-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Amq5IyNV4ik1ljbvDk9Q+A4HYUm0YigjGUIQPH7oJe/gy9c6wfIukroQ3Jk9euxD X3fS8rm7RJyBILzs5k4pcA== 0000922423-04-001528.txt : 20040915 0000922423-04-001528.hdr.sgml : 20040915 20040915123057 ACCESSION NUMBER: 0000922423-04-001528 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040901 FILED AS OF DATE: 20040915 DATE AS OF CHANGE: 20040915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELSCINT LTD CENTRAL INDEX KEY: 0000032522 STANDARD INDUSTRIAL CLASSIFICATION: ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08781 FILM NUMBER: 041031078 BUSINESS ADDRESS: STREET 1: 13 MOZES STREET CITY: TEL AVIV ISRAEL STATE: L3 ZIP: 67442 BUSINESS PHONE: 01197236086011 MAIL ADDRESS: STREET 1: 13 MOZES STREET CITY: TEL AVIV ISRAEL STATE: L3 ZIP: 67442 6-K 1 kl09028_6-k.txt FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 -------------------------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of September, 2004 Commission File Number_____ ----------- ELSCINT LIMITED (Translation of Registrant's Name Into English) 13 NOAH MOZES STREET, TEL AVIV 67442, ISRAEL (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F X Form 40-F --- --- (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X --- --- (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .) --------------- 1 EXPLANATORY NOTE Attached are the following exhibits: 99.1 Press release, released publicly on June 1, 2004. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ELSCINT LIMITED (Registrant) Date: September 15, 2004 By: /s/ Rachel Lavine -------------------------- Name: Rachel Lavine Title: President EX-99 2 kl09028_ex99-1.txt EXHIBIT 99.1 PRESS RELEASE [GRAPHIC OMITTED] ELSCINT LTD. REPORTS FIRST QUARTER 2004 RESULTS ----------------------------------------------- Tel Aviv, Israel - June 1, 2004- Elscint Ltd. (NYSE: ELT), a subsidiary of Elbit Medical Imaging Ltd. (NASDAQ: EMITF), today announced its results for the quarter ended March 31, 2004. First Quarter Results Consolidated revenues for the first quarter of 2004 were NIS 66.1 million ($14.6 million) compared with NIS 42.4 million reported in the corresponding quarter last year. Revenues from operating and managing hotels increased to NIS 52.1 million ($11.5 million) compared to NIS 39.0 million for the same quarter last year. This increase is attributed mainly to (i) an increase in London hotel revenues; (ii) an increase in revenues from the Astrid Park Plaza hotel in Belgium, associated with its newly opened Aquatopia attraction; and (iii) an increase in revenues from the apartment hotel in Bucuresti Romania, due to an increase in renovated apartments available for use. In addition, the devaluation of the NIS against the UK pound and the Euro has caused an increase in the reported amounts of revenues from hotels. Revenues include NIS 10.8 million ($2.4 million) from the Arena commercial and entertainment center in Marina Herzlia, Israel, which commenced operations in June 2003. Gross profit for the first quarter of 2004 was NIS 19.7 million ($4.4 million) compared with NIS 14.4 million in the corresponding quarter of 2003. The increase in gross profit is principally derived from an increase in the revenues of our hotel segment mentioned above. Operating loss in the first quarter of 2004 was NIS 4.9 million ($1.1 million) compared with NIS 6.6 million for the first quarter of last year. This improvement is due to the increase in gross profit mentioned above, offset in part by an increase in selling and marketing expenses attributable to the commencement of operations at the Arena entertainment and commercial center. Loss from continuing operations for the first quarter of 2004 was NIS 20.1 million ($4.4 million), or NIS 1.20 ($0.27) basic loss per share, compared with of NIS 17.6 million, or NIS 1.05 basic loss per share, for the same quarter last year. The increase in loss from continuing operation results primarily from finance expenses net, of NIS 11.5 million ($2.6 million), compared with NIS 5.8 million in the same quarter of last year. This increase is mainly attributable to devaluation of the NIS against the US dollar in the first quarter of 2004. Loss from discontinuing operations for the first quarter of 2004 was NIS 1.2 million ($0.3 million), or NIS 0.07 ($0.02) basic loss per share, compared with net income from discontinued operation of NIS 4.1 million or NIS 0.24 basic earnings per share, for the first quarter last year. Net loss for the first quarter of 2004 was NIS 21.3 million ($4.7 million), or NIS 1.27 ($0.29) basic loss per share, compared with NIS 13.5 million, or NIS 0.81 basic loss per share, for the same quarter last year. Elscint Limited has interests in hotels in Western Europe, in hotel development projects principally in Western and Central Europe and in Arena commercial and entertainment center in Israel. This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. For Further Information: Company Contact Investor Contact Marc Lavine Rachel Levine Elscint, Ltd. The Anne McBride Company +972-3-608-6011 +212-983-1702 x.207 Mlavine@elscint.net rlevine@annemcbride.com Financial Tables Follow ELSCINT LIMITED AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS (1)
Convenience March 31, translation -------------------- December 31, March 31, 2004 2003 2003 2004 ------- ------- ------------ ------------ (Unaudited) (Audited) (Unaudited) -------------------- ------------ ------------ U.S.$ Adjusted NIS (thousands) (thousands) ----------------------------------- ------------ ASSETS Current Assets Cash and cash equivalents 70,315 92,568 98,460 15,529 Short-term investments and deposits 161,669 156,645 164,571 35,704 Accounts receivable - trade, net 19,274 18,229 17,419 4,257 Other accounts receivable and prepaid expenses 24,716 22,629 30,432 5,458 Hotels inventories 2,982 2,331 2,865 659 --------- --------- --------- ------- 278,956 292,402 313,747 61,607 --------- --------- --------- ------- Long-Term Accounts And Investments Investments, loans and long-term receivables, 81,808 334,711 79,791 18,067 net Investment in affiliated company 23,648 27,924 24,340 5,223 --------- --------- --------- ------- 105,456 362,635 104,131 23,290 --------- --------- --------- ------- Fixed assets, net 2,089,475 1,662,384 2,003,427 461,456 --------- --------- --------- ------- Other assets, net 9,617 14,217 10,916 2,124 --------- --------- --------- ------- Assets related to discontinuing operation 15,979 30,280 16,228 3,529 --------- --------- --------- ------- 2,499,483 2,361,918 2,448,449 552,006 ========= ========= ========= =======
(1)Prepared in accordance with Israeli GAAP. ELSCINT LIMITED AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED BALANCE SHEETS (1)
Convenience March 31, translation ---------------------- December 31, March 31, 2004 2003 2003 2004 ------ ------ ------------- ------------ (Unaudited) (Audited) (Unaudited) ---------------------- ------------- ------------ U.S.$ Adjusted NIS (thousands) (thousands) --------------------------------------- ------------ LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Short-term credits 428,303 226,925 407,599 94,590 Accounts payable - trade 45,219 45,543 56,749 9,987 Accrued liabilities 78,059 64,640 76,955 17,239 -------- -------- -------- -------- 551,581 337,108 541,303 121,816 -------- -------- -------- -------- Long-Term Liabilities Loans and other long term liabilities 896,986 913,016 850,002 198,098 Liability for employee severance benefits, net 439 655 468 97 -------- -------- -------- -------- 897,425 913,671 850,470 198,195 -------- -------- -------- -------- Liabilities related to discontinuing operations 83,382 96,169 82,217 18,415 -------- -------- -------- -------- Minority interest 29,308 29,565 28,261 6,473 -------- -------- -------- -------- Shareholders' equity 937,787 985,405 946,198 207,107 -------- -------- -------- -------- 2,499,483 2,361,918 2,448,449 552,006 ========= ========= ========= ========
(1)Prepared in accordance with Israeli GAAP. ELSCINT LIMITED AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENT OF OPERATION (1)
Convenience March 31, Translation ------------------- December 31, March 31, 2004 2003 2003 2004 -------- ------- ------------- ------------ (Unaudited) (Audited) (Unaudited) ------------------- ------------- ------------ U.S.$ Adjusted NIS (thousands) (thousands) ----------------------------------- ------------- Revenues Operating and managing hotels 52,087 38,988 189,205 11,504 Hotel leasing 3,280 3,402 13,495 724 Commercial and entertainment center 10,772 - 20,106 2,379 ------- ------- ------- ------- 66,139 42,390 222,806 14,607 ------- ------- ------- ------- Cost of revenues Hotels operations and management 34,010 27,318 128,301 7,512 Hotel leasing 857 651 3,510 189 Commercial and entertainment center 11,543 - 21,975 2,549 ------- ------- -------- ------- 46,410 27,969 153,786 10,250 -------- -------- -------- ------- Gross profit 19,729 14,421 69,020 4,357 Hotels' depreciation, amortization and operation expenses 14,470 12,913 50,432 3,196 Initiation expenses, net 177 1,144 4,303 39 Selling and marketing expenses 3,540 - 8,948 782 General and administrative expenses 6,436 6,979 29,355 1,421 -------- -------- -------- ------- Operating loss (4,894) (6,615) (24,018) (1,081) Finance expenses, net (11,462) (5,815) (41,262) (2,531) Other expenses, net (758) (2,991) (16,176) (167) -------- -------- -------- ------- Loss before income taxes (17,114) (15,421) (81,456) (3,779) Income taxes (tax benefits) 1,243 (1,323) (8,384) 275 -------- -------- -------- ------- Loss after income taxes (18,357) (14,098) (73,072) (4,054) The Company's share in loss of affiliated company (1,512) (3,565) (7,019) (334) Minority interest in (earnings) loss of a subsidiary (206) 70 746 (45) -------- -------- -------- ------- Loss from continuing Operations (20,075) (17,593) (79,345) (4,433) Net (loss) income from discontinuing operation (1,190) 4,079 12,972 (263) -------- -------- -------- ------- Loss (21,265) (13,514) (66,373) (4,696) ======== ======== ======== ========
(1)Prepared in accordance with Israeli GAAP. ELSCINT LIMITED AND SUBSIDIARY COMPANIES CONDENSED CONSOLIDATED STATEMENT OF OPERATION (1)
Convenience March 31, Translation ------------------- December 31, March 31, 2004 2003 2003 2004 -------- ------- ------------- ------------ (Unaudited) (Audited) (Unaudited) ------------------- ------------- ------------ U.S.$ Adjusted NIS (thousands) (thousands) ----------------------------------- ------------- Basic earnings (loss) per ordinary share (NIS 0.05 par value) from: Continuing operations (1.20) (1.05) (4.75) (0.27) Discontinuing operation (0.07) 0.24 0.78 (0.02) --------- -------- --------- -------- (1.27) (0.81) (3.97) (0.29) ========= ======== ========= ========
(1)Prepared in accordance with Israeli GAAP. -----END PRIVACY-ENHANCED MESSAGE-----