Ocean Harvest T Regulatory News (OHT)

20 Aug 2007 09:24

Orad Hi-Tec Systems20 August 2007 Orad Hi-Tec Systems Ltd. ('Orad' or the 'Company') Results for the first six months and second quarter of 2007 Orad Hi-Tec Systems Ltd. (Frankfurt - Prime Standard; London - AIM. Symbol:OHT), a leading developer, marketer and distributor of state-of-the-art, 3Dgraphical solutions for the broadcasting, advertising and visual simulationmarkets, today announces its results for the six months ended June 30, 2007. Record sales, gross margins and Net profits in the second quarter of 2007: • Revenues in Q2/07 increased to a record of USD5.2 million, compared toUSD4.7 million in Q1/07 and USD4.6 millions in Q2/06. • Gross margins improved to 69% in Q2/07 compared to 60% in Q2/06 and 68%in Q1/07. • Net profit tripled to USD332,000 in Q2/07 compared to USD117,000 in Q1/07 and USD264,000 in Q2/06. • Cash increased to USD11.4 million compared to USD10.6 million in Q1/07and USD9.6 million by the end of 2006. "We are proud to present these record sales results for the second quarter of2007. The increase in sales of graphic systems together with the improvement intrading in both South and North American markets assisted in achieving theincrease in sales and the improvement in the gross profits", commented AviSharir, Orad's President and Chief Executive Officer, and added: "the strongcash flow together with the increase in the orders back log keeps us optimisticregarding the results for the second half of 2007". About Orad Founded in 1993, Orad is a world leader in TV production technology and israpidly increasing its position in the real time three dimensional graphicmarket. Orad's product line includes virtual sets, on-air graphics systems,channel branding, virtual advertising, sports production solutions and hardwarefor the Virtual Reality industry. Orad is a publicly traded company in the PrimeStandard on Frankfurt's Wertpapierborse Prime Standard and AIM Market of theLondon Stock Exchange (symbol: OHT). www.orad.tv For further information: Orad (www.orad.tv)Ehud Ben-Yair, CFO + 972 976 768 62 Shore Capital (London) - Nominated Adviser to OradGraham Shore + 44 20 7408 4090 edicto GmbH (Frankfurt) + 49 69 90550551Dr. Sonke KnopOrad Hi-Tec Systems Ltd ('Orad' or the 'Company') Financial and Operational highlights for the three and six months ended June 30,2007 compared to the same periods ended June 30, 2006: All references to $ refer to US Dollars. Revenues, Net Profit and cash status: Sales in Q2/07 increased by 13% to $5.2 million compared to $4.6 million on Q2/2006. Sales in the first six months of 2007 increased by 11% to $9.9 millioncompared to $8.9 million in the first six months of 2006. Net profit in the second quarter of 2007 increased by 184% to $332,000 comparedto $117,000 in the first quarter of 2007. In the first six months of 2007 netprofit was $449,000 compared to net profit of $396,000 in the first six monthsof 2006, an improvement of 13%. In the first six months of 2007 cash, cashequivalents and restricted cash increased by $1.7 million to $11.4 million. Gross margins Gross margins for the second quarter of 2007 was 69%, compared to 68% in thefirst quarter of 2007, Gross margins in the second quarter of 2007 improved significantly to 69%compared to 60% in the second quarter of 2006, mainly due to an increase ofsoftware based products in the sales mix and increased sales volume. Grossmargins in the first six months of 2007 improved significantly to 69% comparedto 59% in the first six months of 2006, mainly due to the increased sales volumeand changes to the product mix. The table below reflects the trend in the Revenues, Net Profit and Cash status. Operational expenses: All operational expenses increased in the second quarter of 2007 compared to thesecond quarter of 2006 and in the first six months of 2007 compared to the firstsix months of 2006 due to the increase in sales and operational activity. CONSOLIDATED BALANCE SHEETSU.S. dollars in thousands, except share and per share data December 31, June 30, 2006 2007 UnauditedASSETS CURRENT ASSETS: Cash and cash equivalents $ 9,091 $ 10,361Restricted cash 571 1,082Trade receivables, net 2,422 1,524 Other accounts receivable and prepaid expenses 837 1,047Inventories 2,696 2,772Work in process, net of advances from customers*) 520 474 Total current assets 16,137 17,260 SEVERANCE PAY FUND 1,017 1,074 PROPERTY AND EQUIPMENT, NET 1,530 1,556 Total assets $ 18,684 $ 19,890 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 1,354 $ 1,443 Deferred revenues 1,841 1,684Other accounts payable and accrued expenses*) 4,767 5,442 Total current liabilities 7,962 8,569 ACCRUED SEVERANCE PAY 1,503 1,590 SHAREHOLDERS' EQUITY:Share capital 28 29Additional paid-in capital 75,357 75,419Foreign currency translation adjustments (547) (547)Accumulated deficit (65,619) (65,170) Total shareholders' equity 9,219 9,731 Total liabilities and shareholders' equity $ 18,684 $ 19,890 *) ReclassifiedCONSOLIDATED STATEMENTS OF OPERATIONS U.S. dollars in thousands, except share and per share data Year ended Six months ended Three months ended December 31, June 30, June 30, 2006 2006 2007 2006 2007 Unaudited Revenues $ 17,719 $ 8,916 $ 9,937 $ 4,640 $ 5,194 Cost of sales 6,901 3,629 3,113 1,846 1,591 Gross profit 10,818 5,287 6,824 2,794 3,603 Operating expenses:Research and development, net 2,507 1,221 1,550 571 774Sales and marketing 6,631 3,189 3,952 1,706 2,048General and administrative 1,506 769 1,046 417 555 Total operating expenses 10,644 5,179 6,548 2,694 3,377 Operating income 174 108 276 100 226Financial income, net 467 293 176 162 106Other (expenses) income, net 5 (5) (3) 2 - Net income $ 636 $ 396 $ 449 $ 264 $ 332 Basic net earnings per share $ 0.06 $ 0.04 $ 0.04 $ 0.02 $ 0.03 Weighted average number of shares 10,791 10,791 10,806 10,791 10,810used in computing basic netearnings per share (in thousands) Diluted net earnings per share $ 0.06 $ 0.04 $ 0.04 $ 0.02 $ 0.03 Weighted average number of shares 10,823 10,825 10,992 10,837 11,013used in computing diluted netearnings per share (in thousands) STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY U.S. dollars in thousands, except share data Number of Share Additional Foreign Accumulated Total outstanding paid-in currency deficit ordinary capital capital translation shares adjustments Balance as of January 1, 2006 10,790,621 $ 28 $ 75,281 $ (547) $ (66,255) $ 8,507 Comprehensive income:Net income - - - - 636 636Issuance of shares upon exercise of 10,000 *) - 9 - - 9 employee share optionsShare based compensation - - 67 - - 67 Balance as of December 31, 2006 10,800,621 28 75,357 (547) (65,619) 9,219 Comprehensive income:Net income 449 449Issuance of shares upon exercise of 19,929 1 22 - - 23employee share optionsShare-based compensation - - 40 - - 40 Balance as of June 30, 2007 (unaudited) 10,820,550 29 75,419 (547) (65,170) 9,731 Balance as of January 1, 2006 10,790,621 $ 28 $ 75,281 $ (547) $ (66,255) $ 8,507 Comprehensive income:Net income - - - - 396 396Share-based compensation - - 21 - - 21 Balance as of June 30, 2006 (unaudited) 10,790,621 $ 28 $ 75,302 $ (547) $ (65,859) $ 8,924 *) Represent an amount lower than $ 1. CONSOLIDATED STATEMENTS OF CASH FLOWSU.S. dollars in thousands Year ended Six months ended December 31, June 30, 2006 2006 2007 UnauditedCash flows from operating activities: Net income $ 636 $ 396 $ 449Adjustments to reconcile net income to net cash provided by operating activities:Depreciation 569 277 321Share-based compensation 67 21 40Decrease in trade receivables, net and other accounts 1,214 2,245 688receivable and prepaid expensesDecrease (increase) in inventories 29 (27) (76)Decrease (increase) in work in process, net of advances from (54) (89) 46customers*)Increase in trade payables, other accounts payable and accrued 807 113 764expenses and accrued severance pay, net*)Increase (decrease) in deferred revenues 640 727 (157)Other 5 5 30 Net cash provided by in operating activities 3,913 3,668 2,105 Cash flows from investing activities: Purchase of property and equipment (146) (55) (356)Proceeds from sale of property and equipment 48 36 9 Decrease (increase) in restricted cash (71) 250 (511) Net cash provided by (used) investing activities (169) 231 (858) Cash flows from financing activities: Issuance of shares upon exercise of employees share options 9 - 23 Net cash provided by financing activities 9 - 23 Increase in cash and cash equivalents 3,753 3,899 1,270Cash and cash equivalents at the beginning of the period 5,338 5,338 9,091 Cash and cash equivalents at the end of the period $ 9,091 9,237 10,361 *) Reclassified. a. The Company's shares and options held by members of the Board ofDirectors and officers of the Company: Number of Number of Ordinary share shares options *) Avi Sharir 2,143,238 169,253 Moshe Nissim - 35,000 Ehud Ben-Yair - 45,000 Orna Nehustan - 30,000 Dan Falk - 20,000 Shimon Ravid - 10,000 Uzi Peled - 10,000 Daniel Furman 753,300 10,000 Anat Segal - 20,000 *) Each share option is convertible into one Ordinary share. b. As of June 30, 2007, the Company employs 134 employees. - - - - - - - - - - - - - - - - - This information is provided by RNS The company news service from the London Stock Exchange