Unfavorable exchange rates deflated earnings and revenues for defense contractor Elbit Systems Ltd. Revenues in the third quarter of 2014 were $722.7 million, down 1.1 percent from $730.6 million in the third quarter of 2013. Net income was $35.0 million, down 29.4 percent from $49.6 million in the third quarter of 2013. “However, as reflected by our operating income, the ongoing business performance continued to show stability in the quarter,” said Elbit CEO Bezhalel Machlis. “We are encouraged by the continued growth in the backlog and by the increase in revenue in Latin America and Asia-Pacific in the quarter.” Elbit Systems Ltd. develops and upgrades electro-optical and other systems for the global defense market. For more information, visit www.elbitsystems.com.