Printer Friendly

ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS 1991 FINANCIAL RESULTS

 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS 1991 FINANCIAL RESULTS
 ACRE, Israel, March 30 /PRNewswire/ -- Electrochemical Industries (Frutarom) Ltd. (AMEX: EIF) reported today the financial results for the year ended Dec. 31, 1991.
 The company's consolidated sales for 1991 totalled $116.4 million compared to $120.7 million in 1990. This is a moderate decrease in comparison to the decline in PVC prices worldwide.
 The company's net income in 1991 totalled $0.6 million compared to $6.3 million in 1990.
 The company invested approximately $7 million in plant and equipment in 1991. Of this, some $5.5 million was invested in the Acre plant resulting in increased production capacity, improved product quality and utilization of raw materials.
 Sales at the Frutarom division continued to increase and grew by 16.4 percent over 1990. The division expanded its business through the acquisition of an Israeli manufacturer of spices for the food industry, the acquisition of a company in England which produces flavors and essences; and by investing in a new plant and equipment in its Haifa Bay site. These investments totalled $1.5 million.
 On Dec. 31, 1991, the company Frutarom division became a separate legal entity, Frutarom Ltd., a wholly owned subsidiary of EIF. Significant growth is foreseen in the development of the new firm, Frutarom Ltd.
 The company expressed its appreciation to the continued support of its shareholders in Israel and abroad.
 ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD.
 Adjusted for changes in the rate of exchange
 of the U.S. dollar to the Israeli currency
 as at Dec. 31, 1991 ($1 equals NIS 2.283)
 Consolidated Statement of Income
 Year ended Dec. 31,
 1991 1990 1991 1990
 (Adjusted NIS 000) (US$ 000)
 Total sales 265,668 275,574 116,368 120,707
 Income from operations
 before financing 10,449 26,408 4,578 11,567
 Financing expenses - net 10,043 14,341 4,399 6,369
 Income after financing 406 11,867 179 5,198
 Income before taxes on
 income 2,011 12,993 883 5,691
 Total taxes on income 637 (1,401) 281 (614)
 Net income for the period 1,374 14,394 602 6,305
 Net income per NIS 1
 nominal value NIS 0.06 NIS 0.61 0.03 0.32
 Consolidated Balance Sheet
 12/31/91 12/31/90
 US$ 000 NIS 000 NIS 000
 ASSETS:
 Current assets 45,312 103,449 127,255
 Long term investments
 and deposit 13,166 30,057 13,059
 Fixed assets - net 59,927 136,813 135,560
 Deferred expenses 2,900 6,620 6,385
 Total 121,305 276,939 282,259
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current liabilities 27,416 62,589 75,979
 Long-term debt 23,318 53,239 49,329
 Provisions for deferred
 taxes on income & other 12,077 27,569 27,003
 Convertible debentures 19,761 45,115 42,895
 Shareholders' equity 38,733 88,427 87,053
 Total 121,305 276,939 282,259
 -0- 3/30/92
 /CONTACT: Electrochemical Industries (Frutarom) public relations, in Israel, 04-851497/
 (EIF) CO: Electrochemical Industries (Frutarom) Ltd. ST: IN: SU: ERN


GK-OS -- NY016 -- 2744 03/30/92 09:34 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1992
Words:519
Previous Article:NEW UNEMPLOYMENT FRAUD PENALTIES GO INTO EFFECT APRIL 1
Next Article:PAGENET FILES REGISTRATION STATEMENTS TO OFFER NOTES AND COMMON STOCK
Topics:


Related Articles
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) REPORTS FIRST QUARTER RESULTS
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS SECOND QUARTER AND SIX MONTHS RESULTS
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS THIRD QUARTER AND NINE-MONTH RESULTS
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS YEAR-END RESULTS FOR THE YEAR 1992
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS ON LABOR DISPUTE
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD. REPORTS FIRST QUARTER RESULTS FOR 1993
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) TO ACQUIRE MEER
ELECTROCHEMICAL INDUSTRIES (FRUTAROM) LTD (EIF) REPORTS ON RECEIPT BY FRUTAROM LTD. OF ISRAELI STANDARD 2002, INTERNATIONAL STANDARD ISO-9002
Frutarom acquires Oxford Chemicals.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters