Ampal-American Israel Corporation Reports a Net Profit of $8.8 Million for 2003.Business Editors NEW YORK--(BUSINESS WIRE)--March 29, 2004 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 for the year ended December 31, 2003 a consolidated net income of $8.8 million or $.40 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 $51.8 million, as compared to a loss of $44 million or a loss of $2.27 per diluted share and revenues of $16.7 million for the year ended December 31, 2002. Ampal ended the year with total assets of $354.4 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 $115.0 million, as compared to $100.2 million in December 31, 2002. Improved 2003 results can be primarily attributed to higher realized and unrealized gain 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 and higher income from equity. For the fourth quarter ending December 31, 2003, Ampal reported net loss of $737,000, or a loss of $.03 per diluted share, and revenues of $10.6 million. During the fourth quarter, Ampal recorded a realized and unrealized gain on investments of $5.2 million primarily reflecting gains from tradable securities. "Our fourth quarter and full year 2003 results reflect the strength of our portfolio following our recent efforts to pare back non-strategic investments, realize gains on some of our successful past portfolio investments and to continue to forge forward with new investment opportunities," 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: "We now have a more focused portfolio of investments and the liquidity to take advantage of attractive opportunities as the global and Israeli markets rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective ." "Throughout 2003 and into the first-half of 2004, we completed some significant asset sales including the sale of our holdings in Granite Hacaramel Investments and the sale of our holdings in XACCT Technologies, which, along with other dispositions, resulted in the Company holding cash and 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 totaling $69.3 million," stated Mr. Bigio. 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. (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) 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)
Year Ended Three Months Ended
December 31, December 31,
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(Unaudited)
2003 2002 2003 2002
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Revenues $51,814 $ 16,732 $ 10,631 $ 1,060
Net gain (loss) $ 8,847 $(44,047) $ (737) $(17,275)
Basic EPS
Loss per Class A share $ 0.42 $ (2.27) $ (0.06) $ (0.90)
December 31, 2003 December 31, 2002
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Total Assets $354,367 $323,699
Shareholders' Equity $115,023 $100,178
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