CONSOLIDATED STATEMENTS OF INCOME
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS (EXCEPT SHARE AND PER SHARE DATA)
NINE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31,
------------------------------- ------------------------------- ------------
2008 2007 2008 2007 2007
------------ ------------ ------------ ------------ ------------
UNAUDITED AUDITED
-------------------------------------------------------------------- ------------
Sales $ 137,865 $ 119,721 $ 38,282 $ 30,347 $ 158,614
Cost of sales (*) 129,481 102,364 39,934 27,983 139,147
------------ ------------ ------------ ------------ ------------
Gross profit (loss) 8,384 17,357 (1,652) 2,364 19,467
Selling, general and administrative
expenses 17,046 12,849 5,194 3,851 17,715
------------ ------------ ------------ ------------ ------------
Operating income (loss) (8,662) 4,508 (6,846) (1,487) 1,752
Financial expenses, net 2,957 960 660 503 1,289
------------ ------------ ------------ ------------ ------------
Income (loss) before taxes on income (11,619) 3,548 (7,506) (1,990) 463
Taxes on income (tax benefit) (2,859) 645 (1,917) (311) (20)
------------ ------------ ------------ ------------ ------------
Net income (loss) $ (8,760) $ 2,903 $ (5,589) $ (1,679) $ 483
============ ============ ============ ============ ============
Basic and diluted net earnings
(losses) per share from continuing
operations:
Basic net earnings (losses) per
share $ (0.41) $ 0.14 $ (0.26) $ (0.08) $ 0.02
============ ============ ============ ============ ============
Diluted net earnings (losses) per
share $ (0.41) $ 0.13 $ (0.26) $ (0.08) $ 0.02
============ ============ ============ ============ ============
Weighted average number of shares
used for computing basic earnings
(losses) per share 21,202,986 21,183,397 21,202,986 21,200,986 21,188,161
============ ============ ============ ============ ============
Weighted average number of shares
used for computing diluted
earnings (losses) per share 21,202,986 21,779,955 21,202,986 21,200,986 21,630,124
============ ============ ============ ============ ============
(*) Includes inventory write-off $ 3,005 $ 580 $ 2,190 $ 40 $ 1,260
============ ============ ============ ============ ============
10
CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS
NINE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31,
----------------------- ----------------------- --------
2008 2007 2008 2007 2007
-------- -------- -------- -------- --------
UNAUDITED AUDITED
----------------------------------------------------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (8,760) $ 2,903 $ (5,589) $ (1,679) $ 483
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation of property, plant and equipment 6,475 6,441 2,139 2,106 8,567
Compensation related to options granted to
employees 391 498 48 312 571
Increase (decrease) in accrued severance pay,
net 417 144 (18) 91 74
Accrual of interest on short-term deposits (75) (496) - (168) (613)
Gain related to sale of marketable securities (22) (335) - (270) (134)
Interest and amortization of premium and
accretion of discount of marketable
securities (263) - - - (189)
Impairment of marketable securities 313 - 313 - -
Increase (decrease) in deferred income taxes (3,327) 21 (1,186) (39) 79
Gain on disposal of property, plant and
equipment, net (21) (641) (2) (246) (651)
Decrease (increase) in trade receivables, net 3,002 1,570 9,893 (851) 1,622
Decrease (increase) in other accounts
receivable and prepaid expenses 500 (826) (272) (1,097) (919)
Decrease (increase) in inventories 2,788 2,567 336 (1,736) (3,665)
Increase (decrease) in trade payables (3,355) (6,364) (1,545) 1,876 (1,423)
Increase (decrease) in other accounts payable
and accrued expenses 542 (452) (360) (837) (768)
-------- -------- -------- -------- --------
Net cash provided by operating activities (1,395) 5,030 3,757 (2,538) 3,034
-------- -------- -------- -------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (3,063) (4,611) (879) (1,509) (6,377)
Proceeds from sale of property, plant and
equipment 35 927 14 246 943
Investment in marketable securities - - - - (18,974)
Investment in short-term deposits (13,060) (16,961) (500) - (8,321)
Proceeds from sale of marketable securities 5,914 14,981 - 2,802 17,241
Proceeds from repayment of deposits 19,698 - - - 12,989
Purchase of intangible asset (300) - (300) - -
-------- -------- -------- -------- --------
Net cash provided by (used in) investing
activities 9,224 (5,664) (1,665) 1,539 (2,499)
-------- -------- -------- -------- --------
11
CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. DOLLARS IN THOUSANDS
NINE MONTHS ENDED THREE MONTHS ENDED YEAR ENDED
SEPTEMBER 30, SEPTEMBER 30, DECEMBER 31,
--------------------- --------------------- -------
2008 2007 2008 2007 2007
------- ------- ------- ------- -------
UNAUDITED AUDITED
------------------------------------------------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term bank loans (8,799) (4,461) (1,039) (1,487) (5,948)
Proceeds from long-term bank loans 6,000 - - - -
Increase in short-term bank credit, net 4,200 - 1,358 - -
Proceeds from exercise of stock options related
to employees and directors - 85 - - 92
Proceeds from exercise of tradable options
issued at the secondary offering - 4,290 - - 4,290
Dividend paid to shareholders (8,000) (551) - - (551)
------- ------- ------- ------- -------
Net cash provided by (used in) financing
activities (6,599) (637) 319 (1,487) (2,117)
------- ------- ------- ------- -------
Total increase (decrease) in cash and cash
equivalents 1,230 (1,271) 2,411 (2,486) (1,582)
Cash and cash equivalents at beginning of period 2,384 3,966 1,203 5,181 3,966
------- ------- ------- ------- -------
Cash and cash equivalents at end of period $ 3,614 $ 2,695 $ 3,614 $ 2,695 $ 2,384
======= ======= ======= ======= =======
12
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