YAVNE, Israel -  Valor Computerized Systems reported continued growth in the first quarter of 2005, with revenues of $8.7 million, a 22% increase over Q1 2004.
 
Sales increased by 27% and maintenance revenues increased by 13% over last year's first quarter.
 
The financial statements incorporate for the first time the adoption of new International Financial Reporting Standards published by the International Accounting Standards Board. Net profit before expensing Share-Based Compensation was $823,000 in Q1 '05 - nearly three times higher than the same quarter last year ($295,000).
 
Research and Development expenses were $2.8 million - an increase of 5.7% year-on-year.