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SMT & Inspection | February 07, 2006

Valor posted its highest annual revenues

Valor Computerized Systems reported today that it has concluded the fiscal year ending December 31st, 2005 with revenues of $36.3 Million – its highest annual revenues to date, and an increase of 19% over 2004.
The fourth quarter of 2005 marks 11 consecutive quarters of sequential growth with revenues of $9.5 Million, an increase of 15% as compared to $8.3 Million in the parallel period of last year.

EBIT before expenses on share-based compensation was $1.8 Million in the full year of 2005, an increase of 51% as compared to $1.2 Million in the full year of 2004. In the fourth quarter of 2005, EBIT was $308 thousand, a decrease of 48% as compared to the parallel period of the previous year, resulting from investments in restructuring.

The net profit in the full year of 2005 before expensing Share-Based Compensation accumulated to $2 Million – an increase of 22% as compared to $1.6 Million in the full year of 2004. Net profit in the fourth quarter of 2005 was $288 thousand – a decrease of 54% as compared to $625 thousand in the fourth quarter of 2004.

After expensing Share-Based Compensation, the net profit in the full year of 2005 was $1.4 Million, an increase of 14% as compared to the $1.2 Million accumulated in 2004, and the net profit in Q4 '05 was $254 thousand, a decrease of 58% compared to the parallel period of the previous year.

The company generated a positive cash flow from operating activities of $1.6 Million in Q4 '05, an increase of 12% compared to $1.4 Million in Q4 '04, and ends 2005 with a solid cash position of close to $30 Million. Earnings per share (diluted) for the full year of 2005 increased from $0.06 in 2004 to $0.07 in 2005.

The Board of Directors decided to continue the policy of dividend distribution and recommend a dividend equal to the gross sum of $1 Million, subject to company taxes. The recommendation will be brought to the upcoming general shareholders' meeting of the Company on March 9th, 2006. The
Ex-Date for dividend distribution will be the date on which the resolution of distribution shall be adopted.

Ofer Shofman, Valor's President and CEO, summarized the year by saying: “We are concluding another year of record revenues, a year in which we have gained significant strength in the Assembly market, acquired a substantial number of new top-tier customers, and expanded our global reach. Overall, I am proud to see that we have met our goals in terms of revenues and growth.”

Investments in restructuring have affected the bottom line results of the last two quarters of 2005. Commenting on that, Shofman said: “We have made some changes in our operating methods and business processes in order to better prepare ourselves for 2006 and allow it to be a year in which we will maintain our growth trend, and at the same time, significantly increase our bottom line results. The restructuring process is now completed, and we are well-positioned to enter 2006 with new products, new prospects, and an overall positive outlook.”

The company expects to achieve more than $3 Million in net profit during 2006. In terms of revenues, the company expects double-digit growth throughout the year, although, due to seasonality, revenues in Q1 '06 are expected to be similar to those of Q4 '05.

“I continue to be optimistic, for both the short- and the long-run”, said Shofman and concluded: "I am excited about our plans for 2006, and I strongly believe that we are up for a successful year.”

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