http://www.businesswire.com/news/home/20091109006628/en
TEL AVIV, Israel--(Business Wire)--
Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company with
experience in acquiring interests in various businesses with emphasis in recent
years on energy and related fields, today announced financial results for the
third quarter ended September 30, 2009.
For the quarter ended September 30, 2009, revenues were $102.9 million, compared
to revenues of $145.7 million for the corresponding period of 2008.
Net loss for the quarter was ($18.1) million, or ($0.32) per basic and diluted
share compared to a net loss of ($12.6) million, or ($0.22) per basic and
diluted share, for the corresponding period in 2008.
The Company also noted that for the nine month period ended September 30, 2009,
revenues were $296.1 million compared to revenues of $427.8 million for the
corresponding period of 2008.
Net loss for the nine month period was ($19) million, or ($0.34) per basic and
diluted share compared to a net loss of ($40.3) million, or ($0.70) per basic
and diluted share, for the corresponding period in 2008.
As of September 30, 2009, the Company had cash, cash equivalents, other
financial investments and deposits of $137.2 million. Ampal ended the quarter
with total assets of $920.3 million and shareholders' equity of $223.2 million,
as compared to total assets of $935.9 million and shareholders` equity of $240.1
million at December 31, 2008.
Mr. Yosef Maiman, Chairman, President and Chief Executive Officer of Ampal said,
"The loss in the third quarter of 2009 is mainly attributed to the devaluation
of the New Israeli Shekel against the US Dollar, the increase in the Israeli
Consumer Price Index as well as interest expenses."
FINANCIAL HIGHLIGHTS
(In thousands, except earnings per share)
Nine Months Ended Three Months Ended
September 30, September 30,
(Unaudited)
(Unaudited)
2009 2008 2009 2008
Revenues $296,082 $427,779 $102,945 $145,724
Net loss ($19,041) ($40,287) ($18,131) ($12,642)
Basic EPS loss per Class A share ($0.34) ($0.70) ($0.32) ($0.22)
September 30, 2009 December 31, 2008
Total Assets $920,287 $935,917
Shareholders' Equity $223,193 $240,095
About Ampal:
Ampal and its subsidiaries acquire interests primarily in businesses located in
the State of Israel or that are Israel-related. The Company is seeking
opportunistic situations in a variety of industries, with a focus on energy and
related sectors. The Company`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.
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 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.
AMPAL-AMERICAN ISRAEL CORPORATION
Irit Eluz, CFO - SVP Finance & Treasurer, 1 866-447-8636
irit@ampal.com
or
KM/KCSA - Investor Relations
Roni Gavrielov, 011-972-3-516-7620
roni@km-ir.co.il
or
Jeff Corbin / Marybeth Csaby, 212-896-1214 / 212-896-1236
jcorbin@kcsa.com / mcsaby@kcsa.com
or
Cohen Rimon Cohen - Public Relations
Eran Yoels, 011-972-3-608-1525 or 011-972-52-440-8020
eran@rcspr.co.il
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