Ampal-American Israel Corporation Reports First Quarter 2000 Results.Business Editors NEW YORK--(BUSINESS WIRE)--May 15, 2000 Ampal-American Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. 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 net income for the three months ended March 31, 2000 of $1,162,000, equal to $.06 per Class A share (basic) and $.05 per Class A share (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 $5,552,000, equal to $.23 per Class A share (basic) and $.20 per Class A share (diluted) for the three months ended March 31, 1999. The 1999 results include a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $425,000, equal to $.02 per Class A share (basic and diluted). Revenues for the three months ended March 31, 2000 were $10,755,000, as compared to $13,854,000 for the same period in 1999. The decrease in net income is primarily attributable to lower unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on investments, a 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 the Company's investment in M.D.F. Industries Ltd., which continues to experience operational problems in 2000, and a translation loss in 2000 as compared to a translation gain in 1999. These decreases were partially offset by the increase in equity in earnings of affiliates as a result of increased earnings of the Company's 50%-owned affiliate, Trinet Venture Capital Ltd., which recorded unrealized gains on its investments, and the absence of losses from Moriah Moriah (mōrī`ə), in the Bible, land in which the mountain where Abraham was to sacrifice Isaac was located. It has been identified by some with Mt. Moriah. Moriah site intended for Abraham’s offering up of Isaac. [O. Hotels Ltd. in the first quarter of 2000, since the Company sold its investment in Moriah in April, 1999. Total assets at March 31, 2000 were $439,072,000, as compared to $396,780,000 at December 31, 1999. 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 March 31, 2000 was $177,110,000, as compared to $156,834,000 at December 31, 1999. 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 diversified (di·verˑ·s interests in the following sectors: high-technology and communications, real estate, capital markets, leisure-time, energy distribution, and industry. 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. Ampal's first quarter conference call will take place on Monday, May 15th at 9:30 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). Domestic callers may call (800) 982-3661, international callers may call (703) 871-3020. The passcode is "Ampal."
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except earnings per share)
Three Months Ended March 31,
2000 1999
(restated)
Revenues $ 10,755 $ 13,854
Income from continuing operations $ 1,162 $ 5,977
Loss from discontinued operations -- (425)
-------- ----------
Net income $ 1,162 $ 5,552
======== ==========
Basic EPS:
Earnings per Class A share:
Earnings from continuing operations $ .06 $ .25
Loss from discontinued operations -- (.02)
-------- ----------
Earnings per Class A share $ .06 $ .23
======== ==========
Weighted average number of
Class A shares outstanding 18,520 24,094
Diluted EPS:
Earnings per Class A share:
Earnings from continuing operations $ .05 $ .22
Loss from discontinued operations -- (.02)
-------- ----------
Earnings per Class A share $ .05 $ .20
======== ==========
Weighted average number of Class A shares
outstanding assuming conversion of
preferred stock into Class A shares
and the exercise of stock options 21,723 27,716
March 31, 2000 Dec. 31, 1999
--------------- --------------
Total Assets $439,072 $396,780
Shareholders' Equity $177,110 $156,834
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion