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IDAN SOFTWARE INDUSTRIES-I.S.I. LTD. REPORTS RESULTS

 IDAN SOFTWARE INDUSTRIES-I.S.I. LTD. REPORTS RESULTS
 RAMAT GAN, Israel, Dec. 12 /PRNewswire/ -- Idan Software Industries-


I.S.I. Ltd. (NASDAQ: IDANF) announced today the results for the nine months ended Sept. 30, 1991.
 For the nine months ended Sept. 30, 1991, sales were NIS 19,525 ($8,159), net losses were NIS 820,514 ($342,881) and net losses per share were NIS .129 ($.054). These figures are based on an exchange rate of 1 USD to 2.393 NIS.
 For the nine months ended Sept. 30, 1990, sales were NIS 234,581 ($98,028), net losses were NIS 1,304,413 ($545,095) and net losses per share were NIS .205 ($.086).
 As previously announced, the board of directors of Idan approved in principal a proposed transaction between Idan and Formula Systems (1985) Ltd., and certain shareholders of Elitec Industries (77) Ltd., a subsidiary of Formula, pursuant to which Idan will issue 1,500,000 ordinary shares to Formula in consideration for U.S. $300,000 and Idan will issue 15,000,000 ordinary shares to Formula and certain Elitec shareholders in exchange for 751,000 ordinary shares of Elitec. As a result of the transaction, Idan will own approximately 50.02 percent of the outstanding ordinary shares of Elitec, and Formula and the other Elitec shareholders participating in the transaction will own approximately 72 percent of the outstanding ordinary shares of Idan.
 Consummation of the transaction by Idan is subject to various conditions.
 IDAN SOFTWARE INDUSTRIES I.S.I. LTD.
 A. Consolidated Income Statement Data:
 Adjusted Convenience translation
 New Israeli Shekels into U.S. dollars
 Nine months
 ended Sept. 30; 1991 1990 1991 1990
 (unaudited) (unaudited)
 Net sales and revenues 19,525 234,581 8,159 98,028
 Net loss 820,514 1,304,413 342,881 545,095
 Loss per share 0.129 0.205 0.054 0.086
 Weighted avg. number of
 shares outstanding 6,355,000 6,355,000 6,355,000 6,355,000
 B. Consolidated Balance Sheet Data:
 Adjusted Convenience translation
 New Israeli Shekels into U.S. dollars
 Sept. 30 Dec. 31 Sept. 30 Dec. 31
 1991 1990 1991 1990
 (unaudited) (audited) (unaudited) (audited)
 Working capital 2,052,243 2,860,353 857,603 1,195,300
 Shrhldrs' equity 2,265,702 3,086,217 946,804 1,289,685
 -0- 12/12/91
 /CONTACT: Michael Temkin, president and CEO of Idan Software Industries-I.S.I. Ltd. in Israel, 011-972-3-728-452/
 (IDANF) CO: Idan Software Industries-I.S.I. Ltd. ST: IN: CPR SU: ERN FC-KD -- NY060 -- 2018 12/12/91 14:28 EST
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Publication:PR Newswire
Date:Dec 12, 1991
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