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An article in today's HaAretz attributes most of the Q1 losses to Zisser's adventure (I would call it misadventure) in the Channel 2 tender--ten million shekels. I still believe that the main impetus in this decision was family(his eldest daughter) and not business. Well, what can you say? Deals come and go, but family is for ever. Or not.
Which reminds me of what Zisser said in a recent interview. When his involvement in Eastern Europe became ever greater, he found himself spending a great deal of time there. His wife was displeased and told him she and the children expected him home every weekend, come what may, to be with them on Friday night and to go to synagogue together. Otherwise, as far as she was concerned, he could give up the business world and return to teaching. The next day, Zisser relates, he went out and bought a corporate jet.
Mr. Shimon Yitzhaki, President of Elbit Medical Imaging commented: "The results of the first quarter of 2005 include irregular amounts of NIS 10 million (US$2.3 million), resulting from initiation expenses regarding the tender offer for Channel 2 and expenses relating to employee stock benefits. In addition, these results do not reflect the substantial profit we are expecting from the transaction with Klepierre that was recently announced. We anticipate recording that profit during fiscal years 2005 and 2006.<<<
An interesting point, in between the figures, Sale of medical systems Q12005 NIS 9,615 vs NIS 5,513 in Q12004, a hefty growth of revenues by some 75%.
All in all disappointing, as indeed reflected by the market reaction/trade. There is some hope in between the reasons/excuses, commentry given, though, therefore the fall in price will not be too severe.