Aryt Industries Ltd. -- Financial Statements.Business Editors TEL-AVIV, Israel--(BUSINESS WIRE)--Aug. 2, 2000 Aryt Industries Ltd. ("Aryt" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARYTF) announced today the following: In January January: see month. 2000, the transaction between Telegate's shareholders (Telegate, a former Aryt's affiliated company) and Terayon Communication Systems, Inc. ("Terayon") regarding the sale of all Telegate's shares to Terayon, for 220,410 Telegate Shares and 644 thousand New Israeli Shekels ("NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. ") was completed. As a result of the transaction the Company recorded in its financial statements for the period ended March 31, 2000, a capital gain of NIS 52,478 thousand under the section "Other income, net" and a profit before tax of NIS 142,473 from sale of securities, under the section "Financial Income, net." The Company's financial statements for the period ended March 31, 2000, which were reviewed by the Company's accountants, contained an error in the expected amount to be received from the sale of Terayon shares. The effect of restating the financial statements for the period ended March 31, 2000 as a result of correcting the error is as follows: Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed from realization of investment in the amount of NIS 103,047 thousand should have been in the amount of NIS 74,468 thousand. Profit from 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 included in the section "Financial income" in the amount of NIS 142,473 thousand should have been in the amount of NIS 113,894 thousand. Profit before tax should have been NIS 158,764 thousand instead of NIS 187,343 thousand, and Profit, net, should have been NIS 114,857 instead of NIS 143,436 thousand. The basic profit per share should have been NIS 2.95 and the 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. profit per share should have been NIS 2.38 instead of NIS 3.69 and NIS 2.97 respectively. 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. should have been NIS 110,486 thousand instead of NIS 139,065 thousand. The Company's financial statements for the period ended June 30, 2000 will reflect the restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. detailed above. About Aryt Industries Ltd. Aryt Industries, Ltd. is an Israeli holding company. Since January 2000, the Company has been actively seeking investment opportunities in emerging technology companies. The Company intends to be actively involved in leveraging its business, product development and marketing experience to assist such companies achieving their growth potential and accelerating their growth in value. As of June 30, 2000 the Company has invested in three start up technology ventures; Voice Diary Ltd., Sensotech Ltd. and OfficeCore.com Ltd. In addition, through its subsidiaries, Reshef Technologies Ltd. ("Reshef") and Amcoram Ltd. ("Amcoram"), the Company engaged in developing, manufacturing and marketing sophisticated electronics products for the military market. |
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