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Valor Computerized Systems Ltd. / Quarter Results

05.05.2006

Ad-hoc-Announcement according to § 15 WpHG transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Valor Shows Increased Profits in Q1 '06 and Reaffirms its Annual Profit
Forecast; Purchase of Danish TraceXpert Concluded Ahead of Time.

YAVNE, Israel - May 5th, 2006 - Valor Computerized Systems [Prime Standard:
VCR], the leader in productivity-enhancing solutions for the Electronics
Industry, announces today its financial results for the first quarter of
2006, showing an increase in net profit over previous quarters.

The net profit in the first quarter of 2006 was $747 Thousand, 18% more
than the parallel quarter of the previous year, and nearly three times more
than the net profit in the fourth quarter of 2005. The company generated a
positive cash flow from operating activities of $3.9 Million in Q1-06.

Revenues in Q1-06 accumulated to $8.4 Million, a decrease of 4% compared to
$8.7 Million in Q1-05 resulting from generation of lower revenues in Asia
during the quarter.

EBIT was $571 Thousand in the first quarter of 2006 - 10% more than in the
first quarter of 2005, and twice as much as in the previous quarter.

The company attained a cash position of $32 Million, as compared to $28
Million in the parallel quarter of the previous year and $29 Million in the
fourth quarter of 2005.

Earnings per Share (diluted) in the first quarter of 2006 were $0.04, as
compared to $0.03 in the first quarter of 2005 and in Q4-05.

As announced before, Valor concluded the purchase of the Danish company
TraceXpert this quarter. The company reaffirms its profit outlook of $3
million for 2006.

Summary of Financial Data:
Q1/2006 Q1/2005 % Change Q4/2005 % Change
Product Sales 5,152 5,840 (11.8)% 6,328 (18.6)%
Maintenance 3,230 2,865 12.7% 3,139 2.9%
Total Revenues 8,382 8,705 (3.7)% 9,467 (11.5)%
Gross Profit 7,266 7,557 (3.9)% 8,244 (11.9)%
EBITDA 725 670 8.2% 303 139.6%
EBIT 571 518 10.3% 275 108.0%
Net Profit (Loss) 747 631 18.4% 254 194.1%
EPS in US$ (diluted) 0.04 0.03 33.3% 0.03 33.3%
Shareholder's Equity 35,617 34,125 4.4% 35,195 1.2%
Total Assets 48,129 43,811 9.9% 45,597 5.6%
Research & Development 2,305 2,810 (18.0)% 2,588 (10.9)%
Employees (Period End) 208 217 (4.4)% 210 (1.0)%
(all figures are in US$ 1000, unless otherwise noted)

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Information and Explaination of the Issuer to this News:

Explanatory Text:
Some of the following statements are forward-looking in nature, and actual
results may differ materially.

Ofer Shofman, Valor's President and CEO, commented on the quarterly
results: "As you can see, we were able to increase our profits this quarter
despite the fact that our revenues were lower than in Q4 of 2005. An
internal restructuring process which we have been engaged in during the
previous two quarters has had a significant effect on our revenues in Asia
this quarter. At the same time, the restructuring process also allowed us
to increase our operating efficiencies worldwide and improve our bottom
line profits."

During the quarter Valor completed the purchase of the Danish company
TraceXpert, now a wholly owned Valor subsidiary under the name "Valor
Denmark". The purchase will enable Valor to achieve full business and
operational integration with the Danish company and its products, resulting
in reduced costs and increased profitability. "We see an increasing demand
for Manufacturing Execution Systems (MES) in the Assembly market. Due to
the fact that TraceXpert plays a key role in our solution for that market
and due to the great potential that we see in TraceXpert as a company, we
decided to complete the purchase ahead of time", explained Shofman.

"During Q1 we started to implement a consultative selling approaching in
Valor", Shofman revealed. "In this approach, we tailor custom solutions for
our clients based on our products, and incorporate third party solutions as
well, if needed. Companies such as IBM, Oracle, SAP and others are pursuing
this trend to meet the broader needs of their customers, and Valor is
implementing this approach in the electronics industry. In the long term,
this will enable us to engage in larger IT projects, and will have an
effect on our revenues and profits."

"Overall, I am optimistic about the future", said Shofman. "We expect to
see an increase in revenues and net profit in Q2, and to meet or even
exceed our original profit outlook of $3 Million for 2006", he concluded.

The complete quarterly report can be downloaded from the Investor Relations
Section on the Valor corporate website: www.valor.com


About Valor
Valor Computerized Systems develops compelling technologies for simulating
and optimizing the manufacture of printed circuit boards. Valor"s
breakthrough technologies for product design analysis, simulation and
optimization of PCB assembly, and Manufacturing Operations Management
increase productivity, yield and quality, and help streamline and
accelerate product innovation in a fast-paced global market. Valor is
listed on the Prime Standard of the Frankfurt Stock Exchange [WKN 928731,
ISIN IL0010845324]. Its customer base includes the majority of Tier I and
Tier II companies in the electronics industry, most of which are fortune
500 companies. More information on Valor can be found on www.valor.com.


Contact Information
Valor Corporate:
Alon Erlich, Valor Computerized Systems, Ltd.;IR@Valor.com; Tel:
+972-(0)8-943-2430

IR Contact Germany:
Sönke Knop and Axel Mühlhaus, edicto GmbH;sknop@edicto.de; Tel:
+49-(0)-6084-94859-1

Editor Contact:
Cathryn Hage, Anderson Burnbreck PR; cathryn-h@andburn.co.uk; Tel:
+44-1242-221387


Risks Regarding Forward Looking Statements
Certain statements included herein, containing forward looking terminology
or the negative thereof or other variations thereof or comparable
terminology, constitute ``forward-looking statements"". In addition, all
information included herein with respect to projected or future results of
operations, financial condition, financial performance or other financial
or statistical matters constitute such forward-looking statements. The
Company wishes to caution prospective investors not to rely on any such
forward-looking statements as predictions of future events. The Company
does not undertake, and specifically disclaims any obligation, to update
any forward-looking statements, which speak only as of the date made.
For additional information, see our website at:
www.valor.com/Forward_Looking_Statements.jsp





DGAP 05.05.2006
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language: English
company: Valor Computerized Systems Ltd.
4 Faran Street
70600 Yavne Israel
phone: -8898
fax: -8897
email: IR@valor.com
WWW: www.valor.com
ISIN: IL0010845324
WKN: 928731
indices:
stockmarkets: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin-Bremen, Stuttgart, München, Düsseldorf

End of News DGAP News-Service

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