Elron Reports Second Quarter Net Income of $6.5 Million.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. 7, 1997--Elron Electronic Industries Ltd. (NASDAQ/NMS/ELRNF), a leading multinational multinational Of, relating to, or being a company with subsidiaries or other operations in a number of countries. The diversity of operations of such companies subjects them to unique risks (for example, exchange rate changes or government nationalization) high technology company, today announced 1997 second quarter net income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $6.5 million or, $0.32 per share, as compared with approximately $2.6 million, or $0.13 per share, in the same period last year. In the six months ended June June: see month. 30, 1997, net income amounted to approximately $9.2 million, or $0.45 per share, as compared with approximately $5.0 million, or $0.25 per share, in the same period last year. Aggregate revenues of the companies in the Elron group, for the three and six month periods ended June 30, 1997 amounted to approximately $302 million and $566 million, respectively, as compared with approximately $280 million and $546 million, respectively, in the same periods last year. Elron's share in the net income of affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , accounted for on the equity basis, in the second quarter of 1997, amounted to approximately $0.7 million, as compared with approximately $0.5 million in the same quarter last year. In the six months ended June 30, 1997, Elron's share amounted to approximately $0.3 million, as compared with approximately $1.5 million in the same period last year. Elron's other income, in the second quarter and the first six months of 1997, amounted to approximately $6.8 and $10.7 million, respectively, as compared with approximately $2.9 and $4.4 million, respectively, in the same periods last year. Approximately $7.6 million, in the second quarter of 1997, was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the sale of 590,000 shares of Orbotech Ltd. (NASDAQ/ORBKF). In the same period last year, Elron had a gain of approximately $1.9 million from increase in value of Orbotech shares transferred to trading securities account. Elron now holds about 5.8% of Orbotech's share capital. Elron'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 $0.06 per share, to be paid on September September: see month. 15, 1997 to shareholders of record at the close of business on September 1, 1997. 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 at a rate currently estimated to be 25%. Uzia Galil, Chairman and Chief Executive Officer of the Company, said: "In the second quarter, we continued our strategy to realize value from our successful holdings in order to invest in information technology. Our new investment in Eliashim Ltd., which we announced yesterday, is an additional step in this direction." 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 medical diagnostic imaging, advanced defense electronics, communication, semiconductors, networking, software and information technology. For further information, visit Elron at 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. -0-
Elron Electronic Industries Ltd.
CONDENSED STATEMENT OF INCOME
(U.S. Dollars in thousands except per share amounts)
Three Months Ended June 30,
(Unaudited)
1997 1996
Income
Company's share in net income of
affiliated companies, net $ 715 $ 490
Gain (loss) from changes in
holdings in affiliated companies - (54)
Other income, net 6,826 2,859
Interest income, net 157 156
7,698 3,451
Costs and expenses, net 1,215 883
Net income $ 6,483 $ 2,568
Net income per share $ 0.32 $ 0.13
Weighted average number of
shares outstanding (thousands) 20,471 20,287
Six Months Ended June 30,
(Unaudited)
1997 1996
Income
Company's share in net income
affiliated companies, net $ 338 $ 1,504
Gain (loss) from changes in
holdings in affiliated
companies 29 687
Other income, net 10,650 4,355
Interest income, net 325
361
11,378 6,871
Costs and expenses, net 2,218 1,899
Net income $ 9,160 $ 4,972
Net income per share $ 0.45 $ 0.25
Weighted average number of
shares outstanding (thousands) 20,455 20,287
CONDENSED BALANCE SHEET
(US Dollars in thousands)
June 30,
(Unaudited)
1997 1996
Current Assets $ 21,567 $ 10,611
---------- ---------
Investments
-Affiliated companies 171,731 175,467
-Other investments 13,451 13,626
185,182 189,093
----------- ----------
Fixed Assets, net 410 698
----------- ------------
$ 207,159 $ 200,402
Current Liabilities $ 2,010 $ 2,125
Shareholders' Equity 205,149 198,277
$ 207,159 $ 200,402
CONDENSED BALANCE SHEET
(US Dollars in thousands)
December 31,
(Audited)
1996
Current Assets $ 12,039
----------
Investments
-Affiliated companies 174,585
-Other investments 16,085
190,670
-----------
Fixed Assets, net 569
-----------
$ 203,278
Current Liabilities $ 1,931
Shareholders Equity 201,347
$ 203,278
CONTACT: Elron Technologies, Inc. Yung Jin Jin also Chin The name of four Chinese dynasties, including Western Jin (a.d. 265-316), Eastern Jin (317-420), Later Jin (936-946), and Jin (1115-1234). Kim Kim orphan wanders streets of India with lama. [Br. Lit.: Kim] See : Adventurousness , 212/935-3110 yjk@unforgettable.com or Elron Electronic Industries Ltd. Doron Doron, or Dorio, as it is said to be written in some manuscripts, is a city mentioned only by Pliny and located in Cilicia Tracheia,[1] Some scholars have equted the city to Darieium or Dorieium in Phrygia mentioned by Stephanus of Byzantium. Birger Birger may refer to
doron@elron.net |
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