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Ampal-American Israel Corporation Reports Third 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 third quarter ended September 30, 2010.

For the quarter ended September 30, 2010, revenues were $205.4 million, compared to revenues of $107 million for the corresponding period of 2009.

Net loss for the quarter was ($25.8) million, or ($0.46) per basic and diluted share compared to a net loss of ($18) million, or ($0.32) per basic and diluted share, for the corresponding period in 2009.

The net loss includes the impact of translation loss resulting from the depreciation of the U.S. Dollar against the New Israeli Shekel and the increase of the Israeli Consumer Price Index of approximately ($17) million, the accounting loss from the Price Purchase Allocation and intangible asset amortizations of Ampal and Ampal's holdings in Gadot Chemical Tankers and Terminals Ltd. (“Gadot”) and 012 Smile Telecom Ltd. (“012 Smile”) of approximately ($11) million. Excluding these items, there was approximately a $2 million gain for the quarter 1.

Ampal also noted that for the nine-month period ended September 30, 2010, revenues were $577.3 million compared to revenues of $311.4 million for the corresponding period of 2009.

Net loss for the nine-month period was ($35.8) million, or ($0.64) per basic and diluted share compared to a net loss of ($19.2) million, or ($0.34) per basic and diluted share, for the corresponding period in 2009.

The net loss includes the impact of translation loss resulting from the depreciation of the U.S. Dollar against the New Israeli Shekel and the increase of the Israeli Consumer Price Index of approximately ($9) million, and the accounting loss from the Price Purchase Allocation and intangible asset amortizations of Ampal and Ampal's holdings in Gadot and 012 Smile of approximately ($30) million. Excluding these items, there was approximately a $3 million gain for the nine months ended September 30, 2010.

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