Ampal-American Israel Corporation Reports Second Quarter 2002 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 13, 2002 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: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 three months ended June 30, 2002 of $9,158,000, equal to $0.47 per share of Class A Stock (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 a net loss of $3,811,000, equal to $0.20 per share of Class A Stock (basic and diluted) for the three months ended June 30, 2001. Revenues for the three months ended June 30, 2002 were $1,258,000, as compared to $6,241,000 for the same period in 2001. In the three months ended June 30, 2002, the increase in net loss is primarily attributable to the higher 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 in marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has in 2002 ($4 million in 2002, as compared to $1.2 million in 2001), the one time gain on sale of real estate rental property of approximately $2.1 million ($1.6 million net of taxes) which was recorded in 2001, and decrease in equity in earnings of affiliates. These decreases were partially offset by the $3.6 million income recorded in 2002 with respect to the guaranteed payment from Motorola (Israel) Ltd. and lower interest expense. For the six-month period ended June 30, 2002, Ampal recorded a net loss of $15,333,000, equal to $0.79 per share of Class A Stock (basic and diluted), as compared to a net loss of $3,451,000, equal to $0.19 per share of Class A Stock (basic and diluted) for the six-month period ended June 30, 2001. Revenues for the first half of 2002 were $3,930,000, as compared to $18,086,000 for the same period in 2001. Total assets at June 30, 2002 were $341,087,000 as compared to $383,833,000 at December 31, 2001. 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 June 30, 2002 was $125,542,000 as compared to $151,220,000 at December 31, 2001. Ampal and its subsidiaries primarily acquire interests in businesses located in the State of Israel or that are Israel-related. Ampal has diversified diversified (di·verˑ·s interests in the following sectors: telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. , energy, high-technology, real estate, capital markets, leisure-time and other. Ampal's second quarter conference call will take place on Friday, August 16th, 2002, at 9:00 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 800/683-1575, international callers may call 973/321-2000. For those unable to participate, there will be a replay of the call available from August 16, 2002, at 11:00 a.m. (EDT), through August 20, 2002, at 11:59 p.m. (EDT). Please call 877/519-4471 (Domestic) or 973/341-3080 (International), ID Code 3433984. The call will also be available as a live web cast on www.kcsa.com. 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-AMERICAN ISRAEL CORPORATION
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except earnings per share)
Six Months Ended Three Months Ended
June 30, June 30,
2002 2001 2002 2001
---- ---- ---- ----
Revenues $ 3,930 $ 18,086 $ 1,258 $ 6,241
Net loss $ (15,333) $ (3,451) $ (9,158) $ (3,811)
Basic EPS
Loss per Class A share $ (0.79) $ (0.19) $ (0.47) $ (0.20)
Weighted average number of
Class A
shares outstanding 19,435 19,157 19,557 19,170
Diluted EPS
Loss per Class A share $ (0.79) $ (0.19) $ (0.47) $ (0.20)
Weighted average number of
Class A shares
outstanding(1) 19,435 19,157 19,557 19,170
June 30, 2002 December 31, 2001
------------- -----------------
Total Assets $ 341,087 $ 383,833
Shareholders' Equity $ 125,542 $ 151,220
(1) Excludes the conversion of the 4% and 61/2% preferred Stocks Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and the exercise of stock options due to the antidilutive antidilutive Of or relating to the conversion of convertible securities into common stock when such conversion would result in an increase in diluted earnings per share or a decrease in diluted loss per share. effect. |
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