Elron announces fourth quarter and full year 1996 results.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 11, 1997--Elron Electronic Industries Ltd. (NASDAQ/NMS/:ELRNF), a leading multinational high technology holding company, today announced fourth quarter and full year 1996 results. In the fourth quarter of 1996 Elron's net income was approximately $3.8 million, or $0.19 per share as compared with approximately $3.1 million or $0.15 per share in 1995. For the twelve months ended December December: see month. 31, 1996 net income amounted to approximately $11.3 million, or $0.56 per share, as compared with approximately $10.3 million, or $0.51 per share, in 1995. Aggregate revenues of the companies in the Elron group in 1996 exceeded $1.2 billion, similar to 1995. Elron's earnings result from three main sources: 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. , 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 fourth quarter of 1996, amounted to approximately $0.8 million, as compared with approximately $0.5 million in the same quarter of the previous year. For the twelve months ended December 31, 1996 Elron's share amounted to approximately $2.8 million, as compared with approximately $4.7 million for the same period last year. The decrease in Elron's share in the net income of affiliated companies in 1996 is mainly due to Elron's share in the losses of the new emerging companies. 2. In the fourth quarter of 1996 the Company had a minor gain from changes in its holdings in affiliated companies. In the same period last year Elron had a gain of approximately $3.5 million, mainly from changes in Elron's holding in Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
3. In the fourth quarter of 1996 the Company's other income amounted to approximately $3.8 million as compared with approximately $0.2 million in the same quarter last year. An income of approximately $4.3 million in the fourth quarter of 1996 was derived from the sale and increase in value of 650,000 Orbotech shares transferred to Elron's trading securities account which were all sold until the date of this report. Elron now holds about 10.7% of Orbotech's shares. This resulted in the twelve months of 1996 in other income of approximately $10.8 million which included a gain of approximately $8.0 million from the sale and increase in value of Orbotech shares transferred to Elron's trading securities account, as compared with other income of approximately $5.8 million in 1995 which included a gain of approximately $3.7 million from the sale and increase in value of NetManage shares transferred to trading securities account. 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 fourth quarter dividend of $0.06 per share, bringing the total dividend for 1996 to $0.24 per share. The dividend for the fourth quarter will be paid on April 7, 1997, to shareholders of record at the close of business on March 24, 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 currently estimated to be 25%. Uzia Galil, Chairman and Chief Executive Officer of the Company, said: " The Elron Group is entering 1997 with a sharpened sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp focus on the information technology market, providing advanced technologies, products and services for the information superhighway (1) A generic name for the Internet. (2) A proposed high-speed communications system that was touted by the Clinton/Gore administration to enhance education in America in the 21st century. Its purpose was to help all citizens regardless of their income level. that is rapidly increasing its role in business, society and our everyday lives. Consistent with its strategic aims, Elron will continue its latest policy of realizing gains from our successful holdings, thus increasing shareholders' value". 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 services and 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 software. Any statements in this press release that may be considered forward- looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Actual results may differ from such 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. 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.
Statements of Income
(In Thousands of U.S. Dollars, except per share amounts)
Year Ended December 31,
1996 1995 1994
Income
Company's share in net
income of affiliated
companies, net $2,752 $4,667 $8,016
Gain from changes in
holdings in affiliated
companies 690 3,799 1,250
Other income, net 10,846 5,755 7,794
Finance income, net 571 1,498 120
14,859 15,719 17,180
Costs and expenses, net 3,580 5,415 5,632
11,279 10,304 11,548
Loss on sale of Fibronics - - 5,205
Net income
$11,279 $10,304 $6,343
Net income per share $0.56 $0.51 $0.35
Weighted average number of
shares outstanding
(thousands) 20,287 20,287 18,170
-0-
Elron Electronic Industries Ltd.
Balance Sheets
(In Thousands of U.S. Dollars)
December 31,
1996 1995
(Audited)
Current Assets $12,039 $8,907
Investments
- Affiliated companies 174,585 172,878
- Other investments 15,273 14,995
Deposits 812 1,865
190,670 189,738
Fixed Assets, net 569 732
203,278 199,377
Current Liabilities $1,931 $2,474
Shareholders' equity 201,347 196,903
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 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
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