ELTA Electronics, A Subsidiary of Israel Aircraft Industries, Achieved Net Profit of $8.7 Million for the First 9 Months Of 1999

Elta Electronics Industries, Ltd. (Elta), a wholly owned subsidiary of Israel Aircraft Industries, Ltd. (IAI), has reached a net profit, after taxes, of $8.7 million for the first nine months of 1999, as compared to $3.7 million during the same period last year, an increase of 135 percent. Mr. Mordechai Shmuely, Elta's Managing Director reported the results to Elta's Board of Directors chaired by Mr. Moshe Keret, IAI's President and CEO and Elta's Chairman of the Board.

The results showed sales of $296 million in the first nine months of this year compared to $249 million in the same period of 1998, which represents a 19 percent increase.

Elta recorded a continuous growth in its export markets, with export sales increasing from $204 million in the same period last year to $226 million this year. Approximately 70 percent of that total came from Asia and Europe.

Elta sells more than 80 percent of its products overseas to more than 40 countries but remains an important supplier to the Israeli Defense Forces via the Green Pine radar for the Arrow anti-ballistic missile system, as well as radar systems for the Israeli Navy, and electronics warfare and other systems for the Israeli Air Force.