Elscint (NYSE: ELT), a subsidiary of Elbit Medical Imaging (Nasdaq: EMITF), announced today its results for the quarter ended September 30, 2000.
Net losses for the third quarter of 2000 were NIS 28.9 million (US$ 7.2 million), or NIS 1.73 (US$ 0.43) per share, as compared with NIS 1.9 million, or NIS 0.11 per share, for the same quarter last year. These net losses are attributable mainly to the loss from sale of business, which totaled NIS 13 million (US$ 3.2 million) compared with losses of NIS 9.1 million generated by the sale of business during the same period of the previous year, and the net finance expenses which totaled NIS 16.6 million (US$ 4.1 million) compared with net finance income of NIS 9.5 million during the same period of the previous year.
Consolidated revenues for the third quarter of 2000 were NIS 105.1 million (US$ 26.1 million), as compared with NIS 61.1 million reported in the same quarter last year. This increase in revenues is due to the two acquisitions made by the Company in September 1999 and the sale of sub-assemblies and services. Revenue increase from sale of sub-assemblies and services, totaled NIS 25.2 million (US$ 6.2 million). Revenue increase from the acquisition of hotel operations totaled NIS 15.9 million (US$ 4 million). Revenue increase from the Company's long-term construction sub-contracts in the Herzliya Marina totaled NIS 2.9 million (US$ 0.7 million). The increase in revenues attributed to the acquisition of the hotel operations is compared with the third quarter 1999 period of three weeks only since the said operation was acquired on September 9, 1999. No revenues were attributed to the Company's long-term construction sub-contracts in the Herzliya Marina, during the similar period of last year, therefore the increase in revenues for this item represents total revenues therefrom.
Net losses for the first nine-months period of 2000 were NIS 36.1 million (US$ 9 million) or NIS 2.17 (US$ 0.54) per basic and diluted share compared with net income of NIS 13.1 million or NIS 0.79, for the corresponding period of l999.
Consolidated revenues for the nine-month period ended September 30, 2000 totaled NIS 344.3 million (US$ 85.5 million) as compared with NIS 225 million reported in the nine-month period ended September 30, 1999. This increase in revenues is due to the two acquisitions made by the Company in September 1999 and the sale of sub-assemblies and services. Revenue increase form sale of sub-assemblies and services, totaled NIS 38.6 million (US$ 9.6 million). Revenue increase from the acquisition of hotel operations totaled NIS 64.8 million (US$ 16.1 million). Revenue increase from the Company's long-term construction sub-contracts in the Herzlia Marina totaled NIS 15.8 million (US$ 3.9 million). It should be noted that the increase in revenues attributed to the acquisition of the hotel operations is compared to the similar period of 1999, three weeks only, since the said operation was acquired on September 9, 1999. In addition, no revenues were attributed to the Company's long-term construction sub-contracts in the Herzliya Marina, during the parallel period of last year, therefore the increase in revenues for this item represents total revenues therefrom.
Published by Israel's Business Arena on 29 November 2000