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 reported its financial results for the first quarter ended March 31, 2011.
For the quarter ended March 31, 2011, revenues were $136.6 million, compared to revenues of $121.7 million for the same period in 2010.
Net profit for the quarter was $17.2 million, or $0.31 per basic and diluted share, compared to a net loss of ($7.1) million, or ($0.13) per basic and diluted share, for the corresponding period in 2010.
The profit for the quarter ended March 31, 2011 includes $34.1 million from the sale and the discontinued operations of 012 Smile and the unfavorable impact of approximately ($3.9) million due to the effect of a translation loss resulting from the depreciation of the U.S. Dollar against the New Israeli Shekel and an increase of the Israeli Consumer Price Index. Also included are accounting losses totaling approximately ($2.9) million from the Price Purchase Allocation and intangible asset amortizations of Ampal and Ampal's holdings. Excluding these items, there was a gain of approximately $24.1 million for the quarter.As of March 31, 2011, the Company had cash, cash equivalents, other financial investments and deposits of $167.2 million. Ampal ended the quarter with total assets of $1,081.9 million and shareholders' equity of $201.2 million, as compared to total assets of $1,397.7 million and shareholders’ equity of $185.2 million at December 31, 2010. Gadot Chemical Tankers and Terminals Ltd. (“Gadot”) results for the quarter ended March 31, 2011 were as follows:
- Revenues for the quarter ended March 31, 2011 increased by 14% to $135 million from $118 million compared to the same period in 2010.
- Gross profit for the quarter ended March 31, 2011 decreased by 3% to $9.2 million from $9.5 million compared to the same period in 2010.
- Adjusted EBITDA 1 remains stable at $5 million.