Gaetano B.

Arotech ARTX Gets Battery-Supply Deal For $1.6M

by Gaetano B. Jan 4, 2008

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Arotech Gets Battery-Supply Deal For $1.6M 

Military contractor Arotech Corp. announced on Jan 3 that one of its units received new orders worth more than $1.6 million to supply rechargeable batteries to Israeli and European customers.

The use of the batteries will be to power military applications.


Arotech Corporation
provides quality defense and security products for the military, law enforcement and security markets, including advanced zinc-air and lithium batteries and chargers, multimedia interactive simulators/trainers and vehicle, aviation, marine and personal armoring. Arotech was incorporated in 1990 and began operations in 1991. In 1994 Arotech engaged in an initial public offering. The company is also involved in electric vehicles. Arotech’s Electric Fuel's all-electric bus, powered by zinc-air fuel cell technology, has demonstrated a 127-mile range. According to Arotech, Electric Fuel's revolutionary zinc-air fuel cell technology has been demonstrated in tens of thousands of kilometers of on-road driving in vehicles ranging in size up to 4.8 ton delivery vans in the service of European postal systems and its Electric Vehicle Division intends to bring about the deployment of commercial numbers of zero-emission zinc-air electric buses in fleets of transit systems and school districts, providing zero-emission transportation at reasonable costs. Arotech_ARTX_Electric_Bus.jpg

Revenues made an impressive increase from the year before from $29 million to $40 million for the nine month period ended
September 30, 2007 and the net loss decreased substantially from $13.4 million to $3.9 million. Cash flow continued to be negative with large capital expenditures of $2.35 million for the nine month period. Operations have historically been funded from the issuance of equity and debt securites. As stated in its SEC filings Arotech has incurred significant net losses since its inception and specifically stated that “there can be no assurance that we will ever be able to achieve or maintain profitability consistently.”

Although Arotech Corporation has state of the art technology they are operating at losses with substantial negative cash flow. In addition the funding of operations if these losses continue will need to be made through the issuance of more debt and equity. Arotech’s current stock price of $2.45 seems quite lofty for a company with no earnings, negative cash flow and huge capital expenditures: usually components of a speculative stock. A price in the range of $1.25 may be more appropriate for the risk incurred in owning it. Under the present conditions this military contractor appears to be losing the war
on the financial front.   

http://www.arotech.com/

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Comments (2)

1. Anonymous Former Employee of Mr Hartwick
June 10, 2010, 08:59PM

Quotes Ken Hartwick is an interesting executive who does things that completely fly in the face of current beliefs and values. On the plus side, he is always optomistic about growth of this business, which some consider to be a bit on the shady side with respect to its sales ethics. He is driven and pushes the envelope on new business and growth of existing business. What is puzzling is that he leads a culture that has no respect for the value of employee morale or employee growth. He believes that such things as pay equity and even posting pay grades will only lead to dissatisfaction on the employee front and so keeps those hidden, giving raises and bonuses to those that he likes. He does not permit working from home or paying for overtime and seems to feel like employees will take advantage of him whenever they have a chance. He also refuses to address issues head-on and avoids direct conflict. He is known by employees as Shark Eyes, as in spite of his attractive features and smile, his eyes are like those of a shark. But, the puzzle is that for all the employee morale hype that is currently accepted by other successful companies, Mr Hartwick's lack of interest in the well being of his employees does not detract from the company's success. It would be an interesting MBA study!

2. Matthew Underwood
April 28, 2009, 06:43PM

Quotes I would like to start by saying it is very hard to get a hold of any one at alberta energy savings to speak to about some issues im having with this company. One issue i would like to bring up is the fact of door to door sales. I feel that it is a great way to generate customers other than the fact of what is said to you with out the company knowing, i dont know if the contractors get paid by commission or not but we were sold a package that we have never recieved. When the sales person came to the door we were told that we would be recieving an equal payments plan where our first bill would be the same as all the rest. Instead we recieved a plan with fixed rates amd it was nothing that we had spoke about. We are a young couple and we believed in your sales person but now i realize that i should have read the whole contract before signing. I keep trying to call them and explain to them what has happened but they dont want to do anything about this. I feel that if you are going to sell something that you should give them what you have sold them, i also feel very upset that your company will not listen to my concerns and if i need to go to consumer reports i will and if i need to pay a lawyer about false information i will pay the retainer to go to court. I am very upset that nobody will help and the ignorance i get on the phone is uncalled for. I am just trying to figure out how this billing works and i dont need the stress of bad customer service. ( Dion from support team, Maryanne from customer Service as well as Paula) I dont know if this will help the situation but i would like for someone to address these concerns. If there is any other questions please contact me back at my email provided above.

Thank you for your time,
Sincerely,
Amanda Feltham
Matthew Underwood

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