Elbit Medical Imaging Ltd. Announces 1999 Second Quarter Results and Six Months Results.TEL-AVIV, Israel--(BUSINESS WIRE)--Sept. 1, 1999-- Elbit Medical Imaging Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EMITF EMITF European Microsoft Information Technology Forum ) announces its results for the second quarter ended, June June: see month. 30, 1999. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the and from activities realized and discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: , during the second quarter of 1999, totaled $1.5 million compared to a profit of $3.1 million in same quarter last year. Consolidated net loss from continued operations for the second quarter of 1999, was $1.5 million compared to a profit of $2.4 million in parallel quarter of previous year. For the first six month-period of last year, the Company recorded a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. net profit of $92.4 million which derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the proceed of the sale of Elbit Ultrasound ultrasound or sonography, in medicine, technique that uses sound waves to study and treat hard-to-reach body areas. In scanning with ultrasound, high-frequency sound waves are transmitted to the area of interest and the returning echoes recorded . On March 25th, 1999, an interested party exercised options for 676,709 shares. The benefit in the amount of $2.2 million was reflected in the additional expenses for the first quarter of 1999. On April 13th, 1999 the Company distributed a dividend in the amount of $2 per Ordinary Share with a par value 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. 1. The dividend distribution was executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with a resolution of the Board of Directors adopted on February February: see month. 25, 1999. On August 6th, 1999, the parent company Control Centers Ltd., sold its holdings in Elbit Medical Imaging Ltd., a total of 2,221,151 Ordinary Shares constituted approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9.7% of outstanding issued share capital, to Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). Israel Israel, in the BibleIsrael (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. (M.M.S.) Ltd., who holds, following said sale, approximately 48% of the outstanding Share capital of Elbit Medical Imaging Ltd. Subsequent to balance sheet date, convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. in the amount of $5 million, were converted into approximately 290,000 ordinary shares. Subsequent to the balance sheet date, Elscint Ltd. ("Elscint"), a subsidiary of the Company, entered into an agreement with its former chairman of the Board of directors (the "former chairman") in terms of which Elscint shall purchase from the former chairman, within three years, an aggregate amount of 885,140 shares of the Company, for consideration of $8.8 million. Said consideration, excluding an amount of a loan granted to the former chairman for the purpose of purchasing part of his shares, shall be used as an investment in a new company jointly owned by the former chairman and Elscint ("Joint Company"). Elscint shall invest in Joint Company a similar amount. In additions, Elscint has awarded to Joint Company shareholders' loan in the amount of $10.8 million. The overall investments in the Joint Company shall be used for investments in joint enterprises and assistance to business developments. The basic loss per share during the second quarter of 1999 amounts to $ 0.07 per share. 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. with respect to the Company's business, financial condition and results of operations, in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward- looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development, the effect of the Company's accounting policies as well as certain other risk factors which are detailed from time to time in the Company's SEC filings. -0-
Elbit Medical Imaging Ltd.
Summary Statements of Income
US $ in thousands, except per share information
Six Three Twelve
Months Months Months
ended ended ended
30 June 30 June 31 Dec
Unaudited Unaudited Audited
1999 1998 1999 1998 1998
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Revenues
Net Revenues 38,324 17,819
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38,324 0 17,819 0 0
Cost of Revenues 37,668 16,949
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Gross Profit 656 0 870 0 0
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Research and Development 3,652 1,726
Selling general and
administrative 4,870 1,419 2,365 825 2,807
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8,522 1,419 4,091 825 2,807
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Loss from disposal (7,866) (1,419) (3,221) (825) (2,807)
Finance income, net 11,925 2,677 4,097 2,759 8,318
Other expenses, net 1,767 863
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Income before Income taxes 2,292 1,258 13 1,934 5,511
Provision for Income taxes 1,488 1,702 600
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804 1,258 (1,689) 1,934 4,911
Income from
affiliated companies 464 1,244 144 832 3,532
Minority interests (1,360) (535) 1 (358) (3,214)
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(92) 1,967 (1,544) 2,408 5,229
Income from
discontinued operations 92,410 652 90,907
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Net Income (92) 94,377 (1,544) 3,060 96,136
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Net income per share $ (0.004) $ 4.39 $ (0.07) $ 0.13 $ 4.46
Weighted average number
of shares outstanding 22,197 21,481 22,580 21,481 21,534
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ELBIT MEDICAL IMAGING LTD.
CONSOLIDATED BALANCE SHEET
(In thousands of U.S. Dollars)
June-30 Dec-31
1999 1998
Unaudited Audited
--------------------------------
Assets
Current Assets 544 599
Investment and Long-Term Receivables 16 10
Property, Plant and Equipment 16 14
Other assets, Net 6 5
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582 628
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Liabilities and Shareholders Equity
Current Liabilities 213 265
Long-Term Liabilities 18 24
Minority interests 108 104
Shareholders' Equity 243 235
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582 628
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