Elbit Medical Imaging Ltd. Reports The Results of Its Activities for the First Quarter of 1999.HAIFA Haifa (hī`fä), city (1994 pop. 246,700), NW Israel, a port on the Mediterranean Sea, at the foot of Mt. Carmel. Haifa is the chief city of N Israel and the country's principal oil refining center. , Israel--(BW HealthWire)--June 1, 1999-- Elbit Medical Imaging Ltd. hereby reports its 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: results for the first quarter ending March 31st, 1999. The net consolidated profit 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 first quarter of 1999 totaled US$ 1.5 million, in comparison to a profit of US$ 91.3 million recorded during the parallel period in the previous year. The net consolidated profit from continuing operations during the first quarter of 1999 totaled US$ 1.5 million, in comparison to a loss of US$ 0.4 million during the parallel quarter of the previous year. During the parallel period last year, the Company recorded a one time profit of US$ 91.2 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 proceeds 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 31st, 1999, the Company completed the sale of its holdings in the diagnostic centers in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. and in Hungary Hungary, Hung. Magyarország, officially Republic of Hungary, republic (2005 est. pop. 10,007,000), 35,919 sq mi (93,030 sq km), central Europe. . On March 25th, 1999, an interested party exercised options for 676,709 shares. The benefit in the amount of US$ 2.2 million was reflected in the additional expenses for the reported quarter. On April 13th, 1999, the Company distributed a dividend in the amount of US$ 2 Dollars 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.- each in the Company. The dividend distribution was executed 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. The basic profit per share during the quarter amounts to US$ 0.07 Dollars per share. Tables are attached. Sincerely yours Adv. 1. sincerely yours - written formula for ending a letter sincerely , Marc Lavine Adv. Company Secretary This announcement contains forecasts regarding the Company's business and financial conditions and results specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. in this release, which are subject to risk factors and uncertainties which are not within the control of the Company. These factors are liable to cause actual results or achievements to differ materially from those which are anticipated or which may be implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. from this announcement. These factors include, without limitation, 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
(U.S. $ in millions, except per share information)
---------------- -------------
Three Months Twelve Months
Ended Ended
31 March 31 December
1999 1998 1998
Revenues 21,665 -- --
Gross Profit 502 -- --
Research and
development 1,926 -- --
Selling general
and administrative 2291 594 2,807
Financing Income
(Expense) 7,828 (82) 8,318
Other Expenses 1,834 -- --
Income Before taxes
on income 2,279 (676) 5,511
Taxes on income 214 -- (600)
Equity in earnings
of affiliates 320 412 3,532
Minority interest (1,361) (177) (344)
------- ------- -------
1,452 (441) 5,229
Income from
discontinued Operations -- 91,758 90,907
Net Income 1,452 91,317 96,136
Net Income per share 0.07 4.26 0.07
Weighted average number
of shares outstanding 21,814 21,453 21,534
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Elbit Medical Imaging Ltd.
Summary Balance Sheet
(U.S. $ in thousands)
31 March 31 December
1999 1998
ASSETS
Current Assets 583 599
Investment & Long
Term Receivable 9 10
Property, Plant &
Equipment, Net 11 14
Other Assets, net 5 5
--- ---
608 628
Total Current Assets _____ _____
LIABILITIES &
SHAREHOLDERS' EQUITY
Current Liabilities 237 265
Long Term Liabilities 20 24
Minority Interests 107 104
Shareholders' Equity 244 235
--- ---
608 628
Total Liabilities &
Shareholders' Equity
--- ---
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