Arotech Corporation reported unaudited consolidated and separate earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported revenue of USD 25.93 million compared to USD 24.30 million a year ago. Income from continuing operations was USD 0.788 million or USD 0.03 per diluted share compared to USD 1.505 million or USD 0.10 per diluted share a year ago. Adjusted EBITDA from continuing operations was USD 2.331 million compared to USD 3.121 million a year ago. Adjusted EPS from continuing operations was USD 0.06 compared to USD 0.10 a year ago. Operating income was USD 1,276,134 compared to USD 1,831,225 a year ago. Adjusted net income was USD 1,656,000 compared to USD 2,579,000 a year ago. Net income was USD 788,218 or USD 0.03 per basic and diluted share compared to USD 635,938 or USD 0.02 per basic and diluted share a year ago.


For the nine months, revenues were USD 69.7 million compared to USD 71.5 million for the comparable period in 2016, a decrease of 2%. The year-over-year decrease was due primarily to the timing of contract awards in its Vehicle Simulation product area. Operating income was USD 934,000 compared to operating income of USD 2.0 million for the corresponding period in 2016. Net loss from continuing operations was USD 574,717 or USD 0.02 per basic and diluted share compared to a net income of USD 554,003 or USD 0.02 per basic and diluted share, for the corresponding period in 2016. Adjusted earnings per share were USD 0.09 compared to USD 0.16 for the corresponding period in 2016. Adjusted EBITDA was USD 4.4 million compared to USD 6.3 million for the corresponding period of 2016. Adjusted net income was USD 2,263,000 compared to USD 4,195,000 a year ago. Net loss was USD 574,717 or USD 0.02 per basic and diluted share compared to USD 807,784 or USD 0.03 per basic and diluted share a year ago.


The company has narrowed the 2017 outlook for total revenue to a range of USD 95 to USD 100 million, with a reduced adjusted earnings per share range of USD 0.16 to USD 0.20, and a corresponding reduced adjusted EBITDA range of USD 7.0 million to USD 7.5 million.