Elbit Medical Imaging Ltd. reports Fourth Quarter Results for 1998.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--(BUSINESS WIRE)--March 29, 1999--Elbit Medical Imaging Ltd. (EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. ) (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 ) announced today consolidated results for the Fourth Quarter of 1998 and for the year ended December December: see month. 31, 1998. The consolidated net income from continuing and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. for the Fourth Quarter of 1998, amounted to approximately $1.6 million, as compared to approximately $1.5 million in the corresponding period last year. Consolidated net income from continuing and discontinued operations for the year ended December 31, 1998, amounted to approximately $96.1 million, as compared to approximately $4.8 million for 1997. Net consolidated income 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 for the fourth quarter of 1998 amounted to approximately $0.5 million, as compared to a loss of approximately $0.7 million in the fourth quarter of 1997. Net consolidated income from continuing operations for the year ended December 31, 1998 amounted to approximately $5.2 million, as compared to a loss of approximately $3.4 million for 1997. As reported by the Company in previous press releases, EMI and its principal subsidiaries, Elscint Ltd. ("Elscint"), and 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 , sold the majority of their holdings in the medical imaging field during 1998. As of March 31, 1998, the Company had completed the sale of all its holdings in the Ultrasound Division to GE Medical Systems for a total consideration of approximately $228 million, subject to adjustments as provided for in the sale agreement. As of November November: see month. 29, 1998, the subsidiary, Elscint, had completed the sale of all its holdings in the Computerized Tomography computerized tomography n. Abbr. CT Computerized axial tomography. Noun 1. computerized tomography - a method of examining body organs by scanning them with X rays and using a computer to construct a series of (CT) Division to Picker International Inc. for a total consideration of approximately $269.5 million, subject to adjustments as provided for in the sale agreement. In addition, Elscint also completed the sale of all its holdings in the Magnetic Resonance Imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. Division (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ), and its distribution and service operations in the Nuclear Medicine (NM) field, to GE Medical Systems for a total consideration of approximately $100 million. This sale is also subject to adjustments as provided for in the sale agreement. The Company is presently in the process of implementing the decision of its Board of Directors to sell EMI's holdings in its Diagnostic Centers situated 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 Hungary. In view of this decision, the operations of the diagnostic centers are presented as discontinued operations in the 1998 report. In light of the above decision, the Company recorded a loss of approximately $12.5 million, representing the transfer of translation adjustments to the statements of operation. The transfer has no effect on 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. . As a result of the realization of its various holdings, as described above, the Company recorded a one-time net gain of approximately $12.0 million in the Fourth Quarter of 1998. During 1998 the Company recorded a one-time net gain from the realization of holdings in the amount of $113.2 million. As reported by the Company on February 25, 1999, the Company's Board of Directors declared a one-time dividend of $2 per share. The record date for the dividend is March 29, 1999, and the payment date is, Tuesday, April 13, 1999. Tax will be deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. at source 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 the appropriate provisions of law. The basic earnings per share for the quarter was $0.07, and for 1998, $4.46. Forward looking statements 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.
Elbit Medical Imaging Ltd.
Condensed Consolidated Balance Sheets
(In millions of U.S. dollars)
As of As of
December 31 December 31
1998 1997
Assets
Current assets 598.8 408.9
Long-term investments
and receivables 9.9 86.1
Property, plant and
equipment, net 14.4 40.4
Other assets, net 5.0 5.0
Total 628.1 540.4
Liabilities and Capital
Current liabilities 265.0 239.7
Long-term liabilities 24.4 32.1
Minority interest 103.9 84.4
Shareholders' Equity* 234.8 184.2
Total 628.1 540.4
*Note: after deduction of approx. $45M declared dividend payable
on April 13, 1999.
Elbit Medical Imaging Ltd.
Condensed Consolidated Statements of Income
(In thousands of U.S. dollars except share data)
For the For the Three
Year Ended Months Ended
December 31 December 31
1998 1997 1998 1997
Financing income
(expenses), net 8,318 (517) 2,673 (129)
General and
administrative
Expenses 2,807 2,258 995 565
Income before taxes
on income 5,511 (2,775) 1,678 (694)
Taxes on income (600) -- (426) --
Equity in earnings
of affiliates 3,532 (1,195) 1,636 --
Minority interest (3,214) 538 (2,399) --
5,229 3,432 489 (694)
Income from sale
of operations 113,161 -- 11,961
Income from sale
of discontinued
Operations (22,254) 8,258 (10,842) 2,193
Net income 96,136 4,826 1,608 1,499
Net gain per
share 4.46 0.22 0.07 0.07
Weighted average
number of
shares
outstanding 21,534 21,418 21,663 21,452
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