PILAT TECHNOLOGIES INTERNATIONAL LTD
('PTI', the 'Group' or the 'Company')
Results for the Nine Months and Third Quarter ended 30 September 2007
Pilat Technologies International Ltd (AIM: PIA), the human resources management
consultancy, software and services group, announces its results for the nine
months and quarter ended 30 September 2007. PTI is also quoted on the Tel Aviv
Stock Exchange.
SUMMARY
* Like-for-like sales down 1% for the nine months and third quarter
* Europe sales up 7% for the nine months
* Israel like-for-like sales up 13% for the nine months
* North American sales down 21% in Sterling terms for the nine months
* Third quarter operating profit of �10,000 (2006: �312,000)
* Net profit of �6,000 for the nine months (2006: �257,000 excluding one-off
gains)
Through three main subsidiaries, Pilat Europe, Pilat North America and Pilat
Israel, the Group provides consultancy, advanced web based software
applications and data processing and analysis services in the fast growing
field of Human Capital Management.
PTI has a wide and varied client base including many major global corporations
and international public sector bodies. The Company works across all sectors
with organisations employing from a few hundred to hundreds of thousands of
staff. PTI has extensive industry experience in Financial Services, Energy and
Telecommunications and sector specific offerings in Healthcare, Public Housing,
Local Government and Education.
ENQUIRIES
Pilat Technologies International Ltd 00 972 3 767 9200
Jonathan Berger, Chief Financial Officer
Hanson Westhouse Limited 0113 246 2610
Tim Feather
Matthew Johnson
CHAIRMAN'S STATEMENT
The Board of PTI presents the Company's results for the nine months and third
quarter ending 30 September 2007.
The Group made a small operating profit of �10,000 in the third quarter and
broke even, after taxes, over the nine months (post tax profits of �6,000).
Compared with the Q3 results in 2006, with operating profits of �312,000, the
quarter has been disappointing, but the overall results mask a different
picture in each of the operating subsidiaries.
In Israel, sales in the quarter were 15% higher than a year ago on a like for
like basis, excluding both the sales from the Project Management activity
(disposed of at the end of Q3 2006) and the acquisitions that have been made
since then. Through both organic growth and small acquisitions, we are well on
the way to replacing all the sales lost through the disposal of the Project
Management activity with income from our core HR activities where we see the
potential for considerable growth. We also continue to seek appropriate small
scale acquisitions commensurate with our vision to be the leading HR solution
provider in Israel.
In Europe, external sales fell by 8% compared with Q3 2006 but were up 7% over
the nine months. The drop in sales is due to the different timing of regular
large projects compared with last year and we expect to see sales growth in
Europe over the full year. A recent notable contract win is for the supply of
360 degree assessment services for the National Health Service in Scotland over
a five year period.
In North America, the results reflect both the weakening dollar and our poor
sales performance at the beginning of the year. However the US business
recovered to a break even position in Q3 due, in part, to swift action to
control costs. During the quarter we won a competitive tender to provide a
manpower deployment system for the US Marine Corps which will be delivered in
the fourth quarter.
As previously signalled, R&D expenses rose sharply over the period reflecting
our increasing investment in the new version of HR Pulse, our flagship
web-based application. This investment will result in a stream of new product
releases and applications from the fourth quarter onwards.
At our first board meeting post the AGM in July, Miki Zuckerman was elected
Chairman to replace Len Israelstam who retired from the board at the AGM. Amir
Shomroni was elected to the Audit and Remuneration Committees to replace the
outgoing "External" director, Alicia Rothbard.
On 26 November 2007 we reported that the previously announced conditional sale
of 23% of the share capital of the Company to a consortium controlled by Sky
Fund had completed, following the receipt of approval from the Israeli
anti-trust authorities. Approval for this purchase was sought by Sky Fund as
it is the controlling shareholder in Adam Milo, a principal competitor of PTI
in the Israeli assessment and recruitment market.
Sky Fund is a private equity fund that raises money from institutional
investors and invests in mature Israeli companies. The Company understands
from Sky Fund, that it is interested in consolidation of its interests in the
HR sector. Under Israeli Company Law, the Sky consortium cannot buy more than
25% of the share capital of the Company without making a general offer to all
shareholders. The approval granted by the Israeli anti-trust authorities is
only concerned with the current purchase of 23% of the shares in PTI by the Sky
Fund consortium. Any future transactions may be subject to further regulatory
approvals.
REVENUES AND PROFITABILITY
Overall sales in the first nine months were �5,656,000, a decrease of 11%
compared to the same period of 2006 (�6,323,000). Total sales in the third
quarter 2007 were �1,898,000 reflecting a 17% decrease from the equivalent
quarter of 2006 (�2,296,000).
However, comparing like-for-like sales, reflecting the sale of part of our
Israeli operations in 2006, the equivalent sales in the first nine months of
2006 were �5,697,000 and in quarter three 2006 �2,040,000. Comparing these
like-for-like sales shows a small reduction in total sales for the first nine
months and a small reduction of 1% in sterling terms in Q3 2007 compared to Q3
2006.
The lack of growth in our sales mainly reflects the poor performance of our
North American subsidiary during 2007.
Sales at Pilat Europe to non-Group customers during the first nine months of
2007 were �1,945,000 reflecting a 7% increase over the equivalent period of
2006 (�1,821,000). During the third quarter, external sales were �696,000
reflecting an 8% reduction compared to 2006 (�758,000).
In Israel, sales during the first nine months of 2007 stood at �2,185,000 - an
organic increase of 13% over the equivalent period of 2006 (�1,938,000 ignoring
acquisitions and disposals) and a 15% reduction in reported sales (�2,564,000).
In the third quarter sales were �746,000 - an increase of 15% over
like-for-like sales for the equivalent period of 2006 (�646,000) and a 17%
reduction in reported sales (�900,000).
Pilat North America sales during the first nine months of 2007 were down by 21%
to �1,526,000 (2006 �1,938,000). During the third quarter, sales were �456,000
reflecting a 29% reduction compared to 2006 (�638,000).
The gross margin for the nine months stood at 41% (2006- 40%) and 42% (2006 -
43%) for the third quarter. The main reason for the slight differences between
the margins is the changes in sales mix between our Israeli and non-Israeli
operations where the margins are higher.
Research and development costs in the first nine months of 2007 increased by
71% to �370,000 (2006- �216,000) and in the third quarter increased by 89% to �
127,000 (2006- �67,000), reflecting our investments in the new generation of
products.
Sales and marketing expenditure remained relatively stable during the reported
periods. During the first nine months of 2007 expenditure increased by 3% to �
676,000 (2006- �655,000) and in the third quarter increased by 1% to �217,000
compared to �203,000 in the equivalent quarter in 2006.
General and administrative expenses increased by 8% in the first nine months of
2007 to �1,322,000 (2006- �1,221,000) and in the third quarter by 10% to �
446,000 (from �404,000 in 2006).
Operating profit for the quarter stood at �10,000 (Q3 2006 �312,000). Due to
exchange differences of the US dollar compared with the equivalent quarter of
2006, the Group had a net financing expense of �25,000 which caused a loss of �
12,000 before taxes (2006- �578,000) and a net loss for the quarter of �13,000
(2006- �416,000).
For the first nine months of 2007, the Group had an operating loss of �42,000
compared to an operating profit of �452,000 in the equivalent period of 2006.
Tax credits of �39,000 for the period brought the net profit for the period to
�6,000 compared with net income of �723,000 for the equivalent period of 2006.
However during the equivalent period of 2006, the Group recognised two one-off
gains of �269,000 and �197,000 due to sales of various activities in Israel.
BALANCE SHEET
The Group's current assets at 30 September 2007 were �4,046,000, which
represents approximately 92% of assets (similar to 30 June 2006 and 31 December
2006).
Current liabilities decreased over the period from �1,577,000 at the end of the
second quarter of 2007 to �1,381,000 due to decreases in trade payables and
other accounts payable. Long-term liabilities stood at �37,000 at the period
end.
The Group's current ratio is a healthy 2.93 (2.22 at 30 September 2006 and 2.61
at 31 December 2006).
Shareholders' equity increased slightly during the quarter to �2,960,000 (30
June 2007 �2,893,000), which mainly arose from foreign currency translation
adjustments.
LIQUIDITY
Operating activities used �52,000 in the first nine months of 2007 and �54,000
in the third quarter. This was due to our operating losses and reductions in
current liabilities in the reported periods coupled with a smaller decrease in
trade receivables.
Investing activities used �66,000 during the first nine months of 2007 and �
8,000 in the third quarter. The effect of exchange rate movements on cash
balances provided �23,000 and �63,000 for the respective periods.
In total the Group had a net decrease of cash in the first nine months of 2007
of �104,000 and a net decrease of �16,000 for the third quarter.
As at 30 September 2007, the cash and short term investment balances of the
Company were �2,084,000 (30 September 2006: �1,502,000) with total liabilities
to banks at �6,000 (30 September 2006: �16,000).
Miki Zuckerman, Chairman of the Board
David Sapiro, Chief Executive Officer
Jonathan Berger, Chief Financial Officer
CONSOLIDATED BALANCE SHEET
British pounds in thousands
30 September 31 December
2007 2006 2006
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,940 956 2,044
Short term investments 144 546 144
Trade receivables 1,733 2,802 1,828
Other accounts receivable 229 228 208
4,046 4,532 4,224
LONG-TERM INVESTMENTS AND RECEIVABLES 38 25 14
FIXED ASSETS, NET
Cost 1,349 1,370 1,324
Less - accumulated depreciation 1,048 989 974
301 381 350
DEFERRED TAXES 5 13 2
4,390 4,951 4,590
30 September 31 December
2007 2006 2006
Unaudited Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit 11 22 18
Trade payables 263 340 334
Other accounts payable 1,107 1,679 1,266
1,381 2,041 1,618
LONG-TERM LIABILITIES:
Liabilities to banks 6 16 15
Accrued severance pay, net 31 13 12
37 29 27
LIABILITIES RELATED TO DISCONTINUED OPERATIONS 12 99 12
SHAREHOLDERS' EQUITY 2,960 2,782 2,933
4,390 4,951 4,590
CONSOLIDATED STATEMENT OF INCOME
British pounds in thousands (except for net earnings per share amounts)
Year
Nine months Three months ended
ended ended
31
30 September 30 September December
2007 2006 2007 2006 2006
Unaudited Audited
Revenues 5,656 6,323 1,898 2,296 8,162
Cost of revenues 3,330 3,779 1,098 1,310 4,911
Gross profit 2,326 2,544 800 986 3,251
Research and development costs 370 216 127 67 283
Selling and marketing expenses 676 655 217 203 868
General and administrative expenses 1,322 1,221 446 404 1,553
Operating income (loss) (42) 452 10 312 547
Financial income (expenses), net 6 15 (25) (3) 13
Other incomes, net 3 269 3 269 271
Net income (expenses) before taxes
on income (33) 736 (12) 578 831
Taxes on income 39 (210) (1) (165) (180)
Net income from continuing
operations 6 526 (13) 413 651
Income from discontinued
operations, net - 197 - - 269
Net income (loss) 6 723 (13) 413 920
Net earnings (loss) per share (in
British
Pence):
Basic earnings:
Net earnings (loss) from
continuing operations 0.02 2.03 (0.05) 1.60 2.50
Earnings from discontinued
operations, net - 0.72 - - 1.04
Net earnings (loss) per share 0.02 2.75 (0.05) 1.60 3.54
Diluted earnings:
Net earnings (loss) from continuing
operations 0.02 2.00 (0.05) 1.57 2.47
Earnings from discontinued
operations, net - - 0.71 - - 1.02
Net earnings (loss) per share 0.02 2.71 (0.05) 1.57 3.49
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
British pounds in thousands
Less -
Cumulative
Additional foreign shares
Share paid-in Share currency
options translation Accumulated held by
capital capital reserve adjustments deficit subsidiaries Total
Balance at 1
January 2007 49 7,078 - (251) (3,847) (96) 2,933
Issued of
shares from
exercised
options 1 5 - - - - 6
Net income - - - - 6 - 6
Amounts
assigned to
employees
and director
stock-based
compensation - - 5 - - - 5
Cumulative
foreign
currency
translation
adjustments - - - 10 - - 10
Balance at
30 September
2007
(unaudited) 50 7,083 5 (241) (3,841) (96) 2,960
Balance at 1
January 2006
(audited) 48 7,065 - (137) (4,767) (96) 2,113
Issued of
shares from
exercised
options 1 6 - - - - 7
Net income - - - - 723 - 723
Cumulative
foreign
currency
translation
adjustments - - - (61) - - (61)
Balance at
30 September
2006
(unaudited) 49 7,071 - (198) (4,044) (96) 2,782
Balance at 1
July 2007
(unaudited) 50 7,083 4 (320) (3,828) (96) 2,893
Net loss - - - - (13) - (13)
Amounts
assigned to
employees
and director
stock-based
compensation - - 1 - - - 1
Cumulative
foreign
currency
translation
adjustments - - - 79 - - 79
Balance at
30 September
2007
(unaudited) 50 7,083 5 (241) (3,841) (96) 2,960
Balance at 1
July 2006
(unaudited) 49 7,071 - (204) (4,457) (96) 2,363
Net income - - - - 413 - 413
Cumulative
foreign
currency
translation
adjustments - - - 6 - - 6
Balance at
30 September
2006
(unaudited) 49 7,071 - (198) (4,044) (96) 2,782
Balance at 1
January 2006
(audited) 48 7,065 - (137) (4,767) (96) 2,113
Net income - - - - 920 - 920
Issued of
shares from
exercised
options 1 13 - - - - 14
Cumulative
foreign
currency
translation
adjustments - - - (114) - - (114)
Balance at
31 December
2006
(audited) 49 7,078 - (251) (3,847) (96) 2,933
CONSOLIDATED STATEMENT OF CASH FLOWS
British pounds in thousands
Year
Nine months Three months ended
ended ended
31
30 September 30 September December
2007 2006 2007 2006 2006
Unaudited Audited
Cash flows from operating activities:
Net income (loss) 6 723 (13) 413 920
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities (a) (58) (405) (54) (198) 155
Net cash provided by (used in)
operating activities (52) 318 (67) 215 1,075
Cash flows from investing activities:
Purchase of intangible assets (15) - (15) - -
Purchase of fixed assets, net (81) (58) (27) (13) (84)
Proceeds from sale of fixed assets 27 7 27 7 26
Short and long term investments, net 3 (144) 7 37 242
Net cash provided by (used in)
continuing investing activities (66) (195) (8) 31 184
Net cash used in discontinued
investing activities - (58) - - (64)
Net cash provided by (used in)
investing activities (66) (253) (8) 31 120
Cash flows from financing activities:
Issued of shares from exercised
options 6 7 - - 14
Repayment of long-term loans from
banks (15) (24) (4) (4) (29)
Net cash used in financing activities (9) (17) (4) (4) (15)
Effect of exchange rate changes on
cash and cash equivalents 23 (30) 63 (5) (74)
Increase (decrease) in cash and cash
equivalents (104) 18 (16) 237 1,106
Cash and cash equivalents at the
beginning of the period 2,044 938 1,956 719 938
Cash and cash equivalents at the end
of the period 1,940 956 1,940 956 2,044
Year
ended
Nine months Three months
ended 30 ended 30 31
September September December
2007 2006 2007 2006 2006
Unaudited Audited
Adjustments to reconcile net
income (loss) to net cash provided
(a) by (used in) operating income:
Income and expenses not involving
cash flows:
Share-based payment cost 5 - 1 - -
Profit from discontinued
operations, net - (197) - - (269)
Depreciation and amortization 108 107 36 38 146
Deferred taxes, net (42) 43 (2) 39 53
Increase in accrued severance pay
net 18 28 9 10 28
Capital gain from sale of fixed
assets (3) (268) (3) (268) (4)
Changes in operating assets and
liability items:
Decrease (increase) in trade
receivables, other accounts
receivable and long-term loans and
receivables 102 (482) 153 (306) 158
Increase (decrease) in trade
payables and other accounts
payable (246) 364 (248) 289 43
(58) (405) (54) (198) 155
Non cash investing and financing
(b) activities
Property and equipment acquired
Under capital leases - 18 - 12 21
Sale of fixed assets - 3 - 3 -
Sale of other assets - 267 - 267 -
NOTES
NOTE 1:- GENERAL
These financial statements have been prepared in a condensed format as of 30
September 2007, and for the nine months and three months then ended ("interim
financial statements"). These financial statements should be read in
conjunction with the Company's audited annual financial statements and
accompanying notes as of 31 December 2006 and for the year then ended.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
a. The interim financial statements have been prepared in accordance with
generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in Accounting Standard No. 14 of
the Israel Accounting Standards Board and in accordance with the Chapter D of
the Securities Regulations (periodic and Immediate reports), 1970.
The significant accounting policies and methods of computation followed in the
preparation of the interim financial statements are identical to those followed
in the preparation of the latest annual financial statements.
b. Initial adoption of new Accounting Standards:
(1) Accounting Standard No. 26 - Inventories:
In August 2006 the Israeli Accounting Standards Board published
Accounting Standard No. 26 - "Inventory" ("the Standard"), which outlines the
accounting treatment for inventory.
The Standard applies to all types of inventory, other than building earmarked
for sale and addressed by accounting standard No.2 ("construction of Buildings
for Sale"), inventory of work in progress stemming from performance contracts,
addressed by Accounting Standard No.4 ("Work Based on Performance Contract"),
financial instruments and biological assets relating to agricultural activity
and agricultural production during harvest.
The Standard establishes, among other things, that inventory should
be stated at the lower between cost and net realizable value. Cost is
determined by the first in, first out (FIFO) method or by average weighted cost
used consistently for all types of inventory of similar nature and uses. In
certain circumstances the Standard requires cost determination by a specific
identification of cost, which includes all purchase and production costs, as
well as any other costs incurred in reaching the inventory's present stage.
When inventory is acquired on credit incorporating a financing
component, the inventory should then be presented at cost equaling purchase
cost in cash. The financing component is recognized as a financing expense over
the term of the credit period.
Any reduction of inventory to net realizable value following
impairment as well as any other inventory loss should be expensed during the
current period. Subsequent elimination of an impairment write-down that stems
form an increase in net realizable value will be allocated to operations during
the period in which the elimination took place.
This Standard will apply to financial statements covering periods
beginning January 1, 2007 and onwards and should be implemented retroactively.
This new standard does not have effect on the Company's financial
statements.
Accounting Standard No. 27 - Fixed Assets:
In September 2006 the Israeli Accounting Standards Board published
Accounting Standard No. 27 ("Fixed Assets"), which establishes the accounting
treatment for fixed assets, including recognition of assets, determination of
their book value, related depreciation, losses from impairment as well as the
disclosure required in the financial statements.
The Standard states that a fixed-asset item will be measured at the
initial recognition date at cost which includes, in addition to the purchase
price, all the related costs incurred for bringing the item to the position
enabling it to operate in the manner contemplated be management. The cost also
includes the initial estimate of costs required to dismantle and remove the
item, along with the expenses incurred in reconstructing the site in which the
item had been placed and in respect of which the entity incurred that
obligation when the item had been acquired or following its use over a given
period of time not in the production of inventory during that period.
The Standard also states that when acquiring assets in exchange for a
non-monetary asset or a combination of monetary as well as non-monetary assets,
the cost will be determined at fair value unless (a) the barter transaction has
no commercial essence or (b) it is impossible to reliably measure the fair
value of the asset received and the asset provided. Should the provided asset
not be measured at fair value, its cost would equal book value.
Following the initial recognition, the Standard permits the entity to implement
in its accounting policy the measurement of the fixed assets by the cost method
or by revaluation method, as defined in the Standard, so long as this policy is
implemented in regard to all items in that group.
Accounting Standard No. 27 - Fixed Assets (cont.):
This new Standard apply to financial statements covering periods beginning 1
January 2007 and onwards and implemented retroactively, except for in cases
where an entity.
An entity chooses, on 1 January 2007 the revaluation method and will treat the
difference between the asset's estimated book value and its cost as a
revaluation reserve at that time, or incase when an entity did not include in
the cost of an item, upon initial recognition, the initial estimate of
dismantling and removing costs along with site reconstruction costs.
This new standard does not have effect on the Company's financial statements.
Accounting Standard No. 23 - Accounting for Transactions between an Entity and
a controlling party
In December 2006 the Israeli Accounting Standards Board published Accounting
Standard No.23. "Accounting for Transactions between an Entity and a
controlling Party (hereinafter-the standard). The standard applies entities
subject to the Israeli Securities Law -1968.
The standard establishes the requirements for accounting for transactions
between an entity and its controlling party which involve the transposition of
an asset, the taking on of a liability, reimbursement or debt concession, and
the receiving of loans. The standard does not apply to business combinations
under common control.
The standard stipulates that transactions between an entity and a controlling
party will be measured based on fair value transactions which in nature are
owner investment should be report directly in equity and not be recognized in
the controlled entity's profit and loss, the differences between the
consideration set in transactions between an entity and a controlling party and
their fair value will be allocated directly to the equity and current and
deferred taxes pertaining to the items allocated to equity due to transactions
with controlling parties will be allocated directly to equity as well.
The standard is effective for transactions between an entity and a controlling
party taking place subsequent to January 2007 and for loans granted from or
given to a controlling party prior to the Standard's coming into effect,
starting on the standard's effective date.
This new standard does not have effect on the Company's financial statements.
c. Disclosure of the impact of new accounting standard in the period
prior its application:
Accounting standard No. 29 - Adoption of International Financial Standards:
In July 2006, the Israeli Accounting Standard Board published Accounting
Standard No. 29 "Adoption of International Financial Standards (IFRS)" ("the
Standard"). The Standard provides that entities that are subject to the
Securities Law, 1968 and that are required to report in accordance with this
Law's provisions, shall prepare their financial statements pursuant to IFRS
standards for periods commencing January 1, 2008.
Initial adoption of IFRS Standard is to be effected by means of application of
the provisions of IFRS 1, "First-Time Application of IFRS Standards", for
purposes of the transition.
In accordance with the Standard, the Company is required to include in a note
to the annual financial statements as at 31 December 2007 the balance-sheet
data as at December 31, 2007 and the income-statement for the year then ended,
after they have undergone application of the recognition, measurement and
presentation rules of IFRS Standards.
d. Following are data regarding the exchange rate of the British pound in
relation to the NIS:
Exchange rate of
As of one British pound
NIS
September 30, 2007 8.1380
September 30, 2006 8.5067
December 31, 2006 8.2884
Change during the period %
September 2007 (nine months) (1.8)
September 2006 (nine months) 1.3
September 2007 (three months) (4.3)
September 2006 (three months) (1.2)
December 2006 (12 months) (1.8)
NOTE 3:- SEGMENTS
Nine months ended 30 September 2007
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 2,185 1,945 1,526
Inter-segment revenues - 142 - (142)
Total revenues 2,185 2,087 1,526 (142) 5,656
Segment results 94 272 (29) - 337
General joint expenses
unallocated (379)
Operating loss (42)
Nine months ended 30 September 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 2,564 1,821 1,938
Inter-segment revenues - 315 - (315)
Total revenues 2,564 2,136 1,938 (315) 6,323
Segment results 155 435 255 - 845
General joint expenses
unallocated 393
Operating income 452
Three months ended 30 September 2007
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 746 696 456
Inter-segment revenues - 42 - (42)
Total revenues 746 738 456 (42) 1,898
Segment results 12 112 (2) - 122
General joint expenses
unallocated (112)
Operating income 10
Three months ended 30 September 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 900 758 638
Inter-segment revenues - 98 - (98)
Total revenues 900 856 638 (98) 2,296
Segment results 60 310 70 - 440
General joint expenses
unallocated 128
Operating income 312
Year ended 31 December 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 3,240 2,309 2,613
Inter-segment revenues - 437 - (437)
Total revenues 3,240 2,746 2,613 (437) 8,162
Segment results 199 532 322 1,053
General joint expenses
unallocated (506)
Operating income 547
NOTE 4:- Additional information
In April 2007, a lawsuit for 1.2 million NIS was filed against the Company by a
former employee. In June 2007, the Company filed a response to the lawsuit
claim within the labour court, and a counterclaim of 2 million NIS. According
to the labour court advice, the parties agree to address this pending claim and
counterclaim to be settled in a mediation procedure. The Company's management,
based upon the advice of its legal counsel, considers that it has valid defence
that would result the judgment in its favour. Therefore in its financial
statements, the Company has provided only for the legal fees related to such
lawsuit.
END
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