Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company
with experience in acquiring interests in various businesses with
emphasis in recent years on energy, chemicals and related fields,
today announced financial results for the third quarter ended
September 30, 2011.
For the quarter ended September 30, 2011, revenues were $165.4
million, compared to revenues of $123.2 million for the
corresponding period of 2010.
Net loss for the quarter was ($20.2) million, or ($0.36) per
basic and diluted share compared to a net loss of ($25.8) million,
or ($0.46) per basic and diluted share, for the corresponding
period in 2010.
The net loss for the quarter ended September 30, 2011 includes a
$25.0 million impairment charge of East Mediterranean Gas Co.
("EMG") ($33.6 million including the noncontrolling shareholders'
holdings), a positive impact of approximately $9.2 million due to
the effect of a translation gain resulting from the revaluation 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
($2.9) million for the quarter1.
Ampal also noted that for the nine-month period ended September
30, 2011, revenues were $437.4 million compared to revenues of
$364.6 million for the corresponding period of 2010.
Net loss for the nine-month period was ($42.3) million, or
($0.75) per basic and diluted share compared to a net loss of
($35.8) million, or ($0.64) per basic and diluted share, for the
corresponding period in 2010.
The net loss for the nine-month period ended September 30, 2011
includes a $34.7 million impairment charge of EMG ($50.5 million
including the noncontrolling shareholders' holdings) and a $14.1
million evaluation allowance. Also included are accounting losses
totaling approximately $6.1 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
$12.6 million for the nine-month period ended September 30,
2011.
As of September 30, 2011, Ampal had cash, cash equivalents,
other financial investments and deposits of $118.9 million. Ampal
ended the quarter with total assets of $947.6 million and
shareholders' equity of $133.6 million, as compared to total assets
of $1,397.7 million and shareholders' equity of $185.2 million at
December 31, 2010.
Gadot's results for the quarter ended September 30, 2011 were as
follows:
- Revenues of $139.1 million, up by 15% compared to the third
quarter of 2010.
- Adjusted EBITDA increased to approximately $8 million compared
to approximately $6 million in the third quarter of 2010.
COMPANY'S PRESENTATION
The Company's investments 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 third quarter's results, on Wednesday, November 16th as
detailed below:
The Hebrew call will take place at 10:00 Israel time (03:00 AM
ET).
To access the conference call, participants are welcome to use
the following access number: +972-3-9180664;
The English call will take place 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 - 1-866-860-9642
UK Dial in number - 0-800-051-8913
Israel and International Dial in number: + 972-3-9180691.
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.
1 The translation loss resulting from the depreciation of the
U.S. Dollar against the New Israeli Shekel and the increase of the
Israeli Consumer Price Index and the accounting loss from the Price
Purchase Allocation and intangible asset amortizations are non-GAAP
financial measures, and a reconciliation of these measures to
translation and interest expense and depreciation and amortization
expense is provided in this press release.
|
FINANCIAL HIGHLIGHTS |
(In thousands, except earnings
per share) |
|
|
|
|
|
|
Nine Months Ended |
Three Months Ended |
|
September 30, |
September 30, |
|
(Unaudited) |
(Unaudited) |
|
2011 |
2010 |
2011 |
2010 |
Revenues |
$437,395 |
$364,562 |
$165,411 |
$123,216 |
Net loss |
($42,331) |
($35,774) |
($20,234) |
($25,802) |
Basic EPS |
($0.75) |
($0.64) |
($0.36) |
($0.46) |
loss per |
|
|
|
|
Class A share |
|
|
|
|
|
September 30, 2011 |
|
December 31, 2010 |
|
Total Assets |
$947,578 |
|
$1,397,675 |
|
Shareholders' |
$133,600 |
|
$185,225 |
|
Equity |
|
|
|
|
|
RECONCILIATION OF REVENUES AND
EXPENSES TO ADJUSTED EBITDA FOR GADOT (U.S. DOLLARS IN
MILLIONS) |
|
Three Months Ended |
Three Months Ended |
|
September 30, 2011 |
September 30, 2010 |
|
(Unaudited) |
(Unaudited) |
|
|
|
Revenues |
139 |
122 |
Expenses |
(126) |
(111) |
Profit |
13 |
11 |
Marketing, sales, general, administrative and
other expenses |
(11) |
(10) |
Depreciation and amortization |
4 |
4 |
EBITDA |
6 |
5 |
Non-recurring and stock compensation
expenses |
2 |
1 |
Adjusted EBITDA |
8 |
6 |
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.
RECONCILIATION OF TRANSLATION AND
INTEREST EXPENSES TO TRANSLATION LOSS (U.S. DOLLARS IN
MILLIONS) |
|
Nine Months Ended |
Three Months Ended |
|
September 30, |
September 30, |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
2011 |
2011 |
Translation and interest expenses
(income) |
$20 |
($10) |
Attributed to non-controlling interest |
$4 |
$9 |
Interest expense |
($24) |
($8) |
Translation loss resulting from the
depreciation of the U.S. Dollar against the New Israeli Shekel and
linkage to the Israeli Consumer Price Index |
---- |
($9) |
|
RECONCILIATION OF DEPRECIATION
AND AMORTIZATION EXPENSE TO PRICE PURCHASE ALLOCATION AND
INTANGIBLE ASSET AMORTIZATION EXPENSE (U.S. DOLLARS IN
MILLIONS) |
|
|
|
|
Nine Months Ended |
Three Months Ended |
|
September 30, |
September 30, |
|
(Unaudited) |
(Unaudited) |
|
|
|
|
2011 |
2011 |
Depreciation and amortization expense |
$15 |
$5 |
Depreciation expense |
($9) |
($3) |
Price Purchase Allocation and intangible
asset amortizations expense |
$6 |
$2 |
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 and Section 21E of the Securities
Exchange Act of 1934) 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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