Ampal-American Israel Corporation Reports Year End 2004 Results.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel -- Ampal-American Israel 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 today its financial results for the year ended December 31, 2004. Ampal recorded a consolidated net loss of $18.4 million, or $(0.94) per 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. share, and revenues of $31.5 million for the fiscal year ended December 31, 2004, as compared to consolidated net income of $8.8 million or $0.40 per diluted share, and revenues of $51.8 million for the year ended December 31, 2003. Ampal ended the year with total assets of $304.9 million and 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. of $100.0 million, as compared to total assets of $354.4 million and shareholders' equity of $115.0 million respectively in December 31, 2003. For the fourth quarter ending December 31, 2004, Ampal reported a consolidated net loss of $15.3 million, or a loss of $(0.78) per diluted share, and revenues of $6.9 million, as compared to a net loss of $0.7 million, or $(0.03) per diluted share, and revenues of 10.6 million for the fourth quarter ended December 31, 2003. "Our fourth quarter and full year 2004 results primarily reflect the impact of a $30 million 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. charge on the Company's investment in MIRS MIRS Modular Integrated Robotized System MIRS Mid-Infrared Spectrometer MIRS Management Information & Retrieval System MIRS Multimedia Information Retrieval Services MIRS Microwave Integrated Retrieval System MIRS MEPCOM Integrated Resource System ," stated Mr. Jack Mr. Jack was a funny animals comic strip by Jimmy Swinnerton which ran from about 1903 until 1935. History When Jimmy Swinnerton moved from the San Francisco Examiner to the New York Journal in 1896, he changed his The Little Bears to Bigio, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Bigio continued: "Throughout 2004 and into the first - quarter of 2005, we completed some significant asset sales including the sale of our holdings in XACCT Technologies, the sale of 49% of our holdings in PowerDsine, the sale of our indirect holdings in PSInet Europe (the initial investment was made on February 2004), the sale of all of our holdings in Industrial Buildings and the sale of all of our holdings in Modem Art." About Ampal 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, real estate, capital markets, leisure-time, high technology and other. For more information about Ampal please visit our web site at www.ampal.com. Certain information in this press release includes 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. (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) and information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company that are based on the beliefs of management of the Company as well as assumptions made by and information currently available to the management of the Company. When used in this press release, the words "anticipate," "believe," "estimate," "expect," "intend," "plan," and similar expressions as they relate to the Company or the management of the Company, identify forward-looking statements. Such statements reflect the current views of the Company with respect to future events or future financial performance of the Company, the outcome of which is subject to certain risks and other factors which could cause actual results to differ materially from those anticipated by the forward-looking statements, including among others, the economic and political conditions in Israel, the Middle East, including the situation in Iraq, and the global business and economic conditions in the different sectors and markets where the Company's portfolio companies operate. Should any of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect, actual results or outcome may vary from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph. Please refer to the Company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially.
FINANCIAL HIGHLIGHTS
(In thousands, except earnings per share)
12 Months Ended Three Months Ended
December 31, December 31,
2004 2003 2004 2003
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Revenues $ 31,464 $51,814 $ 6,902 $10,631
Net gain (loss) $(18,385) $ 8,847 $(15,313) $ (737)
Basic EPS
Diluted Gain (loss) per Class A
share $ (0.94) $ 0.40 $ (0.78) $ 0.03
December 31, 2004 December 31, 2003
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Total Assets $304,947 $354,367
Shareholders' Equity $100,013 $115,023
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