Use of non-GAAP Measures
This press release provides financial measures that exclude certain items such as: (i) amortization of acquired intangible assets and revaluation of liabilities with respect to the acquisitions of Sela and Printar; and (ii) share based compensation expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these Non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.
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Consolidated Balance Sheets |
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(In thousands) |
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June 30, |
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December 31, |
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2014 |
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2013 |
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|
U.S. Dollars (In thousands) | ||
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Assets |
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Current assets |
|
|
|
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Cash and cash equivalents |
11,563 |
|
16,495 |
|
Short-term deposits |
8,500 |
|
6,000 |
|
Trade accounts receivable, net |
31,579 |
|
27,048 |
|
Inventories |
19,041 |
|
17,911 |
|
Due from affiliated companies |
231 |
|
233 |
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Other current assets |
2,201 |
|
1,913 |
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Deferred tax asset |
788 |
|
938 |
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|
|
|
|
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Total current assets |
73,903 |
|
70,538 |
|
|
|
|
|
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Fixed assets, net |
13,837 |
|
14,481 |
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|
|
|
|
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Long term inventory |
1,979 |
|
2,225 |
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Long-term deposit |
729 |
|
729 |
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Deferred tax asset |
975 |
|
975 |
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Other assets, net |
339 |
|
339 |
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Intangible assets, net |
1,028 |
|
1,008 |
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Goodwill |
1,555 |
|
1,555 |
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|
6,605 |
|
6,831 |
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Total assets |
94,345 |
|
91,850 |
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Liabilities and shareholders' equity |
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Current liabilities |
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Trade accounts payable |
8,375 |
|
7,753 |
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Other current liabilities |
15,967 |
|
15,585 |
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Total current liabilities |
24,342 |
|
23,338 |
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Long term liabilities |
|
|
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Liability for employee severance benefits |
939 |
|
858 |
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Other long term liabilities |
4,218 |
|
5,758 |
|
|
5,157 |
|
6,616 |
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Total liabilities |
29,499 |
|
29,954 |
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|
|
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Shareholders' equity |
|
|
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Ordinary shares NIS 0.01 par value, authorized 100,000,000 shares, |
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|
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32,564,626 issued as of June 30, 2014 and 32,497,902 issued as of December 31, 2013, outstanding 30,472,250 |
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as of June 30, 2014 and 30,405,526 as of December 31, 2013 |
134 |
|
134 |
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Additional paid-in capital |
63,265 |
|
62,966 |
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Retained earnings |
3,345 |
|
694 |
|
|
66,744 |
|
63,794 |
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Treasury stock, at cost (2,092,376 as of June 30, 2014 and December 31, 2013) |
(1,898) |
|
(1,898) |
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|
|
|
|
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Total shareholders' equity |
64,846 |
|
61,896 |
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|
|
|
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Total liabilities and shareholders' equity |
94,345 |
|
91,850 |
