- 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 $5 million.
The Hebrew call will take place at 15:30 Israel time (08:30 AM ET).To access the conference call, participants are welcome to use the following access number: +972-3-9180650.
|The English call will take place at 16:00 Israel time (09:00 AM ET).|
|To access the conference call, participants are welcome to use the following access numbers:|
|U.S. Dial in number - 1-866-860-9642|
|UK Dial in number - 0-800-917-5108|
|Israel and International Dial in number - + 972-3-9180685|
|FINANCIAL HIGHLIGHTS (In thousands, except earnings per share)|
|Three Months Ended March 31, (Unaudited)|
|Net gain (loss)||$||17,246||($7,130||)|
|Basic and diluted EPS gain (loss) per Class A share||$||0.31||($0.13||)|
|March 31, 2011||December 31, 2010|
|RECONCILIATION OF REVENUES AND EXPENSES TO ADJUSTED EBITDA FOR GADOT (U.S. Dollars in millions)|
|Three Months Ended March 31, 2011 (Unaudited)||Three Months Ended March 31, 2010 (Unaudited)|
|Marketing, sales, general, administrative and other expenses||(10||)||(10||)|
|Depreciation and amortization||6||4|
Management believes adjusted EBITDA for Gadot to be a meaningful indicator of its performance that provides useful information to investors regarding its financial condition and results of operations. Presentation of adjusted EBITDA is a non-GAAP financial measure commonly used by management to measure operating performance. While management considers adjusted EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, net income and other measures of financial performance reported in accordance with Generally Accepted Accounting Principles. Adjusted EBITDA does not reflect cash available to fund cash requirements. Not all companies calculate adjusted EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies.
|RECONCILIATION OF TRANSLATION AND INTEREST EXPENSES TO TRANSLATION LOSS (U.S. Dollars in millions)|
|Three months ended March 31, 2011 (Unaudited)||Three month ended March 31, 2010 (Unaudited)|
|Translation and interest expenses||$||14||$||9|
|Gain (loss) from SWAP agreements||--||$||1|
|Translation loss resulting from the depreciation of the U.S. Dollar against the New Israeli Shekel and linkage to the Israeli Consumer Price Index||$||4||$||4|
|RECONCILIATION OF DEPRECIATION AND AMORTIZATION EXPENSE TO PRICE PURCHASE ALLOCATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE (U.S. Dollars in millions)|
|Three months ended March 31, 2011 (Unaudited)||Three months ended March 31, 2010 (Unaudited)|
|Depreciation and amortization expense from continuing operations||$||6||$||5|
|Depreciation and amortization expense from discontinued operations||--||$||8|
|Price Purchase Allocation and intangible asset amortizations expense||$||3||$||8|
1 Adjusted EBITDA is defined as earnings before interest, income tax provision, depreciation and amortization, adjusted for non recurring expenses. Adjusted EBITDA is a non-GAAP financial measure, and a reconciliation of adjusted EBITDA to Revenues and Expenses is provided in this press release.