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ARTX Arotech Corporation

Pre-Market | After Hours Market Oct. 30, 2003 Market Close: $ 1.82


After Hours Trade Reporting Friday October 31

After Hours
Last: $1.82 After Hours
Best Bid: N/A After Hours
High: $1.90
After Hours
Volume: 94,850 After Hours
Best Ask: N/A After Hours
Low: $1.81


After Hours
Time (ET) After Hours
Price After Hours
Share Volume
18.27 $ 1.82 1351
18.27 $ 1.82 3649
17.48 $ 1.81 5000
16.15 $ 1.82 1850
16.15 $ 1.82 150
16.06 $ 1.90 82000
16.00 $ 1.82 850

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Arotech Corporation Subsidiary, FAAC Inc., Gets $420,000 Order to Modernize Air Combat Training Software
March 04, 2004
Arotech Corporation announced that its subsidiary, FAAC Incorporated, has been awarded a $420,000 contract from Jacobs Sverdrup Technology, Inc. to modernize FAAC`s air combat training range software architecture.
Arotech Corporation IES Interactive Training Subsidiary Receives Over $600,000 in Orders from Police Departments
March 02, 2004
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has received purchase orders valued at over $600,000 for Range 3000 XP4 digital training simulators and FDU Firearms Diagnostic Units. With these deliveries, the Federal Protective Services has eight installed IES Systems, and the VAMC has a total of nine sites using the IES Range 3000 simulator. The Company also announced that it has entered into an agreement settling the litigation brought against it by I.E.S. Electronics Industries, Ltd. In settling the claim, as described in detail in an 8K SEC filing in February, IES Electronics canceled $450,000 in debt and transferred to the Company $112,000 in certificates of deposit. The Company issued to IES Electronics 450,000 shares and 450,000 five-year warrants at $1.91 per share. The cash expense of this settlement was approximately $200,000.
Arotech Corporation`s FAAC Subsidiary Delivers $850,000 of MB2000 Bus Simulators to LA, Pittsburgh
February 26, 2004
Arotech Corporation announced that its FAAC subsidiary has delivered two more MB2000 Bus Simulators, valued at over $850,000. One simulator was installed at Port Authority of Allegheny County (Pittsburgh), and one at the Los Angeles Metropolitan Authority (LAMTA). LAMTA has options for three additional MB2000 simulators.
Arotech Corporation`s MDT Subsidiary Receives over $3 Million in Orders In February
February 18, 2004
Arotech Corporation announced that its MDT vehicle armoring subsidiary has received cumulative orders in February of over $3 million. These orders include a new armored bomb-disposal vehicle.
Arotech Corporation`s Epsilor Subsidiary Receives $2.2 Million Military Battery and Charger Order
February 12, 2004
Arotech Corporation announced that its Epsilor Electronics Industries subsidiary has received a $2.17 million order for military rechargeable batteries and smart chargers from an Asian country.
New Arotech Corporation Subsidiary, FAAC Inc., Gets First Order for New Training Simulator from Detroit Metropolitan Airport
February 02, 2004
Arotech Corporation announced that its newly acquired FAAC subsidiary has received its first order for PIRFECT - a new training tool for first responders. The Detroit Metropolitan Airport will be the first to use FAAC`s new product for the emergency response market, part of an $800,000 order that also includes airport familiarization tools and Airport Rescue Fire Fighting (ARFF) simulator upgrades.
Arotech Corporation`s MDT Armoring Subsidiary Awarded $1.1 Million Armored Vehicle Contract for Iraq
January 26, 2004
Arotech Corporation announced that its MDT vehicle armoring subsidiary was awarded a $1.1 million contract for armored vehicles for operations in Iraq. The Land Rover Defender SUVs are being armored for delivery to Iraq over the next 6 weeks.
Arotech Corporation Issues 2003 Guidance
January 15, 2004
Arotech Corporation announced that it expects 2003 revenues will have increased over 2002, from $6.4 million in 2002 to over $17 million in 2003. EBITDA loss (excluding certain non-cash items) is expected to have been reduced significantly in 2003.
Arotech Corporation Acquires Epsilor Electronic Industries Ltd. and FAAC Incorporated
January 14, 2004
Arotech Corporation announced that it has acquired Epsilor Electronic Industries Ltd., a privately owned Israeli corporation. For more than 10 years, Epsilor has developed and sold rechargeable and primary lithium batteries and smart chargers to the military, and to private industry in the Middle East, Europe and Asia. This acquisition will significantly expand Arotech`s array of energy solutions for a variety of military applications. The purchase price for Epsilor was $7 million in cash, with an additional $3 million paid over the next three years. Epsilor management will continue to manage the company as a wholly owned subsidiary of Arotech. The Company also announced that it has closed the transaction to acquire FAAC Incorporated.
Arotech Corporation To Acquire FAAC Incorporated
January 08, 2004
Arotech Corporation announced that it has entered into a definitive agreement to acquire FAAC Incorporated, a privately-owned provider of simulators, systems engineering and software products to the United States military, government and private industry. The purchase price is $14,000,000 ($12,000,000 in cash and $2,000,000 in Arotech stock), plus an earn-out based on 2004 net pretax profit, with an additional earn-out on the 2005 net profit from certain specific and limited programs. FAAC management will stay with the company and will continue to manage FAAC as a wholly-owned subsidiary of Arotech. The closing of this transaction is expected to take place next week.
Arotech Corporation Announces $18.5 Million Direct Equity Placement
January 08, 2004
Arotech Corporation announced that it has entered into a definitive agreement with several institutional investors for the purchase of an aggregate of 9,840,426 shares of its common stock at $1.88 per share off of Arotech`s effective shelf registration statement. Gross proceeds to Arotech will be approximately $18.5 million. Investors also will receive an aggregate of 9,840,426 warrants exercisable for a period of three years beginning six months after closing to purchase shares of common stock at an exercise price per share equal to the greater of $1.88 or today`s volume weighted average price of the common stock.
Arotech Corporation Awarded New $5.2 Million US Army Battery Contract
December 19, 2003
Arotech Corporation announced that a new contract has been entered into between its Electric Fuel battery manufacturing subsidiary and the US Army Communications Electronic Command (CECOM) for delivery of advanced zinc-air batteries. The contract calls for delivery the BA-8180/U zinc-air non-rechargeable batteries, with a current order ceiling of $5.2 million.
Arotech Corporation`s IES Interactive Training Subsidiary Receives over $400,000 in Orders from Nuclear Power Plants
December 09, 2003
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has received purchase orders valued at over $400,000 for Range 3000 XP4 digital training simulators. Three more nuclear power plants have ordered IES training systems for training their security staff.
Arotech Corporation`s IES Interactive Training Subsidiary Receives Over $500,000 in Orders from Colleges, Academies and Police Departments
November 25, 2003
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has received purchase orders valued at over $500,000 for Range 3000 XP4 digital training simulators and A2Z Interactive Classroom Trainers. Colleges, academies and police departments nationwide have ordered IES training systems.
Arotech Corporation`s Armoring Subsidiary, MDT, Establishes US Operations and is Awarded GSA Contract
November 19, 2003
Arotech Corporation announced that its US-based MDT Armor vehicle-armoring subsidiary has begun operations in a new facility in Auburn, Alabama, and that the US General Services Administration (GSA) has awarded a contract to MDT Armor for vehicle armoring. The five-year contract establishes a pricing schedule for armoring of GM Suburban and Toyota Land Cruiser SUVs and of GM Savana/Express passenger vans. With this contract, these armored vehicles will be available for purchase directly by all federal agencies beginning December 1, 2003.
Arotech Corporation `s IES Interactive Training Subsidiary Receives Simulator Orders from US Customs, Federal Protective Service
November 12, 2003
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has received purchase orders for its Range 3000 XP4 digital training simulators from the US Customs Service and from the US Federal Protective Service. The new orders are for expansion of their training capacity and for new sites.
Arotech Corporation Shares Rise Sharply On Strong Earnings Report
November 04, 2003
Dow Jones reported that Arotech Corporation shares rose sharply after the Company said it broke-even in the third quarter, compared with last year`s 3-cent loss for the period.
Arotech Corporation Finds Lawsuit Brought By IES in Israel to Be Without Merit
October 29, 2003
Arotech Corporation announced that it has been informed that the I.E.S. Group has filed a nearly $3 million lawsuit in the Tel Aviv District Court, Israel, against the Company and Robert S. Ehrlich, Arotech`s Chairman and CEO. The Company believes that it has satisfied all of its contractual obligations under its agreements with the I.E.S. Group. However, based on claims made in a press release issued by the I.E.S. Group, the Company believes that the lawsuit is without merit and the Company intends to fully and completely defend the claims vigorously.
Arotech Armoring Subsidiary MDT Awarded over $850,000 in New Contracts; Arotech Increases Holdings in MDT, Which Has a Backlog Exceeding $1.25 Million
October 28, 2003
Arotech Corporation announced that its MDT Protective Industries vehicle-armoring subsidiary was recently awarded new vehicle armoring contracts totaling over $850,000. These include the armoring of military vehicles and passenger vans. MDT has a vehicle-armoring backlog of over $1.25 million. Arotech also announced that it had recently increased its holdings in MDT to 75.5%. Arotech acquired the additional stake in exchange for the issuance of 126,000 shares of its common stock, to be registered on a Form S-3 registration statement in the near future.
Arotech Corporation`s IES Interactive Training Subsidiary Acquires Bristlecone Training Products; Receives Order From OIG
October 07, 2003
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has purchased selected assets of Bristlecone Corporation, including the name "Bristlecone Training Products" and the patents for the Heads Up Display and a remote trigger device, for under $500,000 in cash and notes. The acquired patents are used in the Company`s Range FDU (firearm diagnostics unit), a combination of training and interactive technologies that give instructors a first-person perspective of what trainees are seeing and doing when firing a weapon. The Company also announced that it has received its first order for the FDU, a $250,000 order from a major federal law enforcement agency, Office of Inspector General (OIG). IES plans to supply the FDU`s together with the Range 3000 systems purchased by the OIG, all of which are expected to be fully installed by the end of 2003.
Arotech Corporation Signs Letter of Intent to Acquire Top Tier Military Battery Company
September 30, 2003
Arotech Corporation announced that it had signed a letter of intent to acquire an undisclosed company that manufactures and markets power products to a variety of military customers and suppliers. The target company specializes in primary and rechargeable lithium batteries and associated smart chargers. This acquisition will significantly expand Arotech`s array of energy solutions for a variety of military applications. The acquisition, the terms of which will be disclosed upon execution of a definitive agreement, is expected to be completed before year-end.
Arotech Corporation`s Electric Bus Program Awarded New $1.5 Million Cost Sharing Funding from the Federal Transit Administration
September 25, 2003
Arotech Corporation announced that it has received approval from the United States Federal Transit Administration (FTA) to fund half of the $1.5 million cost-shared budget associated with the new Phase IV of Arotech`s Electric Fuel Zinc-Air Electric Transit Bus Program.
Arotech Corporation`s Electric Fuel Subsidiary to Offer Backup Power for Emergency Use
September 22, 2003
Arotech Corporation announced that its zinc-air battery producer, Electric Fuel Battery Corporation, will soon be offering a battery-based power system for emergency backup power. These backup power systems will initially be targeted at emergency services and law enforcement units. Based on the Company`s military BA-8180 zinc-air batteries, the new backup power system will be capable of delivering over 3 kWh of energy for operating electric equipment used by emergency services when regular power is interrupted.
Arotech Corporation`s IES Interactive Training Subsidiary Receives $405,000 In Orders From California`s Highway Patrol and VA Police
September 18, 2003
Arotech Corporation announced that its use-of-force training subsidiary, IES Interactive Training, Inc., has received purchase orders to supply the California Highway Patrol with multiple Range 3000 XP4 digital training simulators. In addition, two more Veteran`s Administration Medical Center Police agencies have purchased Range 3000 XP4 systems. The value of the purchase orders is more than $400,000. Delivery of all systems will conclude by mid-November.
Arotech Corporation`s New Security Subsidiary to Market Rafael Homeland Security Products and Technology in the US
August 08, 2003
Arotech Corporation announced that its newly-formed Arcon Security subsidiary has signed an agreement with Rafael Armament Development Authority Ltd. under which Arcon Security will market certain Rafael homeland security products and technology in the US. Arotech has established Arcon Security as a US based subsidiary providing homeland security consulting and other services.
Arotech Corporation`s Simulator Subsidiary Delivers Systems to Police and Law Enforcement Agencies Nationwide
May 06, 2003
Arotech Corporation announced that its subsidiary, IES Interactive Training, Inc., has recently completed delivery of Range 3000 simulator systems to police forces nationwide. Sales of these systems were valued at $400,000.
Arotech Corporation Subsidiary Awarded $350,000 Contracts
April 30, 2003
Arotech Corporation announced that its vehicle-armoring subsidiary was awarded new $350,000 vehicle armoring contracts. These include the armoring of two ambulances and other commercial vehicles.
Arotech Corporation Awarded New $1.6 Million U.S. Army Battery Contract
April 14, 2003
Arotech Corporation announced that a second contract has been entered into between its Electric Fuel battery manufacturing subsidiary and the U.S. Army Communications Electronic Command (CECOM). The contract calls for delivery of the BA-8180/U zinc-air non-rechargeable batteries following the delivery of batteries under the current contract from September through November 2003 with a current order ceiling of $1.6 million.
Electric Fuel Corporation Comments On 2003 Outlook
February 27, 2003
Electric Fuel Corporation announced that it is looking forward to tripling revenues and achieving cash flow breakeven as it heads to profitability for the full year 2003.
Electric Fuel Corporation`s Interactive Training Subsidiary Wins $2.6 Million German Police Contract
January 14, 2003
Electric Fuel Corporation announced that its "use-of-force" training subsidiary, IES Interactive Training, Inc., was awarded a $2.6 million contract for supplying simulation training systems to the largest regional division of the German Police. Shipments to Germany are scheduled to begin in March 2003.
Electric Fuel Corporation Completes $3.5 Million Secured Convertible Debenture Private Placement; Issues Warrants
January 06, 2003
Electric Fuel Corporation announced the successful placement of an aggregate of $3.5 million principal amount of secured convertible debentures with three institutional investors. The investors also received 3.5 million warrants to purchase shares of Electric Fuel`s common stock, that, if exercised in full, could bring the Company an additional $3.1 million in proceeds.
Electric Fuel Corporation Awarded $2.5 Million U.S. Army Battery Contract
December 11, 2002
Electric Fuel Corporation announced that a contract has been entered into between the Company and the US Army Communications Electronic Command (CECOM) pursuant to 10 U.S.C. ss. 2304c(2), "Unusual and Compelling Urgency," for a delivery order of advanced zinc-air batteries. The contract calls for order releases during the first three calendar quarters of 2003, with a current order ceiling of $2,543,250. Under the terms of the contract, Electric Fuel will produce and supply the BA-8180/U Zinc-Air Nonrechargeable Battery. BA-8180/U is the new Army designation for Electric Fuel`s Model FC Advanced Zinc-Air Power Pack, as it was previously known during its development phase.
Electric Fuel Corporation`s Armoring Subsidiary Awarded $400,000 Contract from Regional Municipality
November 21, 2002
Electric Fuel Corporation announced that it was awarded a $400,000 vehicle armoring contract. This contract broadens the Company`s vehicle armoring customer base, which now includes a number of foreign municipalities. In keeping with sensitivity issues surrounding the order, the Company is not at liberty to disclose the name of the municipality.
Electric Fuel Corporation`s Armoring Subsidiary Awarded $1 Million Service Contract
November 07, 2002
Electric Fuel Corporation announced that it was awarded a $1 million vehicle armoring contract to armor 30 pre-purchased vehicles.
Electric Fuel Corporation Granted New FTA Funding for the Electric Transit Bus Program
October 23, 2002
Electric Fuel Corporation announced that it has received approval from the United States Federal Transit Administration (FTA) to fund at least half of the $2 million budget associated with Phase III of Electric Fuel`s Zinc-Air Electric Transit Bus Program, with the remainder of the budget shared by the partners in the program.
Electric Fuel Corporation Announces CEO Steps Down
October 21, 2002
Electric Fuel Corporation announced that Yehuda Harats, President and CEO and a member of the Board, has resigned from the Company. Robert S. Ehrlich, Chairman of the Board, has become the new President and CEO.
Electric Fuel Corporation Awarded GSA Contract for Zinc-Air Batteries
October 09, 2002
Electric Fuel Corporation announced that it was awarded a Federal Supply Schedule contract by the General Services Administration (GSA), making the Company`s zinc-air batteries widely available to all branches and agencies of the federal government, including the Department of Defense (DoD).
Alitalia To Sell Electric Fuel Corporation`s Phone Charger
October 07, 2002
Electric Fuel Corporation announced that Alitalia, Italy`s national air carrier, will be offering Electric Fuel`s INSTANT POWER 3-in-1 Cellphone Chargers to passengers on all its flights as of October 2002.
Electric Fuel Corporation`s Interactive Training Subsidiary Gains $400,000 Reorder By Royal Thailand Police
September 26, 2002
Electric Fuel Corporation announced that IES Interactive Training Corp, a wholly-owned subsidiary of Electric Fuel Corporation, received a $400,000 reorder from the Royal Thailand Police (RTP) for additional training simulators.
Electric Fuel Corporation`s Interactive Training Subsidiary Awarded $1.4 Million Contract by Royal Thailand Army
September 23, 2002
Electric Fuel Corporation announced that IES Interactive Training Corp, a wholly-owned subsidiary of Electric Fuel Corporation, was awarded a $1.4 million contract for the interactive simulation training of the Royal Thailand Army.
Virgin Atlantic to Carry Electric Fuel Corporation`s INSTANT POWER
September 18, 2002
Electric Fuel Corporation announced that Virgin Atlantic will be offering Electric Fuel`s INSTANT POWER 3-in-1 Cellphone Chargers to passengers on its intercontinental flights as of October 2002. Chargers will be presented in the airlines` in-flight retail catalog and in-flight staff will become familiar with the chargers prior to selling them.
Electric Fuel Corporation Launches New Armored Mercedes Mini-Bus From MDT Protective Industries
September 11, 2002
Electric Fuel Corporation introduced the new armored Mercedes Vario 815D minibus from its majority-owned subsidiary, MDT Protective Industries Ltd.
Auction World Places $730,000 Order for INSTANT POWER Chargers From Electric Fuel Corporation
August 26, 2002
Electric Fuel Corporation announced that Auction World, a direct television channel in the UK, has placed an order valued at approximately $730,000 for Electric Fuel`s INSTANT POWER Chargers and Mini Chargers. The order will be supplied over the next 12 months.
Electric Fuel Corporation`s Instant Power Batteries Sell Into Digital Camera and Camcorder Channel
August 19, 2002
Electric Fuel Corporation announced that its Instant Power chargers for digital cameras and camcorders will be sold in 1,200 Ritz Camera stores, a retail photo chain, and on its website, with additional nationwide distribution from WYNIT, Inc., a distributor of digital imaging products.
Electric Fuel Corporation Battery is Assigned National Stock Number by U.S. Army CECOM
August 14, 2002
Electric Fuel Corporation announced that the U.S. Army`s Communications Electronics Command has issued a National Stock Number (NSN) for Electric Fuel`s Model FC Advanced Zinc-Air Power Pack. With the newly issued NSN, the Electric Fuel battery is now available for purchase by all units of the US Armed Forces.
Electric Fuel Corporation Completes Acquisition of Majority Interest in MDT Protective Industries
August 12, 2002
Electric Fuel Corporation announced the completion of the previously reported acquisition of a majority interest in M.D.T. Protective Industries Ltd.
Electric Fuel Corporation Receives Micro-Drone Development Contract From Israeli Security Agency
August 06, 2002
Electric Fuel Corporation announced that it has received a contract from an Israeli Security Agency to develop advanced zinc-air batteries for miniature arial platforms. Under the terms of the contract, Electric Fuel will develop prototype zinc-air cells that can maintain high power densities for extended periods of time.
Electric Fuel Corporation Acquires IES Interactive Training
August 05, 2002
Electric Fuel Corporation announced the acquisition of IES Interactive Training (IES), a U.S. company that is a provider of interactive, multimedia, fully digital training simulators for law enforcement, homeland security, military and similar applications. The consideration for the assets purchased consisted of cash and promissory notes in an aggregate amount of $4,800,000 ($3,000,000 in cash and $1,800,000 in promissory notes) plus a total of 3,250,000 shares of the Company`s common stock, which shares are the subject of a voting agreement on the part of IES and certain of its affiliated companies.
Auction World to Bundle the INSTANT POWER Mini Charger from Electric Fuel Corporation with Mobile Phones on Vodafone Contracts
July 31, 2002
Electric Fuel Corporation announced that Auction World, a direct television channel in the UK, is featuring the INSTANT POWER Mini Charger from Electric Fuel. Auction World will launch the new INSTANT POWER Mini Charger as part of a bundling deal with the purchase of every mobile phone sold on a Vodafone contract.
Electric Fuel Corporation Comments on Revenues for Second Half
July 29, 2002
Electric Fuel Corporation announced that it expects the Company`s second half revenues to more than double to over $5 million, as compared with the $2.25 million posted in the second half of 2001.
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Report:

Arotech Corporation 2003 Revenues Nearly Triple Those of 2002
TUESDAY, MARCH 09, 2004 4:05 PM
- BusinessWire




ARTX
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NEW YORK, Mar 9, 2004 (BUSINESS WIRE) -- Revenues Expected to More Than Double in 2004; Backlog for First Two Months of 2004 Already Exceeds Revenues for All of 2003

Arotech Corporation (NasdaqNM:ARTX), a provider of quality defense and security products for the military, law enforcement and security markets, today reported its fourth quarter and year-end 2003 results.

The Company also reported that backlog as of the end of February 2004 stood at $17.6 million.

Commenting on the results, Arotech Chairman and CEO Robert S. Ehrlich said, "This past year of 2003 was a turn-around year for Arotech. We clearly positioned ourselves as strong defense and security company, with leading products in growing markets," noted Ehrlich. "We are now only two months into 2004, and we already had, as of the end of February, a backlog of $17.6 million, which is more than our revenues were for all of 2003 - and our revenues in 2003 were the highest in our history. We believe that 2004 will be a year of increased revenue, EBITDA profitability and positive cash flow," concluded Ehrlich.

Conference Call

Arotech Corporation will hold its fourth quarter and year-end 2003 conference call on Wednesday, March 10, 2004 at 10:00 a.m. EST. Those wishing to take part in the conference call should call 800-289-0494 (US) or [phone] (international) a few minutes before the 10:00 a.m. EST start time. In addition, an instant replay will be available Wednesday, March 10, 2004 at 1:00 p.m. EST until Thursday, March 11, 2004 at 11:59 p.m. EST. The replay telephone number is 888-203-1112 (US); [phone] (international). The confirmation number is 409570.

Results for the Full Year

Revenues for the year ended December 31, 2003 increased to $17.3 million as compared with $6.4 million for 2002, an increase of 170%. This increase is largely attributed to sales of interactive training systems in the Defense and Security Products Division by IES (which was not owned by the Company in much of the corresponding period in 2002) and sales of military batteries in the Battery Division.

Gross profit for the year ended December 31, 2003 increased to $6.2 million as compared with $2.0 million for 2002, an increase of 214% , with a gross margin of 36%. This increase is largely attributed to sales of interactive training systems in the Defense and Security Products Division by IES (which was not owned by the Company in much of the corresponding period in 2002) and sales of military batteries in the Battery Division.

Adjusted Loss Before Interest, Taxes, Depreciation and Amortization (Adjusted LBITDA), excluding discontinued operations and adjusted to eliminate certain non-cash charges described below and in the table below, for the year ended December 31, 2003 was $(2.2) million as compared with Adjusted LBITDA of $(3.5) million for 2002. Arotech believes that information concerning Adjusted LBITDA enhances overall understanding of its current financial performance. Arotech computes Adjusted LBIDTA, which is a non-GAAP financial measure, as reflected in the table below.

Non-cash items in this year included a charge $334,000 related to the issuance of shares to consultants, $465,000 related to the issuance of warrants and options, and $839,000 related to the issuance of share and warrants in connection with the litigation settlement with IES Electronic Industries, Ltd.

Net loss for the year ended December 31, 2003, as a result of the factors described above and in the table below, decreased to $9.0 million as compared with $18.5 million for 2002.

Combined basic and diluted net loss per share for the year ended December 31, 2003 narrowed to $0.23 as compared with $0.57 for 2002.

Results for the Fourth Quarter

Revenues for the quarter ended December 31, 2003 increased to $4.1 million as compared with $2.1 million for the corresponding period of 2002, an increase of 91%. This increase is largely attributed to sales of IES interactive training systems in the Defense and Security Products Division and sales of military batteries in the Battery Division.

Gross profit for the quarter ended December 31, 2003 increased to $1.4 million as compared with $156,000 for the corresponding period of 2002, an increase of 782%, with a gross margin of 34%. This increase is largely attributed to sales of IES interactive training systems in the Defense and Security Products Division and sales of military batteries in the Battery Division.

Adjusted Loss Before Interest, Taxes, Depreciation and Amortization (Adjusted LBITDA), excluding discontinued operations and adjusted to eliminate certain non-cash charges described below and in the table below, for the quarter ended December 31, 2003 was $(1.1) million, as compared with Adjusted LBITDA of $(1.7) million for the corresponding period of 2002. Arotech believes that information concerning Adjusted LBITDA enhances overall understanding of its current financial performance. Arotech computes Adjusted LBIDTA, which is a non-GAAP financial measure, as reflected in the table below.

Non-cash items in this quarter included a charge $179,000 related to the issuance of shares to consultants, $312,000 related to the issuance of warrants and options, and $839,000 related to the issuance of shares and warrants in connection with the litigation settlement with IES Electronic Industries, Ltd.

Net loss for the quarter ended December 31, 2003, as a result of the factors described above and in the table below, increased to $(5.2) million, as compared with a net loss of $(2.9) million for the corresponding quarter of 2002.

Basic and diluted net loss per share for the quarter ended December 31, 2003 was $(0.12) as compared with a loss of $(0.08) for the corresponding period of 2002.

Cash Position at Year End

Cash-on-hand and cash equivalents and certificate of deposit due within one year stood at the end of the year at approximately $14.4 million, as compared to $2.1 million at the end of 2002, with backlog of orders as of the end of the year in excess of $7.2 million (not including the backlog of Arotech`s new FAAC and Epsilor subsidiaries, which were purchased in January 2004).

Stockholders` equity stood at the end of the year at approximately $22.0 million.

Guidance for 2004

Arotech Corporation also provided guidance for its 2004 results. Based on current and historical trends, Arotech anticipates being cash-flow positive for the full year of 2004, with Adjusted EBITDA profits beginning in the second half. For the full 2004, Arotech anticipates revenues in excess of between $37 million and $42 million for 2004, and Adjusted EBITDA of between $2.5 million and $4 million. Revenues are projected to be stronger in the second half than in the first half, with revenues by quarter growing throughout the year.

About Arotech Corporation

Arotech Corporation (www.arotech.com) provides quality defense and security products for the military, law enforcement and homeland security markets, including advanced zinc-air and lithium batteries and chargers, multimedia interactive simulators/trainers and lightweight vehicle armoring.

The Battery and Power Systems Division includes Electric Fuel Battery Corporation (www.electric-fuel.com) and Epsilor Electronic Industries (www.epsilor.com). The Simulation, Training and Consulting Division includes IES Interactive Training (www.ies-interactive.com), FAAC Incorporated (www.faac.com) and Arocon Security Consulting (www.arocon-security.com). The Armored Vehicle Division includes MDT Armor Corp. (www.mdt-armor.com) and MDT Protective Industries Ltd. (www.mdtisrael.com).

Arotech is incorporated in Delaware, with corporate offices in New York, and research, development and production subsidiaries in Alabama, Colorado, Michigan and Israel.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary significantly. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech`s products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders; and other risk factors detailed in Arotech`s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company`s website above does not constitute incorporation of any of the information thereon into this press release.

TABLES TO FOLLOW


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Arotech`s MDT Armoring Subsidiary Receives New Orders For Over $5.5 Million; First order for new US armoring facility brings Arotech`s backlog up to $23 million
Business Wire - March 10, 2004 08:39

NEW YORK, Mar 10, 2004 (BUSINESS WIRE) -- Arotech Corporation (NasdaqNM: ARTX) announced today that its MDT vehicle armoring subsidiary has received new orders in March for over $5.5 million. Orders received include the first order for production in MDT Armor`s new Auburn, Alabama, facility. With this new plant, MDT is now positioned to supply armored vehicles to the US Government and to US businesses.

Including these new orders, Arotech`s backlog stands at $23 million.

"Arotech`s backlog through March 10 is already 35% more than our revenues were for all of 2003," said Robert S. Ehrlich, Arotech Chairman and CEO. "This includes a backlog of almost $8 million in our Battery and Power Systems division, over $6 million in our Simulation, Training and Consulting division, and almost $9 million in our Armored Vehicle division - and we still have over nine months in which to book new orders."

About MDT

MDT (www.mdt-armor.com) is a leader in state-of the art, lightweight armoring of vehicles. MDT`s vehicle armoring business has years of battlefield experience and has provided life-saving protection under the most extreme conditions, which include assault rifles and bomb blasts. MDT armors a variety of armored vehicles: SUV`s such as the Toyota Land Cruiser, the Land Rover Defender and the GM Suburban; vans and buses - from an 8 passenger Ford Econoline to a 16 passenger Mercedes bus; ambulances and other specialty vehicles.