[2] Super-Sol Ltd. Announces Results of the Third Quarter and First Nine Months of 1999.RISHON LEZION Rishon LeZion (Hebrew: ראשון לציון, lit. first to Zion), is a city on Israel's central coastal plain, south of Tel Aviv. , Israel--(BUSINESS WIRE)--Nov. 9, 1999-- Super-Sol Ltd. (NYSE NYSE See: New York Stock Exchange : SAE sae abbr (BRIT) (= stamped addressed envelope) → sobre con las propias señas de uno y con sello ), Israel's leading supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. chain, today announced its unaudited results for the third quarter and nine months ended September September: see month. 30, 1999. Third Quarter Highlights Third quarter revenues increased by 4.4% to NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. 1.413 billion (1) ($330 million) (2), compared to NIS 1.353 billion ($316 million) in the same period last year. Same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of (3) decreased by 1.5%, compared to the same period last year. The decrease is mostly due to the continuing slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. of the economy and competitive pressures, including the opening of new stores by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and the Company. Gross income in the third quarter increased by 10.1% to NIS 370 million ($87 million), compared to NIS 335 million ($78 million) in the same period last year. The Gross margin in the quarter was 26.4%, compared to 25% in the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the third quarter increased by 88% to NIS 57 million ($13 million), compared to NIS 30 million ($7 million) in the same period last year. The operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the quarter was 4%, compared to 2.3% in the same period last year. In the third quarter of 1998, other income included a capital gain of NIS 8 million ($1.9 million) from the sale of the Company's holdings in Ace-Kne Uvne. The Company did not have in the third quarter of 1999 any material capital gains from the sale of assets. Net income in the quarter increased by 17.5% to NIS 34 million ($8 million), compared to the same period last year. In the quarter, earnings per Ordinary Share, on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis were NIS 0.17 ($0.04), an increase of 18.6% compared to the same period last year. Earnings per ADR ADR - Astra Digital Radio were NIS 0.83 ($0.2). Nine Month Highlights Revenues for the nine months ended September 30, 1999 increased by 2.8% to NIS 4.013 billion ($939 million), compared to NIS 3.902 billion ($913 million) in the same period last year. Same store sales (3) decreased by 3.6%, compared to the same period last year. The decrease is mostly due to the continuing slowdown of the economy and competitive pressures, including the opening of new stores by competitors and the Company. Gross income in the first nine months increased by 4.3% to NIS 1.027 billion ($240 million), compared to NIS 985 million ($230 million) in the same period last year. The gross margin was 25.8%, compared to 25.4% in the same period last year. Excluding the provision made in the second quarter of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. NIS 20 million ($4.7 million) for the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of inventory, the gross margin for the first nine months of 1999 was 26.3%. Operating income for the first nine months was NIS 127 million ($30 million), similar to the operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the same period last year. Other income for the first nine months included a net capital gain of NIS 11 million ($2.6 million) compared to a net capital gain of NIS 24 million ($5.6 million), in the same period last year. Net income for the first nine months decreased by 14.2% to NIS 87 million ($20 million), compared to NIS 101 million ($23.6 million) in the same period last year. In the first nine months, Earnings per Ordinary Share, on a fully diluted basis were NIS 0.43 ($0.1), a decrease of 11.5% compared to NIS 0.48 ($0.11) in the same period last year. Earnings per ADR were NIS 2.14 ($0.5). "The implementation of efficiency measures in the stores, together with improvement of commercial terms with suppliers and the increased utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of the distribution center, contributed to the quarterly results", said Mr. Amiaz Sagis, President of Super-Sol Ltd. Super-Sol is Israel's largest supermarket chain in terms of revenues, accounting for approximately 38% of goods sold in Israeli supermarkets Supermarkets, past and present, include: Transnational Originating (HQ) country first. The rest in alphabetical order.
Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. , each equivalent to five ordinary shares, trade on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "SAE". Prices may be accessed on Reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. with the symbol SAE.N, and the Reuters Equities 2000 Services, Quotron and Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbol SAE. The statements contained in this release which are not historical facts contain forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information with respect to plans, projections, or future performance of the Company, the occurrence of which involve certain risks and uncertainties, including risk of market acceptance, the effect of economic conditions, the impact of competitive pricing, supply constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. , the effect of the Company's accounting policies, as well as certain other risks and uncertainties which are detailed in the Company's filings with the Securities and Exchange Commission, particularly the prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. with respect to its public offering in October October: see month. 1997. (1) In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable Israeli accounting rules, the Company maintains its accounts and presents its financial statements in New Israeli Shekels ("NIS") adjusted for changes in the Israeli Consumer Price Index ("CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ") through the latest balance sheet date ("Adjusted CPI"). The increases in the Israeli CPI for the three months and nine months ended September 30, 1999 were 1.2% and 0.9%, respectively. (2) The convenience translation of the Adjusted NIS into US dollars was made at the prevailing rate of exchange on September 30, 1999: US$ 1.00 equals NIS 4.276. The translations were made solely for the convenience of the reader. (3) Same store sales figures do not include a Hypercol store in Petach-Tikva, closed during the third quarter of 1999. A Birkat Rachel Rachel, in the Bible Rachel (rā`chəl), in the Bible, wife of Jacob and mother of Joseph and Benjamin. She is one of the four Jewish matriarchs. An alternate form is Rahel. store that is targeted to serve the ultra-orthodox sector, was opened in the location of the closed Hypercol store. -0-
Super-Sol Ltd.
Consolidated Balance Sheets
(Adjusted New Israeli Shekels as of September 1999)
Convenience
Translation
Into U.S.
Dollars Adjusted NIS
------------ -------------------------
September 30 September 30 December 31
1999 1999 1998
Unaudited Unaudited Audited
------------ -------------------------
(In millions)
Assets
Current assets
Cash and cash equivalents 20 85 42
Marketable securities
at market value 13 55 107
Short-term loans and deposits 1 6 6
Trade receivables, net 159 681 613
Other current assets 15 63 50
Inventories 83 355 374
291 1,245 1,192
Investments and Loans
In affiliates,
partnership and other 7 30 39
long-term loans and receivables 10 43 42
------------ ---------------------
17 73 81
Fixed assets, net 462 1,981 1,803
Deferred expenses
and other assets 14 60 62
Total assets 784 3,359 3,138
Liabilities and
Shareholders' equity
Current liabilities
Short-term bank credits 11 46 22
Trade payables 187 796 678
Other payables 53 228 171
Dividend payable 9 40
------------ ---------------------
260 1,110 871
Long-term liabilities
Loans from banks 96 410 397
Loans from others 2 9 8
Provision for employee
severance benefits, net 2 8 5
Deferred taxes 8 36 33
108 463 443
Shareholders' equity 418 1,786 1,824
Total liabilities and
shareholders' equity 786 3,359 3,138
----------------------------------------------------------------------
(In millions, except per share data)
Convenience
Translation
Into U.S. Dollars
Nine months ended Nine Months Ended
September 30 September 30 September 30
1999 1999 1998
------------------ --------------------------
Unaudited
Revenues
Sales 932 3,984 3,877
Rental and operation of malls 7 29 25
----------- ---------- -----------
939 4,013 3,902
Costs and expenses
Cost of sales 692 2,957 2,892
Operating, selling,
administrative and general 195 832 800
Depreciation and amortization 23 97 83
----------- ---------- -----------
910 3,886 3,775
Operating profit 29 127 127
Other income , net
Financial (expenses)
income , net 0 (2) 13
Sundry income ,
(expenses) net 3 11 24
----------- ---------- -----------
3 9 37
Earnings before income taxes 32 136 164
Income taxes 12 51 65
Earnings after income taxes 20 85 99
Company's equity in the
earnings of affiliated
companies, net - 2 2
Net earnings 20 87 101
Net earnings- NIS
per Ordinary Share 0.10 0.43 0.48
(In millions, except per share data)
Three Months Ended Year Ended
September 30 September 30 December 31
1999 1998 1998
------------ ------------ -----------
Audited
Revenues
Sales 1,403 1,344 5,146
Rental and operation of malls 10 9 34
------------ ------------ -----------
1,413 1,353 5,180
Costs and expenses
Cost of sales 1,033 1,009 3,828
Operating, selling,
administrative and general 289 286 1,073
Depreciation and amortization 34 28 113
------------ ------------ -----------
1,356 1,323 5,014
Operating profit 57 30 166
Other income , net
Financial (expenses) income , net 2 5 9
Sundry income ,
(expenses) net (1) 8 30
------------ ------------ -----------
1 13 39
Earnings before income taxes 58 43 205
Income taxes 24 15 78
Earnings after income taxes 34 28 127
Company's equity in the
earnings of affiliated
companies, net 0 0 1
Net earnings 34 28 128
Net earnings- NIS
per Ordinary Share 0.17 0.14 0.61
Super-Sol Ltd.
Consolidated Statements of cash flows
Adjusted New Israeli Shekels as of September 1999
(In millions)
Convenience
Translation
Into U.S.
Dollars Adjusted NIS
Nine months ended Nine months ended
September 30 September 30 September 30
1999 1999 1998
----------------- ------------ ------------
(Unaudited)
Cash flows from
operating activities
Net earnings 20 87 101
Adjustments to reconcile
net earnings to net
cash provided by
operating activities 48 207 143
---------- ----------- -----------
68 294 244
Cash flows from
investing activities
Purchase of fixed assets
and other assets,net (52) (224) (235)
Proceeds (purchase) of
marketable securities and
short-term deposits, net 12 53 0
Proceeds of sale
of a subsidiary - - 64
Proceeds of sale of
a partnership and
investee company - - 36
Long term loans
repaid (granted) ,net 0 (2) 6
---------- ----------- ------------
(40) (173) (129)
Cash flows from
financing activities
Receipt (payment)
of loans ,net (1) (4) (68)
Exercise of stock options 1 4 3
Issuance of shares
in proportionally
consolidated investee 3 12 -
Purchase of shares
of the company
by a subsidiary (21) (90) -
---------- ----------- ------------
(18) (78) (65)
Change in cash and
cash equivalents 10 43 50
Cash and cash
equivalents at the
beginning of the period 10 42 19
Cash and cash equivalents
at the end of the period 20 85 69
Super-Sol Ltd.
Selected Operating Data
(Adjusted NIS As of September 1999)
Nine Months Ended
September 30 September 30
1999 1998
Increase in same store sales -3.6% 0.5%
----------------------------
Sales per Square Meter- NIS 15,713 16,745
No. of Stores at end of period 133 127
Total square meters
at end of period 256,600 232,000
Gross profit as
a percentage of sales 25.8% 25.4%
EBITDA (in millions) (1) 224 211
EBITDA margin (2) 5.6% 5.4%
Net earnings per share 0.43 0.48
Net earnings per ADS (3) 2.14 2.42
Ordinary shares outstanding(4) 204,056 213,745
Super-Sol Ltd.
Selected Operating Data
(Adjusted NIS As of September 1999)
Three
Months Ended Year Ended
September 30 September 30 December 31
1999 1998 1998
Increase in same store sales -1.5% -3.6% -0.6%
----------------------------
Sales per Square Meter- NIS 5,402 5,670 22,208
No. of Stores at end of period 133 127 128
Total square meters
at end of period 256,600 232,000 241,400
Gross profit as
a percentage of sales 26.4% 25.0% 25.6%
EBITDA (in millions) (1) 91 58 279
EBITDA margin (2) 6.4% 4.3% 5.4%
Net earnings per share 0.17 0.14 0.61
Net earnings per ADS (3) 0.83 0.70 3.00
Ordinary
shares outstanding(4) 203,732 213,745 211,131
(1) EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become is defined as income before interest expense, sundry income Sundry Income External income that results from factors outside of a firm's control. Notes: Examples of sundry income include gains from foreign exchange, royalty income, or even income from the sale of various investments. (expenses) net, income taxes, depreciation and amortization, and minority interest. (2) EBITDA as a percentage of total revenue. (3) Determined by multiplying mul·ti·ply 1 v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies v.tr. 1. To increase the amount, number, or degree of. 2. Mathematics To perform multiplication on. net earnings per Ordinary Share times five. (4) Average amount for the period (in thousands). |
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