Rafael Advanced Defense Systems Ltd2008-03-19 14:28:48
Rafael Finished 2007 with a Net Profit of $34 Million
Rafael Advanced Defense Systems Ltd. announces its financial results for the year 2007 following approval from the company's Board of Directors. Rafael ended the year with a net profit of $34M, orders of $1.4B and sales of over $1.2B. (A table comparing 2006 and 2007 results can be found at the end of the document.)
New orders: $1,419 million
Sales: $1,286 million
Profit before taxes: $42 million
Net profit after taxes: $34 million
The company opened 2008 with a backlog of orders amounting to $2 billion, of which approximately 65% is intended for export, thereby affecting Rafael's financial results due to the continued devaluation of the dollar.
The year 2007 at Rafael was characterized mainly by a strengthening of the company's capabilities in its main areas, as well as by providing innovative solutions to its customers in Israel and around the world. Rafael also concentrated its energy in strengthening its company RDC, which deals with civilian applications for Rafael's technologies.
During the past year, Rafael was chosen to lead two major projects in the field of Air Defense. The first is the Iron Dome, a system that defends against short range rockets and missiles and the second project, together with the US company Raytheon, called David's Sling, for protection against medium range missiles.
In addition, during the year 2007, Rafael underwent an extensive process aimed at evaluating its business activities and creating an updated strategic plan that would enable the company to fulfill its national obligations and achieve its business objectives while retaining its vital human resources. At the end of the process, Rafael changed its name, began to operate as three divisions and decided to establish a new Business Development department that would coordinate all of Rafael's mergers and acquisition activities.
VADM (Ret) Yedidia Yaari, President and CEO of Rafael said that the reorganization process that Rafael has gone through has enabled the company to continue investing in its R & D, while offering its wide variety of technologically advanced capabilities and products to its customers in Israel and abroad. Yaari expressed his appreciation to the managers and employees of Rafael for their immense contribution to the company and to the security of the State of Israel and said that he foresees continued improvement in the company's financial outcome as a result of new product lines, mergers, acquisitions and international partnerships.
General (Ret) Ilan Biran, Chairman of the Board at Rafael said that Rafael is a unique company in that it serves as both a "national laboratory" that contributes greatly to the security of the State of Israel and also as a business entity that develops and produces weapon systems that are considered highly advanced on both Israeli and international scales. Over half of Rafael's products are exported and so its growth must be based on the international market.
Biran added that in order to ensure Rafael's strength and growth, it must increase its profits and expand its business and marketing activities abroad. With the receipt of the financial results, Biran wished to thank the CEO, the corporate management and Rafael employees for their profound contribution to the defense of Israel and its business foundation.
Rafael Advanced Defense Systems Ltd. announces its financial results for the year 2007 following approval from the company's Board of Directors. Rafael ended the year with a net profit of $34M, orders of $1.4B and sales of over $1.2B. (A table comparing 2006 and 2007 results can be found at the end of the document.)
New orders: $1,419 million
Sales: $1,286 million
Profit before taxes: $42 million
Net profit after taxes: $34 million
The company opened 2008 with a backlog of orders amounting to $2 billion, of which approximately 65% is intended for export, thereby affecting Rafael's financial results due to the continued devaluation of the dollar.
The year 2007 at Rafael was characterized mainly by a strengthening of the company's capabilities in its main areas, as well as by providing innovative solutions to its customers in Israel and around the world. Rafael also concentrated its energy in strengthening its company RDC, which deals with civilian applications for Rafael's technologies.
During the past year, Rafael was chosen to lead two major projects in the field of Air Defense. The first is the Iron Dome, a system that defends against short range rockets and missiles and the second project, together with the US company Raytheon, called David's Sling, for protection against medium range missiles.
In addition, during the year 2007, Rafael underwent an extensive process aimed at evaluating its business activities and creating an updated strategic plan that would enable the company to fulfill its national obligations and achieve its business objectives while retaining its vital human resources. At the end of the process, Rafael changed its name, began to operate as three divisions and decided to establish a new Business Development department that would coordinate all of Rafael's mergers and acquisition activities.
VADM (Ret) Yedidia Yaari, President and CEO of Rafael said that the reorganization process that Rafael has gone through has enabled the company to continue investing in its R & D, while offering its wide variety of technologically advanced capabilities and products to its customers in Israel and abroad. Yaari expressed his appreciation to the managers and employees of Rafael for their immense contribution to the company and to the security of the State of Israel and said that he foresees continued improvement in the company's financial outcome as a result of new product lines, mergers, acquisitions and international partnerships.
General (Ret) Ilan Biran, Chairman of the Board at Rafael said that Rafael is a unique company in that it serves as both a "national laboratory" that contributes greatly to the security of the State of Israel and also as a business entity that develops and produces weapon systems that are considered highly advanced on both Israeli and international scales. Over half of Rafael's products are exported and so its growth must be based on the international market.
Biran added that in order to ensure Rafael's strength and growth, it must increase its profits and expand its business and marketing activities abroad. With the receipt of the financial results, Biran wished to thank the CEO, the corporate management and Rafael employees for their profound contribution to the defense of Israel and its business foundation.
For more information contact:
P.o.b 2082
Haifa
31021
Israel
Tel: +972 4 8794057
Fax: +972 4 8792413
