Valor reports revenues of $9.2 Million and net profits of $754,000 in Q3
Nov 09, 2006
Valor Computerized Systems [Prime Standard: VCR] announces its financial results for the nine-month period ending September 30, 2006.
Revenues in the third quarter of 2006 accumulated to $9.2 Million, the same as in Q3-05. Revenues for the first nine months of 2006 were also similar to the revenues accumulated in the first nine months of 2005 - $26.7 Million in 2006 vs. $26.9 Million in 2005.
The net profit in the third quarter of 2006 was $754 thousand - an increase of nearly 640% over the third quarter of 2005. The net profit in the first nine months of 2006 was $2.5 Million - more than twice the profit of the parallel period of the previous year.
EBIT in Q3-06 was $714 thousand - an increase of more than 10 times compared to $68 thousand in Q3-05. In the first nine months of 2006, EBIT was $2.1 Million - 133% more than in the parallel period of 2005.
Earnings per Share (diluted) in the first nine months of 2006 were $0.12, as compared to $0.06 in the first nine months of 2005.
Commenting on the quarterly results, Ofer Shofman, Valor's President and CEO said: "As previously reported, the results for the third quarter of 2006 were lower than originally expected due to a small number of significant orders by major customers that slipped from Q3 and are expected to materialize over the following quarters. At the same time, we remain optimistic about our future performance and continue to implement our development programs and business strategy across all regions."
As an example, Shofman mentioned that the company has doubled the number of agents and distributors of its products in Asia over the past six months, and explained: "This increase comes to meet the growing demand for the type of solutions that we provide and will further support the consultative selling approach that we are implementing. The consultative sales process is a complex process, intended to achieve larger sales and bring higher revenues, and the steps that we are taking now are intended to ensure that our investments will bear fruit in the future."
The complete financial report can be downloaded from the Investor Relations Section on the Valor corporate website: www.valor.com