Company sales for the first 9 months of 2002 totaled $1.485 billion, compared to $1.502 billion in the same period last year, a slight decrease of approximately 1.3 percent in sales volume. Keeping a sales level similar to the one achieved last year is considered an accomplishment, considering the global slowdown in some of the Company?s principal markets.
Israel Aircraft Industries net profit for the first 9 months of 2002 totaled $29.5 million, as compared to a profit before capital gain in the sum of $59 million, achieved in the same period last year, a decrease of 50 percent.
IAI's wholly-owned subsidiary ELTA Systems Ltd., reported total sales during the first 9 months of 2002 reaching $286.2 million, compared to $286.5 million during the same period in 2001.
ELTA Systems completed the first 9 months of 2002 with a net profit before tax of $12.8 million, compared to $10.4 million for the same period last year, an increase of 23 percent.
During his presentation to the Board of Directors, Mr. Keret, said: "The Company's backlog has reached an unprecedented level. This backlog is a certificate of honor that testifies to the high level of trust our customers have in us. IAI's rich portfolio of orders enables the Company to plan its long-term activities, despite the slowdown in the civil aviation market worldwide in the last two years. Management attention of the Company is turned to operations that are most affected by the market slowdown".
Dr. Abraham Knobel, Corp. Vice President of Finance said: "During the first 9 months of 2002, IAI succeeded in increasing its equity to $378 million. The Company's equity and high-level backlog, provide the cushion it needs to cope successfully with the worldwide economic slump, which especially affects the civil aviation market, a market which constitutes 35 percent of IAI's business".
For more information, contact:
Doron Suslik
Deputy Corp. VP for Communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
Email: hpaz@iai.co.il
Website: www.iai.co.il