Arotech Corporation (NasdaqGM: ARTX) announced financial results for its fourth quarter and full-year ended December 31, 2014.
The full-year 2014 financial and business highlights included:
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Total revenues of $103.5 million in 2014, an increase of 17% compared to 2013; Adjusted EBITDA of $10.0 million in 2014, up from $6.5 million in 2013; Gross margin increased to 31.6% in 2014, compared to 27.2% in 2013; Net income of $3.5 million in 2014, up from $2.2 million in 2013; New orders totaling $96.0 million in 2014.
Arotech is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced battery solutions, innovative energy management and power distribution technologies, and zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation, and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Alabama, Michigan, South Carolina, and Israel.
“This was an important and transformative year for Arotech that produced solid financial results and a record level of revenues, exceeding the $100 million mark for the first time in our history, ” commented Steven Esses, Arotech’s President and CEO. “Just as important, this growth is coupled with expanded gross margins enabled by our disciplined management of the business and leveraging our infrastructure, ample capacity and deep industry expertise to deliver on new orders. New orders totaled approximately $96.0 million for the year, driven by a number of key orders in our businesses.”
“As we experienced during the fourth quarter, the timing of new orders cannot always be precisely projected and orders may slip or be accelerated based on factors outside our control, which leads to quarter-to-quarter fluctuations; for this reason, we do not believe it is to the benefit of long-term growth to try to manage our business on a quarterly basis.”
“As we look into 2015, we have clear visibility into a strong and growing pipeline of opportunities that leverage our core capabilities, ” Esses continued. “We believe that the increased international interest in simulation products, the demand for more energy-efficient power systems, and the growth in commercial and medical opportunities that we are seeing in the marketplace today are creating demand for our products and services, and we are optimistic that we are well-positioned to meet those needs.
