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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 10-Q
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2001
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
For the transition period from to
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Commission file number 0-538
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AMPAL-AMERICAN ISRAEL CORPORATION
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(Exact Name of Registrant as Specified in Its Charter)
New York 13-0435685
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
1177 Avenue of the Americas, New York, New York 10036
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(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (212) 782-2100
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Former Name, Former Address and Former Fiscal Year, If Changed Since Last
Report.
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--------- ---------
The number of shares outstanding of the issuer's Class A Stock, its only
authorized common stock, is 19,152,478 (as of April 30, 2001).
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
Index to Form 10-Q
Page
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Part I Financial Information
Item 1. Financial Statements
Consolidated Statements of Income.......................... 2
Consolidated Balance Sheets................................ 3
Consolidated Statements of Cash Flows...................... 5
Consolidated Statements of Changes in Shareholders'
Equity................................................... 7
Consolidated Statements of Comprehensive Income............ 9
Notes to the Consolidated Financial Statements............. 10
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..................... 12
Item 3. Quantitative and Qualitative Disclosures About
Market Risks............................................ 13
Part II Other Information.......................................... 15
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ITEM 1. FINANCIAL STATEMENTS
AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED MARCH 31, 2001 2000
--------------------------------------------------------------------------------------------------
(Dollars in thousands, except per share amounts) (Unaudited) (Unaudited)
REVENUES
Equity in earnings of affiliates............................ $ 843 $ 2,866
Interest.................................................... 215 374
Real estate income.......................................... 3,123 2,173
Realized and unrealized (losses) gains on
investments............................................... (866) 3,243
Gain on sale of real estate rental property................. 7,971 -
Other....................................................... 559 2,099
-------- ---------
Total revenues......................................... 11,845 10,755
-------- ---------
EXPENSES
Interest.................................................... 4,198 2,537
Real estate expenses........................................ 3,009 1,730
Loss from impairment of investments......................... 1,250 1,500
Minority interests.......................................... (735) 72
Translation (gain) loss..................................... (842) 1,053
Other....................................................... 2,151 2,022
-------- --------
Total expenses......................................... 9,031 8,914
-------- --------
Income before income taxes.................................. 2,814 1,841
Provision for income taxes.................................. 2,454 679
-------- --------
NET INCOME............................................. $ 360 $ 1,162
======== ========
Basic EPS
Earnings per Class A share................................ $ .02 $ .06
Shares used in calculation (in thousands)................. 19,142 18,520
Diluted EPS
Earnings per Class A share................................ $ .02 $ .05
Shares used in calculation (in thousands)................. 19,923 21,723
The accompanying notes are an intergral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
ASSETS AS AT 2001 2000
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(Dollars in thousands) (Unaudited)
Cash and cash equivalents................................... $ 15,960 $ 5,842
Deposits, notes and loans receivable........................ 17,106 14,804
Investments................................................. 294,870 307,600
Real estate property, less accumulated
depreciation of $6,973 and $9,310......................... 68,436 87,480
Other assets................................................ 25,426 30,902
-------- --------
TOTAL ASSETS................................................ $421,798 $446,628
======== ========
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND March 31, December 31,
SHAREHOLDERS' EQUITY AS AT 2001 2000
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(Dollars in thousands) (Unaudited)
LIABILITIES
Notes and loans payable:
Related parties........................................... $ 9,046 $ 11,605
Others.................................................... 153,930 165,938
Debentures.................................................. 22,112 24,033
Accounts and income taxes payable, accrued
expenses and minority interests........................... 81,021 80,650
-------- --------
Total liabilities...................................... 266,109 282,226
-------- --------
SHAREHOLDERS' EQUITY
4% Cumulative Convertible Preferred Stock, $5
par value; authorized 189,287 shares; issued
154,470 and 156,401 shares; outstanding 151,120
and 153,051 shares........................................ 772 782
6-1/2% Cumulative Convertible Preferred Stock,
$5 par value; authorized 988,055 shares; issued
743,339 and 745,814 shares; outstanding 620,803
and 623,278 shares........................................ 3,717 3,729
Class A Stock, $1 par value; authorized
60,000,000 shares; issued 25,320,082 and
25,303,002 shares; outstanding 19,151,918
and 19,134,838 shares..................................... 25,320 25,303
Additional paid-in capital.................................. 58,199 58,194
Retained earnings........................................... 119,301 118,941
Treasury stock, at cost..................................... (33,275) (33,275)
Accumulated other comprehensive loss........................ (18,345) (9,272)
-------- --------
Total shareholders' equity............................. 155,689 164,402
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY.................. $421,798 $446,628
======== ========
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands) (Unaudited) (Unaudited)
Cash flows from operating activities:
Net income................................................ $ 360 $ 1,162
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in earnings of affiliates......................... (843) (2,866)
Realized and unrealized losses (gains)
on investments.......................................... 866 (3,243)
Gain on sale of real estate rental property.............. (7,971) -
Depreciation expense..................................... 715 429
Amortization expense..................................... 96 249
Loss from impairment of investments...................... 1,250 1,500
Translation (gain) loss.................................. (842) 1,053
Minority interests....................................... (735) 72
Decrease in other assets.................................. 4,059 4,578
Increase in accounts and income taxes
payable, accrued expenses and minority
interests................................................ 2,608 495
Investments made in trading securities.................... - (14,336)
Proceeds from sale of trading securities.................. 2,965 9,925
Dividends received from affiliates........................ 48 3,423
------- --------
Net cash provided by operating activities................ 2,576 2,441
-------- ----------
Cash flows from investing activities:
Deposits, notes and loans receivable collected............ 2,369 7,806
Deposits, notes and loans receivable granted.............. (5,211) (191)
Investments made in:
Available-for-sale securities............................ (752) (2,127)
Affiliates and others.................................... (7,604) (9,189)
Proceeds from sale of investments:
Available-for-sale securities............................ 2,800 -
Others .................................................. 134 1,133
Proceeds from sale of real estate property,
net of commissions and transfer taxes.................... 31,723 -
Capital improvements...................................... (1,253) (5,768)
-------- --------
Net cash provided by (used in) investing
activities.............................................. 22,206 (8,336)
-------- --------
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands) (Unaudited) (Unaudited)
Cash flows from financing activities:
Notes and loans payable received:
Others................................................... $ 6,940 $ 19,564
Notes and loans payable repaid:
Related parties.......................................... (301) -
Others................................................... (19,206) (7,285)
Proceeds from exercise of stock options................... - 747
Contribution to partnership by minority
interests................................................ 1,295 -
Debentures repaid......................................... (1,894) (6,389)
-------- ---------
Net cash (used in) provided by financing
activities.............................................. (13,166) 6,637
-------- --------
Effect of exchange rate changes on cash and
cash equivalents ......................................... (1,498) 534
-------- ---------
Net increase in cash and cash equivalents................... 10,118 1,276
Cash and cash equivalents at beginning of
period.................................................... 5,842 7,409
-------- --------
Cash and cash equivalents at end of period.................. $ 15,960 $ 8,685
======== ========
Supplemental Disclosure of Cash Flow Information
Cash paid during the period:
Interest paid to others:.................................. $ 7,223 $ -
======== ========
Income taxes paid......................................... $ 12 $ 139
======== ========
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands, except share amounts) (Unaudited) (Unaudited)
4% PREFERRED STOCK
Balance, beginning of year.................................. $ 782 $ 829
Conversion of 1,931 and 3,324 shares into
Class A Stock............................................. (10) (16)
-------- --------
Balance, end of period...................................... $ 772 $ 813
======== ========
6-1/2% PREFERRED STOCK
Balance, beginning of year.................................. $ 3,729 $ 4,459
Conversion of 2,475 and 119,665 shares into
Class A Stock............................................. (12) (599)
-------- --------
Balance, end of period...................................... $ 3,717 $ 3,860
======== ========
CLASS A STOCK
Balance, beginning of year.................................. $ 25,303 $ 24,817
Issuance of shares upon conversion of
Preferred Stock........................................... 17 376
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Balance, end of period...................................... $ 25,320 $ 25,193
======== ========
ADDITIONAL PAID-IN CAPITAL
Balance, beginning of year.................................. $ 58,194 $ 57,896
Conversion of Preferred Stock............................... 5 239
Issuance of shares upon exercise of
stock options............................................. - 58
-------- --------
Balance, end of period...................................... $ 58,199 $ 58,193
======== ========
RETAINED EARNINGS
Balance, beginning of year.................................. $118,941 $118,362
Net income.................................................. 360 1,162
-------- --------
Balance, end of period...................................... $119,301 $119,524
======== ========
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands, except share amounts) (Unaudited) (Unaudited)
TREASURY STOCK
4% PREFERRED STOCK
Balance, end of period...................................... $ (84) $ (84)
-------- --------
6-1/2% PREFERRED STOCK
Balance, end of period...................................... (1,853) (1,853)
-------- --------
CLASS A STOCK
Balance, beginning of year - 6,168,164
and 6,528,181 shares, at cost............................. (31,338) (33,615)
Issuance of shares upon exercise of 109,000
stock options............................................. - 689
-------- --------
Balance, end of period - 6,168,164 and
6,419,181 shares, at cost................................. (31,338) (32,926)
-------- --------
Balance, end of period...................................... $(33,275) $(34,863)
======== ========
ACCUMULATED OTHER COMPREHENSIVE LOSS
Cumulative translation adjustments:
Balance, beginning of year................................ $(17,217) $(17,676)
Foreign currency translation adjustment................... (1,406) 852
-------- --------
Balance, end of period.................................... (18,623) (16,824)
-------- --------
Unrealized gain on marketable securities:
Balance, beginning of year................................ 7,945 3,699
Unrealized (loss) gain, net............................... (6,182) 17,515
Sale of available-for-sale securities..................... (1,485) -
-------- -------
Balance, end of period.................................... 278 21,214
-------- --------
Balance, end of period...................................... $(18,345) $ 4,390
========= ========
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands) (Unaudited) (Unaudited)
Net income.................................................. $ 360 $ 1,162
-------- --------
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments.................. (1,406) 852
Unrealized (loss) gain on securities...................... (6,182) 17,515
-------- --------
Other comprehensive (loss) income......................... (7,588) 18,367
-------- --------
Comprehensive (loss) income............................... $ (7,228) $ 19,529
======== ========
Related tax benefit (expense) of other comprehensive (loss) income:
Foreign currency translation adjustments.................. $ 534 $ (236)
Unrealized (loss) gain on securities...................... $ 4,193 $ (9,817)
The accompanying notes are an integral part of the consolidated financial
statements.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. As used in these financial statements, the term the "Company" refers to
Ampal-American Israel Corporation ("Ampal") and its consolidated
subsidiaries.
2. The December 31, 2000 consolidated balance sheet presented herein was
derived from the audited December 31, 2000 consolidated financial
statements of the Company.
Reference should be made to the Company's consolidated financial
statements for the year ended December 31, 2000 for a description of the
accounting policies, which have been continued without change. Also,
reference should be made to the notes to the Company's December 31, 2000
consolidated financial statements for additional details of the
Company's consolidated financial condition, results of operations and
cash flows. The details in those notes have not changed except as a
result of normal transactions in the interim. All adjustments (of a
normal recurring nature) which are, in the opinion of management,
necessary to a fair presentation of the results of the interim period
have been included.
3. Segment information presented below results primarily from operations in
Israel.
THREE MONTHS ENDED MARCH 31, 2001 2000
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(Dollars in thousands)
Revenues:
--------
Finance............................................. $ 200 $ 5,409
Real estate......................................... 11,094 2,173
Leisure-time........................................ 447 416
Intercompany adjustments............................ (739) (109)
-------- --------
Total.......................................... $ 11,002 $ 7,889
======== ========
Pretax Operating Income (Loss):
------------------------------
Finance............................................. $ (5,626) $ (1,043)
Real estate......................................... 6,790 (19)
Leisure-time........................................ 72 109
-------- --------
Total.......................................... $ 1,236 $ (953)
======== =========
Total Assets:
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Finance............................................. $339,467* $353,347*
Real estate......................................... 75,400 82,148
Leisure-time........................................ 13,803 14,206
Intercompany adjustments............................ (6,872) (10,629)
-------- --------
Total.......................................... $421,798 $439,072
======== ========
Corporate office expense is principally applicable to the financing
operation and has been charged to that segment above. Revenues exclude
equity in earnings of affiliates and pretax operating income excludes
equity in earnings of affiliates and minority interests.
The real estate segment consists of rental property owned in Israel and
the United States (see Note 5) leased to related and unrelated parties
and of the
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operations of Am-Hal Ltd., the Company's wholly-owned subsidiary which
owns and operates a chain of senior citizens facilities located in
Israel. The leisure-time segment consists primarily of Coral World
International Limited (marine parks located around the world) and
Country Club Kfar Saba (the company's 51%-owned subsidiary located in
Israel).
*Includes an investment in MIRS Communications Ltd. of $111 million.
4. The following table summarizes securities that were outstanding as of
March 31, 2001 and 2000, but not included in the calculations of diluted
earnings per Class A share because such shares are antidilutive.
(Shares in thousands) March 31,
-------------------
2001 2000
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Options and Rights 3,013 -
6-1/2% Preferred Stock 621 -
5. On March 28, 2001, the Company concluded the sale of its interest in a
building located at 800 Second Avenue in New York City for $33 million
and recorded a pre-tax gain of approximately $8 million ($4.3 million
net of taxes).
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
Results of Operations
Consolidated net income decreased to $.4 million for the three months ended
March 31, 2001, from $1.2 million for the same period in 2000. The decrease in
income is primarily attributable to unrealized losses on investments, the
decrease in equity in earnings of affiliates, higher interest expense, higher
provision for income taxes, and lower other income. These decreases were
partially offset by the gain on sale of real estate rental property in 2001 and
a translation gain in 2001, as compared to a translation loss in 2000.
Ampal-American Israel Corporation ("Ampal") and its subsidiaries (the "Company")
recorded $2.2 million of unrealized losses on investments which are classified
as trading securities in the three-month period ended March 31, 2001, as
compared to $1.7 million of unrealized gains in the same period in 2000. The
unrealized losses recorded in 2001 and the unrealized gains recorded in 2000 are
primarily attributable to the Company's investment in shares of Bank Leumi
Le'Israel B.M. At March 31, 2001 and December 31, 2000, the aggregate fair value
of trading securities amounted to approximately $18.2 million and $23.8 million,
respectively.
In the three months ended March 31, 2001, the Company recorded $1.3 million of
gains on the sale of investments, which were primarily attributable to its
investment in Floware Wireless Systems Ltd. In the quarter ended March 31, 2000,
the Company recorded $1.5 million of gains on the sale of various marketable
securities.
Equity in earning of affiliates decreased to $.8 million for the three months
ended March 31, 2001, from $2.9 million for the same period in 2000. The
decrease is primarily attributable to the decreased earnings of the Company's
50%-owned affiliate, Trinet Venture Capital Ltd., which recorded unrealized
gains on its investments in Smart Link Ltd., Netformx Ltd. and Sim-Player.com
Ltd in 2000, and Ophirtech Ltd., the Company's 42.5%-owned affiliate, which
recorded losses from impairment of investments in 2001.
On March 28, 2001, the Company concluded the sale of its interest in a building
located at 800 Second Avenue ("800 Second Avenue") in New York City for $33
million and recorded a pre-tax gain of approximately $8 million ($4.3 million
net of taxes).
The increase in real estate income and expenses in the first quarter of 2001 as
compared to the same period in 2000 is attributable to the operations of Am-Hal
Ltd. ("Am-Hal"), the Company's wholly-owned subsidiary, which owns and operates
a chain of senior citizens facilities in Israel. In June 2000, Am-Hal opened its
second senior citizen facility which is located in Hod Hasharon, Israel.
The decrease in other income in the three months ended March 31, 2001, as
compared to the same period in 2000, is attributable to a dividend received
from MIRS Communications Ltd. ("MIRS") in 2000, which was not distributed by
MIRS in 2001.
The Company recorded higher interest expense in the three months ended March 31,
2001, as compared to the same period in 2000, primarily as a result of interest
expense attributable to Am-Hal's operations.
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In the three-month period ended March 31, 2001, the Company recorded a $1.25
million loss from impairment of its investment in RealM Technologies, Ltd.,
while in the same period in 2000, the Company recorded a $1.5 million loss from
impairment of its investment in M.D.F. Industries Ltd.
The increase in the effective income tax rate in the first quarter of 2001 as
compared to the same period in 2000 is attributable to state and local income
taxes with respect to the gain on sale of 800 Second Avenue, losses of certain
Israeli subsidiaries for which no tax benefits are available and certain
expenses which are not deductible for income tax purposes.
The Company recorded a translation gain of $.8 million in the quarter ended
March 31, 2001, as compared to a translation loss of $1.1 million in the same
period in 2000. The translation gain in 2001 is attributable to the devaluation
of the new Israeli shekel against the U.S. dollar in the three months ended
March 31, 2001, while the translation loss in 2000 was attributable to foreign
exchange forward contracts executed by the Company, which were outstanding
during the first quarter of 2000.
Liquidity and Capital Resources
At March 31, 2001, cash and cash equivalents were $16 million, as compared with
$5.8 million at December 31, 2000. The increase in cash and cash equivalents and
the decrease in notes and loans payable and real estate property are primarily
attributable to the sale of 800 Second Avenue. The increase in accumulated other
comprehensive loss is primarily attributable to the unrealized losses on the
available-for-sale securities.
On January 22, 2001, the Company made an additional investment of $1.5 million
in Enbaya Ltd., a developer of a 3D browser that enables fast viewing,
compression and streaming of 3D models, and increased its equity interest in the
company from 12.9% to 20.5%.
On February 23, 2001, the Company made an additional investment of $5 million in
XACCT, a leading provider of business infrastructure software for the
next-generation public network. The Company holds an approximate 16.2% equity
interest in XACCT.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
MARKET RISKS AND SENSITIVITY ANALYSIS
The Company is exposed to various market risks, including changes in interest
rates, foreign currency rates and equity price changes. The following analysis
presents the hypothetical loss in earnings, cash flows and fair values of the
financial instruments which were held by the Company at March 31, 2001, and are
sensitive to the above market risks.
Interest Rate Risks
At March 31, 2001, the Company had financial assets totalling $31.9 million and
financial liabilities totalling $185.1 million. For fixed rate financial
instruments, interest rate changes affect the fair market value but do not
impact earnings or cash flows. Conversely, for variable rate financial
instruments, interest rate changes generally do not affect the fair market value
but do impact future earnings and cash flows, assuming other factors held
constant.
At March 31, 2001, the Company had fixed rate financial assets of $20.4 million
and variable rate financial assets of $11.5 million. Holding other variables
constant, a
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ten percent increase in interest rates would decrease the unrealized fair value
of the fixed financial assets by approximately $.2 million.
At March 31, 2001, the Company had fixed rate debt of $47.6 million and variable
rate debt of $137.5 million. A ten percent decrease in interest rates would
increase the unrealized fair value of the fixed rate debt by approximately $.3
million.
The net decrease in earnings for the next year resulting from a ten percent
interest rate increase would be approximately $.8 million, holding other
variables constant.
Exchange Rate Sensitivity Analysis
The Company's exchange rate exposure on its financial instruments results from
its investments and ongoing operations in Israel. To partially hedge this
exposure, the Company sometimes enters into various foreign exchange forward
purchase contracts. At March 31, 2001, the Company did not have any open foreign
exchange forward purchase contracts. Holding other variables constant, if there
were a ten percent devaluation of the foreign currency, the Company's cumulative
translation loss (reflected in the Company's accumulated other comprehensive
loss) would increase by $1.6 million. Conversely, if there were a 10%
revaluation of the foreign currency, the net decrease in earnings would be $2.6
million.
Equity Price Risk
The Company's investments at March 31, 2001 included marketable securities
(trading and available-for-sale) which are recorded at fair value of $43.1
million, including a net unrealized loss of $12.4 million. Those securities have
exposure to price risk. The estimated potential loss in fair value resulting
from a hypothetical 10% decrease in prices quoted by stock exchanges is
approximately $4.3 million.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
PART II - OTHER INFORMATION
Item 1. Legal Proceedings -- None.
Item 2. Changes in Securities and Use of Proceeds -- None.
Item 3. Defaults upon Senior Securities -- None.
Item 4. Submission of Matters to a Vote of Security Holders -- None.
Item 5. Other Information -- None.
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Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Exhibit 11 -- Schedule Setting Forth Computation of Earnings per
Share of Class A Stock.
(b) Reports on Form 8-K. None.
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
SIGNATURES
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.
AMPAL-AMERICAN ISRAEL CORPORATION
By:/s/ Raz Steinmetz
-----------------------------------------------
Raz Steinmetz
President and
Chief Executive Officer
(Principal Executive Officer)
By:/s/ Shlomo Meichor
-----------------------------------------------
Shlomo Meichor
Vice President - Finance
and Treasurer
(Principal Financial Officer)
By:/s/ Alla Kanter
-----------------------------------------------
Alla Kanter
Vice President - Accounting
and Controller
(Principal Accounting Officer)
Dated: May 15, 2001
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AMPAL-AMERICAN ISRAEL CORPORATION AND SUBSIDIARIES
Exhibit Index
Exhibit No. Description
11 Schedule Setting Forth Computation of Earnings
Per Share of Class A Stock............................... Page *
* This exhibit was included in the copy of this report filed
with the Securities and Exchange Commission and is available
upon request from Ampal.
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