Ampal-American Israel Corporation Reports Third Quarter 2001 Results.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 13, 2001 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 September September: see month. 30, 2001 of $3,067,000, equal to $0.16 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 net income of $359,000, equal to $0.02 per share of Class A Stock (basic and diluted) for the three months ended September 30, 2000. Revenues for the three months ended September 30, 2001 were $2,728,000, as compared to $9,307,000 for the same period in 2000. The decrease in net income is primarily attributable to the decrease in equity in earnings of affiliates, 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 2001, as compared to 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. in 2000, 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 investment in 2001, which was absent in 2000 and a higher effective income tax rate. These decreases in net income were partially offset by the lower interest expense and a translation gain in 2001, as compared to a translation loss in 2000. For the nine-month period ended September 30, 2001, Ampal recorded a net loss of $6,518,000, equal to $0.35 per share of Class A Stock (basic and diluted), as compared to net income of $8,756,000, equal to $0.46 per share of Class A Stock (basic) and $0.40 per share of Class A Stock (diluted), for the nine-month period ended September 30, 2000. Revenues for the nine months of 2001 were $20,814,000, as compared to $40,627,000 for the same period in 2000. Total assets at September 30, 2001 were $377,619,000, as compared to $446,628,000 at December December: see month. 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 September 30, 2001 was $145,145,000, 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 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 third quarter conference call will take place on Wednesday, November 14th, 2001, at 9:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Domestic callers may call 800/683-1575, international callers may call 973/321-2000. For those unable to participate, there will be a 48-hour replay of the call available from November 14, 2001, at 11:00 a.m. (EST), through November 16, 2001, at 11:59 p.m. (EST). Please call 877/519-4471 (Domestic) or 973/341-3080 (International), ID Code 2954848. The call will also be available as a live web cast on www.kcsa.com.
FINANCIAL HIGHLIGHTS
(Unaudited)
(In thousands, except earnings per share)
Nine Months Ended Three Months Ended
September 30, September 30,
2001 2000 2001 2000
---- ---- ---- ----
Revenues $ 20,814 $ 40,627 $ 2,728 $ 9,307
Net (loss) income $ (6,518) $ 8,756 $ (3,067) $ 359
Basic EPS
(Loss) earnings per
Class A share $ (.35) $ .46 $ (.16) $ .02
Weighted average
number of Class
A shares outstanding 19,168 18,853 19,192 19,092
Diluted EPS
(Loss) earnings per
Class A share $ (.35) $ .40 $ (.16) $ .02
Weighted average
number of Class A
shares outstanding(1) 19,168 21,813 19,192 21,878
September 30, 2001 December 31, 2000
------------------ -----------------
Total Assets $ 377,619 $ 446,628
Shareholders' Equity $ 145,145 $ 164,402
(1) Excludes the conversion of the 4% and 6 1/2% preferred Stocks
and the exercise of stock options due to the antidilutive
effect in 2001. Assumes conversion of the 4% and 6 1/2%
Preferred Stocks and the exercise of stock options in 2000.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion