SECURITIES AND
EXCHANGE COMMISION
Washington, D.C. 20549
FORM 6-K
Report of Foreign
Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of
1934
March 3, 2005
|
SCITEX CORPORATION LTD. (Translation of registrant’s name into English) |
3 Azrieli Center
Triangular Tower
Tel Aviv, 67023
Israel
(Address of
principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
| Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934. |
Yes o No x
| Attached to the Registrant’s Form 6-K, and incorporated by reference herein is the Registrant’s press release dated March 3, 2005, announcing Scitex Corporation Ltd. – Correction |
SIGNATURE
Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| SCITEX CORPORATION LTD. BY: /S/ Yahel Shachar —————————————— Yahel Shachar Chief Financial Officer |
March 3, 2005
NEWS
FOR IMMEDIATE RELEASE
Scitex Corporation Ltd. – Correction
Tel Aviv, Israel – March 3, 2005. Scitex Corporation Ltd. (NASDAQ & TASE: SCIX) announced that the financial tables attached to its March 2, 2005, press release should be replaced with the attached financial tables. The tables attached to the March 2, 2005, press release inadvertently reflected under 2003 sales and marketing expenses amounts that are now classified as costs of revenues.
(Tables to Follow)
SCITEX CORPORATION LTD. (AN ISRAELI COMPANY) AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. Dollars in thousands, except per share data)
| Quarter ended Dec. 31, | Year ended Dec. 31, | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 (Unaudited) |
2003 (Unaudited) |
2004 (Audited) |
2003 (Audited) | |||||||||||
| Revenues | ||||||||||||||
| Sales | 21,252 | 16,954 | 78,418 | 60,653 | ||||||||||
| Services & Supplies | 14,242 | 11,586 | 49,767 | 42,227 | ||||||||||
| Total revenues | 35,494 | 28,540 | 128,185 | 102,880 | ||||||||||
| Cost of revenues | ||||||||||||||
| Cost of sales | 12,203 | 9,933 | 44,132 | 36,062 | ||||||||||
| Cost of Services and Supplies | 7,194 | 7,002 | 26,935 | 27,150 | ||||||||||
| Total cost of revenues | 19,397 | 16,935 | 71,067 | 63,212 | ||||||||||
| Gross profit | 16,097 | 11,605 | 57,118 | 39,668 | ||||||||||
| Expenses | ||||||||||||||
| Sales and marketing | 5,063 | 3,430 | 19,990 | 15,322 | ||||||||||
| General and administrative | 4,510 | 3,927 | 16,614 | 15,147 | ||||||||||
| Research and development, net | 3,955 | 2,935 | 12,449 | 11,070 | ||||||||||
| Amortization of other intangible assets | 1,556 | 1,434 | 6,137 | 5,871 | ||||||||||
| Impairment of other intangible assets | 5,625 | 2,967 | 5,235 | 2,967 | ||||||||||
| Restructuring charges | 383 | 1,590 | ||||||||||||
| Operating loss | (4,612 | ) | (3,471 | ) | (3,307 | ) | (12,299 | ) | ||||||
| Financial Income (expense) - net | (602 | ) | 328 | (276 | ) | (2,651 | ) | |||||||
| Other income (expenses) - net | 213 | (68 | ) | 470 | 787 | |||||||||
| Loss before taxes on income | (5,001 | ) | (3,211 | ) | (3,113 | ) | (14,163 | ) | ||||||
| Taxes on income | 1,220 | (814 | ) | 67 | (2,402 | ) | ||||||||
| (3,781 | ) | (2,397 | ) | (3,046 | ) | (16,565 | ) | |||||||
| Share in losses of associated companies | (357 | ) | (1,521 | ) | (1,418 | ) | (5,637 | ) | ||||||
| Minority interests in a subsidiary | 1,239 | 440 | 71 | 3,546 | ||||||||||
| Net loss from continuing operations | (2,899 | ) | (3,478 | ) | (4,393 | ) | (18,656 | ) | ||||||
| Net Income from discontinued operations | 0 | 11,494 | 51,646 | 20,043 | ||||||||||
| Net income (loss) | (2,899 | ) | 8,016 | 47,253 | 1,387 | |||||||||
| Earnings (loss) per share - basic & diluted | ||||||||||||||
| Continuing operations | $ | (0.08 | ) | $ | (0.08 | ) | $ | (0.11 | ) | $ | (0.43 | ) | ||
| Discontinued operations | $ | 0.00 | $ | 0.27 | $ | 1.28 | $ | 0.46 | ||||||
| $ | (0.08 | ) | $ | 0.19 | $ | 1.17 | $ | 0.03 | ||||||
| Weighted average number of shares used in | ||||||||||||||
| computation of EPS (in thousands) - basic and diluted | 38,066 | 43,018 | 40,336 | 43,018 | ||||||||||
CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
| December 31 2004 (Audited) |
December 31 2003 (Audited) | |||||||
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | 85,892 | 56,761 | ||||||
| Short-term investments | 56,693 | 8,235 | ||||||
| Restricted deposit | 18,000 | 18,262 | ||||||
| Total cash and short-term investments | 160,585 | 83,258 | ||||||
| Trade receivables | 33,585 | 31,279 | ||||||
| Other receivables | 8,127 | 7,102 | ||||||
| Inventories | 36,726 | 22,575 | ||||||
| Current Assets of discontinued operation | 161,602 | |||||||
| Total current asssets | 239,023 | 305,816 | ||||||
| Investments and other non-current assets | 4,987 | 6,669 | ||||||
| Restricted deposit | 5,000 | 0 | ||||||
| Property and equipment - net | 9,147 | 9,204 | ||||||
| Goodwill and other intangible assets - net | 15,996 | 23,499 | ||||||
| Non-Current Assets of discontinued operation | 48,897 | |||||||
| 274,153 | 394,085 | |||||||
| Liabilities and Shareholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Short term bank credit | 30,755 | 49,251 | ||||||
| Current maturities of long -term loans | 3,557 | 2,602 | ||||||
| Trade payables | 21,877 | 14,505 | ||||||
| Accrued and other liabilities | 40,200 | 47,466 | ||||||
| Current liabilities related to discontinued operation | 2,193 | 31,935 | ||||||
| Total current liabilities | 98,582 | 145,759 | ||||||
| Long-term liabilities: | ||||||||
| Loans from banks, net of current maturities | 8,802 | 6,623 | ||||||
| Other | 6,718 | 6,645 | ||||||
| Long-term liabilities related to discontinued operation | 5,431 | |||||||
| Total long-term liabilities | 15,520 | 18,699 | ||||||
| Long-term loans from related parties convertible | ||||||||
| into shares of subsidiary | 1,551 | 756 | ||||||
| Minority interest | 4,226 | 4,173 | ||||||
| Shareholders' equity: | ||||||||
| Share capital | 6,205 | 6,205 | ||||||
| Capital surplus | 278,812 | 368,104 | ||||||
| Deferred stock compensation | (517 | ) | ||||||
| Accumulated other comprehensive loss | (327 | ) | (552 | ) | ||||
| Accumulated deficit | (97,599 | ) | (144,852 | ) | ||||
| Treasury shares, at cost | (32,300 | ) | (4,207 | ) | ||||
| 154,274 | 224,698 | |||||||
| 274,153 | 394,085 | |||||||
Scitex Vision Ltd.
US Dollar in Thousands
| Three months ended December 31 |
Year December 31 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 Unaudited |
2003 Unaudited |
2004 Audited |
2003 Audited | |||||||||||
| Revenues | ||||||||||||||
| Sales | 21,252 | 16,954 | 78,418 | 60,653 | ||||||||||
| Services & Supplies | 14,242 | 11,586 | 49,767 | 42,227 | ||||||||||
| Total Revenues | 35,494 | 28,540 | 128,185 | 102,880 | ||||||||||
| Gross Profit | 16,098 | 11,605 | 57,118 | 39,668 | ||||||||||
| Expenses: | ||||||||||||||
| S,G&A | 8,662 | 6,562 | 31,744 | 27,579 | ||||||||||
| Research and Development | 3,365 | 2,935 | 10,281 | 11,070 | ||||||||||
| Amortization of other Intangible assets | 968 | 1,147 | 3,776 | 4,725 | ||||||||||
| Impairment of other Intangible assets | 2,333 | 2,967 | 2,333 | 2,967 | ||||||||||
| Restructuring Charges | 394 | 1,602 | ||||||||||||
| Operating (Loss) Income | 770 | (2,400 | ) | 8,984 | (8,275 | ) | ||||||||
| Financial expenses | 1,694 | 74 | 3,449 | 2,907 | ||||||||||
| Other income | (26 | ) | (2 | ) | (212 | ) | (12 | ) | ||||||
| Taxes on income | (58 | ) | (812 | ) | 1,054 | 2,402 | ||||||||
| Net Income (Loss) for the year | (840 | ) | (1,660 | ) | 4,693 | (13,572 | ) | |||||||