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Electronics Production | November 20, 2007

Elron post net loss in Q3

Israel based Elron Electronic Industries has reported a net loss for the third quarter and for the first nine months of 2007 of $20.0 million, and $16.7 million respectively.
In the third quarter and first nine months of 2006, Elron reported a net loss of $4.4 million and $14.4 million respectively. The loss in the first nine months of 2007 was offset mainly by a gain, net of tax, of approximately $4.1 million from the sale of real estate in Carmiel, Israel, by Elron's wholly owned subsidiary, Elbit Ltd., and from a tax benefit of approximately $3.0 million, both recorded in the second quarter of 2007 and by $9.1 million gain (net of tax) from the merger between NetVision, Barak and GlobCall which was completed in the first quarter of 2007.

Elron's net loss in the third quarter and the first nine months of 2006 resulted primarily from Elron’s share in the net losses of its group companies, amounting to $7.2 million and $19.1 million, respectively.

In October 2007, Intel Capital, Intel's global investment organization, completed an $11 million investment in Jordan Valley Semiconductors Ltd, then held 27% by Elron. Following the investment, Elron holds approximately 21% of the outstanding shares of Jordan Valley, subject to adjustment based on Jordan Valley's future performance.

In November 2007, Elron invested approximately $4.2 million in NuLens Ltd as part of an aggregate financing of $8 million in which other existing shareholders also participated. Following the transaction, Elron's holdings in NuLens increased from 29% to approximately 34% of NuLens' outstanding shares.

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