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Scitex Corporation's shares fell
in New York trading last week
after third quarter earnings
dived 44.4 percent to $18 mil-
lion from $32 4 million during
the same period last year.
Profits were also lower than
this year's second quarter net
profits of $22.1 million. How-
ever, total revenue for the Her-
zliya-based firm rose 12 percent
to $161.7 million from $144.4
million during the same time
last year, as well as an increase
from second quarter total rev-
enue of $145.9 million.

Scitex officials warned ana-
lysts and investors in August
to expect the company's third
quarter results to be slightly
less than results from the sec-
ond quarter.
Company officials noted the
decline in profits came primar-
ily from a 12 percent decline in
sales to Europe and lower gross
margins due to a change in the
mix of products sold.
Earning per share fell to
$0.42 percent from $0.77 dur-
ing the parallel quarter last
year.

Ampal May Make Public Offer

Bloomfield Hills 258-5300

Grosse Pointe 882-6400
Farmington Hills 737-0444
Republic Information Center 1-800-968-4425

DISTINCTLY

Scitex Shares, Profits Fall

e

Ampal — American Israel Cor-
poration announced it intends
to make a public offering of up
to four million shares, as well
as offer up to 500,000 units to
underwriters and internation-
al fund managers.
If the public offering is suc-
cessful, Ampal stands to raise
close to $50 million, according
to a Bank Hapoalim
spokesman.
The company's shares are
traded on the American Stock
Exchange.
Ampal, a member of the
Bank Hapoalim Group, report-
ed it has registered for its pub-
lic offering with the Securities

and Exchange Commission
(SEC), the U.S. regulatory au-
thorities.
Ampal said it will use the
proceeds from the offering to fi-
nance future acquisitions, ad-
ditions to existing holdings and
for other working capital and
corporate purposes.
Ampal and its subsidiaries
acquire interests in businesses
located here or that are Israel-
related. Companies in which
Ampal has holdings include
Granit Hacannel Investments,
the parent company of Sonol
Oil, Teledata, Moriah Hotels
and real estate investment firm
Ofir Holdings.

Industrialists Sign Pact

Spanish industrialists will
push their European Commu-
nity colleagues to work for the
elimination of the Arab boycott
and for improving the free trade
agreement with Israel, under
an agreement signed last week
between both countries' manu-
facturers' associations.
The agreement, which was
signed in the presence of King
Juan Carlos and Industry and
Trade Minister Micha Harish,
commits the Spanish associa-
tion to press for the adoption of
European Community anti-

boycott legislation. In addition,
it will lobby for speeding the
process for improving and up-
dating the 1975 free trade
agreement between Israel and
the European Community.
The associations agreed as
well to cooperate in business de-
velopment in North Africa and
Latin America; to establish a
joint committee to promote bi-
lateral trade; and to set up a
business data base for the busi-
ness communities of both coun-
tries.

R & D Cooperation Agreement
Between Canada, Israel

A draft research and develop-
ment cooperation agreement
with Canada was concluded
last week between Israel In-
dustry and Trade Ministry
chief scientist Shuki Gleitman
and Canadian deputy trade
minister Henry Rothchild.
The agreement, which is
scheduled to be signed in

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March of next year, includes
the establishment of a fund to
finance joint projects. In a par-
allel effort to strengthen busi-
ness ties between the countries,
the Israel-Canada Chamber of
Commerce is sponsoring the
visit of a Canadian economic
delegation, which is to arrive at
the end of the month.

Kudos

We welcome your suggestions. Please mail typed and double-spaced
items for "Kudos' to Kimberly Lifton at The Jewish Nen.

