ROSH HA'AYIN, Israel, Nov. 18, 2009 (PRNewswire-FirstCall) -- BVR Systems (1998) Ltd. (OTCBB: BVRSF.OB), a diversified world leader in advanced military training and simulation systems, today announced a net loss of $3.3 million or $0.03 per share for the third quarter of 2009, compared with a net profit of $0.1 million, or $0.00 per share for the third quarter of 2008.
For the nine months ended September 30, 2009, the net profit totaled $0.2 million or $0.00 per share, compared with a net profit of $1.1 million, or $0.01 per share for the nine months ended September 30, 2008.
Revenues for the third quarter of 2009 were $10.9 million, compared with revenues of $9.1 million for the third quarter of 2008. The total revenues for the nine months ended September 30, 2009 were $34.6 million, compared with total revenues of $23.3 million for the nine months ended September 30, 2008.
Gross profit for the third quarter of 2009 was $0.9 million, compared with a gross profit of $2.1 million for the third quarter of the previous year.
Operating loss for the third quarter of 2009 was $2.3 million, compared with an operating profit of $0.4 million for the same period last year.
BVR's order backlog at the end of the third quarter of 2009 was approximately $47.5 million.
The Company announced on July 20, 2009, that it has signed an agreement with Elbit Systems Ltd. (NASDAQ:ESLT), pursuant to which BVR shall sell to Elbit substantially all of its assets in consideration for a cash payment of approximately $34,000,000. Since the Company is of the opinion that the probability of closing the transaction is high when preparing the financial statements the Company took into consideration the expenses relating to such transaction in an amount of approximately $2.5 million.
BVR Systems (1998) Ltd., (OTCBB: BVRSF.OB) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995.
