Mashov Computers

of the


(Nasdaq:FORTY) group this morning released its results for 2000.

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Mashov reported sales of NIS 109.7 million and a net loss of NIS 18.8 million for the fourth quarter of 2000, compared with sales of NIS 89.9 million in the fourth quarter of 1999, when it netted earnings of NIS 42.9 million.

Revenues for the year 2000 increased by 26% to NIS 427.9 million, and net profit grew by 53% to NIS 98.1 million.

Capital gains rose to NIS 93 million, following the Magic's reissue in early 2000. Selling its shares in the Hebrew-language portal


generated Mashov NIS 21 million.

But sales costs jumped by 44% to NIS 187.2 million, possibly because of rising salaries for programmers. In addition, R&D expenses leaped 90% to NIS 25.1 million. Management and general expenses, which in 1999 came to NIS 63.5 million, grew by 52% to NIS 96.8 million. Reorganization expenses came to NIS 10 million.

Mashov owns 22% of


, the translation-software website, and 12% of


, which provides voice-enabled services.

Mashov owns 10% of Walla, worth $500,000, and 10% of

Paradigm Geophysical

(Nasdaq:PGEO), or 200,000 shares that today are worth $1.1 million.

During the first quarter of 2001, Mashov distributed shares in

Magic Software Enterprises

(Nasdaq:MGIC) and in Makor Haformika as dividends. Makor Haformika was a defunct but still-traded company that took over the activity of the computer school Sivan.