ILDC REPORTS THIRD QUARTER AND NINE MONTHS RESULTS.TEL AVIV Tel Aviv (tĕl əvēv`), city (1994 pop. 355,200), W central Israel, on the Mediterranean Sea. Oficially named Tel Aviv–Jaffa, it is Israel's commercial, financial, communications, and cultural center and the core of its largest , Israel--(BUSINESS WIRE)--November 30, 1995--The 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. Land Development Company Ltd., ("ILDC ILDC Independent Lumber Dealers Co-operative ILDC Incremental Length Diffraction Coefficient ") (NASDAQ/NMS: ILDCY) today announced results for the third quarter and nine months ended September September: see month. 30, 1995. Revenues for the three months ended September 30, 1995 were 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. 192.6 million (approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. US$64.3 million) compared with revenues of NIS 166.4 million (approximately US$55.6 million) for the same period last year. The company experienced a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net profit of NIS 1.2 million (approximately US$421,000) or NIS 0.04 (US $0.0l) per share for the quarter ended September 30, 1995 compared to a consolidated net loss of NIS 4.9 million (approximately US$1.6 million) for the same period last year. Revenues for the nine months ended September 30, 1995 increased to NIS 602.5 million (approximately US$201.2 million) compared to NIS 572.5 million (approximately US$191.2 million) for the same period last year. The company reported a consolidated net profit of NIS 14.7 million (approximately US$4.9 million) or NIS 0.49 (US$0.16) per share for the first nine months of the year compared to NIS 18.9 million (approximately US$6.3 million) or NIS 0.62 (US$0.21) per share for the first nine months of 1994. ILDC's total assets at September 30, 1995 were NIS 1.6 billion (approximately US$535.5 million) compared with NIS 1.5 billion (approximately US$492.6 million) at December December: see month. 31, 1994. Revenues in the Company's real estate division from real estate leasing, property management and other income were NIS 8.9 million (approximately US$3.0 million) for the three months ended September 30, 1995 compared with NIS 8.1 million (approximately US$2.7 million) for the same period last year. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. from real estate for the three months ended September 30, 1995 was NIS 6.5 million (approximately US$2.2 million) compared to NIS 5.7 million (approximately US$1.9 million) for the same period last year. For the third quarter ended September 30, 1995 the Company reported revenues of NIS 2.3 million (approximately US$770,000) from land sales compared to NIS 3.6 million (approximately US$1.2 million) for the same period last year. Operating profit from construction work reached NIS 0.4 million (approximately US$133,500) for the three months ended September 30, 1995 compared to a loss of NIS 0.5 million (approximately US$166,944) for the same period last year. The Company is still in the process of building 13 four-family and six-family residential buildings in Rishon LeZion Rishon LeZion (Hebrew: ראשון לציון, lit. first to Zion), is a city on Israel's central coastal plain, south of Tel Aviv. totaling sixty residential units. Additionally, the Company is building high-rise apartments there, totaling 176 residential units. After the balance sheet date, the Company received approval to build 43 residential housing units in the center of Jerusalem Jerusalem (jər  `sələm, –zələm), Heb. Yerushalayim, Arab. Al Quds, city (1994 pop. 578,800), capital of Israel. . Building will
commence as soon as all necessary building permits have been received,
and the project is expected to be completed in two years. Additionally,
the Company submitted a plan to build 83 residential units in Eilat Eilat: see Elat, Israel. .
The investment in this project is expected to be US$5 million. The
Company also won a tender for 55 dunams A Dunam' is a unit of area used during the Ottoman Empire. It is equivalent to forty paces in length and breadth, viz. 1000 m².This unit of measurement used in various countries has/had slight differences. of land (approximately 13.75 acres) through a 50 percent-held subsidiary. The total cost of the land was NIS 21 million (approximately US$7.0 million). One of the two other partners in this transaction is a contractor contractor n. 1) a person or entity that enters into a contract. 2) commonly, a person or entity that agrees to construct a building or to provide or install specialized portions of the construction. , and plans call for rezoning the land from tourist use to exclusive residential housing. The Company also purchased 40 dunams (approximately 10 acres) in a 50 percent partnership with a car dealership This article is about car dealerships. For the indie pop band, see Dealership (band). A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or in order to construct an automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of distribution center for imported cars. The Company's Ma'ariv Ma'ariv can refer to:
v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. mainly from expansion in all of the company's operations, and mainly from an increase in revenues from an increase in the newspaper's price and an increase in revenues from sales of advertisements in both the newspaper and magazines the Company publishes. The new printing machinery which was purchased in October October: see month. 1993 has arrived and trail runs have begun. During the fourth quarter 1995 new mail room and distribution equipment will begin operation. Cost of sales of the Ma'ariv Group for the three months ended September 30, 1995 was NIS 55.6 million (approximately US$18.6 million) a sum which is 4.7 percent higher than the cost of sales for the same period last year. This increase is mainly due to an increase of NIS 3.9 million (approximately US$1.3 million) in the cost of paper and other materials. However, cost of sales of the Ma'ariv Group for the nine months ended September 30, 1995 did not change substantially from the cost of sales for the same period last year. The increase in paper prices since the beginning of the year has been only partially felt and has been offset by a decrease in the number of papers distributed free of charge and also a decrease in the number of pages printed and the purchase of a different quality of paper. The effects of the increase in paper costs was also offset by a decrease in depreciation which previously was 6.5 percent but, as of October 1994 has been 4 percent, resulting from a re-estimation of the real period of use of the machinery and equipment. This depreciation percentage change resulted in an increase in profit of NIS 1.5 million (approximately US$500,835) for the nine months ended September 30, 1995 compared to the same period last year. Additionally, there was a decrease in other production expenses. As a result of the above, ILDC reported an operating profit of NIS 3.1 million (approximately US$1.04 million) for the third quarter ended September 30, 1995 from the Ma'ariv Group of businesses compared to a loss of NIS 1.1 million (approximately US$367,279) for the same period last year. The Company's music and book publishing book publishing. The term publishing means, in the broadest sense, making something publicly known. Usually it refers to the issuing of printed materials, such as books, magazines, periodicals, and the like. division, Hed Arzi, increased revenues 36 percent for the three months ended September 30, 1995 compared to the same period last year. This increase is mainly the result of an increase in sales of the local music catalogue and an increase in department store leisure product sales. Operating profit for the three months ended September 30, 1995 was 26 percent compared to 29 percent for the same period last year, resulting mainly from an increase in Hed Arzi's cost of sales, due to an increase in the amount of music titles distributed by the Group in which operating profit was lower due to higher user rights payments. Management and general expenses of the Hed Arzi Group increased by NIS 1.3 million (approximately US$434,057) for the three months ended September 30, 1995 compared to the same period in 1994, mainly due to expenses amounting to NIS 0.6 million (approximately US$200,334) for commencing retail operations in the Shekem department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. which began in the last quarter of 1994, and expenses amounting to NIS 0.4 million (approximately US$133,556) for operating the distribution facility for multimedia products. The remainder of these expenses is the result of payments, including depreciation expenses, commissions, advertising expenses resulting from expanding sales, and an increase in officers' salaries. ILDC's operating profit from the Hed Arzi Group for the three months ended September 30, 1995 was NIS 2.8 million (approximately US$934,891) compared to NIS 2.1 million (approximately US$701,169) for the same period last year. Hed Arzi intends to continue to increase its involvement in the multimedia business. After the balance sheet date, the company purchased 25 percent of the share capital of Miraz Multimedia Ltd. for US$600,000. Miraz represents international catalogs and is marketing multimedia software in the field of Audio Timenet. The Company's outdoor billboard advertising subsidiary had revenues of NIS 2.4 million (approximately US$801,336) for the three months ended September 30, 1995 compared with NIS 1.9 million (approximately US$634,391) for the same period last year. This division had an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the quarter ended September 30, 1995 of NIS 0.5 million (approximately US$166,945) which was substantially the same as the operating loss reported last year, and which is due mainly to market competition, intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: by the arrival of commercial television. Revenues from the Company's insurance subsidiary, I.L.D. Insurance, increased to NIS 40.9 million (approximately US$13.7 million) for the three months ended September 30, 1995 compared to NIS 37.0 million (approximately US$12.4 million) for the same quarter last year. ILDC reported an operating loss of NIS 0.03 million (approximately US$10,000) in the third quarter ended September 30, 1995 compared with an operating loss of NIS 2.3 million (approximately US$767,947) for the same period last year. The loss reported this year is less because the ratio between new sales of life insurance and total premiums decreased causing a decrease in acquisition costs, even though life insurance sales continue to increase in 1995. In addition, ILDC's decrease in operating loss from insurance is also due to a decrease in the number of stolen vehicles during the third quarter 1995 and the commencement of a differential fee structure for auto policies, and a decrease in a percentage of auto policies in relation to general policies. Revenues from the Company's hotel subsidiary, ILD (Inter Layer Dielectric) The insulation used between layers of aluminum or copper wire that interconnect the transistors in a chip. There are three to four layers in a memory chip and five to seven in a logic chip with hundreds of meters of wiring. Hotels, were NIS 18.6 million (approximately US$6.2 million) for the quarter ended September 30, 1995 compared with NIS 19.2 million (approximately US$6.4 million) for the same period last year. This decrease is the result of the Jewish Jew·ish adj. Of or relating to the Jews or their culture or religion. See Usage Note at Jew. Jew  ish·ly adv. New Year holiday season occurring in the last quarter of
1995, whereas last year these holidays fell in the third quarter.
Additionally, the Company decreased its summertime room rates at its
Eilat hotels due to increased competition. Cost of sales increased by
NIS 1.0 million (approximately US$333,890) mainly due to an increase in
depreciation expenses, maintenance fees, and room and restaurant
operations. Management, marketing and general expenses of the hotel
chain decreased in the third quarter of 1995 by 14 percent (excluding
depreciation expenses) mainly due to decreases in marketing and
advertising expenses.Revenues from the company's emergency medical care division, NATALI, were NIS 5.1 million (approximately US$1.7 million) for the three months ended September 30, 1995 out of which NIS 4.1 million (approximately US$1.4 million) was included in the profit and loss statements compared with NIS 2.5 million (approximately US$834,725) which was included last year. Total deferred revenues on September 30, 1995 were NIS 18.5 million (approximately US$6.2 million) compared to NIS 14.1 million (approximately US$4.7 million) on December 31, 1994. During the third quarter of 1995 NATALI's operating losses were NIS 0.8 million (approximately US$267,112) compared to an operating loss of NIS 3.4 million (approximately US$1.1 million) for the same period last year. NATALI expects to increase sales while leveling off its expenses. THE ISRAEL LAND DEVELOPMENT COMPANY LTD., (ILDC), founded in 1909, maintains a diversified diversified (di·verˑ·s portfolio of business enterprises including the publishing of a major Israeli daily newspaper, other forms of commercial media, insurance, real estate development, hotels and income properties. -0-
The Israel Land Development Company Ltd.
Statement of Operations
Unaudited
U.S. Dollars in thousands, except share and per share data
Nine Months Ended Three Months Ended Year Ended
9/30/95 9/30/94 9/30/95 9/30/94 12/31/94
Revenues $201,159 $191,154 $ 64,318 $ 55,571 $252,115 Expenses 191,981 183,226 63,331 57,747 244,137 Income before taxes 9,178 7,928 987 (2,176) 7,978 Income taxes 5,289 2,835 1,041 120 4,246 Company's share in gains (Losses) of subsidiaries and affiliated companies, net 1,505 546 697 248 697 Minority interest in losses of consolidated subsidiaries (478) 698 (222) 425 1,380 Net income (loss) 4,916 6,337 421 (1,623) 5,809 Net income per share 0.16 0.21 0.01 (0.06) 0.38 Shares outstanding 28,268,823 28,268,823 28,268,823 28,268,823 28,268,823 (a) All U.S. $ figures represent convenience translations using an exchange rate of 2,995 New Israeli Shekels (NIS) to U.S. $1.00 as of Sept. 30, 1995. CONTACT: The Israel Land Development Company Ltd. Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Weissberg Chief Financial Officer 972-3520-0224 or Ruder Finn Ruder Finn is an United States public relations firm founded in 1948 by David Finn and William Ruder. Ruder Finn is a privately held, family-owned company that employs more than 450 people. , Inc. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. D. Ferris/Steven Curtis 212-715-1573/212-593-6319 |
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