Elron Reports 2000 Second Quarter Earnings of $ 10.2 Million and Six Months Earnings of $ 20.3 Million.Business and Technology Editors 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)--Aug. 9, 2000 Elron Electronic Industries 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 :ELRNF), a leading multinational high technology holding company, announced today year 2000 second quarter net income of approximately $10.2 million, or $0.48 per share. In the second quarter of 1999 the Company's net income amounted to approximately $16.4 million, or $0.77 per share. In the first six months of 2000 net income amounted to approximately $ 20.3 million or $ 0.96 per share. In the first six months of 1999 net income amounted to approximately $21.1 million or $1 per share. In the second quarter of 2000 Elron had a gain, before tax, of approximately $7.6 million from the sale of 202,000 shares of Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
1. situated toward the median plane or midline of the body or a structure. 2. pertaining to the middle layer of structures. me·di·al adj. Imaging. During the second quarter of 2000 Elron invested approximately $24.4 million in new startups and in other companies in Elron group. In the first six months of 2000 new investments amounted to approximately $33.8 million. In addition, during the second quarter of 2000 Elron completed the demerger demerger n (Comm) → Abspaltung f, Demerger m of Elron Software Inc. into two independent companies: Elron Software Inc. and Elron Telesoft Inc. The Company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a second quarter dividend of $2.0 per share. The dividend will be paid on September September: see month. 26, 2000 to shareholders of record at the close of business on September 12, 2000. The Company will deduct 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. income tax at source currently estimated to be 25%. This dividend should not indicate similar future dividend policy. The dividend is determined each quarter by the Board of Directors, taking into consideration the company's financial status, profitability, realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. of assets and its investment requirements. Ami Ami (ā`mī), in the Bible, servant of Solomon whose descendants came out of exile. An alternative spelling is Amon. (Alternate Mark I Erel, Chairman and Chief Executive Officer of the Company said: "We continue to diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d pursue our strategy, announced in the first quarter, to invest in companies involved in the field of content over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , wideband In communications, transmission rates from 64 Kbps to 2 Mbps. Contrast with narrowband and broadband. wireless communication and in other technological companies through DEP DEP Deposit DEP Deputy DEP Department of Environmental Protection DEP Dependent DEP Departure DEP Depot DEP Deposition DEP deployed (US DoD) DEP Data Execution Prevention (computer security) and, at the same time, build value in Elron's other holdings". Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel Israel, in the Bible Israel (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. . Through affiliates, Elron is engaged with a group of high technology operating companies operating company A business that engages in transactions with outsiders. in the fields of advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit http://www.elron.com Any statements in this press release that may be considered 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. are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such forward-looking statements due to the risk factors discussed in periodic reports filed by the Company with the Securities and Exchange Commission which the Company urges investors to consider.
Elron Electronic Industries Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(US Dollars in Thousands except per share amounts)
Six Months Ended Three Months Ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
(Unaudited) (Unaudited)
Income
Sales, net 19,470 18,871 10,131 9,826
Company's share in income
(loss) of affiliated
companies, net 1,973 92 (5,042) (599)
Gain from disposal of
and changes in holdings in
affiliated companies, net 804 31,169 141 31,425
Other income (expenses), net 31,748 5,628 24,019 (346)
Finance income 3,551 1,683 1,621 1,375
-------- --------- ---------- ---------
57,546 57,443 30,870 41,681
-------- --------- ---------- ---------
Costs and Expenses 31,144 24,258 16,561 13,204
-------- --------- ---------- ---------
Income before income taxes 26,402 33,185 14,309 28,477
Income taxes 6,102 12,113 4,108 12,113
-------- --------- ---------- ---------
Net income 20,300 21,072 10,201 16,364
======== ========= ========== =========
Earnings per share
Basic per share data
Basic net income per share 0.96 1.00 0.48 0.77
======== ========= ========== =========
Number of shares used
in computation (thousands) 21,161 21,085 21,165 21,117
======== ========= ========== =========
Elron Electronic Industries Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(US Dollars in thousands)
June 30, December 31,
-------- -----------
(Unaudited) (Audited)
2000 1999 1999
---- ---- ----
Current Assets 178,117 174,648 157,273
----------- -------- ----------
Investments and long-term balances
-Investments in affiliated companies 120,345 103,801 106,222
-Other investments 16,210 14,288 15,463
-Long term Deposits and debentures 10,931 6,800 12,757
----------- -------- ----------
147,486 124,889 134,442
----------- -------- ----------
Fixed Assets, net 6,542 3,917 5,134
----------- -------- ----------
Other assets, net 27,800 30,969 29,384
----------- -------- ----------
359,945 334,423 326,233
=========== ======== ==========
Current liabilities 92,813 38,595 28,875
Long term liabilities 36,515 42,376 44,124
Shareholders' equity 230,617 253,452 253,234
----------- -------- ----------
359,945 334,423 326,233
=========== ======== ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion