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Improved Revenues and Profits for Fiscal Year-2003:

Feb 03, 2004

YAVNE, Israel - February 3rd, 2004 - Valor Computerized Systems [Prime Standard: VCR, WKN 928731], the leader in vertically integrated software solutions to the electronics design, fabrication and assembly industry, reported today financial results for the fiscal year ending December 31st, 2003:

Summary Financial Data:

Q4 2003 Q4 2002 % Change Year 2003 Year 2002 % Change

Product Sales 4,417 4,164 6.08 16,216 15,078 7.55

Maintenance 2,390 2,020 18.31 9,399 7,959 17.99

Total Revenues 6,807 6,184 10.07 25,615 23,037 11.20

Gross Profit 6,281 5,624 11.66 23,941 20,709 15.61

EBITDA 888 966 3,411 751 454.19

EBIT 642 318 201.88 2,420 (1,159)

Net Profit before Tax on Dividend (Loss) 975 504 93.45 3,218 (782)

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

Net Profit (Loss) 975 504 93.45 1,913 (782)

EpS in US$ (diluted) 0.05 0.03 0.10 (0.04)

Shareholder�s Equity 35,430 38,689 (11.01) 35,430 38,689 (8.85)

Total Assets 41,252 44,237 (10.45) 41,252 44,237 (6.75)

Research & Development 1,903 1,910 7,404 8,492 (12.81)

Employees (Period End) 185 174 185 174

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

Total revenues for the final quarter in 2003 reached US$6.81 Million an increase of more than 10% compared to the same quarter of last year. For the full year 2003 total revenues equaled $25.62 Million, an increase of 11.2% in comparison to the results of 2002.

Net positive cash flow from operating activities in 2003 amounted to US$4 Million compared to the negative cash flow generated in 2002 of US$1,67 Million. At the end of fiscal year 2003 the company�s cash position was close to US$31 Million.

EBIT for Q4-03 reached US$ 642 thousand more than twice the amount achieved in Q4-02 and accumulated to US$2,42 Million for the entire year of 2003 as compared to the negative EBIT of US$1,16 Million for 2002.

Net profit improved for the seventh quarter in a row and for the first time rose in Q4-03 to reach close to US$ 1 Million, an increase of 14% compared to the previous quarter and almost doubled compared to the net profit of US$504 thousand achieved in Q4-02.

For the full year, net profit for 2003 accumulated to US$3.22 million before taxation on dividend as compared to the accumulated net loss of US$0.78 Million for the entire year of 2002.

This translates into US$0.05 earnings per share (diluted) an increase compared to US$0.03 per share (diluted) for Q4-02 and US$0.03 per share (diluted) for the third quarter of 2003.

Valor�s Board of Directors decided to recommend at the upcoming general shareholders� meeting of the Company a distribution of dividend equal to the gross sum of US$ 2.6 Million, subject to Israeli taxes. Execution date for the dividend distribution is March 1st, 2004.

Performance turnaround in 2003

Ofer Shofman, President and CEO of Valor summarized the year by commenting: �finalizing the 2003 accounts for Valor consolidates a significant turnaround in the company�s overall performance. By accelerating market penetration and delivering major product developments we were able to increase our revenues and profits over the past seven quarters, at the same time bringing a major positive cash flow improvement. �

�These positive results come from our methodical approach to improving business processes within the company, thus providing the foundation for further growth in 2004 and beyond.� Mr. Shofman further elaborates: �We have made major inroads into the large electronics assembly software market by demonstrating superior end-user productivity enhancements as compared to our competition. Without doubt, during 2003 we took the No.1 market position in Manufacturing Process Simulation (MPS) technologies for electronics assembly, achieving breakthrough sales at multiple top-tier manufacturing companies. �

Mr. Shofman concluded: �These successes fully vindicate our strategy and position the company to continue on a high-growth track, as proven by our entry into the Manufacturing Execution Systems (MES) market via the proposed joint venture with TraceXpert.�

Valor expansion plans

�Improving market conditions in the electronics industry are bringing a noticeable increase in demand for solutions that release capacity, improve productivity and provide improved control of manufacturing resources� explained Shofman and continues, �We believe it�s the right time for Valor to boost investments and to increase the scope of our solutions to address our customers� needs on an enterprise-wide level.�

Mr. Shofman is confident in achieving the set goals and explains: �To achieve our goals we will increase our R&D and the company has now both the resources and management capability for a successful execution.�

The complete quarterly report can be downloaded at:

About Valor

Valor Computerized Systems [Prime Standard: VCR, WKN 928731] is the leader in integrated engineering software solutions throughout the design-through-manufacturing electronics supply chain. The company's powerful software tools, based on ODB++, the Valor-funded data format for high-level data exchange, ensure the rapid transfer of optimized data from the design through manufacturing stages. Enterprise 3000 DFM system for physical design verification, Trilogy 5000 for assembly and test engineering, and the unique Valor Parts Library 24/7 on-line data service are utilized by designers and engineers worldwide to deliver enhanced productivity, higher yields, shorter cycle times and increased product quality. All Valor products are sold and supported by a worldwide network that includes global subsidiary offices, VARs and OEM channels.

More information about the company can be found at

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