TEL AVIV, Israel, June 5 /PRNewswire-FirstCall/ -- Elbit Medical Imaging Ltd. (“EMI” or the “Company”) today announced its consolidated results for the First quarter of 2006.
Net Income for the First quarter of 2006 totaled NIS 8.1 million (US $1.7 million), compared with a net loss of NIS 10.9 million in the corresponding period of 2006.
Revenues for the First quarter of 2006 totaled NIS 200.6 million (US $43 million), compared with revenues of NIS 151.3 million in the corresponding period of 2006.
Mr. Shimon Yitzhaki, President of Elbit Medical Imaging commented: “As preparation for the Company’s accelerated investment plan, debentures amounting to NIS 460 million were successfully issued by the Company during the reported quarter, in addition after the balance sheet date the company made a further expansion of its cash flow and capital resources by way of selling dormant shares in an aggregate total amount of NIS 60 million. The Company’s share capital following such transactions exceeds NIS 1 billion, and same following a dividend distribution of approximately NIS 130 million during the first quarter of 2006.
“The ongoing improvement in its working capital, represents liquidity deriving from various business transactions executed by the Company as well as from the aforementioned financing ones. These results allow the Company to exploit business opportunities it currently explores.”
About Elbit Medical Imaging Ltd.
EMI is a subsidiary of Europe Israel (M.M.S.) Ltd. EMI’s activities are divided into three principal fields: (i) ownership, operation, management, acquisition, expansion and development of commercial and entertainment malls in Europe, primarily in Eastern and Central Europe; (ii) ownership, operation, leasing, management, acquisition, expansion and development of hotels in major European cities and ownership, operation and management of a commercial and entertainment mall in Israel through its subsidiary, Elscint Ltd.; and (iii) research and development in the image guided focused ultrasound activities through its subsidiary, InSightec Ltd.
Any forward-looking statements with respect to EMI’s business, financial condition and results of operations included in this release are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward looking statements, including, but not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development and the effect of EMI’s accounting policies, as well as certain other risk factors which are detailed from time to time in EMI’s filings with the Securities and Exchange Commission including, without limitation, Annual Report on Form 20-F for the fiscal year ended December 31, 2004, filed with the Securities and Exchange Commission on June 30, 2005 and EMI’s Registration Statement on Form F-4/A filed with the Securities and Exchange Commission on September 23, 2005.
Company Contact Investor Contact Shimon Yitzhaki Kathy Price Elbit Medical Imaging Ltd. The Global Consulting Group (972-3) 608-6000 1-646-284-9430 syitzhaki@europe-israel.comkprice@hfgcg.com Elbit Medical Imaging Ltd Consolidated Balance Sheet March 31, March 31, December March 31, 2006 2005 31,2005(*) 2006 Reported Reported Reported Reported Convenience translation (in thousand NIS) US$'000 Current Assets Cash and cash equivalents 883,584 172,943 489,344 189,407 Short-term deposits and investments 237,046 271,570 240,072 50,814 Trade accounts receivable 38,348 32,818 35,404 8,220 Receivables and other debit balances 120,742 84,992 76,680 25,883 Inventories 29,692 10,353 24,132 6,365 1,309,412 572,676 865,632 280,689 Long-Term Investments and Receivables Long-term deposits, debentures, loans and other long-term balances 88,919 111,532 62,139 19,061 Investments in investees and other companies 58,877 70,824 56,798 12,621 147,796 182,356 118,937 31,682 Real Estate and other Fixed Assets 2,958,819 3,559,082 2,758,465 634,259 Other Assets and Deferred Expenses 20,319 57,025 30,476 4,356 Assets Related to Discontinuing Operation 12,440 13,940 12,607 2,667 4,448,786 4,385,079 3,786,117 953,652 Current Liabilities Short-term credits 439,658 586,364 460,270 94,246 Suppliers and service providers 92,927 71,201 82,013 19,920 Payables and other credit balances 155,871 158,791 149,995 33,413 688,456 816,356 692,278 147,579 Long-Term Liabilities 2,730,458 2,447,071 1,902,391 585,307 Liabilities Related to Discontinuing Operation 61,668 71,237 62,430 13,219 Convertible Debentures - 62,159 - Options in a subsidiary 3,567 - 1,186 765 Minority Interest 9,387 414,674 11,449 2,012 Commitments, Contingencies, Liens and Collaterals Shareholders’ Equity 955,250 635,741 1,054,224 204,770 4,448,786 4,385,079 3,786,117 953,652 (*)Restated due to change in accounting standard Elbit Medical Imaging Ltd. Consolidated Statement of Operations Three months Year Three ended ended months March 31 Dec ended 2006 2005(*) 31 March 31 Reported Reported 2005(**) 2006 Reported Reported Convenience translation (in thousand NIS) US$'000 (Except for per-share data) Revenues Sale of real estate assets and investments, net 39,040 32,010 281,661 8,369 Commercial centers operations 24,535 51,837 142,957 5,259 Hotels operations and management 76,322 54,543 270,057 16,361 Sale of medical systems 18,989 9,615 75,713 4,071 Realization of investments - - 1,958 - Other operational income 12,333 3,305 44,409 2,644 Other income 29,387 - 6,299 200,606 151,310 816,755 43,002 Costs and expenses Commercial centers operations 33,851 46,660 157,640 7,256 Hotels operations and management 73,803 52,287 259,293 15,821 Cost and expenses of medical systems operation 15,078 7,700 50,374 3,232 Other operational expenses 16,002 6,169 46,793 3,430 Research and development expenses, net 15,058 11,559 59,796 3,228 General and administrative expenses 13,314 13,495 36,939 2,854 Share in losses of associated companies, net 2,272 2,145 12,028 487 Financial expenses, net 37,652 32,772 122,321 8,071 Other expenses 1,910 4,674 57,106 409 208,940 177,461 802,290 44,789 Profit (loss) before income taxes (8,334) (26,151) 14,465 (1,786) Income taxes (tax benefits) 2,905 793 7,798 623 Profit (loss) after income taxes (11,239) (26,944) 6,667 (2,409) Minority interest in results of subsidiaries, net 4,080 17,121 73,795 875 Profit (loss) from continuing operation (7,159) (9,823) 80,462 (1,535) Profit from discontinuing operation, net 15,255 (543) 5,917 3,270 cumulative effect of accounting change at the beginning of the year - (605) (622) - Net income (loss) 8,096 (10,971) 85,757 1,735 Earnings (loss) per share - (in NIS) Basic earnings (loss) per share: From continuing operation (0.29) (0.45) 3.61 (0.06) From discontinuing operation 0.61 (0.02) 0.27 0.13 Cumulative effect for the beginning of the year due to a change in accounting method - (0.03) (0.03) - Basic earnings (loss) per share 0.32 (0.50) 3.85 0.07 Diluted earnings (loss) per share 0.32 (0.50) 3.85 0.07 (*) Reclassified (**)Restated due to change in accounting standard Elbit Medical Imaging Ltd Statement of Shareholders’ Equity Cumulative foreign currency translation Share Capital adjustments Capital reserves Retained Gross earnings Amount (In thousand NIS) Balance - December 31, 2004 (reported amounts) 33,651 484,218 50,618 259,056 827,543 - - - - - - - - - - Net income for the year - - - 85,757 85,757 Issue of shares to the minority shareholders of Elscint 3,479 288,728 - - 292,207 Exercise of warrants 350 15,645 - - 15,995 Differences from translation of autonomous foreign entities’ financial statements - - 23,806 - 23,806 Dividend paid - - - - - Repayment of loans as a result of the realization by employees of rights to shares - - - - - Loans to employees of Elscint in relation to shares issued as part of the merger - - - - - Employee shares premium - 573 - - 573 Declared dividend in respect of shareholders outside the group, other than employees - - - (124,160) (124,160) 37,480 789,164 74,424 220,653 1,121,721 Cumulative effect of accounting change at the beginning of the year - - (6,552) (3,688) (10,240) Balance - - - - - - December 31, 2005 (reported amounts) 37,480 789,164 67,872 216,965 1,111,481 Net income for the period - - - 8,096 8,096 Exercise of options 28 1,105 - - 1,133 Differences from translation of autonomous foreign entities’ financial statements - - 5,495 - 5,495 Dividend paid - - - - - Repayment of loans as a result of the realization by employees of rights to shares - - - - - Employee shares premium - 1,509 - - 1,509 March 31, 2006 (reported amounts) 37,508 791,778 73,367 225,061 1,127,714 Elbit Medical Imaging Ltd Statement of Shareholders’ Equity Loans to Dividend employees declared to after acquire balance Treasury Company sheet stock Shares date Total (In thousand NIS) Balance - December 31, 2004 (reported amounts) (162,383) (15,130) 153,938 803,968 - - - - - - - - Net income for the year - - - 85,757 Issue of shares to the minority shareholders of Elscint - - - 292,207 Exercise of warrants - - - 15,995 Differences from translation of autonomous foreign entities’ financial statements - - - 23,806 Dividend paid - - (153,938) (153,938) Repayment of loans as a result of the realization by employees of rights to shares - 6,781 - 6,781 Loans to employees of Elscint in relation to shares issued as part of the merger - (10,112) - (10,112) Employee shares premium - (573) - - Declared dividend in respect of shareholders outside the group, other than employees - - 124,160 - (162,383) (19,034) 124,160 1,064,464 Cumulative effect of accounting change at the beginning of the year - - - (10,240) Balance - - - - - December 31, 2005 (reported amounts) (162,383) (19,034) 124,160 1,054,224 Net income for the period - - - 8,096 Exercise of options - - - 1,133 Differences from translation of autonomous foreign entities’ financial statements - - - 5,495 Dividend paid - - (124,160) (124,160) Repayment of loans as a result of the realization by employees of rights to shares - 10,462 - 10,462 Employee shares premium - (1,509) - - March 31, 2006 (reported amounts) (162,383) (10,081) - 955,250 Cumulative foreign currency translation Share Capital adjustments Capital reserves Retained Gross earnings Amount Convenience translation into US$'000 December 31, 2005 (reported amounts) 8,034 169,167 14,549 46,509 238,260 Net income for the period - - - 1,735 1,735 Exercise of options 6 237 - - 243 Differences from translation of autonomous foreign entities’ financial statements - - 1,178 - 1,178 Dividend paid - - - - - Repayment of loans as a result of the realization by employees of rights to shares - - - - - Employee shares premium - 323 - - 323 March 31, 2006 (reported amounts) 8,040 169,727 15,727 48,245 241,739 Loans to Dividend employees declared to after acquire balance Treasury Company sheet stock Shares date Total Convenience translation into US$'000 December 31, 2005 (reported amounts) (34,809) (4,080) 26,615 225,986 Net income for the period - - - 1,735 Exercise of options - - - 243 Differences from translation of autonomous foreign entities’ financial statements - - - 1,178 Dividend paid - - (26,615) (26,615) Repayment of loans as a result of the realization by employees of rights to shares - 2,243 - 2,243 Employee shares premium - (323) - - March 31, 2006 (reported amounts) (34,809) (2,161) - 204,770
Elbit Medical Imaging Ltd.
CONTACT: Shimon Yitzhaki of Elbit Medical Imaging Ltd., +972-3-608-6000,or syitzhaki@europe-israel.com; or Kathy Price of The Global ConsultingGroup, +1-646-284-9430, or kprice@hfgcg.com
