(Nasdaq:AMPL) did not have a good year in 2000. Revenues slid by 45% and the company lost $7.9 million in the fourth quarter, compared with $4.4 million earnings in the parallel quarter of 1999.
The company ended the fourth quarter with negative revenues of $930,000, compared with $11.3 million positive revenues in the fourth quarter of 1999, generated by the sale of assets.
Revenues for the year 2000 contracted by 45% to $39.7 million. Net profit plunged to $813,000, compared with $28 million in 1999.
Earnings per share fell to 3 cents compared with $1.32 in 1999. The company lost 42 cents per share in the fourth quarter, compared with EPS of 24 cents in the parallel.
The company attributed most of the deterioration in its results to three main factors. One is the sharp drop in earnings from asset sales during 2000. A second is the diminishing value of investments. The third is that it did not sell any real estate assets.
During 1999 Ampal sold real estate to
, generating $9.5 million profit. It also netted $18.4 million, mostly from the selling its 46% stake in the Moriah hotel chain.
In 2000, the company generated $13.7 million earnings from selling holdings. Most of that, $11.2 million, derived from selling shares in
(Nasdaq:BRZE). But the company's holdings in
(Nasdaq:ARLC) forced it to write off $5.9 million.
On March 30, the company announced the sale of its share in a building at 800 Second Avenue, New York, for $33 million.