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ISTEC REPORTS STRONG FOURTH QUARTER/YEAR END GAINS

 TEL AVIV, Israel, May 6 /PRNewswire/ -- Istec Industries & Technologies Ltd. (NASDAQ: ISTUF, ISTEF, ISTWF, ISTZF), which leases commercial vehicles to Israeli businesses, today reported strong gains in revenues and income for the fourth quarter and year ended Dec. 31, 1992.
 Fourth quarter net income was 109,942 New Israeli Shekels (US$39,777) or NIS .01 ($.01) per share on revenues of NIS 594,752 ($215,178) compared to a net loss of NIS 69,098 ($28,331) or NIS .01 ($.01) per share on revenues of NIS 206,420 ($74,682) for the same period last year.
 For the year, net income reached NIS 967,331 ($349,975) or NIS .13 ($.05) per share on revenues of NIS 1,450,344 ($524,726) versus a net loss of NIS 126,622 ($45,811) or NIS .03 ($.01) per share on revenues of NIS 401,177 ($145,144). Results for 1991 included a loss of NIS 76,448 ($27,658) or NIS .02 ($.01) per share from discontinued operations.
 There were 7,458,984 weighted average shares outstanding for 1992 and the fourth quarter of that year compared to 4,880,000 outstanding for 1991 and that year's fourth quarter.
 Revenues from lease and related income for 1992 amounted to NIS 1,002,088 ($362,656) compared with revenues from lease and related income for 1991 of NIS 277,199 ($100,651). The growth in revenues from lease and related income in 1992 reflects the increase in the number of vehicles leased by the company from 148 at Dec. 31, 1991, to 241 at Dec. 31, 1992, as well as the fact that the company's lease operations commenced during the second half of 1991.
 Financial income net amounted to NIS 448,266 ($162,180) for 1992, which includes a gain with respect to marketable securities of NIS 833,010 ($300,000), compared with financial income net of NIS 122,978 ($44,493) for 1991.
 At Dec. 31, 1992, the company had working capital and stockholders' equity of NIS 842,544 ($304,828) and NIS 6,736,739 ($2,437,315), respectively.
 "We're gratified by the progress achieved in 1992, and the indications are that we will be profitable for the first quarter of 1993," Avihoo Horowitz, chief executive officer, said.
 ISTEC INDUSTRIES & TECHNOLOGIES LTD.
 Consolidated Income Statement
 Three months ended 12/31/92 12/31/91 12/31/92 12/31/91
 (Adjusted NIS) (US$)
 Revenue from:
 Lease income 203,782 156,373 73,727 56,575
 Other income 22,371 46,631 8,094 16,871
 Financial income, net 368,599 3,416 133,357 1,236
 Total revenues 594,752 206,420 215,178 74,682
 General & administrative (484,810) (271,146) (175,401) (98,099)
 Profit (loss) from
 continuing operation 109,942 (64,725) 39,777 (26,538)
 Discontinued operations:
 Loss from operation -- (4,373) -- (1,582)
 Gain on disposal -- -- -- --
 Loss from discont. opers. -- (4,373) -- (1,793)
 Net gain (loss) 109,942 (69,098) 39,777 (28,331)
 Profit (loss) per share:
 From continuing operations 0.01 (0.01) 0.01 (0.01)
 From discontinued operations -- -- -- --
 Net P/L per share 0.01 (0.01) 0.01 (0.01)
 Weighted average number
 of shares outstanding 7,458,984 4,880,000 7,458,984 4,880,000
 Year ended 12/31/92 12/31/91 12/31/92 12/31/91
 (Adjusted NIS) (US$)
 Revenue from:
 Lease income 830,728 231,568 300,553 83,780
 Other income 171,350(A) 45,631 61,993 16,871
 Financial income, net 448,266(B) 122,978 162,180 44,493
 Total revenues 1,450,344 401,177 524,726 145,144
 General & administrative (483,013) (451,351) (174,751) (163,296)
 Profit (loss) from
 continuing operation 967,331 (50,174) 349,975 (18,153)
 Discontinued operations:
 Loss from operation -- (386,492) -- (139,831)
 Gain on disposal -- 310,044 -- 112,172
 Loss from discont. opers. -- (76,448) -- (27,658)
 Net gain (loss) 967,331 (126,622) 349,975 (45,811)
 Profit (loss) per share:
 From continuing operations 0.13 (0.01) 0.05 --
 From discontinued opers. -- (0.02) -- (0.01)
 Net P/L per share 0.13 (0.03) 0.05 (0.01)
 Weighted average number
 of shares outstanding 7,458,984 4,880,000 7,458,984 4,880,000
 For convenience, U.S. dollars are provided at the Dec. 31, 1992, exchange rate of NIS 2.764 to US$1.
 (A) -- Most of the other income comes from leasing activities like: car damage waiver, insurance income commission from car importers.
 (B) -- Including gain from marketable securities of NIS 833,000 ($300,000).
 -0- 5/6/93
 /CONTACT: Avihoo Horowitz, CEO of Istec, in Tel Aviv, 011-972-3-527-9754/
 (ISTUF)


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

GK-TH -- NY046 -- 5363 05/06/93 11:14 EDT
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Date:May 6, 1993
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