TEL AVIV (MarketWatch) -- Elbit Systems Ltd., /quotes/comstock/15*!eslt/quotes/nls/eslt (ESLT 54.81, +1.33, +2.49%) the Haifa, Israel, defense contractor, reported that fourth-quarter earnings fell 56% on 2.4% higher revenue. Net income was $56.7 million compared with $128.6 million in the year-earlier quarter. Profit attributable to the company's holders fell to $53.7 million, or $1.24 a share, from $105.3 million, or $2.48, a year earlier. Adjusted to reflect year-earlier special items -- a gain on the sale of a stake in Mediguide and a charge related to Sandel Avionics -- net income attributable to holders rose 30%. Shares outstanding rose 1.8% to 43.3 million. Revenue reached $714.7 million from $697.9 million. The backlog at Dec. 31 was $5.04 billion compared with $5.03 billion a year earlier. About 72% of the current backlog is set to be produced in 2010 and 2011, Elbit said in a Wednesday statement. (Updates to include adjusted figures.)
