Elron reports 1Q96 net of $2.4 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)--May 14, 1996--Elron Electronic Industries Ltd. (NASDAQ/ELRNF) today announced first quarter 1996 net income of approximately $2.4 million or 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with approximately $2.25 million or 11 cents per share in the same quarter last year. Aggregate revenues of the companies in the Elron group in the three months ended March 31, 1996 reached approximately $281 million, as compared with approximately $272 million in the same quarter last year. Elron's first quarter 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 on the equity basis was approximately $1 million as compared with approximately $830,000 in the first quarter of the previous year. The Company's share in the consolidated net income of Elbit (a 40 percent held affiliate) amounted to approximately $1 million as compared with approximately $1.7 million in the 1995 quarter. Elbit's defense business performed as planned in the first quarter but generated a lower profit as compared to the equivalent quarter of 1995, due to the mix of this period's sales. Furthermore, Elbit's profitability, compared to the equivalent period last year, was adversely affected, due to losses incurred in the 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 business because of reduction in the U.S.A market, as well as losses in the television business. Elbit is engaged in the process of executing its demerger demerger n (Comm) → Abspaltung f, Demerger m plan as previously announced which, upon completion, will result in focusing its diverse activities into three separate companies. During the quarter Elron reduced its share in the losses of its other affiliated companies to approximately $28,000 as compared with losses of approximately $800,000 in the year-ago first quarter. The Company booked income from changes in its holdings in affiliated companies of approximately $700,000, up from $350,000 in the first quarter of 1995. Elron's other income amounted to approximately $1.5 million, down from $2.3 million. Approximately $1.3 million of the total was derived from an increase in value of 70,000 shares of Zoran Zoran (Serbian Cyrillic: Зоран) is a common South-Slavic name, the masculine form of Zora, which means dawn, daybreak. People
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 account. Net financial income was approximately $170,000 as compared with approximately $500,000 in the 1995 first quarter. Elron's Board of Directors declared a first quarter dividend of $0.06 per share, to be paid June June: see month. 17, 1996, to shareholders of record at the close of business June 3, 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 20 percent. Uzia Galil, Elron Chairman and Chief Executive Officer, commented: "We are looking forward to the completion of the process of Elbit's split and the creation of the three independent companies in healthcare, defense and commercial, mainly communication. I want to reiterate re·it·er·ate tr.v. re·it·er·at·ed, re·it·er·at·ing, re·it·er·ates To say or do again or repeatedly. See Synonyms at repeat. re·it Elron's commitment to building a global high technology group of companies taking advantage of Israeli technology and creating value for shareholders". 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. -0-
ELRON ELECTRONIC INDUSTRIES LTD.
STATEMENT OF INCOME
(In Thousands of U.S. Dollars, except per share amounts)
Three Months Ended
March 31,
(Unaudited)
1996 1995
Income
Company's share in net
income of affiliated $ 1,014 $ 829
companies,net
Gain from changes in
holdings in affiliated 741 350
companies
Other income, net 1,496 2,279
Finance income, net 169 458
3,420 3,916
Costs and expenses, net 1,016 1,671 Net income $ 2,404 $ 2,245 Earnings per share Net income per share $ 0.12 $ 0.11 Weighted average number of shares outstanding 20,287 20,287 (thousands) -0-
ELRON ELECTRONIC INDUSTRIES LTD.
BALANCE SHEET
(In Thousands of U.S. Dollars)
March 31, December 31,
1996 1995 1995
(Unaudited) (Audited)
Current Assets $ 8,300 $ 23,453 8,907
------- -------- --------
Investments
-Affiliated 175,152 153,929 172,878
companies
-Other 16,776 17,121 16,860
investments
191,928 171,050 189,738
--------- -------- -----------
-- ---
Fixed Assets, net 730 1,391 732
--------- -------- -----------
-- --
$ 200,958 $ 195,894 $ 199,377
Current $ 3,487 $ 1,593 $ 2,474 Liabilities
Shareholders' 197,471 194,301 196,903
Equity
$ 200,958 195,894 $ 199,377
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, 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. Company Anne S. McBride, 212-752-0504 or Elron Electronic Industries Ltd. Doron Birger, 972-4-8545000 |
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