Net Income Rises 9% from Year-Ago Period
Sales and EBITDA Increase 4%, Setting New Quarterly Records
Trailing 12 Months’ Sales Exceed $1 Billion
Outlines Strategies for Long-Term Growth
Quarterly Highlights
-
Sales increased to $267.2 million in the 2014 third quarter, up 4%
from the same period of 2013.
-
Operating income was $21.7 million in the 2014 third quarter before
one-time items, up 2% from a year ago.
-
EBITDA was $26.1 million or 9.8% of sales in the 2014 third quarter,
increasing 4% compared to the 2013 third quarter.
-
Net income attributed to shareholders rose to $13.8 million in the
2014 third quarter, increasing 9% from the comparable amount of $12.6
million a year ago.
-
Diluted earnings per share attributed to shareholders rose to $0.54
for the 2014 third quarter, up 8% from $0.50 a year ago.
-
The Board of Directors declared a dividend of $3.5 million or $0.14
per share, to be distributed on November 25, 2014. The determining and
"ex-dividend" date will be November 12, 2014, per the Tel Aviv Stock
Exchange.
-
Strong balance sheet was highlighted by $335.6 million in equity as of
September 30, 2014, and $147.7 million in cash and equivalents.
-
Isaac Dabah, CEO of Delta Galil, stated: “Our strong results for 2014
to-date have put the Company firmly on track for a year of record
sales and earnings, including our first full year of $1 billion-plus
in sales. To continue our strong growth momentum we are pursuing a
number of strategic initiatives, with a goal of significantly
increasing our sales over the next five years through both organic
means and acquisitions.”
TEL AVIV, Israel--(BUSINESS WIRE)--Delta Galil Industries, Ltd. (DELT/Tel Aviv Stock Exchange,
DELTY.PK/OTCQX), the global manufacturer and marketer of branded and
private label apparel products for men, women and children, today
reported its financial results for the third quarter and nine months
ended September 30, 2014.
“Our strategy going forward remains focused on organic growth and
acquisitions; further development of our branded, retail and activewear
businesses; and continual innovation as a source of competitive
advantage”
The Company reported sales of $267.2 million for the third quarter of
2014, an increase of 4% from $257.2 million for the same quarter of
2013. Sales in the first nine months of 2014 were $754.5 million, an
increase of 5% from $718.8 million in the same period of 2013. Sales
growth over the past nine months benefitted from Delta Galil’s focus on
increasing the diversity of its geographic base and customer mix, as
well as an increase in sales of branded products.
Operating income was $21.7 million for third quarter of 2014 before
one-time items, up 2% from $21.3 million in the same quarter of 2013.
For the first nine months of 2014, operating income rose 11%, to $52.0
million from $46.8 million a year earlier.
The growth in operating income reflected Delta Galil’s increasing sales
and a wider gross profit margin, due in part to the expansion of its
branded products business. Gross profit increased to 30.9% of sales for
both the third quarter and nine months of 2014, up from 30.4% in the
third quarter and 29.5% in the nine months of 2013. This was partly
offset by higher selling and marketing expenses as the Company invested
in the growth of its business.
Net income attributable to shareholders was $13.8 million in the 2014
third quarter, compared to $12.6 million in the same quarter of 2013, a
9% increase. Diluted earnings per share attributed to shareholders rose
to $0.54 for the 2014 third quarter, from $0.50 for the 2013 period. For
the first nine months of 2014, net income attributable to shareholders
was $32.3 million or $1.26 per diluted share, compared to $28.1 million
or $1.11 per diluted share for the same period of 2013.
Management Comment
Isaac Dabah, CEO of Delta Galil, stated: “Our strong results for 2014
to-date have put the Company firmly on track for a year of record sales
and earnings, including our first full year of $1 billion-plus in sales.
To continue our strong growth momentum we are pursuing a number of
strategic initiatives, with a goal of significantly increasing our sales
over the next five years through both organic means and acquisitions.
The Company is adding world-class management talent in key areas such as
the U.S. Intimates business, global manufacturing, and acquisitions and
corporate development. We are growing our Activewear business by
penetrating new distribution channels and partnering with customers to
create innovative products. And we will centralize and consolidate some
office locations to promote greater efficiency, teamwork and more agile
decision-making.”
“As we invest for long-term, consistent growth, our strategies will be
supported by a solid balance sheet with $147.7 million in cash and
$335.6 million in equity. Throughout the year, we have allocated capital
to expanding our manufacturing capacity, enhancing our retail store
operations in Israel and Europe, and other investments in our future.”
“Our strategy going forward remains focused on organic growth and
acquisitions; further development of our branded, retail and activewear
businesses; and continual innovation as a source of competitive
advantage,” Mr. Dabah concluded.
EBITDA, Cash Flow, Net Debt, Equity and Dividend
EBITDA was $26.1 million or 9.8% of sales in the 2014 third quarter,
increasing 4% compared with $25.2 million or 9.8% of sales in the 2013
period. For the first nine months of 2014, EBITDA rose 10% to $65.0
million or 8.6% of sales, compared to $59.3 million or 8.2% of sales in
the same period of 2013.
Operating cash flow was $14.8 million in the third quarter and $18.4
million in the first nine months of 2014. In the respective third
quarter and nine month periods of 2013, operating cash flow was $19.4
million and $24.1 million. Operating cash flow for the last four
quarters was $40.6 million.
Net financial debt decreased to $77.3 million at September 30, 2014 from
$85.4 million at September 30, 2013.
The net financial debt to EBITDA ratio (based on the last four quarters)
improved to 0.8 as of September 30, 2014, down from 1.0 a year earlier.
Equity on September 30, 2014 was $335.6 million, up from $305.7 million
a year earlier.
Delta Galil declared a dividend of $3.5 million or $0.14 per share, to
be distributed on November 25, 2014. The determining and “ex-dividend”
date will be November 12, 2014, per the Tel Aviv Stock Exchange
2014 Updated Financial Guidance
Delta Galil also has updated its 2014 financial guidance.
-
Full-year 2014 sales are expected to range between $1,040
million-$1,050 million, representing an increase of 7%-8% from 2013
sales of $974.7 million.
-
Full-year 2014 EBIT is expected to range between $77 million-$79
million, representing an increase of 13%-16% from 2013 EBIT of $67.9
million.
-
Full-year 2014 EBITDA is expected to range between $95 million-$97
million, representing an increase of 10%-13% from 2013 EBITDA of $86.2
million.
-
Full-year 2014 net income is expected to range between $50 million-$51
million, representing an increase of 13%-15% from 2013 net income of
$44.3 million.
-
Full-year 2014 diluted EPS is expected to range between $1.95-$2.00,
representing an increase of 11%-14% from 2013 EPS of $1.75.
About Delta Galil Industries
Delta Galil Industries is a global manufacturer and marketer of branded
and private label apparel products for men, women and children. Since
its inception in 1975, the Company has continually strived to create
products that follow a body-before-fabric philosophy, placing equal
emphasis on comfort, aesthetics and quality. Delta Galil develops
innovative seamless apparel including bras, shapewear and socks;
intimate apparel for women; extensive lines of underwear for men;
babywear, activewear, sleepwear, and leisurewear. For more information,
visit www.deltagalil.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements. Actual
results, performance or achievements could differ materially from those
contemplated, expressed or implied by the forward-looking statements
contained herein, and while expected, there is no guarantee that we will
attain the aforementioned anticipated developmental milestones. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated
with: the impact of economic, competitive and other factors affecting
the Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies resulting
from terrorist actions, and U.S. actions subsequently; and other factors
detailed in reports filed by the Company.
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Concise Consolidated Balance Sheets
|
|
As of September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
September 30
|
|
December 31
|
|
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
147,727
|
|
85,541
|
|
97,346
|
|
Restricted Cash
|
|
196
|
|
1,421
|
|
1,448
|
|
Other accounts receivable:
|
|
|
|
|
|
|
|
Trade receivables
|
|
114,437
|
|
113,968
|
|
112,293
|
|
Taxes on income receivable
|
|
3,173
|
|
2,040
|
|
2,427
|
|
Others
|
|
15,987
|
|
23,435
|
|
9,522
|
|
Financial derivative
|
|
1,074
|
|
1,994
|
|
2,955
|
|
Inventory
|
|
201,790
|
|
175,433
|
|
169,303
|
|
Assets classified as held for sale
|
|
1,000
|
|
1,018
|
|
1,000
|
|
Total current assets
|
|
485,384
|
|
404,850
|
|
396,294
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
Long-term receivables
|
|
17,788
|
|
8,015
|
|
15,520
|
|
Investment property
|
|
4,316
|
|
4,790
|
|
4,850
|
|
Fixed assets, net of accumulated depreciation
|
|
98,153
|
|
97,906
|
|
95,797
|
|
Intangible assets, net of accumulated amortization
|
|
121,761
|
|
119,143
|
|
118,135
|
|
Deferred tax assets
|
|
11,631
|
|
9,232
|
|
9,560
|
|
Financial derivative
|
|
9,340
|
|
7,256
|
|
10,942
|
|
Total non-current assets
|
|
262,989
|
|
246,342
|
|
254,804
|
|
Total assets
|
|
748,373
|
|
651,192
|
|
651,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30
|
|
December 31
|
|
|
|
2014
|
|
2013
|
|
2013
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
Liabilities and Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Short-term bank loans
|
|
830
|
|
40,202
|
|
26,438
|
|
Current maturities of long-term loans
|
|
|
|
|
|
|
|
from banking corporations
|
|
-
|
|
300
|
|
150
|
|
Current maturities of debentures
|
|
24,353
|
|
18,051
|
|
17,847
|
|
Financial derivative
|
|
756
|
|
-
|
|
-
|
|
Other accounts payable:
|
|
|
|
|
|
|
|
Trade payables
|
|
90,815
|
|
81,099
|
|
71,283
|
|
Taxes on income payable
|
|
4,409
|
|
4,552
|
|
4,401
|
|
Others
|
|
55,236
|
|
55,725
|
|
56,441
|
|
Total current liabilities
|
|
176,399
|
|
199,929
|
|
176,560
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
Severance pay liabilities less plan assets
|
|
2,290
|
|
2,950
|
|
2,105
|
|
Other non-current liabilities
|
|
21,802
|
|
17,997
|
|
17,196
|
|
Debentures
|
|
205,400
|
|
120,793
|
|
129,717
|
|
Reserve for deferred taxes
|
|
3,800
|
|
3,786
|
|
3,630
|
|
Financial derivative
|
|
3,045
|
|
-
|
|
-
|
|
Total non-current liabilities
|
|
236,337
|
|
145,526
|
|
152,648
|
|
Total liabilities
|
|
412,736
|
|
345,455
|
|
329,208
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Equity attributable to equity holders of the parent company:
|
|
|
|
|
Share capital
|
|
23,555
|
|
23,467
|
|
23,499
|
|
Share premium
|
|
127,737
|
|
126,092
|
|
127,024
|
|
Other capital reserves
|
|
7,403
|
|
13,639
|
|
16,212
|
|
Retained earning
|
|
186,763
|
|
151,343
|
|
163,990
|
|
Treasury shares
|
|
(10,933)
|
|
(10,996)
|
|
(10,996)
|
|
|
|
334,525
|
|
303,545
|
|
319,729
|
|
Minority interests
|
|
1,112
|
|
2,192
|
|
2,161
|
|
Total equity
|
|
335,637
|
|
305,737
|
|
321,890
|
|
Total liabilities and equity
|
|
748,373
|
|
651,192
|
|
651,098
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Consolidated Statement of Comprehensive Income
|
|
For the 3-month and 9-month periods ending September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30
|
|
%
Increase/(Decrease)
|
|
Three months ended September 30
|
|
%
Increase/(Decrease)
|
|
|
2014
|
|
2013
|
|
|
|
2014
|
|
2013
|
|
|
|
|
(Unaudited)
|
|
|
Thousands of Dollars
|
|
|
Except for Earnings per Share Data
|
|
Sales
|
754,463
|
|
718,822
|
|
5%
|
|
267,237
|
|
257,199
|
|
4%
|
|
Cost of sales
|
521,620
|
|
506,696
|
|
|
|
184,587
|
|
178,931
|
|
|
|
Gross profit
|
232,843
|
|
212,126
|
|
10%
|
|
82,650
|
|
78,268
|
|
6%
|
|
% of sales
|
30.9%
|
|
29.5%
|
|
|
|
30.9%
|
|
30.4%
|
|
|
|
Selling and marketing expenses
|
156,772
|
|
138,540
|
|
13%
|
|
53,252
|
|
47,733
|
|
12%
|
|
% of sales
|
20.8%
|
|
19.3%
|
|
|
|
19.9%
|
|
18.6%
|
|
|
|
Administrative and general expenses
|
26,401
|
|
27,791
|
|
(5%)
|
|
8,587
|
|
8,455
|
|
2%
|
|
% of sales
|
3.5%
|
|
3.9%
|
|
|
|
3.2%
|
|
3.3%
|
|
|
|
Other income (expenses), net
|
2,703
|
|
1,037
|
|
|
|
1,084
|
|
(794)
|
|
|
|
Share in losses of associated companies accounted for using the
equity method
|
324
|
|
-
|
|
|
|
223
|
|
-
|
|
|
|
Operating income before one-time items
|
52,049
|
|
46,832
|
|
11%
|
|
21,672
|
|
21,286
|
|
2%
|
|
% of sales
|
6.9%
|
|
6.5%
|
|
|
|
8.1%
|
|
8.3%
|
|
|
|
Restructuring expenses
|
182
|
|
1,529
|
|
|
|
182
|
|
1,529
|
|
|
|
Operating income
|
51,867
|
|
45,303
|
|
14%
|
|
21,490
|
|
19,757
|
|
9%
|
|
Finance expenses, net
|
10,752
|
|
7,518
|
|
43%
|
|
4,664
|
|
2,228
|
|
109%
|
|
Income before tax on income
|
41,115
|
|
37,785
|
|
|
|
16,826
|
|
17,529
|
|
|
|
Taxes on income
|
8,214
|
|
9,622
|
|
|
|
3,028
|
|
4,855
|
|
|
|
Net income for the period
|
32,901
|
|
28,163
|
|
17%
|
|
13,798
|
|
12,674
|
|
9%
|
|
Net income for the period before onetime items, net
|
33,064
|
|
29,737
|
|
11%
|
|
13,961
|
|
14,248
|
|
(2%)
|
|
Attribution of net earnings for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributed to company's shareholders
|
32,260
|
|
28,073
|
|
15%
|
|
13,768
|
|
12,644
|
|
9%
|
|
Attributed to non-controlling interests
|
641
|
|
90
|
|
|
|
30
|
|
30
|
|
|
|
|
32,901
|
|
28,163
|
|
|
|
13,798
|
|
12,674
|
|
|
|
Net diluted earnings per share attributed to company's
shareholders
|
1.26
|
|
1.11
|
|
14%
|
|
0.54
|
|
0.5
|
|
8%
|
|
Net diluted earnings per share attributed to company's
shareholders before one-time items, net
|
1.27
|
|
1.17
|
|
9%
|
|
0.55
|
|
0.56
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Consolidated Cash Flow Reports
|
|
For the 3-month and 9-month periods ending September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ending
|
|
Three months ending
|
|
|
|
September 30
|
|
September 30
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
(Unaudited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
32,901
|
|
28,163
|
|
13,798
|
|
12,674
|
|
Adjustments required to reflect cash flows deriving from operating
activities
|
|
4,241
|
|
14,067
|
|
9,975
|
|
14,782
|
|
Interest paid in cash
|
|
(9,079)
|
|
(6,166)
|
|
(4,213)
|
|
(3,583)
|
|
Interest received in cash
|
|
220
|
|
287
|
|
38
|
|
180
|
|
Taxes on income paid in cash, net
|
|
(9,865)
|
|
(12,247)
|
|
(4,785)
|
|
(4,678)
|
|
Net cash generated from operating activities
|
|
18,418
|
|
24,104
|
|
14,813
|
|
19,375
|
|
Cash flows from investment activities:
|
|
|
|
|
|
|
|
|
|
Acquisition of fixed assets and intangible assets
|
|
(18,534)
|
|
(15,904)
|
|
(6,166)
|
|
(6,293)
|
|
Investments in associated companies
|
|
(6,502)
|
|
-
|
|
(1,500)
|
|
-
|
|
Restricted cash release
|
|
1,252
|
|
1,434
|
|
271
|
|
424
|
|
Proceeds from realization of assets held for sale, net of tax
|
|
-
|
|
1,577
|
|
-
|
|
574
|
|
Proceeds from selling of fixed asset
|
|
1,807
|
|
526
|
|
68
|
|
60
|
|
Payments related to realization of asset held for sale (Tax payment
related to the realization)
|
|
(1,989)
|
|
2,118
|
|
-
|
|
2,118
|
|
Loans to subcontractor, net
|
|
55
|
|
(412)
|
|
19
|
|
(12)
|
|
Others
|
|
24
|
|
(115)
|
|
33
|
|
(67)
|
|
Net cash used for Investing activities
|
|
(23,887)
|
|
(10,776)
|
|
(7,275)
|
|
(3,196)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
Dividends paid to non-controlling interest holders in consolidated
subsidiary
|
|
(1,690)
|
|
(63)
|
|
(29)
|
|
(63)
|
|
Long term payables credit for fixed assets purchase
|
|
(2,289)
|
|
(1,577)
|
|
(487)
|
|
(201)
|
|
Debentures principle pay down
|
|
(11,285)
|
|
(11,285)
|
|
(11,285)
|
|
(11,285)
|
|
Debentures issuance return, excluding issuance expenses
|
|
107,532
|
|
49,710
|
|
45,650
|
|
49,710
|
|
Dividend paid
|
|
(10,000)
|
|
(7,500)
|
|
(3,500)
|
|
(2,500)
|
|
Repayment of loans and other long-term liabilities
|
|
(566)
|
|
(2,723)
|
|
(236)
|
|
(839)
|
|
Short-term credit from banking corporations, net
|
|
(25,344)
|
|
(795)
|
|
(5,515)
|
|
489
|
|
Proceeds from exercise of employee options
|
|
832
|
|
2,028
|
|
583
|
|
212
|
|
Net cash generated from financing activities
|
|
57,190
|
|
27,795
|
|
25,181
|
|
35,523
|
|
Net increase in cash and cash equivalents
|
|
51,721
|
|
41,123
|
|
32,719
|
|
51,702
|
|
Exchange rate differences and revaluation of cash and cash
equivalents, net
|
|
(1,340)
|
|
(1,057)
|
|
(1,812)
|
|
(986)
|
|
Balance of cash and cash equivalents at the beginning of the
period
|
|
97,346
|
|
45,475
|
|
116,820
|
|
34,825
|
|
Balance of cash and cash equivalents at the end of the Period
|
|
147,727
|
|
85,541
|
|
147,727
|
|
85,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELTA GALIL INDUSTRIES LTD.
|
|
Consolidated Cash Flow Reports
|
|
For the 3-month and 9-month periods ending September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ending
|
|
Three months ending
|
|
|
|
September 30
|
|
September 30
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
(Unaudited)
|
|
|
|
Thousands of Dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments required to reflect cash flows
|
|
|
|
|
|
|
|
|
|
from operating activities:
|
|
|
|
|
|
|
|
|
|
Revenues and expenses not involving cash flow:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
11,001
|
|
10,701
|
|
3,769
|
|
3,397
|
|
Amortization
|
|
1,948
|
|
1,750
|
|
667
|
|
552
|
|
Cash erosion, net
|
|
437
|
|
1,175
|
|
976
|
|
1,191
|
|
Interest paid in cash
|
|
9,079
|
|
6,166
|
|
4,213
|
|
3,583
|
|
Interest received in cash
|
|
(220)
|
|
(287)
|
|
(38)
|
|
(180)
|
|
Taxes on income paid in cash, net
|
|
9,865
|
|
12,247
|
|
4,785
|
|
4,678
|
|
Deferred taxes on income, net
|
|
(1,461)
|
|
106
|
|
(66)
|
|
879
|
|
Severance pay liability, net
|
|
341
|
|
275
|
|
117
|
|
(25)
|
|
Restructuring expenses, net
|
|
(182)
|
|
1,529
|
|
(182)
|
|
1,529
|
|
Capital gain from sale of fixed assets and asset held for sale
|
|
(1,339)
|
|
(1,103)
|
|
(20)
|
|
240
|
|
Change to the benefit component of options and restricted shares
granted to employees
|
|
513
|
|
377
|
|
164
|
|
140
|
|
Change to the fair value of financial derivatives
|
|
(671)
|
|
262
|
|
(114)
|
|
753
|
|
Share in losses of associated companies accounted for using the
equity method
|
|
324
|
|
-
|
|
223
|
|
-
|
|
Increase in liabilities of Long-term employee bonuses
|
|
463
|
|
814
|
|
(532)
|
|
814
|
|
Changes in long term balances
|
|
995
|
|
(416)
|
|
681
|
|
(177)
|
|
Others
|
|
201
|
|
123
|
|
580
|
|
181
|
|
|
|
31,294
|
|
33,719
|
|
15,223
|
|
17,555
|
|
Changes to operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in trade receivables
|
|
(1,638)
|
|
(4,768)
|
|
6,900
|
|
2,707
|
|
Increase in other receivable and debtor balances
|
|
(3,586)
|
|
(4,002)
|
|
(133)
|
|
(77)
|
|
Increase in trade payables
|
|
22,768
|
|
9,205
|
|
11,022
|
|
9,442
|
|
Increase (decrease) in other payables
|
|
(5,201)
|
|
3,777
|
|
(3,003)
|
|
(532)
|
|
Increase in inventory
|
|
(39,396)
|
|
(23,864)
|
|
(20,034)
|
|
(14,313)
|
|
|
|
(27,053)
|
|
(19,652)
|
|
(5,248)
|
|
(2,773)
|
|
|
|
4,241
|
|
14,067
|
|
9,975
|
|
14,782
|
|
|
|
|
|
|
|
|
|
|
Contacts
For more information:
Nissim Douek, +972-54-5201178
Nissim@unik.co.il
or
U.S.
Media Contact:
Berns Communications Group
Stacy Berns,
+1-212-994-4660
sberns@bcg-pr.com
or
Melissa
Jaffin, +1-212-994-4660