HAIFA, Israel, June 1 /PRNewswire/ -- Elscint Ltd. (NYSE: ELT), a
subsidiary of Elbit Medical Imaging Ltd. (Nasdaq: EMITF), announced today its
results for the quarter ended March 31, 1999.
Net income for the first quarter of 1999 was $3.3 million or $0.20 per
share compared with net income of $1.3 million or $0.08 per share in the
corresponding quarter of 1998.
Revenues for the first quarter were $21.7 million, in which $18.9 million
were sale of sub-assemblies.
The operating loss of $3.8 million was offset by the finance income of
$3.7 million, and remaining gain from the sale of business of $2.3 million.
The balance sheet totaled $400 million and the current assets totaled
$379.1 million. The major item in the current assets are cash $79.5 million,
and investment $196.5 million.
This release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under the
Company's control which may cause actual results, performance or achievements
of the Company to be materially different from the results, performance or
other expectations implied by these forward-looking statements. These factors
include, but are not limited to, those detailed in the Company's periodic
filings with the Securities and Exchange Commission.
ELSCINT LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands of U.S. Dollars except earnings per share amounts)
Three months
ended March 31,
1999 1998
(Unaudited) (Unaudited)
Net Revenues
Net sales of systems 2,743 49,980
Net sales of sub-assemblies 18,922 9,850
Service - 21,764
Total 21,665 81,594
Cost of revenues 21,163 58,148
Gross profit 502 23,446
Research and development costs 274 4,346
Less -- Grants 88 1,621
186 2,725
316 20,721
Selling, general and administrative expenses 4,106 19,679
Operating (loss) income (3,790) 1,042
Finance income -- net 3,744 893
Other income (loss), net 487 (798)
Gain from sale of businesses 2,316 --
Income before income taxes and the
Company's share in equity in net earnings
of affiliated companies 2,757 1,137
Income Taxes (214) 263
Income before the Company's share in equity
in net earnings of affiliated companies 2,971 874
The Company's share in equity in net earnings
of affiliated companies 320 412
Net income 3,291 1,286
Other comprehensive loss related to:
Foreign currency translation adjustment (304) (188)
Unrealized losses from securities (207) --
Comprehensive income 2,780 1,098
ELSCINT LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands of U.S. Dollars except earnings per share amounts)
Three months
Ended March 31,
1999 1998
(Unaudited) (Unaudited)
Earnings per Ordinary Share
Basic earnings per ordinary share 0.20 0.08
Diluted earnings per ordinary share 0.20 0.08
Weighted average number of ordinary
shares and ordinary share equivalents
outstanding used in computing the basic
earnings per ordinary share 16,403 15,922
Weighted average number of ordinary shares
and ordinary share equivalents outstanding
used in computing the fully diluted earnings
per ordinary share 16,543 16,015
ELSCINT LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars)
March 31, December 31,
1999 1998
(Unaudited) (Audited)
ASSETS
Current Assets
Cash and cash equivalent 79,498 256,095
Accounts and notes receivable -- trade
(Less allowance of $11,409 and $11,390) 23,649 10,933
Other accounts receivable and prepaid
expenses 55,558 82,676
Deferred income taxes 7,030 4,953
Inventories:
Raw materials, work in process and finished
products 16,802 19,677
Spare parts 137 121
Investments and loans 196,457 25,512
Total current assets 379,131 399,967
Long-term Accounts and Notes Receivable Trade
(Less allowance of $1,833 and $1,870) 263 825
Others 4,148 4,217
4,411 5,042
Deferred Income Taxes -- --
Investments and Loans 37 151
Investments in Affiliated Companies 6,176 5,856
Property and Equipment
Cost 50,860 50,466
Less accumulated depreciation and
amortization 40,638 40,106
10,222 10,360
Other Assets -- Net - -
399,977 421,376
ELSCINT LIMITED AND SUBSIDIARY COMPANIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars, except number of shares and par value)
March 31, December 31,
1999 1998
(Unaudited) (Audited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term credits 2,766 8,981
Current maturities of long-term debt 12 15
Accounts payable -- trade 22,991 34,309
Accrued liabilities and deferred income 123,898 127,543
Advances from customers 416 503
Total Current Liabilities 150,083 171,351
Long-term Debt -- Net of current maturities 5,434 5,606
Deferred Income Tax Liability 160 960
Provision for Severance Pay 10,920 14,081
Less deposits in approved funds 1,197 1,211
9,723 12,870
Shareholders' Equity
Share capital:
Ordinary shares of NIS 0.05 par value,
authorized 24,000,000 shares, issued and
outstanding 16,491,073 and 16,307,413 shares
as of March 31, 1999 and December 31, 1998,
respectively 1,155 1,153
Capital surplus 154,606 153,400
Capital reserve 2,040 2,040
Retained earnings 79,123 75,832
Other comprehensive income (2,347) (1,836)
234,577 230,589
399,977 421,376
SOURCE Elscint Ltd.
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Related links:
http://www.elscint.co.il
CONTACT:
Emmanuel Gill, Chairman of the Board ,
972-4-855-0219, or Rachel Lavine, President, 972-3-696-0111, both
of Elscint Ltd.
NOTE TO EDITORS: For further information on Elscint, via
facsimile at no cost, please call 1-800-PRO-INFO and enter
company code 206 or ticker symbol ELT
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