Valor Computerized Systems Ltd.
Valor Announces Financial Results for Q3/2009; Positive Cash Flow Trend Persists.
Valor Computerized Systems Ltd. / Quarter Results 18.11.2009 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- YAVNE, Israel - November 18, 2009 - Valor Computerized Systems Ltd. [Prime Standard: VCR], a global provider of productivity improvement software solutions for the printed circuit board industry, announced today its financial results for the period ending September 30, 2009. Revenues in the third quarter of 2009 were $8.4M, a decrease of 9% as compared with $9.2M in the previous quarter. Operating profit in the third quarter of 2009 was $0.1M, as compared with operating profit of $0.7M in the previous quarter. Net profit in the third quarter of 2009, not including transaction related costs associated with the definitive merger agreement signed between Mentor Graphics and Valor, was $0.3M, as compared with net profit of $1.1M in the previous quarter. Positive cash flow from operating activities during the quarter accumulated to $0.3M. Revenues in the first nine months of 2009 accumulated to $26.6M. Operating profit during that period was $1.5M, and net profit was $2.2M, not including transaction related costs associated with the definitive merger agreement signed between Mentor Graphics and Valor. The company has increased its cash position by $1M to $28.3M during the three months ended September 30, 2009. --------------------------------------------------------------------------- Information and Explaination of the Issuer to this News: Some of the following statements are forward-looking in nature, and actual results may differ materially: Referring to the financial results, Dan Hoz, Valor's CEO said: 'Valor managed to show profitability and an increase in cash position despite Q3 being a traditionally weaker quarter, especially in a challenging year such as this. So far, on an accumulative basis, our operating and net profits have met and even exceeded our expectations. We are also happy to see the continuous increase in cash position.' 'The positive trend in the assembly market and in the Far East that we began to see in the previous quarter has manifested in strong business this quarter. We are also continuing to develop our OEM business, and have recently joined forces with Philips Electronics (Assembléon), to bring full factory integration to Assembléon's pick and place equipment and deliver a complete suite of software and tools for the electronics assembly marketplace, in a first of its kind industry partnership', Hoz added. On October 13, 2009, Valor announced the signing of a definitive merger agreement for the acquisition of Valor by Mentor Graphics. Under the terms of the agreement, which was approved by the boards of directors of both companies, Valor shareholders will receive a combination of Mentor Graphics common shares and cash for aggregate consideration equating to approximately $4.60 per Valor share. Subject to satisfaction of regulatory requirements and approval of Valor shareholders, as well as certain closing conditions, the transaction is expected to close during the first calendar quarter of 2010, after which Valor will become a wholly-owned subsidiary of Mentor Graphics. The complete financial report can be downloaded from the Investor Relations section on the Valor corporate website: www.valor.com About Valor Valor is a global provider of productivity improvement software solutions for the printed circuit board, or PCB, manufacturing supply chain. PCBs are the principal electronic interconnect technology used in the vast majority of electronic products sold today. Valor's solutions target three key segments in the PCB manufacturing market: design of the physical layout of the PCB, fabrication of the bare PCB, and assembly of PCB components. Valor is listed on the Prime Standard of the Frankfurt Stock Exchange [WKN 928731]. More information about Valor can be found on www.valor.com. Contact Information Valor Corporate: Alon Erlich, Valor Computerized Systems, Ltd.; IR@Valor.com; Tel: +972-(0)8-943-2430 Risks Regarding Forward Looking Statements Certain statements included herein are forward-looking in nature and, accordingly, are subject to risks and uncertainties. Such forward-looking statements include statements regarding the size and timing of the proposed offering. These forward-looking statements are only predictions based on our current expectations and projections about future events. Many factors, including those indicated in the press release, as well as general market conditions, could impact the realization of these forward-looking statements. Valor wishes to caution prospective investors not to rely on any such forward-looking statements as predictions of future events. Valor does not undertake, and specifically disclaims any obligation, to update any forward-looking statements, which speak only as of the date made. For additional information, see our website at: www.valor.com/fls 18.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Valor Computerized Systems Ltd. 4 Faran Street 70600 Yavne Israel Phone: +972-(0)3 - 9432430 Fax: +972-(0)3 - 9432429 E-mail: IR@valor.com Internet: www.valor.com ISIN: IL0010845324 WKN: 928731 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, München, Düsseldorf, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------
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