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AMERICAN ISRAELI PAPER MILLS LTD. REPORTS SECOND QUARTER AND SIX MONTHS RESULTS

 HADERA, Israel, August 12 /PRNewswire/ -- American Israeli Paper Mills Ltd. (AMEX: AIP) today reported financial results for the second quarter and six months ended June 30, 1993.
 Consolidated sales for the second quarter of 1993 amounted to NIS 178.4 million ($63.6 million), compared with NIS 188.0 million ($67 million) for the corresponding period last year. Consolidated sales for the first six months of 1993 amounted to NIS 364.1 million ($129.8 million), compared with sales of 367.8 million ($131.1 million) for the second half of 1992, and with NIS 390.9 million ($139.4 million) for the first six months of 1992.
 Net income for the second quarter of this year amounted to NIS 5.3 million ($1.9 million), compared with net income of NIS 4.3 million ($1.5 million) for the first quarter of 1993, and with NIS 8.8 million ($3.1 million) for the second quarter a year ago. Net income for the first half year was NIS 9.6 million ($3.4 million), compared with NIS 16.1 million ($5.7 million) for the corresponding period last year.
 Earnings per share for the second quarter of 1993 were NIS 1.41 ($0.50), compared with NIS 2.31 ($0.82) for the same period a year ago. Earnings per share for the first six months of 1993 were NIS 2.53 ($0.90) compared with NIS 4.24 ($1.51) in the same period last year.
 Mr. Y. Yerushalmi, general manager and CEO of AIPM, said that while sales had increased quantitatively, these were not reflected in the financial results. "Prices were again eroded due to the ongoing slump in the world paper industry," he said, "which is accompanied by large production surpluses resulting in increased competition at very low prices. However, this erosion was partially offset by lower production costs," he continued, "which were achieved through several measures taken to streamline operations."
 The company is currently negotiating with an international firm to establish a joint venture in the field of recycling, which includes setting-up a power station that utilizes solid waste residues.
 The company invested some NIS 16.1 million ($5.7 million) in fixed assets during the first half of 1993, mainly to improve production systems and transportation equipment.
 The company's financial assets amounted to NIS 205.3 million ($73.2 million) at June 30, 1993, compared with NIS 189.2 million ($67.4 million) at Dec. 31, 1992 and with NIS 218.6 million ($77.9 million) at June 30, 1992.
 In the beginning of July 1993 the company completed the acquisition of the business and assets (with the exception of some land) of Molett Paper Mills Ltd. for $4.05 million. Prior thereto, the company owned 63.94 percent to Molett's share capital and 84.31 percent of its voting rights. Concurrently, the company sold its aforementioned share capital and voting rights in Molett for approximately $3 million. Molett is publicly traded on the Tel Aviv Stock Exchange.
 AMERICAN ISRAELI PAPER MILLS, LTD.
 Summary of Results (Unaudited)
 Adjusted NIS and U.S. Dollars in thousands,
 except per share amounts
 Three months ended June 30 1993 1992 1993 1992
 (Adjusted NIS) (U.S. dollars)
 Net sales 178,362 187,952 $63,587 $67,006
 Net earnings 5,347 8,797 1,906 3,136
 Earnings per share 1.41 2.31 0.50 0.82
 Six months ended June 30 1993 1992 1993 1992
 (Adjusted NIS) (U.S. dollars)
 Net sales 364,109 390,897 $129,807 $139,357
 Net earnings 9,638 16,123 3,436 5,748
 Earnings per share 2.53 4.24 0.90 1.51
 Note: Adjusted New Israeli Shekel amounts have been adjusted to reflect changes in the rate of exchange between the U.S. dollar and the New Israeli Shekel as at the end of June 1993. The representative exchange rate at June 30, 1993 was NIS 2.805 equal $1.00.
 -0- 8/12/93
 /CONTACT: Philip Y. Sardoff of Green Lind & McNulty Inc., 908-686-7500/
 (AIP)


CO: American Israeli Paper Mills Ltd. ST: IN: PAP SU: ERN

LG-SO -- NY014 -- 2069 08/12/93 10:56 EDT
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Date:Aug 12, 1993
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