BVR Systems (1998) Ltd. Reports Third Quarter Results for 2005

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    ROSH HA'AYIN, Israel, November 22 - BVR Systems (1998) Ltd. (OTCBB: BVRSF), a diversified world leader in advanced military training and simulation systems, today announced a net earning of $581 thousands or $0.00 per share for the third quarter of 2005, compared with a net earning of $52 thousands, or $0.00 per share for the third quarter of 2004. Net earning for the first nine months of 2005 was $429 thousands or $0.00 per share, compared with a net loss of $1.2 million or $0.01 per share for the first nine months of 2004.

    Revenues for the third quarter of 2005 grew to $5.9 million, compared with revenues of $3.7 million for the third quarter of 2004. For the first nine months of 2005, BVR's revenues grew to $14.7 million compared with revenues in the first nine months of 2004 of $9.1 million.

    Gross profits for the third quarter of 2005 grew to $1.6 million, compared with gross profits of $0.9 million for the third quarter of the previous year. For the first nine months of 2005, gross profits were $3.4 million compared with a gross profit of $1.3 million for the first nine months of 2004.

    Operating earnings for the third quarter of 2005 grew to $0.6 million, compared with operating earnings of $0.2 million for the same period last year. Operating earnings for the first nine months of 2005 were $0.5 million compared with an operating loss of $1.0 million for the first nine months of 2004.

    Mr. Ilan Gillies, BVR Systems CEO, commented: "We are very pleased with the results reported today. It is important to note that the results are positively influenced by royalties received this quarter."

    BVR Systems (1998) Ltd., (OTCBB: BVRSF) is a diversified world leader in advanced defense training and simulation systems. For more information, visit the Company's web site at http://www.bvrsystems.com.

    Safe Harbor

    This press release contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of BVR Systems' management and are subject to a number of factors and uncertainties that could cause actual results or performance of the Company to differ materially from those contemplated in such forward-looking statements. These factors include but are not limited to the fact that the Company has experienced reductions in backlog; the Company has reported operating and/or net losses in the past and may report operating and/or net loses in the future, conditions in Israel affect the Company's operations and may limit its ability to produce and sell its products, changes in technology and market requirements; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition. For other factors that could cause BVR Systems' results to vary from expectations, please see the Company's reports filed from time to time with the SEC.

    Contacts:

    Reuven Shahar, CFO

    BVR Systems (1998) Ltd.

    Tel: +972-3-900-8000

    B.V.R. Systems (1998) Ltd.

    Consolidated Balance Sheet

     September 30 December

     31

     2005 2004 2004

     US$ thousands US$ thousands US$

     thousands

     Unaudited Unaudited Audited

    Assets

    Current assets

    Cash and cash equivalents 2,099 3,454 2,664

    Restricted bank deposits 1,637 1,380 2,563

    Trade receivables 5,926 5,051 3,884

    Other receivables and prepaid expenses 414 768 435

    Inventories 2,116 2,216 2,175

    Total current assets 12,192 12,869 11,721

    Long-term restricted bank deposits 711 - -

    Other assets, net - 1,169 1,114

    Fixed assets

    Cost 10,000 9,639 9,712

    Less - accumulated depreciation (9,106) (8,741) (8,864)

    Fixed assets, net 894 898 848

    Total assets 13,797 14,936 13,683

    B.V.R. Systems (1998) Ltd.

    Consolidated Balance Sheet

     September 30 December

     31

     2005 2004 2004

     US$ thousands US$ thousands US$

     thousands

     Unaudited Unaudited Audited

    Liabilities and Shareholders'

    Equity

    Current liabilities

    Short-term bank credit 517 565 517

    Short-term loan from related party 120 - 120

    Trade payables 4,017 2,703 2,204

    Deferred revenue 2,429 4,279 3,279

    Other payables and accrued expenses 1,315 2,536 2,852

    Total current liabilities 8,398 10,083 8,972

    Long-term liabilities

    Long-term loans 516 1,033 1,033

    Long-term payables 720 120 -

    Liability for employee severance 87 56 69

    benefits, net

    Total long-term liabilities 1,323 1,209 1,102

    Shareholders' equity

    Share capital 21,295 21,236 21,247

    Additional paid-in capital 17,690 17,753 17,700

    Accumulated deficit (34,909) (35,345) (35,338)

     4,076 3,644 3,609

    Total liabilities and 13,797 14,936 13,683

    shareholders' equity

    B.V.R. Systems (1998) Ltd.

    Consolidated Statements of Operations

     Year

     ended

     Nine months ended Three months ended December

     September 30 September 30 31

     2005 2004 2005 2004 2004

     US$ US$ US$ US$ US$

     thousands thousands thousands thousands thousands

     Unaudited Unaudited Unaudited Unaudited Audited

    Income from sales 12,998 9,096 4,175 3,655 12,684

    Income from royalties 1,728 - 1,728 - -

    Total income 14,726 9,096 5,903 3,655 12,684

    Cost of sales 11,309 7,751 4,301 2,713 10,231

    Gross profit 3,417 1,345 1,602 942 2,453

    Operating expenses:

    Research and 444 120 100 35 294

    development

    Selling and marketing 1,023 824 329 258 1,139

    General and 1,421 1,398 524 460 1,822

    administrative

    Operating earning 529 (997) 649 189 (802)

    (loss)

    Financial expenses, (53) (377) (58) (122) (496)

    net

    Other income, net (2) 192 (2) - 192

    Earning (loss) before

    income taxes 474 (1,182) 589 67 (1,106)

    Income tax expenses (45) (50) (8) (15) (119)

    Net earning (loss) for

    the

    period 429 (1,232) 581 52 (1,225)

    Earning (loss) per

    share:

    Basic and diluted

    earning

    (loss) per share (in 0.00 (0.01) 0.00 0.00 (0.01)

    US$)

    Weighted-average

    number

    of ordinary shares of

    nominal NIS 1.00 par

    value

    outstanding (in

    thousands)

    used in basic and

    diluted

    earning (loss) per

    share

    calculation 95,507 96,491 95,580 132,483 106,342
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