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Form 6-K ELBIT SYSTEMS LTD For: Mar 31

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May 17, 2016 6:22 AM EDT


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the Month of May 2016
_______________________
Commission File Number 000-28998
ELBIT SYSTEMS LTD.
(Translation of Registrant’s Name into English)
Advanced Technology Center, P.O.B. 539, Haifa 31053, Israel
(Address of Principal Corporate Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
x     Form 20-F            o    Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: o

o     Yes                x    No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______________





Attached hereto as Exhibit 1 and incorporated herein by reference is the Registrant’s press release dated May 17, 2016.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
ELBIT SYSTEMS LTD.
(Registrant)
 
By:
/s/ Ronit Zmiri
 
 
Name:
Ronit Zmiri
 
Title:
Corporate Secretary
Date: May 17, 2016





EXHIBIT INDEX
Exhibit No.
Description
 
1.
Registrant's Press Release dated
May 17, 2016





Earning Release    

 
ELBIT SYSTEMS REPORTS
FIRST QUARTER OF 2016 RESULTS

Backlog of orders at $6.8 billion; Revenues at $721 million;
Non-GAAP Net income of $51 million; GAAP net income of $52 million; Non-GAAP net EPS of $1.20; GAAP net EPS of $1.22

Haifa, Israel, May 17, 2016 – Elbit Systems Ltd. (NASDAQ and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended March 31, 2016.

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: “We are pleased with our first quarter financial results, especially our solid growth in backlog which provides us with strong revenue visibility over the long term.  We are also encouraged by the gradual trend, over the past few years, of improving gross margins which is as a result of the efforts we have taken to operate efficiently, improve internal processes while harvesting synergies across our various business units.  The ongoing growth in the backlog coupled with an improving environment for defense spending throughout the world, positions us well to continue our long-term growth for the foreseeable future.”


First quarter 2016 results:

Revenues in the first quarter of 2016 were $721.2 million, as compared to $706.6 million in the first quarter of 2015.

Non-GAAP (*) gross profit amounted to $220.1 million (30.5% of revenues) in the first quarter of 2016, as compared to $206.4 million (29.2% of revenues) in the first quarter of 2015. GAAP gross profit in the first quarter of 2016 was $212.2 million (29.4% of revenues), as compared to $201.2 million (28.5% of revenues) in the first quarter of 2015. The improvement in the gross profit rate was mainly due to mix of product sold in the quarter and overall improvement of operations.

Research and development expenses, net were $56.0 million (7.8% of revenues) in the first quarter of 2016, as compared to $55.6 million (7.9% of revenues) in the first quarter of 2015.




_____________
* see page 3


1

Earning Release    

Marketing and selling expenses, net were $61.0 million (8.5% of revenues) in the first quarter of 2016, as compared to $51.3 million (7.3% of revenues) in the first quarter of 2015. The marketing and selling expenses in the first quarter of last year were unusually low as a percentage of revenues.

General and administrative expenses, net were $38.9 million (5.4% of revenues) in the first quarter of 2016, as compared to $34.4 million (4.9% of revenues) in the first quarter of 2015. The increase in the General and administrative expenses in the first quarter of 2016 was mainly due to cost of the phantom bonus retention plan associated with G&A expenses.

Other operating income, net in the first quarter of 2016 amounted to $7 million. The amount reflects a net gain related to the revaluation of investment in an Israeli subsidiary that was deconsolidated in the quarter due to third party investment.

Non-GAAP(*) operating income was $66.9 million (9.3% of revenues) in the first quarter of 2016, as compared to $69.5 million (9.8% of revenues) in the first quarter of 2015. GAAP operating income in the first quarter of 2016 was $63.3 million (8.8% of revenues), as compared to $59.8 million (8.5% of revenues) in the first quarter of 2015.

Financial expenses, net were $1.7 million in the first quarter of 2016, as compared to $5.7 million in the first quarter of 2015. The lower financial expenses in the first quarter of 2016 were mainly a result of gain from various currencies exchange rate differences.

Other income, net in the first quarter of 2016 is a result of a capital gain related to the sale of real estate that was acquired in prior years.

Taxes on income were $12.7 million (effective tax rate of 19.4%) in the first quarter of 2016, as compared to $8.6 million (effective tax rate of 15.9%) in the first quarter of 2015. 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 prior years adjustments in the first quarter of 2015.

Net income attributable to non-controlling interests was $0.5 million in the first quarter of 2016, as compared to $0.9 million in the first quarter of 2015.

Non-GAAP(*) net income attributable to the Company's shareholders in the first quarter of 2016 was $51.2 million (7.1% of revenues), as compared to $52.6 million (7.4% of revenues) in the first quarter of 2015. GAAP net income in the first quarter of 2016 was $52.3 million (7.3% of revenues), as compared to $44.6 million (6.3% of revenues) in the first quarter of 2015.

Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $1.20 for the first quarter of 2016, as compared to $1.23 for the first quarter of 2015. GAAP diluted earnings per share in the first quarter of 2016 were $1.22, as compared to $1.04 for the first quarter of 2015.

The Company’s backlog of orders for the quarter ended March 31, 2016, totaled $6,775 million, as compared to $6,270 million as of March 31, 2015. Approximately 65% of the current backlog is attributable to orders from outside Israel. Approximately 63% of the current backlog is scheduled to be performed during 2016 and 2017.

Operating cash flow for the quarter ended March 31, 2016, was $24.5 million, as compared to $83.9 million in the quarter ended March 31, 2015.

_____________
* see page 3



2

Earning Release    

* 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.



3

Earning Release    


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

 
Three Months Ended
March 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2015
 
 
 
 
 
 
GAAP gross profit
212.2

 
201.2

 
897.1

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
7.9

 
5.2

 
29.9

Non-GAAP gross profit
220.1

 
206.4

 
927.0

Percent of revenues
30.5
%
 
29.2
%
 
29.8
%
 
 
 
 
 
 
GAAP operating income
63.3

 
59.8

 
268.6

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
10.6

 
9.7

 
48.1

Gain from changes in holdings
(7.0
)
 
—

 
—

Non-GAAP operating income
66.9

 
69.5

 
316.7

Percent of revenues
9.3
%
 
9.8
%
 
10.2
%
 
 
 
 
 
 
GAAP net income attributable to Elbit Systems’ shareholders
52.3

 
44.6

 
202.5

Adjustments:
 
 
 
 
 
Amortization of purchased intangible assets
10.6

 
9.7

 
48.1

Capital Gain
(3.9
)
 
—

 
—

Gain from changes in holdings
(7.0
)
 
—

 
—

Related tax benefits
(0.8
)
 
(1.7
)
 
(8.2
)
Non-GAAP net income attributable to Elbit Systems' shareholders
51.2

 
52.6

 
242.4

Percent of revenues
7.1
%
 
7.4
%
 
7.8
%
 
 
 
 
 
 
GAAP diluted net EPS
1.22

 
1.04

 
4.74

Adjustments, net
(0.02
)
 
0.19

 
0.93

Non-GAAP diluted net EPS
1.20

 
1.23

 
5.67




4

Earning Release    

Recent Events:

On April 4, 2016, the Company announced that its subsidiary CYBERBIT Ltd. (CYBERBIT) was awarded contracts to supply intelligence and cyber analysis and research systems for a country in Asia-Pacific for an aggregate amount of approximately $22 million. The systems will be supplied over a two-year period.

On April 6, 2016, the Company announced that its subsidiary CYBERBIT was awarded a contract to supply intelligence and cyber analysis and research systems for a country in Africa. The contract, that is in an amount that is not material to Elbit Systems, will be supplied over a two-year period.

On April 19, 2016, the Company announced that its Australian subsidiary, Elbit Systems of Australia Pty Ltd. , was awarded a contract in an amount of approximately $30 million (approximately 40 million Australian dollars) by the Department of Defence of the Commonwealth of Australia for the supply of XACTth65 sights, a member of the Elbit Systems thermal weapon sight product family.

On April 26, 2016, the Company announced that it was awarded an approximately $20 million contract from a Western European country for the supply of tactical mobile radios from the new and advanced E-LynX™ Software Defined Radios (SDR) family. The contract will be performed over a three-year period.

On May 9, 2016, the Company announced that Elbit Systems of America’s subsidiary, M7 Aerospace LLC (M7), was awarded a $7.5 million Firm, Fixed Price contract by the U.S. Navy to perform modifications on United States Naval Test Pilot School’s (USNTPS) C-26 aircraft. The contract will be completed in 2016.


Dividend:

The Board of Directors declared a dividend of $0.40 per share for the first quarter of 2016. The dividend’s record date is May 26, 2016. The dividend will be paid from income generated as Preferred Income, on June 6, 2016, net of taxes and levies, at the rate of 20%.

Conference Call:

The Company will be hosting a conference call today, Tuesday, May 17, 2016 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 0610
INTERNATIONAL Dial-in Number: +972 3 918 0609

at: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 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 5900 (Israel and International).

5

Earning Release    

About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of airborne, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems and radios. The Company also focuses on the upgrading of existing 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 sheets
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
Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
Elbit Systems Ltd.
IR Contact: 

Ehud Helft
Kenny Green
GK Investor Relations
Tel: 1-646-201-9246



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 1943, 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.


6

Earning Release    

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.


(FINANCIAL TABLES TO FOLLOW)



7

Earning Release    

ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
 
March 31,
 
December 31,
 
2016
 
2015
 
Unaudited
 
Audited
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
265,614

 
$
299,322

Short-term bank deposits and marketable securities
38,709

 
33,102

Trade and unbilled receivables, net
1,036,897

 
941,913

Other receivables and prepaid expenses
204,064

 
171,359

Inventories, net of customers advances
861,873

 
837,111

Total current assets
2,407,157

 
2,282,807

 
 
 
 
Investments in affiliated companies and partnerships
152,980

 
132,718

Long-term trade and unbilled receivables
120,484

 
152,463

Long-term bank deposits and other receivables
25,580

 
15,765

Deferred income taxes, net
46,910

 
52,619

Severance pay fund
275,260

 
270,151

 
621,214

 
623,716

 
 
 
 
Property, plant and equipment, net
450,165

 
449,759

Goodwill and other intangible assets, net
759,385

 
770,276

Total assets
$
4,237,921

 
$
4,126,558

 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
Short-term bank credit and loans
$
3

 
$
—

Current maturities of long-term loans and Series A Notes
116,323

 
113,359

Trade payables
368,504

 
347,366

Other payables and accrued expenses
825,448

 
739,867

Customer advances in excess of costs incurred on contracts in progress
366,523

 
437,202

 
1,676,801

 
1,637,794

 
 
 
 
Long-term loans, net of current maturities
143,548

 
165,971

Series A Notes, net of current maturities
237,448

 
226,758

Employee benefit liabilities
389,307

 
381,641

Deferred income taxes and tax liabilities, net
43,330

 
44,738

Customer advances in excess of costs incurred on contracts in progress
185,292

 
167,601

Other long-term liabilities
102,074

 
99,668

 
1,100,999

 
1,086,377

 
 
 
 
Elbit Systems Ltd.'s equity
1,451,693

 
1,394,334

Non-controlling interests
8,428

 
8,053

Total equity
1,460,121

 
1,402,387

Total liabilities and equity
$
4,237,921

 
$
4,126,558


8

Earning Release    

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amount)
   
Three Months Ended
March 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2015
 
Unaudited
 
Audited
Revenues
$
721,211

 
$
706,622

 
$
3,107,581

Cost of revenues
508,971

 
505,424

 
2,210,528

Gross profit
212,240

 
201,198

 
897,053

 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
Research and development, net
56,047

 
55,613

 
243,416

Marketing and selling, net
60,997

 
51,329

 
239,366

General and administrative, net
38,944

 
34,412

 
145,693

Other operating income, net
(7,032
)
 
—

 
—

Total operating expenses
148,956

 
141,354

 
628,475

Operating income
63,284

 
59,844

 
268,578

 
 
 
 
 
 
Financial expenses, net
(1,721
)
 
(5,673
)
 
(20,240
)
Other income , net
3,896

 
67

 
216

Income before income taxes
65,459

 
54,238

 
248,554

 
 
 
 
 
 
Taxes on income
(12,670
)
 
(8,649
)
 
(46,235
)
 
52,789

 
45,589

 
202,319

 
 
 
 
 
 
Equity in net earnings (loss) of affiliated companies and partnerships
20

 
(128
)
 
4,542

Net income
$
52,809

 
$
45,461

 
$
206,861

Less: net income attributable to non-controlling interests
(488
)
 
(896
)
 
(4,352)

Net income attributable to Elbit Systems Ltd.'s shareholders
$
52,321

 
$
44,565

 
$
202,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Elbit Systems Ltd.'s shareholders:
 
 
Basic net earnings per share
$
1.22

 
$
1.04

 
$
4.74

Diluted net earnings per share
$
1.22

 
$
1.04

 
$
4.74

 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares (in thousands)
 
 
 
 
 
Shares used in computation of basic earnings per share
42,734

 
42,690

 
42,711

Shares used in computation of diluted earnings per share
42,748

 
42,713

 
42,733


9

Earning Release    

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
 
Three Months Ended 
 March 31,
 
Year Ended
December 31,
 
2016
 
2015
 
2015
 
Unaudited
 
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
52,809

 
$
45,461

 
$
206,861

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
29,241

 
27,836

 
122,354

Stock-based compensation
25

 
62

 
139

Amortization of Series A Notes premium and related issuance costs, net
(23
)
 
(23
)
 
(92
)
Deferred income taxes and reserve, net
6,241

 
(780
)
 
15,928

Loss (gain) on sale of property, plant and equipment
(3,788
)
 
428

 
1,742

 Loss (gain) on sale and revaluation of investments
(7,019
)
 
(182
)
 
33

Equity in net earnings (loss) of affiliated companies and partnerships, net of dividend received (*)
(19
)
 
628

 
19,999

Changes in operating assets and liabilities, net of amounts acquired:
 
 
 
 
 
Decrease (increase) in short and long-term trade receivables and prepaid expenses
(91,043
)
 
64,772

 
31,860

Decrease (Increase) in inventories, net
(24,762
)
 
(29,083
)
 
39,801

Increase (decrease) in trade payables, other payables and accrued expenses
112,343

 
(12,399
)
 
(74,280
)
Severance, pension and termination indemnities, net
3,445

 
1,404

 
(799
)
Increase (decrease) in advances received from customers
(52,989
)
 
(14,262
)
 
71,282

Net cash provided by operating activities
24,461

 
83,862

 
434,828

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
Purchase of property, plant and equipment and other assets
(21,671
)
 
(27,332
)
 
(99,175
)
Acquisition of subsidiaries and business operations
—

 
(300
)
 
(141,436
)
Investments in affiliated companies and other companies
(14,490
)
 
—

 
(23,852
)
Deconsolidation of subsidiary
(1,538
)
 
—

 
—

Proceeds from sale of property, plant and equipment
8,134

 
3,866

 
11,563

Investment in long-term deposits
(23
)
 
(36
)
 
(396
)
Proceeds from sale of long-term deposits
88

 
89

 
721

Investment in short-term deposits and marketable securities
(19,982
)
 
(28,060
)
 
(57,175
)
Proceeds from sale of short-term deposits and marketable securities
14,760

 
67,337

 
128,187

Net cash provided by (used in) investing activities
(34,722
)
 
15,564

 
(181,563
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from exercise of options
419

 
627

 
1,616

Repayment of long-term loans
(23,869
)
 
(126,002
)
 
(226,635
)
Proceeds from long-term loans
—

 
—

 
196,550

Repayment of Series A Notes
—

 
—

 
(55,532
)
Dividends paid
—

 
—

 
(69,792
)
Change in short-term bank credit and loans, net
3

 
(476
)
 
(557
)
Net cash used in financing activities
(23,447
)
 
(125,851
)
 
(154,350
)
Net increase (decrease) in cash and cash equivalents
(33,708
)
 
(26,425
)
 
98,915

Cash and cash equivalents at the beginning of the year
299,322

 
200,407

 
200,407

Cash and cash equivalents at the end of the period
$
265,614

 
$
173,982

 
$
299,322

* Dividend received from affiliated companies and partnerships
$
—

 
$
500

 
$
24,541


10

Earning Release    

ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES



Consolidated Revenues by Areas of Operation:

 
Three Months Ended
 
Year Ended
 
March 31,
 
December 31,
 
2016
 
2015
 
2015
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Airborne systems
283.9

 
39.4
 
285.4

 
40.4
 
1,225.7

 
39.4
Land systems
138.5

 
19.2
 
130.2

 
18.4
 
558.7

 
18.0
C4ISR systems
221.4

 
30.7
 
219.9

 
31.1
 
995.2

 
32.0
Electro-optic systems
53.4

 
7.4
 
46.7

 
6.6
 
231.9

 
7.5
Other (mainly non-defense engineering and production services)
24.0

 
3.3
 
24.4

 
3.5
 
96.1

 
3.1
Total
721.2

 
100.0
 
706.6

 
100.0
 
3,107.6

 
100.0
                                                                             


Consolidated Revenues by Geographical Regions:

 
Three Months Ended
 
Year Ended
 
March 31,
 
December 31,
 
2016
 
2015
 
2015
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Israel
143.1

 
19.8
 
135.7

 
19.2
 
616.6

 
19.8
North America
178.1

 
24.7
 
203.0

 
28.7
 
838.9

 
27.0
Europe
114.3

 
15.8
 
101.9

 
14.4
 
497.6

 
16.0
Asia-Pacific
212.7

 
29.5
 
175.0

 
24.8
 
800.3

 
25.8
Latin America
63.1

 
8.8
 
87.6

 
12.4
 
325.4

 
10.5
Other countries
9.9

 
1.4
 
3.4

 
0.5
 
28.8

 
0.9
Total
721.2

 
100.0
 
706.6

 
100.0
 
3,107.6

 
100.0

                                                                                                                            


11


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