Ampal-American Israel Corporation Reports 2001 Year End Results.Business Editors NEW YORK--(BUSINESS WIRE)--March 27, 2002 Ampal-American Israel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AMPL (language) AMPL - Along with mpl, the intrinsic parallel languages for MasPar's computers. AMPL and mpl are parallel variants of C. Ampl is actually now a gcc port. ["AMPL: Design, Implementation and Evaluation of a Multiprocessing Language", R. Dannenberg, CMU 1981]. ) reported a net loss for the year ended December 31, 2001 of $6,974,000, equal to $0.38 per Class A share (basic and 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. ), as compared to net income of $813,000, equal to $0.03 per Class A share (basic and diluted), for the year ended December 31, 2000. Revenues for the year ended December 31, 2001 were $27,340,000, as compared to $39,697,000 for the same period in 2000. The decreases in 2001 net income resulted from the following: equity in earnings of affiliates decreased to a loss of $2.2 million from income of $11.9 million for the same period in 2000, gains on the sale of investments decreased to $1.6 million from $13.7 million in the previous year, loss from impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of investments increased to $13 million from $11.1 million during the prior year and real estate rental income Noun 1. rental income - income received from rental properties income - the financial gain (earned or unearned) accruing over a given period of time decreased approximately $1.2 million attributable to the sale of two properties. The decreases in 2001 net income were partially offset as follows: gains of $10.1 million on the sale of two real estate rental properties, a reduction of $2.6 million of unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on investments, an increase in other income of $2.3 million, a decrease in interest expense of approximately $1.4 million, a $2.1 million translation gain on the devaluation devaluation, decreasing the value of one nation's currency relative to gold or the currencies of other nations. It is usually undertaken as a means of correcting a deficit in the balance of payments. of the New Israeli shekel in 2001 as compared to a translation loss of $1.3 million in 2000 and decrease in the effective income tax rate. Total assets at December 31, 2001 were $383,833,000, as compared to $446,628,000 at December 31, 2000. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at December 31, 2001 was $151,220,000, as compared to $164,402,000 at December 31, 2000. Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. Ampal's primary investment focus is the growing high-technology and communications sector. Ampal has diversified interests in the following sectors: high-technology and communications, real estate, capital markets, leisure-time, energy distribution, and industry. Rebar Financial Corp., the controlling shareholder of Ampal, has agreed to sell its stock in Ampal, subject to the approvals of the Israeli Ministry of Communications and the Antitrust Antitrust The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade. Commissioner. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Further information regarding risks and uncertainties are detailed from time to time in the Company's filings with the Securities and Exchange Commission. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com.
FINANCIAL HIGHLIGHTS
(In thousands, except earnings per share)
Year Ended Three Months Ended
---------- ------------------
December 31, December 31,
------------ ------------
(Unaudited)
2001 2000 2001 2000
---- ---- ---- ----
Revenues $27,340 $39,697 $(6,526) $ (930)
Net (loss) income $(6,974) $ 813 $ (456) $(7,943)
Basic EPS
(Loss) earnings per Class
A share $ (0.38) $ 0.03 $ (0.03) $ (0.42)
Weighted average number of
Class A shares outstanding 19,184 18,916 19,226 19,123
Diluted EPS
(Loss) earnings per Class
A share $ (0.38) $ 0.03 $ (0.03) $ (0.42)
Weighted average number of
Class A shares outstanding 19,184(1) 19,057(2) 19,226(1) 19,123(2)
December 31, 2001 December 31, 2000
----------------- -----------------
Total Assets $383,833 $446,628
Shareholders' Equity $151,220 $164,402
(1) Excludes the conversion of the 4% and 6 1/2% Preferred Stocks
due to the antidilutive effect.
(2) Assumes the exercise of stock options. Excludes the conversion
of the 4% and 6 1/2% Preferred Stocks due to the antidilutive
effect.
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