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Valor Computerized Systems Announces Results for H1 and Q2 2003
August 18, 2003 |Estimated reading time: Less than a minute
Yavne, Israel — Valor Computerized Systems has reported financial results for the six-month period ending June 30, 2003.
Valor's H1 2003 results, when compared to H1 2002, show an increase of 13.3 percent in revenues and a switch from losses of US $1.56 million to profits before dividend taxation of US $1.39 million. Net profit before tax on dividend reached US $766,000 for Q2 2003 in comparison to a net loss of US $370,000 for Q2 2002.
In Q2 2003, Valor distributed a gross dividend of US $6.6 million to its shareholders, based on retained profits carried forward from past accounting periods. This dividend payment generated a one-time tax charge which has been 100 percent accrued into the latest quarterly accounts (Q2 2003). After taking the tax on dividend into account the net profit for H1 2003 stands at US $84,000, with a net loss for Q2 2003 of US $539,000.
During Q2 2003, Valor recorded total revenues of US $6.31 million, representing an increase of 4.7 percent compared to the second quarter of 2002 when total revenues reached close to US $6 million.
The operational profit (EBIT) for Q2 2003 reached US $598,000, up from a loss of US $373,000 for the same quarter of 2002.
For more information on Valor Computerized Systems, visit www.valor.com.