Net loss for the Second quarter of 2006 totaled NIS 61.7 million (US $13.89 million), compared with a net loss of NIS 30.8 million in the corresponding period of 2005.
Revenues for the Second quarter of 2006 totaled NIS 165.2 million (US $37.2 million), compared with revenues of NIS 146.1 million in the corresponding period of 2005.
Mr. Shimon Yitzhaki, President of Elbit Medical Imaging commented: "As an entrepreneur holdings company, we operate in such a business environment that our results in quarters in which we realize assets are highly positive and on the other hand, quarters in which our operation is focused on growth and expansion of our business with no realization of assets are concluded with high finance and operational expenses. The Company's results are measured through the investment's period, which generally present significant profit by its maturity."
Mr. Yitzhaki further commented: "We are currently examining various potential investments. The Company has extensive cash reserve designated for investment in our major growth engines including the shopping centers activities, hotels, the Obuda Island and the prospected investments in India".
About Elbit Medical Imaging Ltd.
EMI is a subsidiary of Europe Israel (M.M.S.) Ltd. EMI's activities are divided into four principal fields: (i) Initiation, construction, operation, management and sale of shopping and entertainment centers in Israel and in Central and Eastern Europe; (ii) Hotels ownership, primarily in major European cities, as well as operation, management and sale of same through its subsidiary, Elscint Ltd.;(iii) Investments in the research and development, production and marketing of magnetic resonance imaging guided focused ultrasound treatment equipment, through its subsidiary, InSightec Ltd. and (iv) Other activities consisting of the distribution and marketing of women's fashion and accessories through our wholly-owned Israeli subsidiary, Mango, and venture-capital investments.
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, 2005, filed with the Securities and Exchange Commission on June 30, 2006.
For Further Information: 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.com kprice@hfgcg.com
