Arotech Corporation Reports Unaudited Consolidated and Separate Earnings Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Full Year 2017
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.