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ISTEC INDUSTRIES & TECHNOLOGIES REPORTS PROFITABLE THIRD QUARTER, NINE MONTHS

 TEL AVIV, Israel, Nov. 23 /PRNewswire/ -- Istec Industries & Technologies Ltd. (NASDAQ: ISTUF, ISTEF, ISTWF, ISTZF), which leases commercial vehicles to Israeli businesses, today reported results for the third quarter and nine months ended Sept. 30, 1993.
 Third quarter net income was NIS 168,158 ($58,714) or NIS 0.02 ($0.01) per share on revenues of NIS 365,933 ($127,770) compared to a net profit of NIS 202,806 ($70,813) or NIS 0.03 ($0.01) per share for the same period last year.
 Revenues from lease and related activities for the third quarter of 1993 amounted to NIS 559,835 ($195,473) versus NIS 344,193 ($120,179) for the prior year's like quarter. The growth in revenues and related income reflects the increase in the number of vehicles leased by the company from 222 at Sept. 30, 1992 to 281 at Sept. 30, 1993. Net financial expenses amounted to NIS 193,902 ($67,703) which includes a loss from the sale of marketable securities of NIS 23,972 ($8,370). At Sept. 30, 1993, the company had working capital and stockholders equity of NIS 1,974,392 ($689,383) and NIS 8,193,821 ($2,860,971), respectively.
 Nine months net income was NIS 631,724 ($220,574) or NIS 0.08 ($0.03) per share on revenues of NIS 1,185,020 ($413,764) compared to a net profit of NIS 926,329 ($323,439) or NIS 0.13 ($0.04) per share on revenues of NIS 1,102,349 ($384,898) for the same period last year. Revenues from lease and related activities for the nine months was NIS 1,405,065 ($490,595) compared to NIS 855,318 ($298,645) for the 1992 period. Net financial expenses for the nine months were NIS 220,045 ($76,831) which includes a gain from sale of marketable securities of NIS 347,318 ($121,270), as compared with financial income, net, of NIS 86,073 ($30,053) for the prior year like period.
 The substantial decrease in financial income, net for the third quarter and nine months of 1993, resulted primarily from a reduction in gains from marketable securities from the company's stock portfolio during this period, as well increased investment in vehicle leases during this period.
 ISTEC INDUSTRIES & TECHNOLOGIES LTD.
 Consolidated Income Statement
 Adjusted NIS U.S. Dollars
 For the Three Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenue from:
 Lease income 383,568 344,193 133,927 120,179
 Other income 176,267 (a) 5,430 61,546 1,896
 Financial income
 (expenses), net (193,902)(b) (165,157) (67,703) (57,667)
 Total 365,933 184,466 127,770 64,408
 Gen & Admin (reversal) 197,775 (18,341) 69,056 (6,404)
 Net income 168,158 202,806 58,714 70,813
 Net income per share 0.02 0.03 0.01 0.01
 Weighted average number
 of shares outstanding 7,925,455 7,380,000 7,380,000 4,880,000
 U.S. dollars are provided at the Sept. 30, 1993 exchange rate of NIS 2.864 to U.S. $1.
 (a) Most of the other income comes from leasing-related activities like car damage waiver insurance and commission from car importers.
 (b) Includes a loss from marketable securities of NIS 23,972 ($8,370) for the third quarter and a gain from the sale of marketable securities of NIS 347,318 ($121,270) for the nine months.
 Adjusted NIS U.S. Dollars
 For the Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenue from:
 Lease income 1,108,761 855,318 387,137 298,645
 Other income 296,304 (a) 160,958 103,458 56,200
 Financial income
 (expenses), net (220,045)(b) 86,073 (76,831) 30,053
 Total 1,185,020 1,102,349 413,764 384,898
 Gen & Admin 553,296 176,020 193,190 61,460
 Net income 631,724 926,329 220,574 323,439
 Net income per share 0.08 0.13 0.03 0.04
 Weighted average number
 of shares outstanding 7,925,455 7,380,000 7,925,455 7,380,000
 U.S. dollars are provided at the Sept. 30, 1993 exchange rate of NIS 2.864 to U.S. $1.
 (a) Most of the other income comes from leasing-related activities like car damage waiver insurance and commission from car importers.
 (b) Includes a loss from marketable securities of NIS 23,972 ($8,370) for the third quarter and a gain from the sale of marketable securities of NIS 347,318 ($121,270) for the nine months.
 -0- 11/23/93
 /CONTACT: Avihoo Horowitz of Istec, 011-972-3-527-9754/
 (ISTUF)


CO: Istec Industries & Technologies, Ltd. ST: IN: SU: ERN

LG -- NY029 -- 7201 11/23/93 10:38 EST
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Date:Nov 23, 1993
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