Elron Reports Third Quarter Net Income of $13.3 Million As Compared With $2.5 Million Last Year.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)--November 10, 1997--Elron Electronic Industries Ltd. (NASDAQ/ELRNF), a leading multinational high technology holding company, today announced 1997 third quarter net income of approximately $13.3 million, or $0.66 per share, as compared with approximately $2.5 million, or $0.12 per share, in the same period last year. In the nine months ended September September: see month. 30, 1997 net income amounted to approximately $22.5 million, or $1.11 per share, as compared with approximately $7.5 million, or $0.37 per share, in the same period last year.
Elron's earnings result from three main sources: Elron's share in the net income (loss) 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.
An affiliated company is sometimes referred to as a subsidiary. , gain on equity from change in holdings in affiliated companies and other income resulting primarily from the decision to sell some investments or holdings:
1. Elron's share in the net income of affiliated companies, accounted for on the equity basis, in the third quarter of 1997, amounted to approximately $0.7 million, as compared with approximately $0.4 million in the same quarter last year. In the nine months ended September 30, 1997 Elron's share amounted to approximately $1.0 million, as compared with approximately $1.9 million in the same period last year.
2. In the third quarter of 1997 the Company had a gain of approximately $7.4 million from change in its holding in Elbit Systems Elbit Systems Ltd. NASDAQ: ESLT is one of Israel's largest defense electronics manufacturers and integrators. Established in 1967, and based in Haifa, Israel, Elbit has over 8,000 employees. Ltd. (ESL (1) An earlier family of client/server development tools for Windows and OS/2 from Ardent Software (formerly VMARK). It was originally developed by Easel Corporation, which was acquired by VMARK. ) as a result of ESL's successful completion of a public offering in the U.S. Elron now holds approximately 35% in ESL. In the same period last year the Company had a minor loss of $21 thousand from change in holding in affiliated companies. In the nine months ended September 30, 1997and 1996 the Company had a gain of approximately $7.4 million and $0.7 million, respectively.
3. Elron's other income, in the third quarter and the first nine months of 1997, amounted to approximately $6.1 million and $16.8 million, respectively, as compared with approximately $2.7 million and $7 million, respectively, in the same periods last year. Approximately $7.8 million, in the third quarter of 1997, was derived from the sale of 200,000 shares of Orbotech (NASDAQ/ORBKF). In the same period last year, Elron had a gain of approximately $1.8 million from the sale of Orbotech shares. Elron now holds about 4% of Orbotech's share capital. In the first nine months of 1997 other income amounted to approximately $16.8 million which resulted primarily from the sale of 1,046,000 Orbotech shares. In the first nine months of 1996 other income amounted to approximately $7.0 million which included a gain of approximately $4.9 million from the sale of Orbotech and Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
As previously announced on October October: see month. 29, 1997 the Company entered into a definitive agreement with ON Technology Corporation (NASDAQ/ONTC) to acquire through a newly established, wholly-owned U.S. subsidiary, Elron Software Inc., all of the Network Management and Network Security business assets, subject to the approval of ON Technology's shareholders which is expected in the first quarter of 1998.
Elron's Board of Directors declared a third quarter dividend of $0.06 per share, to be paid on December December: see month. 15, 1997 to shareholders of record at the close of business on December 1, 1997. The Company will deduct de·duct
v. de·duct·ed, de·duct·ing, de·ducts
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:" We are very pleased to recognize the success of the Elbit demerger demerger n (Comm) → Abspaltung f, Demerger m into the three companies, which has not only helped to focus the management on each of its own market but has also created considerable value both for the Elbit and Elron shareholders. The successful public issue of Elbit systems signifies the new opportunities resulting from this demerger."
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 Nine Months Ended Sept. 30, Sept. 30, (Unaudited) (Unaudited) 1997 1996 1997 1996 ------ ------ ------ ----- Income Company's share in net income of affiliated companies, net $ 657 $ 422 $ 995 $ 1,925 Gain (loss) from changes in holdings in affiliated companies 7,359 (21) 7,388 666 6,118 2,666 16,768 7,021 Other income, net 302 140 663 465 Interest income, net 14,436 3,207 25,814 10,077 1,108 703 3,326 2,602 Costs and expenses, net $ 13,328 $ 2,504 $ 22,488 $ 7,475 Net income $ 0.66 $ 0.12 $ 1.11 $ 0.37 Earnings per share Weighted average number of shares outstanding (thousands) 20,290 20,287 20,290 20,287 Elron Electronic Industries Ltd. CONDENSED BALANCE SHEET (U.S. Dollars in thousands) September 30, December 31, (Unaudited) (Audited) 1997 1996 1996 Current Assets $ 25,226 $ 8,993 $ 12,039 Investments - Affiliated companies 178,164 179,693 174,585 - Other investments 14,855 12,221 16,085 193,019 191,914 190,670 -------- -------- -------- Fixed Assets, net 383 624 569 -------- -------- -------- $218,628 $201,531 $203,278 Current Liabilities $ 2,104 $ 1,908 $ 1,931 216,524 199,623 201,347 Shareholders' Equity $218,628 $201,531 $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
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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, Some scholars have equted the city to Darieium or Dorieium in Phrygia mentioned by Stephanus of Byzantium. Birger Birger may refer to