TEL AVIV, Israel, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Ampal-American Israel Corporation (Nasdaq:AMPL), a holding company with experience in acquiring interests in various businesses with emphasis in recent years on energy, chemical and related fields, today announced financial results for the third quarter ended September 30, 2012.
For the quarter ended September 30, 2012, Ampal recorded revenues of $107.9 million, compared to revenues of $140.5 million for the corresponding period in 2011.
Net loss for the quarter was ($2.9) million, or ($1.03) per basic and diluted share, compared to a net loss of $(20.3) million, or ($7.21) per basic and diluted share, for the corresponding period in 2011 (the number of Ampal's shares was retroactively adjusted to reflect a reverse stock split (effective at 5:00 pm EDT on July 20, 2012) in accordance with Ampal's announcement dated July 16, 2012).
As of September 30, 2012, the Company had cash, cash equivalents, other financial investments and deposits of $52.7 million.
Ampal ended the quarter with total assets of $511.4 million and a capital deficiency of ($143.1) million, as compared to total assets of $846.6 million and shareholders' equity of $78.0 million at December 31, 2011.
| FINANCIAL HIGHLIGHTS | ||
| (In thousands, except earnings per share) | ||
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Three Months Ended September 30, (Unaudited) |
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| 2012 | 2011 | |
| Revenues | 107,867 | 140,458 |
| Net (loss) gain | (2,901) | (20,234) |
| Basic EPS (loss) gain per Class A share | (1.03) | (7.21) |
| September 30, 2012 | December 31, 2011 | |
| Total Assets | 511,437 | 846,609 |
| Ampal's Shareholders' Equity (capital deficiency) | (143,134) | 78,038 |
About Ampal:
Ampal and its subsidiaries acquire interests primarily in businesses located in the State of Israel or that are Israel-related. Ampal is seeking opportunistic situations in a variety of industries, with a focus on energy, chemicals and related sectors. Ampal'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.
The Ampal-American Israel Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9750
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 Egypt, 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 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.