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Ampal-American Israel Corporation Reports Second Quarter 2010 Financial Results

Ampal-American Israel Corporation (Nasdaq: AMPL), a holding company with experience in acquiring interests in various businesses with emphasis in recent years on energy, communications and related fields, today announced financial results for the first quarter ended June 30, 2010.

For the quarter ended June 30, 2010, Ampal recorded revenues of $207.1 million, compared to revenues of $95.3 million for the corresponding period in 2009.

Net loss for the quarter was ($1.2) million, or ($0.02) per basic and diluted share, compared to a net loss of ($13.4) million, or ($0.24) per basic and diluted share, for the corresponding period in 2009.

Ampal also noted that for the six-month period ended June 30, 2010, Ampal recorded revenues of $371.8 million compared to revenues of $206.0 million for the corresponding period of 2009.

Net loss for the six-month period ended June 30, 2010 increased to ($10.0) million, or ($0.18) per basic and diluted share, compared to a net loss of ($0.9) million, or ($0.02) per basic and diluted share, for the corresponding period in 2009.

As of June 30, 2010, the Company had cash, cash equivalents, other financial investments and deposits of $83.6 million.

Ampal ended the quarter with total assets of $1,217.9 million and shareholders' equity of $204.0 million, as compared to $897.1 million and $235.6 million, respectively at June 30, 2009, and compared to $920.6 million and $222.0 million, respectively at December 31, 2009.

012 Smile Telecom Ltd. (“012 Smile”) results for the quarter ended June 30, 2010 were as follows:
  • For the quarter ended June 30, 2010 012 Smile showed continued growth in revenues.
  • Second quarter revenues were approximately $78 million compared to approximately $73 million in the second quarter of 2009 as reported by 012 Smile.Communications Ltd.
  • Adjusted EBITDA 1 remains stable at $17 million as in the second quarter of 2009 as reported by 012 Smile.Communications Ltd.

Gadot Chemical Tankers and Terminals Ltd. (“Gadot”) results for the quarter ended June 30, 2010 were as follows:
  • Revenues of $113 million, up by 23% compared to the second quarter of 2009.
  • Adjusted EBITDA increased to approximately $6 million compared to approximately $3 million in the second quarter of 2009.

Mr. Maiman, the Chairman, President and CEO of Ampal said, “This is the first quarter that 012 Smile was fully integrated into Ampal's financial results and operations. 012 Smile has consistently performed well and has steadily generated increasing revenues. Our focus going forward is on growing the business by carefully looking into expanding 012 Smile into new areas, including the cellular market, while maintaining the operation’s commitment to its core business."

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