Elron posts increase in net income for 1995; net income $10.3 million - 63 percent increase.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 12, 1996--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, today announced an increase of approximately 63% in net income for 1995 to $10.3 million or $0.51 per share compared with net income of $6.3 million or $0.35 per share in 1994. In the fourth quarter of 1995 Elron's net income was approximately $3.1 million, or approximately $0.15 per share as compared with approximately $1.1 million or approximately $0.05 per share in 1994. Aggregate revenues of the companies in the Elron group increased by 17% to $1,205 million, compared with $1,028 million in 1994. The Company's Board of Directors declared a fourth quarter dividend of $0.06 per share, bringing the total dividend for 1995 to $0.18 per share. The dividend for the fourth quarter will be paid on April 15, 1996, to shareholders of record at the close of business on April 1, 1996. 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 22%. Elron's share in 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. amounted in 1995 to approximately $4.7 million. In 1994 Elron's share in net income of affiliated companies, amounted approximately to $2.8 million, net after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of a $5.2 million loss on the sale of Fibronics. The Company's share in the consolidated net income of Elbit (a 40% held affiliate) totaled approximately $6.8 million as compared with approximately $13 million in 1994. The decrease in Elbit's net income in 1995 was primarily due to the losses incurred in its TV business. Elbit's new investments, 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 and Fibronics, acquired towards the end of 1994 and which affected adversely Elbit's profitability during 1995, have improved their financial performance toward year's end as a result of recovery measures exercised by Elbit and seasonal growth in the fourth quarter. Elbit Ultrasound has achieved operational profit in the fourth quarter of 1995, and Fibronics has approached a break-even operation in the same quarter. Elron has reduced its share in the loss of its other affiliated companies in 1995 to some $2.1 million, as compared with a loss of approximately $5 million in 1994 (which included approximately $2.9 million of Fibronics loss). The Company increased its income from changes of its holdings in affiliated companies to approximately $3.8 million in 1995, as compared with approximately $1.3 million in 1994. The major reason for the increase in 1995 was a gain of approximately $3.3 million resulting from the completion by Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
 To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Venture Partners in December 1995.Elron's other income, derived primarily from current marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has and sale of holdings, amounted to approximately $5.8 million in 1995. Other income in 1994 amounted to approximately $7.8 million. Uzia Galil, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Company, said: "The results of 1995 not only show improved earnings, but highlight Elron's ability to create value for its shareholders through strong support and dedication in helping to build successful companies. Zoran's success as a recognized leader in digital video and audio compression Encoding digital audio data to take up less storage space and transmission bandwidth. Audio compression typically uses lossy methods, which eliminate bits that are not restored at the other end. ADPCM and MP3 are examples of audio compression methods. See audio codec and data compression. , addressing emerging multimedia markets which enabled a very successful IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , has created considerable asset value for Elron, substantially in excess of its direct earnings.We shall continue to support a similar process in other companies which we assisted in building through the years See also Through The Years (Gary Glitter song) or Through The Years (Tim Finn song). For the Jethro Tull album, see Through the Years (Jethro Tull). For the Artillery box set, see Through the Years (Artillery album). . Elron Electronic Industries Ltd. is a multinational high technology holding company based in Israel. 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, manufacturing automation, high speed data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , networking services, semiconductors and software products. -0-
Elron Electronic Industries ltd.
Statement of Income
(In Thousands of U.S. Dollars, except per share amounts)
Year Ended December 31,
1995 1994 1993
Company's share in
net income of affiliated
companies, net $ 4,667 $ 8,016 $ 12,127
Gain from changes in
holdings in
affiliated companies 3,799 1,250 1,759
Other income, net 5,755 7,794 1,922
Finance income. net 1,498 120 443
15,719 17,180 16,251
-------- -------- ---------
Costs and expenses, net 5,415 5,632 5,388
-------- -------- ---------
10,304 11,548 10,863
Loss on sale of Fibronics - 5,205 - Income before cumulative effect of change 10,304 6,343 10,863 Cumulative effect of change in accounting method as of the beginning of year - - (328) Net income $ 10,304 $ 6,343 $ 10,535 Earnings per share Earnings per share before cumulative effect of change $ 0.51 $ 0.35 $ 0.63 Cumulative effect of change per share - - (0.02) Net income per share $ 0.51 $ 0.35 $ 0.61 Weighted average number of shares outstanding (thousands) 20,287 18,170 17,389 -0-
Elron Electronic Industries Ltd.
Balance Sheets
(In Thousands of U.S. Dollars)
December 31,
(Audited)
1995 1994
Current Assets $ 8,907 $ 23,624
-------- -------
Investments
- Affiliated companies 172,878 149,051
- Other investments 14,995 17,568
Deposits 1,865 815
189,738 167,434
--------- -------
Fixed Assets, net 732 1,201
--------- -------
$ 199,377 $ 192,259
Current Liabilities $ 2,474 $ 1,665
Shareholders' equity 196,903 190,594
$ 199,377 $ 192,259
CONTACT: Elron Technologies Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Yung Jin Kim, 212/935-3110 or The Anne McBride Anne C. McBride (born Nova Scotia) was a frequent candidate in Canadian federal and provincial elections and by-elections in the 1970s, 1980s and 1990s. McBride was an ordained minister in the Assemblies of God, a Pentecostal Christian denomination. Co., New York Kam Chan, 212/752-0504 or Elron Electronic Industries Ltd. Doron Birger, 972-4-8545000 |
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