Genesis Development and Construction Ltd. Announces Results for Six Months and Quarter Ended June 30, 1997.NEW YORK--(BUSINESS WIRE)--Aug. 27, 1997--Genesis Development and Construction 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 : GDCUF, GDCOF, GDCWF and GDCZF) reported financial results for the six months and quarter ended June 30, 1997. The company reported revenues of approximately $11.9 million for the six months ended June 30, 1997. Net income in accordance with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). was $776,340, or 36 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. on a weighted average basis for six months, after taking into account shares issued in the company's February 1997 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. . Revenues during the second quarter increased to approximately $6.6 million, compared to $5.3 million during the first quarter. Net income in accordance with U.S. GAAP was approximately $400,000 for the second quarter, compared to approximately $377,000 for the first quarter. Moshe Schnapp, chairman and chief executive officer of Genesis Development and Construction, stated, "We are extremely pleased with the financial results for the second quarter. Our ability to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. Israel's need for mid-market residential properties has allowed us to concentrate on developing projects internationally. We expect to expand our business opportunities and continue to produce a positive bottom line." Genesis recently announced several residential construction and public development projects in Israel. International projects include the construction of 250 residential units in Rassnitz, Germany, 33 single-family homes in Southampton, NY, and a modern, three-story office building in Moscow, Russia. Genesis Development and Construction Ltd. is an Israeli real estate development and construction management company with a primary focus on residential and public properties in Israel. The company acts primarily as a general contractor, subcontracting all of its construction activities. In addition to managing all of its projects, Genesis also provides consulting, management and financial services to other real estate developers and contractors. In accordance with applicable Israeli accounting rules, the company maintains its accounts and presents its financial statements in New Israeli Shekels ("NIS Niš or Nish (both: nēsh), city (1991 pop. 175,391), SE Serbia, on the Nišava River. An important railway and industrial center, it has industries that manufacture textiles, electronics, spirits, and locomotives. "), adjusted for changes in the Israeli Consumer Price Index ("CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ") through the latest balance sheet data ("Adjusted NIS"). This presentation permits the financial information to be set forth in constant terms as measured by changes in the CPI, as more fully explained in the Notes to such financial statements. Amounts stated herein are in U.S. dollars and have been translated from Adjusted NIS at the representative exchange rate on June 30, 1997 (NIS 3.587 = $1.00), as published by the Bank of Israel The Bank of Israel (Hebrew: בנק ישראל) is the central bank of Israel. The Bank of Israel is located in Jerusalem, with a branch office in Tel Aviv. . Such dollar amounts have been included solely for the convenience of the reader and should not be construed as a representation that the NIS amounts actually represent such dollar amounts or could be converted into dollars at that rate. CONTACT: Genesis Development and Construction Ltd. Eli Aran, 914/634-0300 or Rubenstein Investor Relations Investor relations The process by which the corporation communicates with its investors. Jeffrey Berman, 212/843-8096 |
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