Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company
with experience in acquiring interests in various businesses with
emphasis in recent years on energy, chemical and related fields,
today announced financial results for the second quarter ended June
30, 2011.
For the quarter ended June 30, 2011, Ampal recorded revenues of
$142.7 million, compared to revenues of $119.6 million for the
corresponding period in 2010.
Net loss for the quarter was ($39.3) million, or ($0.7) per
basic and diluted share, compared to a net loss of $(2.8) million,
or ($0.05) per basic and diluted share, for the corresponding
period in 2010.
The net loss for the quarter ended June 30, 2011 includes a $9.7
million impairment charge of EMG ($16.9 million including the non
controlling shareholders holdings), a $14.1 million evaluation
allowance, the unfavorable impact of approximately $5.2 million due
to the effect of a translation loss resulting from the depreciation
of the U.S. Dollar against the New Israeli Shekel and an increase
of the Israeli Consumer Price Index. Also included are accounting
losses totaling approximately $1.6 million from the Price Purchase
Allocation and intangible asset amortizations of Ampal and Ampal's
holdings. Excluding these items, there was a loss of approximately
($8.7) million for the quarter.
Ampal also noted that for the six-month period ended June 30,
2011, Ampal recorded revenues of $279.2 million compared to
revenues of $241.3 million for the corresponding period of
2010.
Net loss for the six-month period ended June 30, 2011 increased
to ($22.1) million, or ($0.39) per basic and diluted share,
compared to a net loss of ($10.0) million, or ($0.18) per basic and
diluted share, for the corresponding period in 2010.
The net loss for the six-month period ended June 30, 2011
includes a $9.7 million impairment charge of EMG ($16.9 million
including the noncontrolling shareholders' holdings), a $14.1
million evaluation allowance, the unfavorable impact of
approximately $9.2 million due to the effect of a translation loss
resulting from the depreciation of the U.S. Dollar against the New
Israeli Shekel and an increase of the Israeli Consumer Price Index.
Also included are accounting losses totaling approximately $4.5
million from the Price Purchase Allocation and intangible asset
amortizations of Ampal and Ampal's holdings. Excluding these items,
there was a gain of approximately $15.4 million for the six-month
period ended June 30, 2011.
As of June 30, 2011, the Company had cash, cash equivalents,
other financial investments and deposits of $144.8 million.
Ampal ended the quarter with total assets of $1,035.3 million
and shareholders' equity of $164.4 million, as compared to $1,397.7
million and $185.2 million at December 31, 2010, respectively.
Gadot Chemical Tankers and Terminals Ltd. ("Gadot") results for
the quarter ended June 30, 2011 were as follows:
- Revenues of $139.6 million, an increase of 18% compared to the
second quarter of 2010.
- Adjusted EBITDA increased to approximately $9 million compared
to approximately $6 million in the second quarter of 2010.
COMPANY'S PRESENTATION
The Company's investment presentation will be available
via the Internet at the Company's website at
http://www.ampal.com.
CONFERENCE CALL
Ampal's management will be hosting conference calls to discuss
the second quarter results, as detailed below:
The English call will take place on Friday,
August 5th, at 16:00 Israel time (09:00 AM ET).
To access the conference call, participants are welcome to use
the following access numbers:
U.S. Dial in number -
1-888-407-2553
UK Dial in number -
0-800-917-5108
Israel and International Dial in number - + 972-3-9180609
The Hebrew call will take place on Sunday,
August 7th, at 11:00 Israel time (04:00 AM ET).
To access the conference call, participants are welcome to use
the following access number: +972-3-9180610
A replay of the calls will be available on Ampal's web site
(www.ampal.com) approximately three hours after both conference
calls are completed.
|
FINANCIAL HIGHLIGHTS |
|
(In thousands, except earnings
per share) |
|
Three Months Ended |
Six Months Ended |
|
June 30, |
June 30, |
|
(Unaudited) |
(Unaudited) |
|
2011 |
2010 |
2011 |
2010 |
Revenues |
142,687 |
119,650 |
279,240 |
241,346 |
Net (loss) gain |
(39,343) |
(2,842) |
(22,097) |
(9,972) |
Basic EPS (loss) gain per Class A
share |
(0.70) |
(0.05) |
(0.39) |
(0.18) |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2011 |
|
December 31, 2010 |
|
Total Assets |
1,035,279 |
|
1,397,675 |
|
Ampal's Shareholders' Equity |
164,406 |
|
185,225 |
|
|
|
|
|
|
|
|
|
RECONCILIATION OF REVENUES AND
EXPENSES TO ADJUSTED EBITDA FOR GADOT (U.S. Dollars in
millions) |
|
Six Months Ended |
Six Months Ended |
Three Months Ended |
Three Months Ended |
|
June 30, 2011 |
June 30, 2010 |
June 30, 2011 |
June 30, 2010 |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Revenues |
274 |
236 |
139 |
118 |
Expenses |
249 |
216 |
123 |
108 |
Profit |
25 |
20 |
16 |
10 |
Marketing, sales, general, administrative and
other expenses |
(22) |
(18) |
(12) |
(8) |
|
|
|
|
|
Depreciation and amortization |
10 |
8 |
4 |
4 |
EBITDA |
13 |
10 |
8 |
6 |
Non-recurring and stock compensation
expenses |
1 |
1 |
1 |
* |
Adjusted EBITDA |
14 |
11 |
9 |
6 |
|
|
|
|
|
* Less than 1. |
|
|
|
|
Adjusted EBITDA is defined as earnings before interest,
income tax provision, depreciation and amortization, adjusted for
non recurring expenses.Management believes adjusted EBITDA for
Gadot to be a meaningful indicator of its performance that provides
useful information to investors regarding its financial condition
and results of operations. Presentation of adjusted EBITDA is a
non-GAAP financial measure commonly used by management to measure
operating performance. While management considers adjusted EBITDA
to be an important measure of comparative operating performance, it
should be considered in addition to, but not as a substitute for,
net income and other measures of financial performance reported in
accordance with Generally Accepted Accounting Principles. Adjusted
EBITDA does not reflect cash available to fund cash requirements.
Not all companies calculate adjusted EBITDA in the same manner, and
the measure as presented may not be comparable to similarly-titled
measures presented by other companies.
About Ampal:
Ampal and its subsidiaries acquire interests primarily in
businesses located in the State of Israel or that are
Israel-related. Ampal is seeking opportunistic situations in a
variety of industries, with a focus on energy, chemicals and
related sectors. Ampal's goal is to develop or acquire majority
interests in businesses that are profitable and generate
significant free cash flow that Ampal can control. For more
information about Ampal please visit our web site at www.ampal.com.
The Ampal-American Israel Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9750
Safe Harbor Statement
Certain information in this press release includes
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) and information
relating to Ampal that are based on the beliefs of management of
Ampal as well as assumptions made by and information currently
available to the management of Ampal. When used in this press
release, the words "anticipate," "believe," "estimate," "expect,"
"intend," "plan," and similar expressions as they relate to Ampal
or Ampal's management, identify forward-looking statements. Such
statements reflect the current views of Ampal with respect to
future events or future financial performance of Ampal, the outcome
of which is subject to certain risks and other factors which could
cause actual results to differ materially from those anticipated by
the forward-looking statements, including among others, the
economic and political conditions in Israel, the Middle East,
including the situation in Iraq and Egypt, and the global business
and economic conditions in the different sectors and markets where
Ampal's portfolio companies operate. Should any of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results or outcome may vary from those described
herein as anticipated, believed, estimated, expected, intended or
planned. Subsequent written and oral forward-looking statements
attributable to Ampal or persons acting on its behalf are expressly
qualified in their entirety by the cautionary statements in this
paragraph. Please refer to the Ampal's annual, quarterly and
periodic reports on file with the SEC for a more detailed
discussion of these and other risks that could cause results to
differ materially. Ampal assumes no obligation to update or revise
any forward-looking statements.
CONTACT: AMPAL-AMERICAN ISRAEL CORPORATION
Irit Eluz
CFO - SVP Finance & Treasurer
1 866 447 8636
irit@ampal.com
KM/KCSA - Investor Relations
Roni Gavrielov
011-972-3-516-7620
roni@km-ir.co.il
Jeff Corbin / Adam Pollack
212-896-1214 / 212-896-1232
jcorbin@kcsa.com / apollack@kcsa.com
PM-PR Media consultants
Zeev Feiner
011-972-50-790-7890
z@pm-pr.com
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