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Valor Computerized Systems Announces Results for H1 and Q2-2003

Aug 14, 2003

YAVNE, Israel - August 12, 2003 - Valor Computerized Systems [FSE: VCR, VACS], the leader in vertically integrated software solutions to the electronics design, fabrication and assembly industry, reported today financial results for the six month period ending June 30, 2003:

Summary Financial Data:

Q2 2003 Q2 2002 % Change Jan-Jun 2003 Jan-Jun 2002 % Change

Product Sales 3,996 3,726 7.25 7,847 6,319 24.18

Maintenance 2,318 2,307 0.48 4,610 4,676 -1.41

Total Revenues 6,314 6,033 4.66 12,457 10,995 13.30

Gross Profit 5,992 5,385 11.27 11,692 9,703 20.50

EBIT 598 (373) 1,151 (1,547)

EBITDA 745 84 1,654 (760)

Net Profit before Tax on Dividend (Loss) 766 (370) 1,389 (1,557)

Tax on Dividend 1,305 n/a 1,305 n/a

Net Profit (Loss) (539) (370) 84 (1,557)

EpS in US$ before Tax on Dividend (basic) 0.04 (0.02) 0.08 (0.09)

EpS in US$ (basic & diluted) (0.03) (0.02) 0.00 (0.09)

Shareholder�s Equity 33,768 37,946 -11.01 33,768 37,946 -11.01

Total Assets 44,844 45,236 -0.87 44,844 45,236 -0.87

Capital Investments 112 40 284 92

Research & Development 1,857 2,457 -24.42 3,540 4,683 -24.41

Employees (Period End) 186 235 -20.85 186 235 -20.85

(all figures are in US$ 1000, unless otherwise noted)

Valor�s H1-2003 results, when compared to H1-2002, show an increase of 13.3% 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 thousand for Q2-2003 in comparison to a net loss of US$ 370 thousand 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% 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 thousand with a net loss for Q2-2003 of US$ 539 thousand.

During Q2-2003, Valor recorded total revenues of US$ 6.31 Million, representing an increase of 4.7 % 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 thousand up from a loss of US$ 373 thousand for the same quarter of 2002.

In Q2-2003 Valor generated positive cash flow of US$ 1,05 Million and accumulated a positive cash flow of US$ 3.17 Million for H1-2003 compared to the negative cash flow in Q2-2002 of US$ 832 thousand and negative cash flow of US$ 1.37 Million for H1-2002.

R&D costs decreased for the second quarter of 2003 by more than 24% to US$ 1.86 Million as compared to US$ 2.46 Million for the equal period of 2002 and increased by 11.5% as compared to US$ 1.67 Million for the previous quarter.

Explanatory text:

Ofer Shofman, President & CEO, commented: "We continue on our set path to consistently improve our results, in terms of revenues, profits and cashflow, this being the sixth in a continuous series of improving quarterly results, and the fourth quarter of steadily improving profits. Although we had to confront a temporary setback in the results of our Far Eastern sales due to SARS, we now see that our business in this region is back on track, being the most important global region for Valor�s business expansion. For the remainder of the year we anticipate further increases in sales and profits�.

The complete quarterly report can be downloaded at:

ftp://ftp.valor.com/pub/private/mgmnt_reports/VCRQ203E.pdf

Inquiries:

Valor Computerized Systems Ltd.

Alon Levitan

IR Manager

Phone +972.8.943.2430

Fax +972.8.943.2429

Email alonl@valor.com

URL http://www.valor.com

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