<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>5
<FILENAME>exhibit3.txt
<DESCRIPTION>EXHIBIT 3
<TEXT>

                                    EXHIBIT 3
                                    ---------


[GRAPHICS OMITTED]


EARNINGS RELEASE


                ELBIT SYSTEMS REPORTS THIRD QUARTER 2003 RESULTS
                ------------------------------------------------

Backlog of Orders Reaches $1.7 billion; Revenues at $214 Million;

HAIFA,  ISRAEL,  NOVEMBER 11, 2003 - ELBIT SYSTEMS LTD. (THE "COMPANY") (NASDAQ:
ESLT),  the  international  defense  company,  today  reported its  consolidated
results for the quarter ended September 30, 2003.

CONSOLIDATED  REVENUES FOR THE THIRD QUARTER OF 2003 reached  $214.3  million as
compared to $210.2 million in the corresponding quarter in 2002.

CONSOLIDATED  REVENUES FOR THE NINE MONTHS ENDED  SEPTEMBER  30, 2003  increased
7.8% to $635.2 million from $589.1 million in the same period in 2002.

CONSOLIDATED  NET INCOME FOR THE THIRD  QUARTER OF 2003 was $12 million (5.6% of
revenues) as compared  with $15.5  million (7.4% of revenues) in the same period
in 2002.

DILUTED  EARNINGS  PER SHARE  (EPS) FOR THE THIRD  QUARTER  OF 2003 was $0.30 as
compared with $0.39 for the third quarter of 2002.

CONSOLIDATED  NET  INCOME FOR THE FIRST  NINE  MONTHS OF 2003 was $33.5  million
(5.3% of  revenues),  compared  with $32 million (5.4% of revenues) for the same
period in 2002.

DILUTED EPS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003 was $0.83 compared with
$0.80 for the corresponding period of 2002.

The Company's  financial results were affected by the changes in its share price
during the first nine months of 2003 and during the third  quarter of 2003.  The
non-cash effect related to the employees  "phantom" option plan on the Company's
results  (net of taxes)  resulted  in a $2.7  million  expense in the first nine
months of 2003 and $2.4 million income in the third quarter of 2003.

CONSOLIDATED  NET INCOME FOR THE THIRD  QUARTER OF 2003,  EXCLUDING  THE PHANTOM
OPTION PLAN EFFECT was $9.6 million or $0.24 per share.

EXCLUDING THE PHANTOM OPTION PLAN EFFECT,  CONSOLIDATED  NET INCOME FOR THE NINE
MONTHS ENDED  SEPTEMBER 30, 2003 was $36.2 million (5.7% of revenues),  or $0.90
per share.


<PAGE>

In 2002, the Company's  financial results for nine-month period ending September
30, were affected by a one time charge  related to an agreement  with the Office
of the Chief  Scientist  ("OCS")  amounting to $9.8 million (before tax) and tax
credit amounting to $2.8 million.  Excluding the Israeli OCS one-time charge the
tax adjustment and the phantom option plan effect, net income for the nine-month
period ended  September 30, 2002 was $36.3  million (6.2% of revenues),  and the
EPS was $0.91.

GROSS  PROFIT  FOR THE  THIRD  QUARTER  OF 2003  was  $56.2  million  (26.2%  of
revenues), as compared with gross profit of $59.4 million (28.3% of revenues) in
the third quarter of 2002.

EXCLUDING THE COMPANY'S PHANTOM OPTION PLAN EFFECT,  GROSS PROFIT IN THE QUARTER
ENDED SEPTEMBER 30, 2003, was $54.5 million, or 25.4% of revenues.

EXCLUDING  THE PHANTOM  OPTION PLAN EFFECT,  GROSS  PROFIT IN THE QUARTER  ENDED
SEPTEMBER 30, 2002 was $59.2 million, or 28.2% of revenues.

Gross  profit for the first nine  months of 2003 was  $170.3  million  (26.8% of
revenues) as compared with $154.9 million (26.3% of revenues) in the same period
of 2002.

EXCLUDING  THE  COMPANY'S  PHANTOM  OPTION PLAN EFFECT GROSS PROFIT FOR THE NINE
MONTHS ENDED SEPTEMBER 30, 2003 was $172.2 million, or 27.1% of revenues.

EXCLUDING THE NON-RECURRING  CHARGE UNDER THE OCS AGREEMENT,  THE PHANTOM OPTION
PLAN EFFECT, GROSS PROFIT FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2002 was
$164.2 million, or 27.9% of revenues.

THE  COMPANY'S  BACKLOG OF ORDERS AS OF SEPTEMBER 30, 2003 crossed for the first
time the $1.7 billion mark,  reaching  $1,702  million,  as compared with $1,689
million at the end of 2002.  Approximately  58% of the  Company's  backlog as of
September 30, 2003, is scheduled to be performed in the last quarter of 2003 and
during 2004. The growth of the Company's  backlog is still being affected by the
continued postponement in placing orders by the Israeli Ministry of Defense.

The President and CEO of Elbit Systems, Joseph Ackerman,  commented:  "While our
revenues for the first three  quarters of this year are 7.8% ahead of last year,
and we reached a record  level of backlog,  we did not meet all of our goals for
the third  quarter.  This was due in part,  to delays  in  receipt  of orders we
expected to sell in the period, and we hope that the uncertainties existing with
regards to the Israel Defense Ministry budget will be resolved.  In parallel, we
are  implementing  steps to further  reduce costs and improve our efficiency and
bottom line."

The Board of  Directors  declared  a  dividend  of $0.10 per share for the third
quarter of 2003.  The dividend  will be paid on December 15, 2003,  net of taxes
and levies,  at the rate of 19%.  The record date of the dividend is December 2,
2003.

CONFERENCE CALL

Elbit Systems will host a conference call today,  TUESDAY,  NOVEMBER 11, 2003 at
10:30 AM ET. To take part in the  conference  call,  please dial  1-877-332-1104
(U.S. and Canada) or 1-866-500-4953 (U.S.) or +972-3-925-5910  (International) a
few minutes before the 10:30 AM ET START TIME. For your convenience,  AN INSTANT
REPLAY WILL BE  AVAILABLE  STARTING at 12:30 PM ET the same day until  Thursday,
November 13, 2003 at 5:00 PM ET. The replay telephone  number is  1-866-500-4953
(U.S. and Canada) or +972-3-925-5945 (International).


<PAGE>

This call will also be broadcasted live on: www.elbit.co.il and an online replay
will be available for 30 days.

ABOUT ELBIT SYSTEMS LTD.
ELBIT SYSTEMS LTD. IS AN INTERNATIONAL  DEFENSE ELECTRONICS COMPANY ENGAGED IN A
WIDE RANGE OF  DEFENSE-RELATED  PROGRAMS  THROUGHOUT THE WORLD,  IN THE AREAS OF
AEROSPACE, GROUND AND NAVAL SYSTEMS, COMMAND, CONTROL, COMMUNICATIONS, COMPUTERS
AND  INTELLIGENCE  (C4I) AND ADVANCED  ELECTRO-OPTIC  TECHNOLOGIES.  THE COMPANY
FOCUSES ON THE  UPGRADING OF EXISTING  MILITARY  PLATFORMS  AND  DEVELOPING  NEW
TECHNOLOGIES FOR DEFENSE APPLICATIONS. FOR FURTHER INFORMATION, PLEASE VISIT THE
COMPANY WEB SITE AT .

CONTACT

Ilan Pacholder, Vice President                          Marilena LaRosa
  & Corporate Secretary
Elbit Systems Ltd                                       Investor Relations
Tel: 972-4 831-6632                                     The Anne McBride Company
Fax: 972-4 831-6659                                     1212-983-1702 ext. 208
pacholder@elbit.co.il                                   mlarosa@annemcbride.com





         STATEMENTS  IN THIS PRESS  RELEASE  WHICH ARE NOT  HISTORICAL  DATA ARE
         FORWARD-LOOKING  STATEMENTS  WHICH  INVOLVE  KNOWN AND  UNKNOWN  RISKS,
         UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S  CONTROL,  WHICH
         MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO
         BE  MATERIALLY  DIFFERENT  FROM  THE  RESULTS,   PERFORMANCE  OR  OTHER
         EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS
         INCLUDE,  BUT ARE NOT  LIMITED  TO,  THOSE  DETAILED  IN THE  COMPANY'S
         PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

                                        (FINANCIAL TABLES FOLLOW)


<PAGE>



                                             ELBIT SYSTEMS LTD.
                                         CONSOLIDATED BALANCE SHEETS
                                         ---------------------------
                                         (In thousand of US Dollars)


<TABLE>
<CAPTION>
                                                                          September 30         December 31
                                                                              2003                2002
                                                                        ----------------    ---------------
                                                                         Unaudited             Audited

<S>                                                                           <C>                 <C>
ASSETS
------

Current Assets:
Cash and short term deposits                                                  47,456              77,930
Trade receivable and others                                                  252,710             262,100
Inventories, net of advances                                                 280,542             220,399
                                                                        ----------------    ---------------
Total current assets                                                         580,708             560,429

Affiliated Companies & other Investments                                      35,357              33,051
Long-term receivables & others                                                 9,913              31,186
Fixed Assets, net                                                            219,882             202,961
Other Assets, net                                                            102,084             105,769
                                                                        ----------------    ---------------
                                                                             947,944             933,396
                                                                        ================    ================

LIABILITIES AND SHAREHOLDER'S EQUITY
------------------------------------

Current liabilities                                                          395,306             362,835
Long-term liabilities                                                        106,207             154,483
Minority Interest                                                              4,296               4,717
Shareholder's equity                                                         442,135             411,361
                                                                        ----------------    ---------------
                                                                             947,944             933,396
                                                                        ================    ================

</TABLE>



<PAGE>



                               ELBIT SYSTEMS LTD.
                        CONSOLIDATED STATEMENTS OF INCOME
            ---------------------------------------------------------
            (In thousand of US Dollars, except for per share amounts)


<TABLE>
<CAPTION>
                                                                                                      For the Year
                                                   Nine Months Ended          Three Months Ended          Ended
                                                      September 30               September 30          December 31
                                                   2003          2002         2003          2002          2002
                                                 ----------    -----------    ---------   ----------     ----------
                                                       Unaudited                   Unaudited             Audited

<S>                                               <C>            <C>          <C>          <C>           <C>
Revenues                                          635,223        589,143      214,275      210,155       827,456
Cost of revenues                                  464,882        434,216      158,078      150,738       605,313
                                                 ----------    -----------    ---------   ----------     ----------
  Gross Profit                                    170,341        154,927       56,197       59,417       222,143

Research and development, net                      43,006         39,710       14,518       14,785        57,010
Marketing and selling                              50,696         47,289       15,573       17,346        65,691
General and administrative                         33,924         30,741       11,035       10,760        41,651
                                                 ----------    -----------    ---------   ----------     ----------
Total operating expenses                          127,626        117,740       41,126       42,891       164,352
                                                 ----------    -----------    ---------   ----------     ----------

Operating income                                   42,715         37,187       15,071       16,526        57,791

Financial expenses, net                            (3,467)          (690)        (161)        (595)       (3,035)
Other income (expenses), net                          332           (524)         241         (115)         (462)
                                                 ----------    -----------    ---------   ----------     ----------
  Income before income taxes                       39,580         35,973       15,151       15,816        54,294
Provisions for income taxes                        10,502          6,810        3,900        1,565         9,348
                                                 ----------    -----------    ---------   ----------     ----------
                                                   29,078         29,163       11,251       14,251        44,946

Company's share of partnerships and
affiliated Companies income (loss), net             3,938          2,554          989        1,114           675

Minority rights                                       456            269         (234)         139          (508)
                                                 ----------    -----------    ---------   ----------     ----------
  Net income                                       33,472         31,986       12,006       15,504        45,113
                                                 ==========    ===========    =========   ==========     ==========

Basic Earnings per share                             0.86           0.83         0.31         0.40          1.17
                                                 ==========    ===========    =========   ==========     ==========

Diluted net earnings per share                       0.83           0.80         0.30         0.39          1.13
                                                 ==========    ===========    =========   ==========     ==========

===================================================================================================================

Net earnings excluding phantom plan effect
in 2003 and 2002, non-recurring OCS charge
and tax adjustment in 2002                         36,182        36,339        9,579       12,496        50,153
                                                 ==========    ===========    =========   ==========     ==========

Diluted earnings per share excluding phantom
plan effect in 2003 and 2002,  non-recurring
OCS charge and tax adjustment in 2002                0.90          0.91         0.24         0.31          1.26
                                                 ==========    ===========    =========   ==========     ==========
</TABLE>




</TEXT>
</DOCUMENT>
