Tecnomatix Announces Fourth Quarter and Full-year 2003 Results, New CEO


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Herzlia, Israel — Tecnomatix Technologies Ltd. announces its financial results for the fourth quarter and full year ended December 31, 2003.

Separately, the company announced that Jaron Lotan, president and chief operating officer, has been appointed chief executive officer. He will continue to hold the position of president of Tecnomatix. Harel Beit-On, who has served as chairman and chief executive officer of the company for the past eight years, will continue to serve as the active chairman of the Tecnomatix Board of Directors.

Revenues for the fourth quarter of 2003 were $25.2 million, compared to $21.4 million for the fourth quarter of 2002. This represents a record high for quarterly revenues, as well as a 24 percent sequential and 18 percent year-over-year increase. Operating loss for the fourth quarter of 2003 was $4.4 million, compared to an operating loss of $2 million for the fourth quarter of 2002. Net loss for the fourth quarter of 2003 was $4.4 million, or 37 cents per diluted share, compared to a net loss of $2 million or 18 cents per diluted share for the fourth quarter of 2002.

Excluding special charges aggregating to $3.5 million associated with impairment of capitalized software development costs, impairment of software asset acquired from third party, restructuring costs and asset impairment, in-process research and development and acquisition related costs, and amortization of acquired intangibles, the company's net loss for the fourth quarter of 2003 was $900,000, or 7 cents per diluted share.

For the full year 2003, revenues were $86.3 million, compared to revenues of $82.0 million for the full year 2002. Operating loss for the full year 2003 was $10.7 million, compared to an operating loss of $1.7 million for the full year 2002. Net loss for the full year 2003 was $10.3 million or 94 cents per diluted share, compared to a net loss of $2.8 million or 27 cents per diluted share for the full year 2002.

Tecnomatix Technologies Ltd. is the driving force in Manufacturing Process Management (MPM). For more information, visit www.tecnomatix.com.

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