revenues in the fourth quarter of 2013 were $811.5 million, as compared to $843.9 million in the fourth quarter of 2012.

Gross profit amounted to $221.5 million (27.3% of revenues) in the fourth quarter of 2013, as compared to $239.0 million (28.3% of revenues) in the fourth quarter of 2012. The non-GAAP gross profit in the fourth quarter of 2013 was $228.1 million (28.1% of revenues), compared to $247.6 million (29.3% of revenues) in the fourth quarter of 2012.

Research and development expenses, net were $63.9 million (7.9% of revenues) in the fourth quarter of 2013, as compared to $68.3 million (8.1% of revenues) in the fourth quarter of 2012.

Marketing and selling expenses were $60.7 million (7.5% of revenues) in the fourth quarter of 2013, as compared to $61.6 million (7.3% of revenues) in the fourth quarter of 2012.

General and administrative expenses were $39.1 million (4.8% of revenues) in the fourth quarter of 2013, as compared to $38.9 million (4.6% of revenues) in the fourth quarter of 2012.

Operating income was $57.9 million (7.1% of revenues) in the fourth quarter of 2013, as compared to operating income of $70.2 million (8.3% of revenues) in the fourth quarter of 2012.  The non-GAAP operating income in the fourth quarter of 2013 was 70.5 million (8.7% of revenues), as compared to $83.3 million (9.9% of revenues) in the fourth quarter of 2012.

Financial expenses, net were $10.0 million in the fourth quarter of 2013, as compared to $10.6 million in the fourth quarter of 2012.

Taxes on income were $8.1 million in the fourth quarter of 2013, as compared to $2.9 million in the fourth quarter of 2012.  The lower tax rate in the fourth quarter of 2012 was mainly a result of prior years adjustments.

Equity in net earnings of affiliated companies and partnerships was $5.5 million (0.7% of revenues) in the fourth quarter of 2013, as compared to $2.3 million (0.3 % of revenues) in the fourth quarter of 2012.

Net income attributable to non-controlling interests was $2.3 million in the fourth quarter of 2013, as compared to $1.8 million in the fourth quarter of 2012.

Net income attributable to the Company's shareholders in the fourth quarter of 2013 was $42.9 million (5.3% of revenues), as compared to $57.2 million (6.8% of revenues) in the fourth quarter of 2012. The non-GAAP net income in the fourth quarter of 2013 was $53.5 million (6.6% of revenues), as compared to $67.9 million (8.0% of revenues) in the fourth quarter of 2012.

Diluted net earnings per share attributable to the Company's shareholders were $1.01 for the fourth quarter of 2013, as compared with diluted net earnings per share of $1.36 for the fourth quarter of 2012. The non-GAAP diluted earnings per share in the fourth quarter of 2013 were $1.26, as compared to $1.62 in the fourth quarter of 2012.

Full year 2013 results:

Revenues for the year ended December 31, 2013 were $2,925.2 million, as compared to $2,888.6 million in the year ended December 31, 2012. The leading contributors to the Company's revenues in 2013 were the airborne systems and C4ISR systems areas of operations. The increases in the airborne systems and C4ISR systems areas of operation were primarily due to increased revenues in Israel for avionic systems, command and control systems and maintenance services sold to the Israel Ministry of Defense ("IMOD"). The decrease in the land systems area of operations was mainly due to a decline in revenues for fire control and life support systems in Israel and North America.

In terms of the geographic breakdown of revenues, the decline in revenues in North America was mainly as a result of reduced revenues relating to the areas of electro-optics and other (mainly non-defense engineering and production services). The decline in revenues in Asia-Pacific was mainly a result of reduced revenues relating to avionics and fire control systems. The increase in revenues in Israel was mainly due to increased sales of command and control systems and electro-optic systems.

Cost of revenues for the year ended December 31, 2013 was $2,100.3 million (71.8% of revenues), as compared to $2,072.7 million (71.8% of revenues)  in the year ended December 31, 2012.

Gross profit for the year ended December 31, 2013 was $824.8 million (28.2% of revenues), as compared to gross profit of $815.9 million (28.2% of revenues) in the year ended December 31, 2012. The non-GAAP gross profit in 2013 was $847.9 million  (29.0% of revenues), as compared to $840.1 million (29.1% of revenues) in 2012.

Research and development expenses, net for the year ended December 31, 2013 were $220.5 million (7.5% of revenues), as compared to $233.4 million (8.1% of revenues) in the year ended December 31, 2012.

Marketing and selling expenses for the year ended December 31, 2013 were $235.5 million (8.0% of revenues), as compared to $241.9 million (8.4% of revenues) in the year ended December 31, 2012.

General and administrative expenses for the year ended December 31, 2013 were $129.5 million (4.4% of revenues), as compared to $137.5 million (4.8% of revenues) in the year ended December 31, 2012. General and administrative expenses in 2013 benefited from income related to a legal settlement, net of expenses, of $7.6 million.

Operating income for the year ended December 31, 2013 was $239.4 million (8.2% of revenues), as compared to operating income of $203.1 million (7.0% of revenues), in the year ended December 31, 2012. The non-GAAP operating income in 2013 was $278.6 million (9.5% of revenues) compared with $252.3 million (8.7% of revenues) in 2012.

Financial expenses, net for the year ended December 31, 2013 were $37.3 million, as compared to $26.1 million in the year ended December 31, 2012. Financial expenses in 2013 were comparatively high due to fluctuation in foreign currencies, such as the Australian dollar and the Brazilian real, during the year.  

Taxes on income for the year ended December 31, 2013 were $25.3 million (effective tax rate of 12.5%), as compared to taxes on income of $17.1 million (effective tax rate of 9.7%) in the year ended December 31, 2012. The effective tax rate is affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income and the settlement of tax audits including adjustments for prior years.

Equity in net earnings of affiliated companies and partnerships for the year ended December 31, 2013 was $13.0 million (0.4% of revenues), as compared to $11.2 million (0.4% of revenues) in the year ended December 31, 2012.

Gain from discontinued operations, net for the year ended December 31, 2013 amounted to $0.7 million, as compared to a loss of $0.6 million in 2012.  In the second quarter of 2013 the Company sold its holdings in a held-for-sale entity and recognized a gain of approximately $1.0 million in discontinued operations.

Net income attributable to non-controlling interests for the year ended December 31, 2013 was $8.0 million, as compared to $2.6 million in the year ended December 31, 2012.

Net income attributable to the Company's shareholders for the year ended December 31, 2013 was $183.4 million (6.3% of revenues), as compared to $167.9 million (5.8% of revenues) in the year ended December 31, 2012. The non-GAAP net income in the year ended December 31, 2013 was $210.8 million (7.2% of revenues), as compared to $206.3 million (7.1% of revenues) in the year ended December 31, 2012.

Diluted net earnings per share attributable to the Company's shareholders for the year ended December 31, 2013 were $4.34, as compared to $3.97 for the year ended December 31, 2012. The non-GAAP diluted net earnings per share in the year ended December 31, 2013 were $4.99 as compared to $4.88 in the year ended December 31, 2012.

The Company's backlog of orders for the year ended December 31, 2013 totaled $5,822 million, as compared to $5,683 million as of December 31, 2012. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 69% of the current backlog is scheduled to be performed during 2014 and 2015.

Operating cash flow for the year ended December 31, 2013 was $167.0 million, as compared to $198.4 million in the year ended December 31, 2012.

Non-GAAP financial data:

The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.   

The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items which, in management's judgment, are items that are considered to be outside of the review of core operating results.

In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures.  Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.

 

Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
(US Dollars in millions)

 


Three Months ended

December 31



 Year ended

December 31



2013


2012


2013


2012









GAAP gross profit

221.5



239.0



824.8



815.9


Adjustments:








Amortization of purchased intangible assets

5.7



8.6



22.2



24.2


Impairment of long-lived assets

0.9





0.9




Non-GAAP  gross profit

228.1



247.6



847.9



840.1


Percent of revenues

28.1

%


29.3

%


29.0

%


29.1

%









GAAP operating income

57.9



70.2



239.4



203.1


Adjustments:








Amortization of  purchased intangible assets

11.7



13.1



45.9



49.2


Impairment of long-lived assets

0.9





0.9




Legal settlements





(7.6)




Non-GAAP operating income

70.5



83.3



278.6



252.3


Percent of revenues

8.7

%


9.9

%


9.5

%


8.7

%









GAAP net income attributable to Elbit Systems' shareholders

42.9



57.2



183.4



167.9


Adjustments:








Amortization of purchased  intangible assets

11.7



13.1



45.9



49.2


Impairment of long-lived assets

0.9





0.9




Legal settlements





(7.6)




Gain from changes in holdings





(0.9)



(2.3)


Adjustment of loss (gain) from discontinued operations, net



0.1



(0.8)



0.4


Related tax benefits

(2.0)



(2.5)



(10.1)



(8.9)


Non-GAAP  net income attributable to Elbit Systems' shareholders

53.5



67.9



210.8



206.3


Percent of revenues

6.6

%


8.0

%


7.2

%


7.1

%









Non-GAAP diluted net EPS

1.26



1.62



4.99



4.88


 

Recent Events:

On December 22, 2013, the Company announced that the Australian Department of Defence exercised options for additional quantities under an extant contract via a contract change, and also engaged Elbit Systems to conduct a Risk Reduction Activity via a survey and quote under the terms of an extant contract. The total value of both activities is approximately $229 million (excluding GST). The contract will be performed over a three-year period.

On January 15, 2014, the Company announced that it was awarded a contract by the IMOD, valued at approximately $15 million, to upgrade the Israeli Air Force's ("IAF") C-130H (Hercules) transport aircraft. The contract will be performed over a two-year period. Elbit Systems will supply the IAF with additional C-130H capabilities, as a follow-on to a previous IMOD contract signed in 2012. The new capabilities will allow the aircraft to meet the stringent international CNS/ATM (Communications Navigation and Surveillance/Air Traffic Management) standard and operate in commercial airspace.

On February 5, 2014, the Company announced that it was awarded an IMOD contract, in the amount of approximately $23 million, for the operation and maintenance of ground simulators in use by the Israeli Ground Forces. The contract will be performed over a five-year period.

On March 2, 2014, the Company announced, in response to press reports regarding the award to its U.S. subsidiary of a $145 million contract by the United States Department of Homeland Security Customs and Border Protection (CBP) for the Integrated Fixed Tower project, that the contract includes a base period quantity and options that CBP may exercise over a multi-year period. Currently, CBP awarded the base period quantity for a portion of the $145 million contract amount, to be implemented over an approximately 12-month period.

Dividend:

The Board of Directors declared a dividend of $0.30 per share for the fourth quarter of 2013. The dividend's record date is March 28, 2014, and the dividend will be paid on April 9, 2014, net of taxes and levies, at the rate of 20%. 

Conference Call:

The Company will be hosting a conference call today, Wednesday, March 19, 2014 at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Numbers: 1 888 668 9141
UK Dial-in Number: 0 800 917 5108
ISRAEL Dial-in Number: 03 918 0609
INTERNATIONAL Dial-in Number:  +972 3 918 0609

at: 9:00 am Eastern Time; 6:00 am Pacific Time; 1:00 pm UK Time; 3:00 pm Israel Time

This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:

1 888 326 9310 (US) or +972 3 925 5901 (Israel and International).

About Elbit Systems

Elbit Systems Ltd. is an international defense electronics company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, signal intelligence ("SIGINT") systems, data links and communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.

For additional information, visit: www.elbitsystems.com or follow us on Twitter.

Attachments:

Consolidated balance sheet
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions

 

Company Contact:

 

Joseph Gaspar, Executive VP & CFO

Tel:  +972-4-8316663

j.gaspar@elbitsystems.com

Dalia Rosen, VP, Head of Corporate Communications

Tel: +972-4-8316784

dalia.rosen@elbitsystems.com

Elbit Systems Ltd.

IR Contact:

 

Ehud Helft

Kenny Green

GK Investor Relations

Tel: 1-646-201-9246

elbitsystems@gkir.com

 

 

This press release contains forward‑looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact.  Forward Looking Statements are based on management's expectations, estimates, projections and assumptions.  Forward‑looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended.  These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Therefore, actual future results, performance and trends may differ materially from these forward‑looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings.  The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward‑looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd. , its logo, brand, product, service, and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service, and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service, or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation, or sponsorship of that product, service, or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel, or otherwise any license or right under any patent, copyright, trademark, or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

 

ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)



As of December 31,


2013


2012


Audited

Assets








Current assets:




Cash and cash equivalents

$

193,737



$

199,241


Short-term bank deposits and marketable securities

71,625



65,555


Trade and unbilled receivables, net

823,245



688,129


Other receivables and prepaid expenses

151,367



180,103


Inventories, net of customers advances

756,032



751,247


Total current assets

1,996,006



1,884,275






Investments in affiliated companies and partnerships

131,362



126,482


Long-term trade and unbilled receivables

242,576



229,687


Long-term bank deposits and other receivables

52,983



19,269


Deferred income taxes, net

35,695



31,465


Severance pay fund

323,388



302,680



786,004



709,583






Property, plant and equipment, net

481,408



501,286


Goodwill and other intangible assets, net

669,750



715,561


Total assets

$

3,933,168



$

3,810,705






Liabilities and Equity








Short-term bank credit and loans

$



$

181


Current maturities of long-term loans and Series A Notes

63,111



90,056


Trade payables

301,480



260,975


Other payables and accrued expenses

720,544



704,450


Customer advances in excess of costs  incurred on contracts in progress

349,998



453,382



1,435,133



1,509,044






Long-term loans, net of current maturities

224,209



173,745


Series A Notes, net of current maturities

377,812



408,610


Employee benefit liabilities

407,855



407,661


Deferred income taxes and tax liabilities, net

73,502



48,787


Customer advances in excess of costs incurred on contracts in progress

164,854



156,497


Other long-term liabilities

55,634



55,735



1,303,866



1,251,035






Elbit Systems Ltd.'s equity

1,177,012



1,017,115


Non-controlling interests

17,157



33,511


Total equity

1,194,169



1,050,626


Total liabilities and equity

$

3,933,168



$

3,810,705


 

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amounts)



Year Ended

December 31,


Three Months Ended
December 31,


2013


2012


2013


2012


Audited


Unaudited

Revenues

$

2,925,151



$

2,888,607



$

811,460



$

843,917


Cost of revenues

2,100,304



2,072,742



589,911



604,879


Gross profit

824,847



815,865



221,549



239,038










Operating expenses:








Research and development, net

220,482



233,387



63,927



68,273


Marketing and selling

235,466



241,911



60,711



61,586


General and administrative

129,507



137,517



39,058



38,938



585,455



612,815



163,696



168,797










Operating income

239,392



203,050



57,853



70,241










Financial expenses, net

(37,310)



(26,086)



(10,035)



(10,562)


Other income, net

937



78



12



2


Income before income taxes

203,019



177,042



47,830



59,681


Taxes on income

(25,313)



(17,099)



(8,114)



(2,896)



177,706



159,943



39,716



56,785










Equity in net earnings of affiliated companies and partnerships

13,032



11,160



5,465



2,294


Income from continuing operations

190,738



171,103



45,181



59,079


Income (loss) from discontinued operations, net

681



(616)





(97)


Net income

191,419



170,487



45,181



58,982










Less: net income attributable to non-controlling interests

(8,002)



(2,608)



(2,312)



(1,773)


Net income attributable to Elbit Systems Ltd.'s shareholders

$

183,417



$

167,879



$

42,869



$

57,209










Earnings per share attributable to Elbit Systems Ltd.'s shareholders:








Basic net earnings per share








Continuing operations

$

4.34



$

3.99



$

1.01



$

1.37


Discontinued operations

0.01



(0.01)






Total

$

4.35



$

3.98



$

1.01



$

1.37


Diluted net earnings per share








Continuing operations

$

4.33



$

3.98



$

1.01



$

1.36


Discontinued operations

0.01



(0.01)






Total

$

4.34



$

3.97



$

1.01



$

1.36


Weighted average number of shares used in computation of basic earnings per share (in thousands)

42,139



42,190



42,427



41,874


Weighted average number of shares used in computation of diluted earnings per share (in thousands)

42,295



42,277



42,542



41,985


Amounts attributable to Elbit Systems Ltd.'s shareholders








Income from continuing operations, net of  income tax

$

182,598



$

168,245



$

42,869



$

57,267


Discontinued operations, net of  income tax

819



(366)





(58)


Net income attributable to Elbit Systems Ltd.'s shareholders

$

183,417



$

167,879



$

42,869



$

57,209


 

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)


Year Ended December 31,


2013


2012


Audited

CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$

191,419



$

170,487


Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

129,348



138,796


Write-off of  impairment and discontinued operations, net

254



616


Stock-based compensation

440



3,028


Amortization of Series A Notes discount (premium) and related issuance costs, net

(92)



153


Deferred income taxes and reserve, net

221



6,579


Loss (gain) on sale of property, plant and equipment

(147)



1,197


Loss (gain) on sale of investment

873



(829)


Equity in net loss (earnings) of affiliated companies and partnerships, net of dividend received (*)

468



(1,602)


Changes in operating assets and liabilities, net of amounts acquired:




Increase in short and long-term trade receivables, and prepaid expenses

(108,337)



(91,988)


Decrease (increase) in inventories, net

(4,785)



10,022


Increase (decrease) in trade payables, other payables and accrued expenses

55,935



(75,426)


Severance, pension and termination indemnities, net

(3,595)



(10,612)


Increase (decrease) in advances received from customers

(95,027)



47,961


Net cash provided by operating activities

166,975



198,382






CASH FLOWS FROM INVESTING ACTIVITIES




Purchase of property, plant and equipment

(63,019)



(81,637)


Investments in affiliated companies and other companies

(6,222)



(4,241)


Proceeds from sale of property, plant and equipment

3,755



7,335


Proceeds from sale of investments

3,550



705


Investment in long-term deposits

(2,076)



(779)


Proceeds from sale of long-term deposits

795



2,849


Investment in short-term deposits and available-for-sale  marketable securities

(50,975)



(340,899)


Proceeds from sale of short-term deposits and available-for-sale marketable securities

42,899



299,029


Net cash used in investing activities

(71,293)



(117,638)






CASH FLOWS FROM FINANCING ACTIVITIES




Proceeds from exercise of options

18,364



1,352


Repayment of long-term loans

(230,532)



(319,601)


Proceeds from long-term loans

242,247



122,038


Proceeds from issuance of Series A Notes



246,973


Series A Notes issuance costs



(2,035)


Purchase of treasury shares



(26,006)


Repayment of Series A Notes and convertible debentures

(55,535)



(53,530)


Dividends paid (**)

(75,549)



(50,616)


Tax benefit in respect of options exercised



161


Change in short-term bank credit and loans, net

(181)



(2,817)


Net cash used in financing activities

(101,186)



(84,081)






NET DECREASE IN CASH AND CASH EQUIVALENTS

(5,504)



(3,336)






CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR

199,241



202,577


CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

$

193,737



$

199,241






* Dividend received from affiliated companies and partnerships

$

13,500



$

9,558


 ** Includes $24.9 million dividends paid to minority shareholder of a subsidiary.


 

ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES

Consolidated Revenues by Areas of Operation:


Year Ended



Three Months Ended






December 31,



December 31,






2013



2012



2013



2012



$ millions


%


$ millions


%


$ millions


%


$ millions


%


Airborne systems

1,133.1



38.8



1,054.5



36.5



283.8



35.0



261.0



30.9


Land systems

309.3



10.6



374.5



13.0



113.9



14.0



110.2



13.1


C4ISR systems

1,071.4



36.6



1,017.6



35.2



299.5



36.9



340.9



40.4


Electro-optic systems

313.9



10.7



324.1



11.2



86.6



10.7



112.6



13.3


Other (mainly non-defense

engineering and production services)

97.5



3.3



117.9


4.1


27.7



3.4



19.2


2.3


Total

2,925.2



100.0



2,888.6



100.0



811.5



100.0



843.9



100.0



























                                                                             

Consolidated Revenues by Geographical Regions:


Year Ended



Three Months Ended






December 31,



December 31,






2013



2012



2013



2012



$ millions


%


$ millions


%


$ millions


%


$ millions


%


Israel

705.7



24.1



519.9



18.0



235.1



29.0



163.9



19.4


North America

860.7



29.4



909.4



31.5



229.7



28.3



245.9



29.1


Europe

546.7



18.7



561.1



19.4



148.8



18.3



193.1



22.9


Latin America

283.0



9.7



258.8



9.0



72.1



8.9



82.8



9.8


Asia Pacific

448.1



15.3



568.4



19.7



90.7



11.2



145.0



17.2


Other countries

81.0



2.8



71.0



2.4



35.1



4.3



13.2



1.6


Total

2,925.2



100.0



2,888.6



100.0



811.5



100.0



843.9



100.0



























                                                                                                                           

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