Scailex closes subsidiary Jemtex Ink Jet Printing
The company raised a total of $9 million during the years it was in business.

Shmulik Shelah 6 Jul 06 16:13

Scailex Corp. ltd. (Nasdaq: SCIX; TASE: SCIX) (formerly Scitex) subsidiary Jemtex Ink Jet Printing Ltd. has ceased operations. The company announced its closure on Monday and said it was firing its 20 employees.
Founded in 1995 by CEO Dr. Meir Weksler and CTO Dr. Shuki Sheinman, Jemtex developed and patented an inkjet technology for industrial applications. The company’s proprietary Continuous Inkjet technology was used primarily by the textile industry.

Jemtex continued to struggle and in January 2006 it appointed former Creo regional manager Avi Raby as CEO. Raby’s appointment failed to improve the company’s results, and consequently the Jemtex board halted the cash inflows to keep the company running. According to IVC Online, Jemtex raised a total of $9 million, during its years of existence. Scailex was the company’s sole investor with a 75% stake.

In 2003, Scitex sold Scitex Digital Printing to Eastman Kodak Co. (NYSE: EK), and in November 2005 Scitex Vision was sold to Hewlett Packard (NYSE: HPQ). With the closure of Jemtex, Scailex has ended its activities in the print technologies field. The sale of the holdings owned by IDB Holding Corp. Ltd. (TASE:IDBH) to David Federman has left Scailex with no activity as such at present but plenty of cash.

Published by Globes [online], Israel business news - www.globes.co.il - on July 6, 2006

Dubi

Discount, Clal to sell Scailex stakes for $165 mln

Mon May 29, 2006 5:23 AM ET

TEL AVIV, May 29 (Reuters) - Israel's Discount Investment Corp. (DISI.TA: Quote, Profile, Research) and Clal Industries and Investments (CII.TA: Quote, Profile, Research) said on Monday they would sell their holdings in Scailex Corp. (SCIX.O: Quote, Profile, Research), formerly Scitex Corp., for $165 million, or $8.776 a share.

In a statement to the Tel Aviv Stock Exchange the companies said they had agreed to sell their stakes to holding company Israel Petrochemical Enterprises Ltd. (PTCH.TA: Quote, Profile, Research).

Discount, Clal to sell Scailex stakes for $165 mln
Israel's Discount Inv moves ahead with Koor buy
UPDATE 2-Israel's Discount Inv to gain control of Koor
Scailex shares closed at $6.46 on the Nasdaq on Friday. Its Tel Aviv-traded shares (SCIX.TA: Quote, Profile, Research) were up 7.3 percent at 30.50 shekels ($6.77) on Monday.

Discount Investment, which has a 24.54 percent stake in Scailex, will get $82 million from the deal and post a capital gain of 34 million shekels ($7.56 million), the company said.

Clal, which holds a 24.85 percent stake in the company, will get $83 million from the sale and post a capital gain of 66 million shekels.

The deal is subject to regulatory approvals. If these are not obtained by August 28, the deal will be cancelled, the companies said.

The final price of the deal is subject to specific conditions depending on the future performance of Scailex's units.

Discount and Clal are both subsidiaries of IDB Development Corp. (IDBD.TA: Quote, Profile, Research), one of Israel's leading holding companies.

http://yahoo.reuters.com/stocks/quotecompanynewsarticle.aspx?storyId=urn:newsml:reuters.com:20060529....

Petrochemical Industries buys Scailex from IDB

29.5.06 | 11:24 By Shlomy Golovinski
Much speculation has raged about Scailex Corporation (Nasdaq: SCIX), the Israeli company formerly known as Scitex. Now the rumor mill can take a rest: the IDB group has sold the company, which is devoid of assets except for its fat kitty, to Israel Petrochemical Enterprises (TASE: target="_blank"PTCH).

IDB owned its shares in Scailex through Discount Investment Corporation (TASE: DISI) and Clal Industries and Investments (TASE: CII), which each sold 24.5% to Petrochemical for a combined $165 million.

The deal prices Scailex at $8.77 per share, compared with its opening price of $6.46 on Nasdaq.

Discount Investment and Clal will each be booking an NIS 34 million profit from the exit.

Scailex had sold its core Scitex operations and remains with $245 million in cash and little else. Recently the company named Arie Mientkavich as its chairman.

Israel Petrochemical Enterprises is controlled by David Federman, and the Menatep group, owned in part by Russian oligarch Leonid Nevzlin, and others. The company owns half of Carmel Olefins (Oil Refineries owns the other half).

http://www.haaretz.com/hasen/spages/721004.html

Dubi

Arie Mientkavich Appointed Chairman of Scailex Corporation

Sunday May 21, 7:54 am ET

TEL AVIV, Israel, May 21 /PRNewswire-FirstCall/ -- Scailex Corporation Ltd. (formerly: Scitex Corporation) (Nasdaq & TASE: SCIX) today announced that Arie Mientkavich has been appointed Chairman of the Board of Directors of Scailex, replacing Ami Erel, who served as the Chairman from June 2003, with effect from June 1, 2006. Mr. Mientkavich, 64, who served from November 1997 to January 2006 as the Chairman of Israel Discount Bank Ltd., one of the largest commercial banks in Israel, is the Vice Chairman of Gazit-Globe Ltd., one of the leading real estate investment companies in Israel. Mr. Mientkavich will be an active Chairman of Scailex and will dedicate considerable time to Scailex.

Mr. Erel, the outgoing Chairman of Scailex and the CEO of Discount Investments Corporation Ltd., said: "I am leaving the position in order to focus on Discount Investments' pending acquisition of a controlling stake in Koor Industries. I am confident that Mr. Mientkavich provides the leadership qualities and strategic vision necessary to lead Scailex."

Scailex Corporation Ltd.

Scailex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at http://www.Scailex.com.

http://biz.yahoo.com/prnews/060521/lnsu002.html?.v=2

Dubi

Scailex (Formerly: Scitex) Announces Fourth Quarter and Full Year 2005 Results

Sunday March 19, 5:03 pm ET

Notable Net Income of $106.1 Million in 2005 Following a Capital Gain of $92.4 Million From the Sale of the Business of Scailex Vision to HP

TEL AVIV, Israel, March 19 /PRNewswire-FirstCall/ -- Scailex Corporation Ltd. (NASDAQ: SCIX; TASE: SCIX) today announced financial results for the fourth quarter and full year ended December 31, 2005.

Sale of Scailex Vision's Business to HP

Following the sale of the business of Scailex Vision Ltd. (previously known as Scitex Vision Ltd.) (SV), Scailex's majority owned subsidiary, to Hewlett-Packard Company (HP) in November 2005, the results of operations of SV are reported as discontinued operations and the consolidated results from continuing operations no longer include revenues and expenses directly attributable to SV. Similarly, on the balance sheet, assets and liabilities relating to SV (except a portion of cash and cash-equivalents) are presented separately as assets and liabilities of discontinued operations. Information for prior periods has been reclassified to reflect this change.

As previously disclosed, under the terms of the agreement, HP paid $230 million in cash to SV (subject to certain adjustment under the agreement), of which $24 million is being retained in escrow for 24 months to cover possible indemnification claims and tax payments related to 2005. Approximately $27 million of the proceeds was used for the repayment of Scailex Vision's retained liabilities, mainly to Israeli banks.

As a result of the sale of SV's business, Scailex recognized a capital gain in its financial statements of approximately $92.4 million. Following the completion of the transaction, it is probable that Scailex will be classified as a passive foreign investment company for U.S. federal income tax purposes in 2005 and/or in subsequent years.

Results of Operations

As a result of the sale of the SV business, the results of operations of Scailex, including Jemtex, for fiscal year 2005, include no revenues. The operating loss in 2005 was $7.4 million compared to an operating loss of $8.2 million in 2004. Scailex reported net income in 2005 of $106.1 million, primarily attributable to the capital gain resulting from the sale of SV's business, compared to a net income of $47.3 million in 2004.

Scailex recognized income of $105.4 million from the discontinued operations for 2005, including a Federal income tax receivable of $7.8 million claimed for the years 1994, 1995 and 1997 (as a result of the conclusion of the 1992-1996 IRS audits).

Balance Sheet and Cash Flow

Cash, cash equivalents and investments in securities at the end of 2005 at Scailex Corporation and its wholly-owned subsidiaries amounted to $136.1 million (excluding a restricted deposit of $5.2 million retained in a custodial account in connection with the sale of the operations of Scailex Digital Printing (formerly known as Scitex Digital Printing) to Kodak that was released to Scailex in early January 2006). Cash and cash equivalents at Scailex Vision at the end of 2005 amounted to $177.9 million (excluding the $24 million retained in escrow).

In February 2006, Scailex Vision distributed a dividend in the amount of approximately $135 million to its shareholders. The distribution resulted in a payment of approximately $101 million to Scailex Corporation. Scailex Corporation is expected to receive an additional $12 to 16 million from Scailex Vision (excluding its share of the funds in escrow, if and when such funds are released), out of Scailex Vision's remaining funds, after the payment by Scailex Vision of retained liabilities to third parties, taxes, transaction - related and liquidation payments, and other fees and expenses.

Management Comments

Raanan Cohen, President and CEO of Scailex, commented: "The remarkable net income we reported for 2005 reflects the results of the sale of Scailex Vision's operations to HP, which has created value for Scailex's shareholders. Scailex, after the sale of Scailex Vision's operations, retains a significant cash balance and continues to actively evaluate alternative acquisitions and investment opportunities and other strategic alternatives."

Conference Call

Scailex will be holding a conference call to discuss its fourth quarter 2006 and full year results on Monday, March 20, 2006 at 10:00 a.m. EST (7:00 a.m. Pacific time, 3:00 p.m. GMT, 5:00 p.m. Israel time). All interested parties will have the opportunity to listen to a live simultaneous Webcast of the conference call by connecting online through www.Scailex.com. A replay of the conference call will be available shortly after the call during the seven days following the conference call (until midnight March 27, 2006) at the following numbers:


US: 1-800-475-6701

Intl: +1-320-365-3844

Access code: 818476

Scailex Corporation Ltd.
Scailex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at www.Scailex.com.

http://biz.yahoo.com/prnews/060319/uksu002.html?.v=18

Dubi

Scitex Corporation Unveils its New Name - Scailex
Thursday December 29, 5:02 pm ET

TEL AVIV, Israel, December 29 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX , TASE: SCIX) announced that, at its annual shareholder meeting held today, shareholders approved the Company's proposed change of its name to Scailex Corporation Ltd.

The new company name will begin appearing shortly in communications, and on the Company's new Web site, www.scailex.com. The Company's NASDAQ trading symbol is currently expected to remain "SCIX."

The Company also announced that all of the other matters on the agenda for the shareholder meeting were approved, including the election of Mr. Yoav Biran as an outside director of the Company.

http://biz.yahoo.com/prnews/051229/ukth008.html?.v=42

Dubi

Scitex Announces Third Quarter 2005 Results
Wednesday November 16, 5:02 pm ET
Scitex Achieved Quarterly Net Income of $3.4 million
Scitex Vision Achieved Record Quarterly Revenues of $40 million
Scitex Vision Completed the Sale of its Business to HP on November 1, 2005


TEL AVIV, Israel, November 16 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ & TASE: SCIX) today announced financial results for the third quarter ended September 30, 2005.
Results of Operations

For the third quarter of 2005, revenues were $40.0 million, an increase of 22.3% from $32.7 million in the third quarter of 2004. The Company had operating income for the quarter of $3.4 million, compared to operating income of $1.7 million for the third quarter of 2004. Net income for the third quarter of 2005 amounted to $3.4 million compared to net income of $1.1 million in the third quarter of 2004.

Balance Sheet

On a consolidated basis, cash, cash equivalents and short-term investments at the end of the third quarter of 2005 were $141.3 million, compared to $141.0 million at the end of the second quarter of 2005 (both figures exclude restricted deposits of $13.0 million at Scitex Vision and $5.0 million retained in a custodial account in connection with the sale by Scitex of the operations of Scitex Digital Printing). Cash, cash equivalents and short-term investments at the end of the third quarter of 2005 held only by Scitex Corporation and its wholly-owned subsidiaries amounted to $134.6 million (excluding the above-described $5.0 million retained in a custodial account). In addition to the said $134.6 million, as previously reported, in the contemplated distribution to all of Scitex Vision's shareholders of the sale proceeds received by Scitex Vision from HP, Scitex Corporation is expected to receive in the aggregate approximately $100-110 million (excluding its share of $24.0 million held in escrow in connection with the transaction), after the payment by Scitex Vision of retained liabilities to third-parties, certain taxes, transaction-related and liquidation payments, and other fees and expenses.

Trade receivables increased to $38.5 million at the end of the third quarter from $35.3 million as of the end of the previous quarter, and inventory increased to $40.3 million from $39.3 million as of the end of the previous quarter, both due to increased business activities.

Scitex Vision

As previously reported, Scitex Vision completed the sale of its business to HP on November 1, 2005. The financial implications of the transaction on Scitex Corporation's financial statements will be reflected in the fourth quarter results, so that the assets, liabilities, and the results of operations, as well as the gain from the sale, will be classified as discontinued operations in Scitex Corporation's consolidated financial statements.

During the third quarter of 2005, being the last quarter that Scitex Vision was an independent operating company of Scitex Corporation, it achieved record quarterly revenues for the eleventh consecutive quarter. Scitex Vision's revenues for the third quarter of 2005 were $40.0 million, an increase of 22.3% from $32.7 million in the corresponding quarter of 2004 and an increase of 6.0% from $37.7 million in the second quarter of 2005. Scitex Vision's operating income in the third quarter of 2005 was $5.1 million, compared to $3.7 million in the third quarter of 2004 and $3.6 million in the second quarter of 2005. Scitex Vision's net income was $2.4 million in the third quarter of 2005, compared to $2.3 million in the third quarter of 2004 and $2.9 million in the second quarter of 2005. Geographically, revenues were relatively balanced this quarter, with the Americas and Europe contributing 34% each, and the rest of the world accounting for 32%.

Cash, cash equivalents and short-term investments of Scitex Vision at the end of the third quarter of 2005 amounted to $19.4 million (including the $13.0 million of restricted deposits), bringing the net debt of Scitex Vision to third parties, primarily bank borrowings, to approximately $22.4 million.

Objet Geometries Ltd.

As previously reported, in June 2005 Scitex sold all of its holdings in Objet Geometries Ltd. to several other shareholders of Objet for $3.0 million in cash, payable in two installments (the first of which, in the amount of $1.0 million, was received at closing). Additional contingent consideration will be paid to Scitex should Objet undergo specified "exit events" prior to the end of 2007. In October 2005, Scitex received the second installment of $2.0 million, which was recognized as a "gain from sale of an associated company" in the third quarter.

Management Comments

Raanan Cohen, President and CEO of Scitex, commented: "The sale of the business of Scitex Vision to Hewlett-Packard was another value-creating transaction for our shareholders, and, together with the sale of the business of Scitex Digital Printing to Eastman Kodak at the beginning of last year and other smaller transactions, marked notable value creation over the last couple of years. Following the closing of the Scitex Vision transaction, Scitex Corporation is continuing to explore and consider strategic alternatives relating to its remaining holdings, as well as to other investments or opportunities."

Conference Call

Scitex will be holding a conference call to discuss its third quarter 2005 results on Thursday, November 17, 2005 at 10:00 a.m. EST (7:00 a.m. Pacific time, 3:00 p.m. GMT, 5:00 p.m. Israel time). All interested parties will have the opportunity to listen to a live simultaneous Webcast of the conference call by connecting online through www.scitex.com. A replay of the conference call will be available shortly after the call during the seven days following the conference call (until midnight, November 24, 2005) at the following numbers:

http://biz.yahoo.com/prnews/051116/ukw022.html?.v=10

Dubi

Hurd's HP Vision Clearer: Scitex Asset Buy Finalized
Danit Lidor, 11.02.05, 7:34 PM ET

NEW YORK - No one can accuse Hewlett-Packard Chief Executive Mark Hurd of slacking off. After a turbulent year of top-level executive changes, investors and analysts feared that the company, still in recovery from its merger with Compaq, was losing its stride.

But Hurd has plowed ahead, molding Hewlett-Packard's (nyse: HPQ - news - people ) Imaging and Printing Group's top position in the market place. He's had to navigate the increasingly steep competition from Dell's (nasdaq: DELL - news - people ) cheap printer prices. But while competitors like Lexmark (nyse: LXK - news - people ) suffer in the increasingly mature market, Hurd has kept the printing group profitable by pursuing high-end niche industrial segments of the industry.

Tuesday, HP announced it had finalized the $230 million acquisition of most of the assets of Scitex (nasdaq: SCIX - news - people ), an industrial wide-format digital printing company. This fall, Hurd heralded the company's arrival in the commercial wide-format and graphic arts market by inking several partnerships with big players in the emerging field, like Seiko/Infotech and Kodak (nyse: EK - news - people )-owned Creo. He also created a new printing subdivision--the Graphics and Imaging Business Unit--that will exclusively focus on the industry.

Analysts have criticized Hurd for acquiring hardware companies rather than pursuing more profitable service markets, but one of the perks of running an $80 billion company is that he can choose to take over a market by simply buying into it. By creating a one-stop commercial printing shop, HP offers simple solutions to its consumers. If Hurd plays his cards right, the services and supplies revenue follows.

Third quarter results indicate that Hurd's strategy will be successful: while consumer hardware revenue only grew 1% year over year, commercial hardware revenue is up 5% and consumables are up 6%. The entire image and printing group reported revenue of $5.9 billion, up 5% year-over-year.

Hurd and Chief Financial Officer Bob Wayman will announce fourth-quarter earnings on Nov. 17th. While it's too soon to see results from the partnerships and Scitex acquisition, investment in the Graphics and Imaging Business unit should indicate how seriously the company is approaching the new market.

http://www.forbes.com/facesinthenews/2005/11/02/hp-hurd-scitex-cx_dal_1102autofacescan14.html?partne...

Dubi

HP closes purchase of Scitex Vision for $230 million
02.11.2005 | 12:04
Ami Ginsburg

Hewlett Packard (NYSE:HWQ) yesterday closed the deal buying the Israeli company Scitex Vision.

The U.S. giant paid $230 million for Scitex Vision, which specializes in wide-formal digital printing technology.

The two companies signed the original agreement on August 11, 2005.

The Scitex Vision businesses acquired are principally located in the United States, Belgium, China, Israel, Mexico and South Africa, and are being integrated into HP's Imaging and Printing Group.

Scitex Corporation (Nasdaq:SCIX), the main shareholder in Scitex vision, owned 75% of its stock. Other beneficiaries of the transaction are IDB (TASE: IDBH) group companies Israel Discount Bank (TASE: DSCT) and Clal Industries and Investments (TASE: CII ), both as shareholders in Scitex and in Scitex Vision directly.

Wide-format printing relates to road signs and industrial applications such as billboards, banners, street advertising and packaging.

"This purchase accelerates HP's push into one of the most significant and fastest growing market opportunities: to digitize analog prints and gain market leadership in the graphics industry," commented Enrique Lores, vice president and general manager, Large Format Printing, Imaging and Printing Group, HP, in the company's statement. "Customers soon will start to see the benefits of access to a much wider range of products and services while continuing to enjoy the same high levels of service."

http://www.themarker.com/eng/article.jhtml?ElementId=%2Fibo%2Frepositories%2Fstories%2Fm1_2000%2Fag2...

Dubi

HP Completes $230 Million Acquisition of Scitex Vision
Tuesday November 1, 11:00 am ET

PALO ALTO, Calif.--(BUSINESS WIRE)--Nov. 1, 2005--HP (NYSE:HPQ - News; Nasdaq:HPQ - News) today announced that it has completed the acquisition of substantially all of the assets of Scitex Vision, a market leader in industrial wide-format digital printing, for $230 million from Scitex Corporation Ltd (Nasdaq:SCIX - News).

The acquisition agreement was originally signed on Aug. 11, 2005. The Scitex Vision businesses acquired are principally located in the United States, Belgium, China, Israel, Mexico and South Africa, and are being integrated into HP's Imaging and Printing Group.

The acquisition has expanded HP's leadership in printing into the industrial wide-format category, which includes signage and industrial applications such as billboards, banners, street advertising and packaging. This strengthens HP's position as a one-stop partner for providers of print services with a product portfolio of large-format printers, digital presses and now industrial wide-format printers, providing a significant competitive advantage.

"This purchase accelerates HP's push into one of the most significant and fastest growing market opportunities: to digitize analog prints and gain market leadership in the graphics industry," said Enrique Lores, vice president and general manager, Large Format Printing, Imaging and Printing Group, HP. "Customers soon will start to see the benefits of access to a much wider range of products and services while continuing to enjoy the same high levels of service."

About HP

HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2005, HP revenue totaled $85.2 billion. More information about HP is available at www.hp.com.

End of the Israeli digital print era

A decade ago, Scitex - Indigo talks went nowhere but now they've finally merged in HP. Plus, I sell off Mercury Interactive.

Shlomi Cohen 16 Aug 05 15:05

It wasn’t what they were thinking about when they first negotiated a merger between them, but a “merger” between Israeli companies Scitex (Nasdaq: SCIX; TASE: SCIX) and Indigo can finally be celebrated. Their “merger” did not create an Israeli digital printing giant, as their entrepreneurs hoped a decade ago. Both of them have now jointly disappeared - first Indigo, and now Scitex Vision - into the great house of printing and computer giant HP-Hewlett-Packard (NYSE: HPQ). Most of what once was Scitex has been taken over by another giant - Eastman Kodak (NYSE: EK).
Ten years ago, Indigo founder and former CEO Benzion (Benny) Landa held merger talks with Scitex, the flagship of Israeli high tech at the time. CEO Yoav Chelouche and chairman Dov Tadmor managed Scitex at the time, but the man who made the decisions was the late Rafael Recanati, head of the IDB group at the time, who represented the Scitex controlling shareholders.

The proposed mergers was intended to create a global digital printing giant based in Israel, using prepress technology developed 35 years ago under the leadership of Efi Arazi, an inveterate entrepreneur. This technology, together with the high-speed digital printing technology developed by Landa at Indigo, was a generation ahead of its time. It became the Mercedes-Benz of digital printing.

All of the parties in the unsuccessful merger negotiations moved into other business over the years. The Recanati family sold the IDB group, the controlling shareholders in Scitex, to the Nochi Dankner group. Only one of the people who played a key role in those merger talks is still deeply involved in digital printing Landa.

Landa is a strategic advisor for digital printing to HP president and CEO Mark Hurd. Hurd inherited the job from Cary Fiorina, who acquired Indigo from Landa. As an advisor, Landa took an active part in the acquisition of Scitex Vision. I assume that the negotiations in recent weeks brought back memories from distant past.

”If you don’t want me as a partner, you’ll get me as an advisor to your new owner,” Landa might have told Scitex’s controlling shareholders a decade ago. I assume, however, that even a visionary like Landa, who was able to predict what would happen in printing a generation later, did not anticipate the many ownership changes and upheavals in digital printing that have taken place in recent years.

We’ll never know whether the merger under discussion a decade ago would have created an Israeli Nokia in the printing industry, as was hoped at the time. In 2001, when he had already left Discount Investment Corporation (TASE: DISI), the controlling shareholder in Scitex, I met Tadmor, the man who led the negotiations with Landa. I asked him directly whether negotiations had taken place for a merger with Indigo, and if so, why they didn’t produce a deal.

Tadmor confirmed that merger talks had taken place. His explanation of why no merger resulted put most of the blame on Landa. “George Soros, one of the main investors in Indigo, pushed hard for a deal, but Landa caused us a lot of problems,” Tadmor claimed, without specifying whether those problems involved money or ego. For his part, Landa told me several months later, “Nonsense. They were never serious about a merger.”

In my opinion, the responsibility for the failure to create an Israeli Nokia in the printing industry lies in the fact that the problems afflicting each of the two companies (Indigo and Scitex) made them realize that the printing market was very conservative. They understood that achieving penetration in digital printing was not the same as achieving penetration in wireless telephony, for example; it would take many years. Very deep pockets were therefore required, which only the industry giants had.

Indigo and Scitex both began a mad dash in the direction of the giants, a race which finally ended last Friday, when Eastman Kodak and HP divided up Israeli know-how between them, while managing to leave the third giant, Xerox (NYSE: XRX), high and dry. The era of Israeli-owned digital printing has ended, over 35 years after Arazi put the word “Scitex” on a sign in front of the company plant.

Today after trading, HP will publish its results for the quarter ending in July its first full quarter under Hurd. It will be interesting to see whether the acquisition of Scitex Vision a few days before the results are published hinted at a significant change of direction on Hurd’s part.

Fiorina’s acquisition of computer company Compaq, her first, was an expression of megalomania. Hurd’s first acquisition was a small one in digital printing. Many analysts are gambling that this is only Hurd’s first step in shoring up HP’s printing business. They believe that disposal of the PC division, the acquisition that led to Fiorina’s downfall, is just around the corner.

IBM (NYSE: IBM) had no hesitation about admitting its historic failure by selling its PC division to the Chinese, 30 years after showing the door to a young bespectacled geek named Bill Gates, who wanted to develop his vision of a computer in every home. Analysts assume that Hurd won’t hesitate to use any means to unload most of what Fiorina acquired from Compaq for billions of dollars.

Last Thursday night, when it published its results, even Dell Computer (Nasdaq: DELL), the undisputed leader in the computer field, admitted that its price-cutting strategy was not increasing its sales as expected. Dell was forced to slightly lower its guidance for the next quarter. As we saw two days before that with another gorilla, Cisco Systems (Nasdaq: CSCO), investors do not let such events go by unpunished. Dell suffered the same fate as Cisco; its share plunged over 7%.

Five other technology companies, all on the Nasdaq 100 index, are publishing their results this week for the quarter ending in July. Chip manufacturing equipment giant Applied Materials Inc. (Nasdaq: AMAT) is publishing its report today, and tomorrow will come the turns of enterprise software company BEA Systems (Nasdaq: BEAS) and network data storage systems producer Network Appliance (Nasdaq: NTAP), which issued a profit warning a week ago.

Of most interest to me are the companies that will report their results on Thursday after trading, including the largest company producing software for automation of planning, design, and drafting - Autodesk (Nasdaq: ADSK), which is in my portfolio. A chip company with a large presence in Israel, Marvell Technology Group (Nasdaq: MRVL), which I used to keep in my portfolio, will also be reporting its results. I sold my stake in Marvell, and waited for profit taking that never came. The share is now at a five-year peak of $45, $12 higher than when I sold it.

After I saw how excellent technology shares like Cisco and Dell were taking it on the chin because of their managements’ conservatism, I prefer getting out of Autodesk now, and perhaps buying it back next week or later, after the company releases its results. There’s no doubt that Autodesk will exceed the market’s expectations of a profit of $0.24 per share on $356 million in sales for the quarter ending in July.

On the other hand, the relative weakness of the summer quarter, combined with the strengthening of the dollar (compared with the corresponding quarter last year) and general concern on the part of corporate management that high oil prices will nevertheless slow the economy down somewhat, is liable to persuade Autodesk chairman, president and CEO Carol Bartz to provide conservative guidance. This will be a disappointment, and cause a temporary dive in the share. The huge Chinese market with its enormous construction momentum, is the joker in Autodesk’s deck, which could generate a very positive surprise, and push the share up to a new peak of above $40.

All superlatives have already been used to describe Marvell, which will apparently once again not be a disappointment. When you’ve got luck, even your ox has calves. Marvell is on the right track to become a communications powerhouse in the long term of the caliber of Texas Instruments (NYSE: TXN), after chasing and finally catching up to its main competitor in recent years, Broadcom (Nasdaq: BRCM).

I’ve already written on other occasions that Marvell is in all the hottest fields in broadband communications and electronic gadgets. Marvell makes storage chips for iPods, very high-speed Ethernet communications chips for laptops and communications equipment, and WLAN chips for mobile games consoles and energy consumption management.

In its conference call on Thursday, Marvell will probably discuss the next consumer market it will enter optical disc drives (ODD), mostly for DVD players, with the highest speeds in the computer market. If Marvell enters the market for DVD players as an independent device, it will confront a half-Israel competitor there Zoran Microelectronics (Nasdaq: ZRAN).

Only ten million DVD recorders were sold in 2004. Sales are expected to rise to 23 million by 2008, with consumers switching from VCRs to DVD recorders. Marvell is mainly interested in repeating in the optical market its huge success in storage chips for hard disk drives (HDD). Marvell’s HDD chips are use in computers with a target market of 308 million devices, while the optical market is estimated at 251 million devices a year. Merrill Lynch estimates the chip market for these devices at $3.8 billion.

In addition to Autodesk, I’m also selling my holdings in Mercury Interactive Corporation (Nasdaq: MERQ), until the situation regarding the company’s own inquiry and the US Securities and Exchange Commission’s (SEC) unofficial investigation into options previously granted by the company.

Published by Globes [online] - www.globes.co.il - on August 16, 2005


The above recommendations were made by a person/s working in the investment industry who may hold positions in securities mentioned in the column. This column should not be taken as advice to buy, sell or continue to hold any securities, and anyone acting on the advice of this column does so at his or her own risk.

Dubi

HP-Scitex Vision: A perfect fit

Scitex Vision CEO Dov Ofer: Market consolidation meant figuring out how we’d fit in.

Gitit Pincas 15 Aug 05 17:33

Negotiations were not easy; they lasted over a year with ups and downs, but a deal was closed in the end. Scitex Corp. Ltd. (Nasdaq:SCIX; TASE:SCIX) subsidiary Scitex Vision Ltd. will be sold to US printer and photocopier giant Hewlett-Packard Corp. (NYSE:HPQ) for $230 million in cash.
“Personally, besides being very tired, we’re also very pleased,” said Scitex Vision president and CEO Dov Ofer on Friday. “I think we’ve made a great deal for our employees, shareholders and customers. This is a cash transaction with a reputable company, with substantial know-how and capabilities in digital printers, and with a positive history of investment, and staying in Israel. It was already clear to us a year ago that the market was consolidating, and we had to figure out how we’d fit in. Our number one candidate was Hewlett-Packard.”

The acquisition of Scitex Vision supplements Hewlett-Packard’s range of wide format printing solutions and digital printers. Hewlett-Packard has bought Scitex Vision’s printer head and ink technologies, which will give it a broad competitive edge. Additional synergy is likely in ink technologies, peripheral services, and support of distribution channels and the chain of supply.

$1 billion in three years

This is Hewlett-Packard’s third investment and second acquisition in Israel. Its biggest acquisition was Indigo in 2002 for $720 million. Two years later, Hewlett-Packard invested $100 million to build HP-Indigo’s ink plant in Kiryat Gat, and it is now paying $230 million in cash for Scitex Vision. In the past three years, Hewlett-Packard has invested over $1 billion in Israel. The present investment strengthens Hewlett-Packard’s position as one of the largest foreign investors in Israel.

Scitex currently owns 77.1% of Scitex Vision (70.6% fully diluted), Clal Industries and Investments Ltd. (TASE:CII) and Discount Investment Corporation Ltd. (TASE:DISI) each own 7.2% (6.6% fully diluted), and company employees own most of the rest. Under the terms of the agreement, HP will pay approximately $230 million in cash to Scitex Vision, of which $24 million will be retained in escrow for 24 months to cover possible indemnification claims and an additional $24.5 million will be utilized to repay Scitex Vision's retained liabilities, mainly to Israeli banks. In other words, the acquisition includes Scitex Vision’s liabilities.

Scitex is expected to report a capital gain of $75-95 million on the deal. It will receive $100-110 million in cash (excluding its share of the funds in escrow), after the payment by Scitex Vision of retained liabilities to third parties, certain taxes, transaction-related and liquidation payments, and other fees and expenses, which will be added to Scitex’s $141 million in cash reserves. Discount Investment believes that it will make a capital gain of NIS 120-150 million, and Clal Industries will make a capital gain of NIS 122-153 million.

IDB Holding Corp. Ltd. (TASE:IDBH) vice chairman Avi Fischer said, “When the control over the IDB group was changed two years ago, a commitment was made to take all steps needed in order to create shareholder value. Accordingly, we are very excited with this value-creating transaction which, together with the sale of the business of Scitex Digital Printing to Eastman Kodak Company at the beginning of last year and other smaller transactions, have created value of over $300 million for Scitex's shareholders. We thank the Scitex team and wish success to Hewlett-Packard and the Scitex Vision employees who will shortly join this major corporation."

Scitex’s demise is definitely more respectable than could have been imagined during the change in ownership of IDB, when Scitex was fighting for market share.

“Globes”: Hewlett-Packard wasn’t the only the only company in the picture when negotiations began. Why did they take so long? After all, you reached a preliminary agreement back in February.

Ofer: “First, Hewlett-Packard is a very cautious company. It has very high standards, and conducts due diligence the likes of which I’ve never seen. No stone was left unturned in Israel or around the world. Second, subsequent negotiations were tough, not over the value of the deal so much as about other aspects. There have been good deals at lower values, and bad deals at higher values, so figures are often misleading. In any case, I can say that the negotiations never broke down. There were ups and downs, but contact with Hewlett-Packard was never broken off. It was always in the picture.”

What was Ofer referring to when he mentioned good and bad deals? He was apparently hinting at the prolonged negotiations in which Electronics for Imaging Inc. (EFI) (Nasdaq:EFII), founded by Efi Arazi, acquired VUTEk, Inc. for $281 million. VUTEk was a private company that was reportedly growing more slowly than Scitex, but was much more profitable over a longer period. Capital market sources believed that EFI was an initial candidate for acquiring Scitex Vision.

If VUTEk was acquired for $281 million, why was Scitex Vision satisfied with a lower value? This reportedly disturbed the rest of Scitex’s shareholders. In retrospect, it could be said that in terms of EBITDA (earnings before interest, taxes, depreciation and amortization) multiples, Scitex Vision got a much higher price, but obviously profit and earnings multiples are interesting, too. The case of VUTEk made it clear that Scitex Vision had no choice. It had to link up with a large player, and could not pursue an independent path.

Deutsche Bank Securities and William Blair & Co. (which collaborates with Poalim Capital Markets - Investment Bank Ltd. in Israel) advised Scitex Vision in its negotiations with Hewlett-Packard. Both Ofer and Scitex president and CEO Raanan Cohen handled the negotiations, accompanied by Scitex chairman Ami Erel and Fischer, on behalf of IDB. Since Scitex Vision is a private company, Scitex will probably not file a proxy document detailing the negotiations process.

“We wouldn’t sign if the price wasn’t right”

Scitex Vision examined alternatives while a final deal still hung in the balance, but in the final stages it did not negotiate with any other company for an acquisition. This did not prevent it from considering an acquisition of Nur Macroprinters Ltd. (OTCBB:NURM). Scitex Vision reportedly considered acquiring Nur, because it is financially troubled and burdened by a bank debt (although the banks are helping out a bit). Nothing came of it, and Nur is still seeking an investor or buyer who can move the company forward.

Scitex Vision also mulled an IPO on Nasdaq, and there were rumors that a company value was over $300 million. “Throughout the negotiations, we had plan B an IPO,” said Ofer. “We didn’t enter into negotiations with Hewlett-Packard with intent to sign a deal with them at any price. If the deal had fallen through, we’d have gone with an IPO or something else.”

In other words, the option wasn’t realistic, and was only a negotiating ploy?

“Of course not. The alternative of an IPO always existed and was absolutely realistic. If the negotiations failed, we’d have carried it out. On the other hand, an IPO isn’t a strategic measure but a purely financial one, and wouldn’t have moved us forward strategically. The market is changing, and I wouldn’t want to compete against the company that Hewlett-Packard would have bought instead of us.”

What about the values? They were higher for the IPO. You might have given greater value to your shareholders.

“It’s true that the values were higher, but an IPO is an apple in the tree, not in your hand. After all, it doesn’t only depend on a company’s performance, but also on 1,001 other external variables. We’ve found the most suitable strategic partner, and we were able to close a deal here and now, rather than wait for some future event that might not materialize.”

Ofer says all of Scitex Vision’s managers and employees will keep their jobs, and that the company will become a separate unit with Hewlett-Packard, the same as HP-Indigo. “There won’t be any lay-offs,” he promises. He said he convened a conference call with all of Scitex Vision’s managers on Thursday night, to tell them about the deal. A conference call with the company’s employees was held the next day.

“We’ll figure out how to celebrate later,” says Ofer. “We’re not celebrating the past. We’re looking forward, and we want our string of successes. Even a deal like this one with Hewlett-Packard won’t cause us to lose our focus. I hope that the coming quarter will be our eleventh consecutive quarter of profitable growth.”

The Scitex Vision-Hewlett-Packard deal is expected to be closed within 60-90 days, when all the necessary regulatory permits are obtained.

In a press release, Hewlett-Packard VP and general manager, Large Format Business Enrique Lores said, “The purchase of this business from Scitex Vision will further accelerate Hewlett-Packard's push into the rapidly growing digital printing market. Wide-format signage is one of the fastest growing opportunities in the market. Currently, 17% of printing in this area is done digitally, and we expect that to double within the next five years. Scitex Vision is one of the leading companies in this space, with a strong customer base, unique products and technologies and an outstanding customer support organization."

In a separate press release, Hewlett-Packard (Israel) general manager Gil Rosenfeld said the acquisition of Scitex Vision would strengthen Hewlett-Packard activities in Israel. “This acquisition shows that Hewlett-Packard is showing intensive and constant interest in the Israeli market, and considers it a profitable and promising investment channel. We’re therefore continuing to invest in the Israeli market, with an emphasis on the potential of Israel’s human capital.”

Scitex

Scitex will no longer have any activities, following the completion of the transaction, and will probably be classified as a passive foreign investment company for US federal income tax purposes in 2005 and/or in subsequent years. In addition, upon and subject to the closing of the transaction, Scitex Corporation will license its rights to the "Scitex" tradename to Hewlett-Packard. Scitex Corporation has also agreed, subject to shareholder approval, to change its corporate name. One thing is certain: it will no longer be in the printer business.

Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2005

Dubi

HP buying Scitex Vision for $230 million cash
14.8.2005 / 13:30
Ami Ginsburg

With the Associated Press

After almost a year of negotiations, Hewlett-Packard Co. said Thursday it will acquire most of the assets of Scitex Vision, for $230 million in cash. HP is buying the company from Scitex Corporation (Nasdaq:SCIX).

The move is designed to expand the HP's printing business into the wide-format digital printers that Scitex Vision makes.

Minus Scitex Vision's roughly $24 million debt, the Scitex shareholders should be receiving between $205 million to $210 million, our of which $24 million will be placed in trust until certain milestones are reached.

Scitex first reported the putative transaction about half a year ago, but signature only arrived last week.

The main beneficiary of the transaction is Scitex, which owns 77% of the subsidiary, or 70.6% at full dilution. Scitex commented that it expects to realize between $110 million to $110 million after tax and various payments related to the transaction, but before distribution of the money to be held in trust. Its capital gains should be in the range of $75 million to $95 million.

Scitex's controlling shareholders, the two IDB (TASE: IDBH) group companies Discount Investment Corporation (TASE: DISI) and Clal Industries and Investments (TASE: CII ), each of which owns 7.2% of Scitex Vision (6.6% at full dilution), will each be reporting capital gains in the range of NIS 120-150 million.

Scitex Vision management and workers own 10% of the company's stock.

Among other things, HP gains full rights to the Scitex brand name. Subsequent to the transaction, therefore, Scitex will be changing its name.

The deal will help HP build upon its existing business of supplying large-format printers and presses. Scitex Vision specializes in printers for signs and industrial applications, including billboards, banners, street advertising and packaging.

Today, about 17% of such printing is done digitally - a number that's expected to double in five years, said Rich Raimondi, vice president of U.S. commercial sales at HP's Imaging and Printing Group. "It's a key part of our growth strategy to move into markets that are moving from analog to digital processes," he said.

Once the deal is concluded in about 90 days, Scitex will remain devoid of activity, aside from a few negligible holdings, but with a lot of cash. A year ago it gave shareholders $86 million in dividends. A year ago it sold another division, Scitex Digital Printing, to Kodak for $272 million, and in 2000 it had sold its preprinting operations to Creo of Canada.

Netanya, Israel-based Scitex Vision had revenue of $142 million for the year ending June 30 and has principal subsidiaries in the United States, Belgium, China, Mexico and South Africa. It has a presence in 75 other countries as well.

"Our technology will reach a broader audience as it becomes available more widely," said Dov Ofer, Scitex Vision's CEO. "And employees will enjoy professional opportunities as the business grows within a leading global organization.

The transaction is expected to close within 90 days, provided closing conditions are met. Scitex Vision will be integrated into HP's Imaging and Printing Group.

http://tinyurl.com/bsyvb

Dubi

HP buys Scitex Vision for $230m cash

Scitex estimates that it will recognize a capital gain of $75-95 million.

Globes correspondent 14 Aug 05 10:50

Scitex (Nasdaq: SCIX; TASE: SCIX) announced on Thursday that Hewlett-Packard (HP) (NYSE: HPQ , Nasdaq: HPQ) would buy the assets and business of its majority-owned subsidiary Scitex Vision for $230 million in cash.
Scitex Vision produces wide and super-wide format printers for signage and industrial applications, such as billboards, banners, street advertising and packaging.

Scitex Vision CEO Dov Ofer said, "Joining together Scitex Vision with HP will bring substantial benefits to our customers, the wider marketplace and our employees. Our customers will benefit from access to a wider range of products and services while they continue to enjoy the same high levels of attention that they are used to. Our technology will reach a broader audience as it becomes available more widely. And employees will enjoy professional opportunities as the business grows within a leading global organization."

Scitex currently owns approximately 77.1% of Scitex Vision's share capital (approximately 70.6% on a fully-diluted basis), and each of its principal shareholders, Clal Electronics Industries Ltd. and Discount Investment Corporation Ltd., holds 7.2% of Scitex Vision's share capital (approximately 6.6% on a fully-diluted basis).

Under the terms of the agreement, HP will pay approximately $230 million in cash to Scitex Vision, of which $24 million will be retained in escrow for 24 months to cover possible indemnification claims and an additional $24.5 million will be utilized to repay Scitex Vision's retained liabilities, mainly to Israeli banks.

Closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close within 90 days. Scitex Corporation will license its rights to the "Scitex" tradename to HP. Scitex Corporation has also agreed, subject to shareholder approval, to change its corporate name.

Scitex currently estimates that it will recognize a capital gain in its financial statements of approximately $75-95 million.

Published by Globes [online], Israel business news - www.globes.co.il - on August 14, 2005

Dubi

Another company down,

Scitex Vision to Sell its Business to HP for $230 Million
Thursday August 11, 5:08 pm ET


TEL AVIV, Israel, August 11 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX , TASE: SCIX) announced today that Hewlett-Packard Company (HP) (NYSE: HPQ , Nasdaq: HPQ) and Scitex Vision Ltd., Scitex's majority-owned subsidiary (Scitex Vision), have signed a Definitive agreement under which HP will acquire the assets and business of Scitex Vision for $230 million in cash. Scitex Vision is a market leader in wide and super-wide format printers for signage and industrial applications, such as billboards, banners, street advertising and packaging.

Dov Ofer, Chief Executive Officer of Scitex Vision, stated: "Joining together Scitex Vision with HP will bring substantial benefits to our customers, the wider marketplace and our employees. Our customers will benefit from access to a wider range of products and services while they continue to enjoy the same high levels of attention that they are used to. Our technology will reach a broader audience as it becomes available more widely. And employees will enjoy professional opportunities as the business grows within a leading global organization."

Mr. Avi Fischer, Deputy Chairman of IDB Holding Corporation Ltd. and a member of Scitex's Board, added: "When the control over the IDB group was changed two years ago, a commitment was made to take all steps needed in order to create shareholder value. Accordingly, we are very excited with this value-creating transaction which, together with the sale of the business of Scitex Digital Printing to Eastman Kodak Company at the beginning of last year and other smaller transactions, have created value of over $300 million for Scitex's shareholders. We thank the Scitex team and wish success to HP and the Scitex Vision employees who will shortly join this major corporation."

Mr. Ami Erel, Chairman of Scitex Corporation, and Mr. Raanan Cohen, President and CEO of Scitex Corporation, continued: "The excellent strategic fit between Scitex Vision and HP will benefit Scitex Vision which itself has shown continuing revenue growth over ten consecutive quarters. Mr. Ofer has done an excellent job in leading Scitex Vision and bringing it to an impressive market leadership position and we believe that this business will develop strongly under HP's stewardship."

Scitex currently owns approximately 77.1% of Scitex Vision's share capital (approximately 70.6% on a fully-diluted basis), and each of its principal shareholders, Clal Electronics Industries Ltd. and Discount Investment Corporation Ltd., holds 7.2% of Scitex Vision's share capital (approximately 6.6% on a fully-diluted basis). Under the terms of the agreement, HP will pay approximately $230 million in cash to Scitex Vision, of which $24 million will be retained in escrow for 24 months to cover possible indemnification claims and an additional $24.5 million will be utilized to repay Scitex Vision's retained liabilities, mainly to Israeli banks. Closing of the transaction is subject to certain regulatory approvals and other customary closing conditions. The transaction is intended to be completed as soon as all required approvals have been obtained and, subject to receipt of these approvals and satisfaction of the other closing conditions, is expected to close within 90 days. In addition, upon and subject to the closing of the transaction, Scitex Corporation will license its rights to the "Scitex" tradename to HP. Scitex Corporation has also agreed, subject to shareholder approval, to change its corporate name.

Scitex is reviewing the accounting and tax consequences of the transaction to it, but currently estimates that it will recognize a capital gain in its financial statements of approximately $75-95 million. In the contemplated distribution of the consideration received by Scitex Vision to all of Scitex Vision's shareholders following the completion of the transaction, Scitex Corporation is expected to receive in the aggregate approximately $100-110 million (excluding its share of the funds in escrow), after the payment by Scitex Vision of retained liabilities to third-parties, certain taxes, transaction-related and liquidation payments, and other fees and expenses. Following the completion of the transaction, it is probable that Scitex will be classified as a passive foreign investment company for U.S. federal income tax purposes in 2005 and/or in subsequent years.

Scitex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at www.scitex.com.

http://biz.yahoo.com/prnews/050811/ukth017.html?.v=9

Dubi

Scitex's good Q2 due mainly to Scitex Vision

Subsidiary Scitex Vision posted its tenth consecutive quarter of revenue growth with $37.7 million revenue for the second quarter of 2005.

Globes correspondent 9 Aug 05 18:22

Scitex (Nasdaq: SCIX; TASE: SCIX) today announced financial results for the second quarter ended June 30, 2005.
The net income reported by Scitex for the second quarter of 2005 amounted to $2.8 million compared with a net loss of $1.2 million in the second quarter of 2004.

For the second quarter of 2005, revenue was $37.7 million, an increase of 22% from $30.8 million in the second quarter of 2004.

The company had operating income for the quarter of $1.3 million, compared with operating income of $200,000 for the second quarter of 2004.

Cash, cash equivalents and short-term investments at the end of the second quarter of 2005 were $141 million, compared with $141.5 million at the end of the first quarter of 2005. The 2005 figure excluded restricted deposits of $13.0 million at Scitex Vision and $5 million retained in a custodial account in connection with the sale by Scitex of the operations of Scitex Digital Printing.

Cash, cash equivalents and short-term investments at the end of the second quarter of 2005 held only by Scitex Corporation and its wholly-owned subsidiaries amounted to $136 million (excluding the $5 million retained in a custodial account).

Trade receivables increased to $35.3 million at the end of the second quarter from $32.8 million as of the end of the previous quarter due to increased business activities. However, inventory decreased to $39.3 million from $40.4 million as of the end of the previous quarter.

Subsidiary Scitex Vision's net income was $2.9 million in the second quarter of 2005, compared with $1.2 million in the second quarter of 2004 and $3.7 million in the first quarter of 2005.

Scitex Vision's revenue for the second quarter of 2005 was $37.7 million, an increase of 22% from $30.8 million in the corresponding quarter of 2004 and an increase of 3.0% from $36.6 million in the first quarter of 2005.

Scitex president and CEO Raanan Cohen said, "Scitex Vision continued its high growth rate, achieving a tenth consecutive quarter of revenue growth, with record quarterly revenue, as well as profitability and positive cash flow." This was attributed to continued strong demand for the company's products and strong ink revenues exceeding $13 million.

Scitex Vision's operating income in the second quarter of 2005 was $3.6 million, compared with $2 million in the second quarter of 2004 and $4 million in the first quarter of 2005.

Geographically, Scitex Vision's revenues were relatively balanced in the second quarter, with the Americas contributing 35%, Europe representing 34%, and the rest of the world accounting for 31%.

Cash, cash equivalents and short-term investments of Scitex Vision at the end of the second quarter of 2005 amounted to $18 million (including the $13 million of restricted deposits), bringing the net debt of Scitex Vision to third parties, primarily bank borrowings, to approximately $24.5 million.

In June 2005, Scitex sold all of its holdings in Objet Geometries Ltd. to several other shareholders Objet for $3 million in cash, payable in two installments. Additional contingent consideration will be paid to Scitex should Objet undergo specified milestones prior to the end of 2007. Scitex received $1 million at closing, which was recognized as "other income" in the second quarter.

Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, August 09, 2005

Dubi

Scitex Announces Second Quarter 2005 Results
Monday August 8, 6:00 pm ET
Scitex Vision Achieved Record Quarterly Revenues of $37.7 Million
Scitex Achieved Quarterly Net Income of $2.8 Million


TEL AVIV, Israel, August 8 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX; TASE: SCIX) today announced financial results for the second quarter ended June 30, 2005.
Results of Operations

For the second quarter of 2005, revenues were $37.7 million, an increase of 22% from $30.8 million in the second quarter of 2004. The Company had operating income for the quarter of $1.3 million, compared to operating income of $0.2 million for the second quarter of 2004. The net income reported by Scitex for the second quarter of 2005 amounted to $2.8 million compared to a net loss of $1.2 million in the second quarter of 2004.

Balance Sheet and Cash Flow

On a consolidated basis, cash, cash equivalents and short-term investments at the end of the second quarter of 2005 were $141.0 million. This excludes restricted deposits of $13.0 million at Scitex Vision and $5.0 million retained in a custodial account in connection with the sale by Scitex of the operations of Scitex Digital Printing, and compares to $141.5 million at the end of the first quarter of 2005. Cash, cash equivalents and short-term investments at the end of the second quarter of 2005 held only by Scitex Corporation and its wholly-owned subsidiaries amounted to $136 million (excluding the above-described $5.0 million retained in a custodial account).

Trade receivables increased to $35.3 million at the end of the second quarter from $32.8 million as of the end of the previous quarter due to increased business activities. However, inventory decreased to $39.3 million from $40.4 million as of the end of the previous quarter.

http://biz.yahoo.com/prnews/050808/ukm012.html?.v=19

Dubi

Scitex Corporation Earnings Conference Call (Q2 2005)
Scheduled to start Tue, Aug 9, 2005, 10:00 am Eastern

http://biz.yahoo.com/cc/9/59239.html

Dubi

Tuesday , July 26, 2005 16:25 ET

According to new short interest data from NASDAQ, short interest for Scitex Corporation LTD. (NasdaqNM: SCIX) DECREASED 78.8% to 1,738 shares for the month ended mid-July, 2005.

SYMBOL JUNE JULY CHANGE %CHANGE DAYS/COVER
-------- ------------- ------------- ------------- ------------ ----------
SCIX 8,206 1,738 -6,468 -78.82% 1
Based on SCIX's 20-day average daily share volume of 10,716, it would require approximately 1 day(s) of buying to cover this short interest

Dubi

Scitex Corporation (Nasdaq:SCIX) rose 1.3%. Ilan Ben Dov, the controlling shareholder of Suny Electronic (TASE: SUNY ), has been buying its stock and now owns 12% of the company. Scitex is meanwhile moving to float Scitex Vision based on its second-quarter results, at a company value of $285 million. Scitex and Scitex Vision are widely believed to be preparing to report strong results for the second quarter of 2005.

http://www.themarker.com/eng/article.jhtml?ElementId=%2Fibo%2Frepositories%2Fstories%2Fm1_2000%2Ftel...

Dubi

Scitex Vision headed for IPO

M&A negotiations HP have stalled. But why?

Gitit Pincas 16 Jun 05 19:12

As first reported by "Globes," HP's negotiations to acquire Scitex Vision for $240 million have fallen by the wayside. Scitex Vision is now moving into high gear for an initial public offering.
The sale of Scitex Vision, a subsidiary of Scitex (Nasdaq:SCIX; TASE:SCIX)and part of the IDB Group, is not off completely, but chances are slim that it will go through. In other words, only if the unexpected happens will the gap between the two companies be bridged.

One possible scenario is that Scitex Vision's planned IPO is merely a tactical move as part of its unending negotiation with HP. However, it appears that the IPO idea is real.

In any case, "Globes" has learned that Scitex Vision, which sells wide-format printers and ink, is due to close its list of underwriters so that the flotation can go ahead as soon as investors return from their summer vacations.

Investment houses that are likely to be on the list include UBS, Citigroup, William Blair & Co., and CIBC, but a short list has not yet been formulated.

Scitex's spokesman said in response to a question from "Globes" that the company does not comment on rumors. "When there is concrete information, we will make an announcement in the accepted manner," he said.

Scitex's market capitalization is $240 million, exactly the value at which HP was due to buy the company.

Scitex owns 75.5% of Scitex Vision (68.5% on a fully diluted basis). The other shareholders are Clal Industries and Investments (TASE:CII), which owns 24.7%; Discount Investment Corporation (TASE:DISI), which owns 24.4.%; Suny Electronics (TASE:SUNY), which recently increased its stake to 10.9%; Mivtach Shamir Holdings (TASE:MISH) -- 5.5%; and Ilanot Discount -- 1%.

Why did negotiations with HP break down? After all, the acquisition was agreed on in principle as of March.

Sources point to a combination of factors, including internal disputes at HP about the way to merge, how necessary Scitex Vision was to HP, and matters pertaining to Scitex Vision's ink business.

The most significant factor was apparently the price, which recently became the main bone of contention.

With every passing quarter, Scitex Vision continues to improve, posting handsome profit margins. Scitex Vision's shareholders apparently wanted more than $240 million, and believe that an IPO will bring in more money.

Moreover, Electronics for Imaging (EFI) recently acquired Vutek, a competitor of Scitex Vision, for $281 million.

Published by Globes [online], Israel business news - www.globes.co.il - on Thursday, June 16, 2005

Dubi

Scitex Vision-HP deal in trouble

Sources: Things are headed for a breakdown. If the sale falls through, Scitex Vision will try to hold a public issue on Nasdaq.

Gitit Pincas 6 Jun 05 17:22

Negotiations by printer giant Hewlett Packard Co. (NYSE:HPQ) for the acquisition of Scitex Corp. Ltd. (Nasdaq:SCIX; TASE:SCIX) subsidiary Scitex Vision Ltd. have not been easy. Sources inform ''Globes'' that representatives of the companies will meet in Europe in a few days to try to settle outstanding disagreements. Knowledgeable sources said today that there was a greater likelihood that the negotiations would break down than a deal being struck. The sources added that if the sale fell through, Scitex Vision would try to hold a public issue on Nasdaq.
As "Globes" first reported, an MOU for the acquisition of Scitex Vision, a maker of ink and wide format printers, was reached last March, subject to due diligence by Hewlett Packard.

The company value for Scitex Vision under the deal is $240 million, but negotiations have lasted longer than expected. The parties originally hoped to close the deal within 60 days, but the deadline has been postponed a number times. The main disagreement is reportedly not over the company value, which has already been agreed upon, but concerns Scitex Vision's subsequent absorption into Hewlett Packard.

A spokesman for IDB Holding Corp. Ltd. (TASE:IDBH) and Scitex declined to comment on the report.

Published by Globes [online], Israel business news - www.globes.co.il - on June 6, 2005

Dubi

HP expected to close Scitex Vision purchase within two weeks
06.6.2005 / 13:20
Nitzan Cohen

Hewlett Packard's (NYSE:HWQ) acquisition of Scitex Vision should be closed within about two weeks, TheMarker has learned.

Sources near the deal estimated this morning that IDB (TASE: IDBH) group, which controls Scitex Corporation (Nasdaq:SCIX), and HP are acting to conclude the deal this week. But last-minute delays could hold up closing for a further week, they add.

Unless HP reached an accord with IDB within a couple of weeks, Scitex will revive the concept of floating Scitex Vision in the United States, claim the sources.

Top Scitex Vision officers will be flying to the U.S. to meet with investment bankers, from Citigroup and UBS, who would lead the offering if the deal with HP falls through.

In any case, HP is all but done with the due diligence process, add the sources in the know, which would enable a deal to be signed toward the end of next week.

Insofar as is known, HP's due diligence process concluded that Scitex Vision is roughly worth the valuation publicized in March: in the range of $230 million to $250 million.

Once the transaction is done, if it is, Scitex would be transformed from a company with an asset – 75% of Scitex Vision – into a company with nothing beyond its $330 million kitty. The question is what the company owners will do with the money.

Some believe some will be shared out among shareholders as dividends, while the rest will be used for acquisitions. In any case, IDB is not known to have targeted any investments via Scitex at this time.

Theoretically IDB could use Scitex to carry out its purchase of 34.75% of Cellcom from BellSouth, but sources near IDB say there's no such plan. The acquisition will be carried out through Discount Investment Corporation (TASE: DISI) and that's that, they say.

Dubi

Scitex sells Objet Geometries stake for $3m

The start-up develops rapid prototyping systems and resins for building of three-dimensional models.

Globes correspondent 24 May 05 14:37

Scitex (Nasdaq: SCIX; TASE: SCIX) announced that it has agreed to sell all of its holdings in start-up Objet Geometries Ltd.to several Objet shareholders for $3 million in cash. Payment will be made in two installments.
In addition, if Objet Geometries undergoes an exit under certain conditions prior to the end of 2007, additional consideration will be paid to Scitex.

Objet Geometries develops, manufactures and globally markets ultra-thin layer rapid prototyping systems and resins that utilize its proprietary PolyJet polymer jetting technology. The company is based in Rehovot, Israel and currently employs 70 people worldwide.

Objet was founded in May, 1998, by a group of entrepreneurs who wished to apply their experience in graphic ink-jet technologies to the building of three-dimensional models. Initial funding for the company was provided by private investors from the US and Europe. In June 2000, the private investors were joined by Scitex and TDA Capital Partners, a venture capital fund headquartered in the US.

The book value of Scitex's investment in Objet Geometries was recorded at $19,000 on Scitex's balance sheet as of March 31, 2005.

Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, May 24, 2005

Midas
Put some small stake there, in hope of shorterm gain

Scitex to Sell its Holdings in Objet Geometries
Tuesday May 24, 5:14 am ET


TEL AVIV, Israel, May 24 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX, TASE: SCIX) announced that it has agreed to sell all of its holdings in Objet Geometries Ltd. (Objet) to several shareholders of Objet for $3.0 million in cash, payable in two instalments. Additional contingent consideration will be paid to Scitex if Objet undergoes specified "exit events" prior to the end of 2007. The closing of the sale is subject to customary terms and conditions. The book value of Scitex's investment in Objet was recorded at $19,000 on Scitex's balance sheet as of March 31, 2005, and such investment is accounted for under the equity method.
Scitex Corporation Ltd.

Scitex Corporation Ltd.'s shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at www.scitex.com.

http://biz.yahoo.com/prnews/050524/uktu004.html?.v=13

Midas

Scitex Announces First Quarter 2005 Results
Monday May 9, 5:01 pm ET
Scitex Vision Achieved Record Quarterly Revenues of $36.6 Million and net Income of $3.7 Million


TEL AVIV, Israel, May 9 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX & TASE: SCIX) today announced financial results for the first quarter ended March 31, 2005.
Results of Operations

ADVERTISEMENT


For the first quarter of 2005, revenues were $36.6 million, an increase of 25% from $29.2 million in the first quarter of 2004. The Company had operating income for the quarter of $2.4 million, compared to an operating loss of $0.5 million for the first quarter of 2004. The net income reported by Scitex for the first quarter of 2005 amounted to $1.8 million compared to net income of $50.3 million in the first quarter of 2004 (composed of a net loss from continuing operations of $1.4 million and net income from discontinued operation of $51.7 million, derived from the sale of the operations of Scitex Digital Printing (SDP) to Eastman Kodak Company).

Balance Sheet and Cash Flow

On a consolidated basis, cash, cash equivalents and short-term investments at the end of the first quarter of 2005 were $141.5 million. This excludes restricted deposits of $13.0 million at Scitex Vision and $5 million retained in a custodial account in connection with the sale of SDP's operations by Scitex Corporation, compared to $142.6 million at the end of 2004. Cash, cash equivalents and short-term investments at the end of the first quarter of 2005 at Scitex Corporation and its wholly-owned subsidiaries amounted to $135.6 million (excluding the above-described $5.0 million retained in a custodial account).

During the first quarter, receivables remain stable with $32.8 million at the end of the quarter. However, inventory increased to $40.4 million from $36.7 million as of the end of the previous quarter, due to increased business activities.

Scitex Vision

Scitex Vision reported record revenues for the ninth consecutive quarter. The first quarter of 2005 was a notable beginning of the year for Scitex Vision, with sustained strong performance of the TURBOjet, as well as the super wide format digital printers worldwide. Additionally, the increased sales of the flatbed product series and the accelerated ink revenues of $12 million strongly enhanced Scitex Vision's quarter-over-quarter growth. Towards the end of the quarter, Scitex Vision began showcasing the Scitex Vision VEEjet+ at ISA tradeshow for the first time in North America and presented the Scitex Vision CORjet Premium at ImpreExpo tradeshow in Mexico, collecting orders, indicating an increased demand for Scitex Vision's innovative inkjet systems and consumables.

As previously reported, Scitex was involved in several disputes with C.D.I. Technologies (1999) Ltd (CDI), a minority shareholder of Scitex Vision, including claims against Scitex, Scitex Vision and several other parties. In early April, Scitex and its two largest shareholders, Clal Industries and Investments and Discount Investment Corporation, came to an agreement with CDI whereby they agreed to purchase all of CDI interest in Scitex Vision, constituting 1.89% of Scitex Vision's issued share capital (1.35% on a fully diluted basis) for $1.6 million, plus additional contingent consideration to be paid if Scitex Vision undergoes an "exit event" within the next two years at a higher valuation than implied in the agreement. In the framework of the agreement, all of the claims will be dismissed.

Revenues for the first quarter of 2005 were $36.6 million, an increase of 25% from $29.2 million in the corresponding quarter of 2004 and an increase of 3% from $35.5 million in the fourth quarter of 2004. Scitex Vision's operating income in the first quarter of 2005 was $4.0 million, compared to operating income of $2.6 million in the first quarter of 2004, and operating income of $0.8 million in the fourth quarter of 2004. Scitex Vision's net income was $3.7 million in the first quarter of 2005, compared to net income of $2.1 million in the first quarter of 2004, and a net loss of $0.8 million in the fourth quarter of 2004. Geographically this quarter, Europe and the Americas each contributed 35% of revenues and the rest of the world accounted for 30% of revenues.

Cash, cash equivalents and short-term investments at Scitex Vision at the end of the first quarter of 2005 amounted to $18.6 million (including the $13.0 million of restricted deposits), bringing the net debt of Scitex Vision to third parties, primarily bank borrowings, to approximately $24.5 million.

RealTimeImage Ltd.

In late April, IDX Systems Corporation (NASDAQ:IDXC - News) signed a purchase agreement with RealTimeImage Ltd. (RTI), a 14.9% minority-owned affiliate of Scitex Corporation, to acquire the assets of RTI for an estimated purchase price of $15.5 million. RTI is recorded on Scitex's balance sheet at $1.2 million as of March 31, 2005, and is accounted under the cost method. The closing of the acquisition is subject to certain customary terms and conditions. Also, the distribution of funds to the shareholders of RTI is subject to certain time and other limitations and processes, including under the purchase agreement.

Management Comments

Raanan Cohen, President and CEO of Scitex, commented: "I am pleased with the performance of our principal operating subsidiary, Scitex Vision, a proven leader in the wide and super-wide format graphic arts markets, achieving a ninth consecutive quarter of revenue growth, with record revenue of $36.6 million and net income of 10% of revenues. As for the sale of assets by RTI, our minority-owned affiliate, it is consistent with our previously announced plan of exploring and implementing strategic alternatives relating to our holdings, when and to the extent feasible, including dispositions, acquisitions and the like."

Conference Call

Scitex will be holding a conference call to discuss its first quarter 2005 results on Tuesday, May 10, 2005 at 10:30 a.m. EST (7:30 a.m. Pacific time, 3:30 p.m. GMT, 5:30 p.m. Israel time). All interested parties will have the opportunity to listen to a live simultaneous Webcast of the conference call by connecting online through www.scitex.com. A replay of the conference call will be available shortly after the call during the seven days following the conference call (until midnight, May 17, 2005) at the following numbers:


US: 1-800-475-6701
Intl: +1-320-365-3844
Access code: 781022
Scitex Corporation Ltd.
Scitex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at www.scitex.com.

http://biz.yahoo.com/prnews/050509/ukm013.html?.v=8

Midas

Scitex Q1 revenue up 25%

First quarter 2005 revenue was $36.6 million. CEO Raanan Cohen: Scitex Vision achieved its ninth consecutive quarter of revenue growth.

Globes correspondent 10 May 05 09:32

Scitex (Nasdaq: SCIX; TASE: SCIX) today announced financial results for the first quarter ended March 31, 2005.
Net income for the first quarter of 2005 was $1.8 million compared to net income of $50.3 million in the first quarter of 2004 (composed of a loss from continuing operations of $1.4 million and net income from discontinued operation of $51.7 million, derived from the sale of the operations of Scitex Digital Printing (SDP) to Eastman Kodak.

For the first quarter of 2005, revenue was $36.6 million, an increase of 25% from $29.2 million in the first quarter of 2004.

The company had operating income for the first quarter of $2.4 million, compared to an operating loss of $500,000 for the first quarter of 2004.

Scitex president and CEO Raanan Cohen said, "I am pleased with the performance of our principal operating subsidiary, Scitex Vision, a proven leader in the wide and super-wide format graphic arts markets, achieving a ninth consecutive quarter of revenue growth, with record revenue of $36.6 million and net income of 10% of revenues. As for the sale of assets by RTI, our minority-owned affiliate, it is consistent with our previously announced plan of exploring and implementing strategic alternatives relating to our holdings, when and to the extent feasible, including dispositions, acquisitions and the like."

On a consolidated basis, cash, cash equivalents and short-term investments at the end of the first quarter of 2005 were $141.5 million. This excluded restricted deposits of $13 million at Scitex Vision, and $5 million retained in a custodial account in connection with the sale of SDP's operations by Scitex Corporation, compared to $142.6 million at the end of 2004.

Cash, cash equivalents and short-term investments at the end of the first quarter of 2005 at Scitex Corporation and its wholly-owned subsidiaries amounted to $135.6 million (excluding the $5 million retained in a custodial account).

During the first quarter, receivables remain stable with $32.8 million at the end of the quarter. However, inventory increased to $40.4 million from $36.7 million as of the end of the previous quarter, due to increased business activities.

Scitex Vision's net profit was $3.7 million in the first quarter of 2005, compared to net profit of $2.1 million in the first quarter of 2004, and a loss of $0.8 million in the fourth quarter of 2004.

Scitex Vision's revenue for the first quarter of 2005 was $36.6 million, an increase of 25% from $29.2 million in the corresponding quarter of 2004 and an increase of 3% from $35.5 million in the fourth quarter of 2004.

Scitex Vision's operating income in the first quarter of 2005 was $4.0 million, compared to operating income of $2.6 million in the first quarter of 2004, and operating income of $0.8 million in the fourth quarter of 2004.

Geographically this quarter, Europe and the Americas each contributed 35% of revenues and the rest of the world accounted for 30% of Scitex Vision's revenues.

Cash, cash equivalents and short-term investments at Scitex Vision at the end of the first quarter of 2005 amounted to $18.6 million (including the $13.0 million of restricted deposits), bringing the net debt of Scitex Vision to third parties, primarily bank borrowings, to approximately $24.5 million.

In late April, IDX Systems Corporation (IDXC) signed a purchase agreement with RealTimeImage Ltd. (RTI), a 14.9% minority-owned affiliate of Scitex Corporation, to acquire the assets of RTI for an estimated purchase price of $15.5 million. RTI was recorded on Scitex's balance sheet at $1.2 million as of March 31, 2005.

Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, May 10, 2005

Midas

Meir Shamir donates NIS 1.8m of salary to poor students

Mivtach Shamir Holdings chairman and CEO Meir Shamir still earned NIS 8.6 million in 2004.

Shai Shalev 28 Mar 05 14:32

Mivtach Shamir Holdings (TASE:MISH), controlled by chairman and CEO Meir Shamir, has reported the best year in its history. Mivtach Shamir posted a profit of NIS 101.6 million for 2004, compared with NIS 52.5 million for 2003. Most of last year's profit came from the sale of shares in Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) when it held an issue on Nasdaq in January 2004. Mivtach Shamir posted a capital gain of NIS 115 million on that sale.
The booming capital market of the past two years has played into the hands of Mivtach Shamir. The company sold some holdings at record prices, and the value of its other holdings rose, not only in Lipman, but also in Scitex (Nasdaq: SCIX; TASE: SCIX) and Gilat Satellite Networks (Nasdaq: GILTF; TASE: GILTF), which were previously listed in the loss column. During the stock market surge, Mivtach Shamir's market cap has risen 262% to $144 million.

As of the balance sheet date, Mivtach Shamir's marketable assets had a market value of NIS 463 million, compared with the NIS 415 million value which they were listed in the balance sheet.

Mivtach Shamir's huge profits are reflected in Meir Shamir's salary. He earned NIS 10.4 million in management fees in 2004, mostly from a grant amounting to 7% of the company's pretax profit. Shamir has instructed the company to donate NIS 1.8 million of his salary to finance scholarships for poor students, reducing his salary for 2004 to NIS 8.6 million, compared with NIS 4 million for 2003.

Meir Shamir is also the main beneficiary of Mivtach Shamir's dividends. The company distributed NIS 22 million in dividends in 2004, and it announced today that it would distribute an additional NIS 18 million dividend.

Meir Shamir owns 40% of Mivtach Shamir and Ashtrom Holdings owns 17%. Leon Recanati 10%, who bought shares last year, two years after IDB Holding Corp. (TASE: IDBH) subsidiary Clal Industries and Investments (TASE: CII) sold its 15% stake in Mivtach Shamir to Ashtrom at a company value of less than $40 million. Recanati controlled IDB at the time of the sale.

Published by Globes [online], Israel business news - www.globes.co.il - on March 28, 2005

Midas
For this reason,i just LOVE him.
(metaphorically,make no mistake!!!)

HP on verge of buying Scitex Vision for $240m

If the negotiations fail, Deutsche Bank, which is accompanying the sale, will float Scitex Vision on Nasdaq at the same company value.

Gitit Pincas and Shai Shalev 21 Mar 05 16:14

IDB Holding Corp. (TASE: IDBH) is in advanced negotiations to sell Scitex (Nasdaq: SCIX; TASE: SCIX) subsidiary Scitex Vision. Sources inform “Globes” that Scitex Vision is on the verge of being sold to printer and PC giant Hewlett-Packard (NYSE:HPQ) for $240 million. The sources added that under the terms of the deal, Hewlett-Packard would conduct due diligence for Scitex Vision over the next 60 days.
The parties agreed that if the negotiations ultimately fail, Deutsche Bank, which is accompanying the sale, would float Scitex Vision on Nasdaq at the same company value of $240 million.

IDB said in response that it was examining a number of options for selling Scitex Vision, which were currently in "preliminary stages."

Scitex recently examined various alternatives for Scitex Vision, which develops and manufactures wide format digital printers for printing houses and the consumer market. Scitex's board considered a sale, a flotation on Nasdaq, and distributing shares as a dividend in kind. IDB subsidiaries Clal Industries and Investments (TASE: CII) and Discount Investment Corporation (TASE: DISI) own 24.7% and 24.4% of Scitex, respectively; Suny Electronics (TASE: SUNY) owns 8.3%, and Mivtach Shamir Holdings (TASE:MISH) owns 5.5%.

In the end, after a number of international companies considered acquiring Scitex Vision, IDB decided to negotiate with Hewlett-Packard. Hewlett-Packard previously acquired Benzion (Benny) Landa's Indigo for $720 million, and has invested $200 million in building a plant for the manufacture of ink jets for printers in Kiryat Gat.

Scitex Vision, managed by Dov Ofer, has 480 employees worldwide, and has been growing nicely since 2003. Scitex Vision is now basically Scitex's only activity, after it sold Scitex Digital Printing to Eastman Kodak (NYSE:EK) for $250 million.

more to follow

Published by Globes [online], Israel business news - www.globes.co.il - on March 21, 2005


Midas

Scitex May Sell Scitex Vision Stake
Monday March 21, 9:33 am ET
Scitex Negotiating the Possible Sale of 69.5 Percent Stake in Scitex Vision Ltd.


NEW YORK (AP) -- Israeli printing supplies company Scitex Corp. said Monday it is negotiating the possible sale of its 69.5 percent stake in Scitex Vision Ltd., in a deal valuing Scitex Vision at $230 million to $250 million.
Nasdaq-listed shares of Scitex were halted for news dessemination at $6.47.

The proposed transaction is subject to a due diligence process, negotiation and execution of definitive agreements. There is no assurance that any transaction will result with respect to Scitex Vision.

As reported, Scitex has been pursuing various strategic alternatives, including a sale and an IPO, of its holdings.

Midas
More of the same.......

Scitex in Preliminary Negotiations for Sale of Scitex Vision
Monday March 21, 9:22 am ET


TEL AVIV, Israel, March 21 /PRNewswire-FirstCall/ -- Scitex Corporation Ltd. (NASDAQ: SCIX; TASE: SCIX) today announced that it is engaged in preliminary negotiations for the possible sale of its holdings in Scitex Vision Ltd., of which it holds 75.5% of the outstanding share capital (69.5% on a fully diluted basis) for an enterprise value of Scitex Vision in the range of $230-250 million. The proposed transaction is subject to a due diligence process, negotiation and execution of definitive agreements.
There is no assurance whatsoever that any transaction will result with respect to Scitex Vision or as to the terms, deal structure and the purchase price for Scitex Vision if a sale occurs.

As previously announced by the company, Scitex has been pursuing various strategic alternatives, including a sale and an IPO, of its holdings.

Scitex Corporation Ltd.

Scitex Corporation shares trade on Nasdaq and The Tel Aviv Stock Exchange under the symbol "SCIX". For more information, please visit our Web site at www.scitex.com.

Midas
In ,and waiting..........

Scitex Vision achieved $9 million operating profit in 2004
03.3.2005 / 10:44
Hertzel Laks

Scitex Corporation (Nasdaq:SCIX) today published its report for the last quarter of 2004 and for the year, showing that its subsidiary Scitex Vision has finally achieved profitability.

The year was marked by the sale of Scitex Digital Printing to Eastman Kodak for $250 million and preparations to float Scitex Vision, its last asset.

Scitex Vision, which hopes to list on Nasdaq within a few months, achieved eight straight Goldman Sachs of revenue growth. Its 2004 revenue climbed 25% from the year before to $129 million, and it achieved an operating profit of $9 million, compared with an operating loss of $9 million in 2003.

During the fourth quarter, Scitex Vision achieved record sales of $35.5 million, says the parent company Scitex.

A series of charges for goodwill and technology impairment cost Scitex Vision $3 million, shifting it to a loss of $800,000 for the year.

Scitex itself posted a fourth-quarter loss of $2.9 million. For the year, the capital gains from selling SDP generated a $47.2 million profit.

At the end of the year Scitex had $142 million cash.

http://www.themarker.com/eng/article.jhtml?ElementId=%2Fibo%2Frepositories%2Fstories%2Fm1_2000%2Fhl2...

Midas

Scitex Vision shows eighth consecutive profitable quarter

By Hertzel Laks

The Scitex Corporation last week published its report for the last quarter of 2004 and for the year, showing that its subsidiary Scitex Vision has finally achieved profitability.

The year was marked by the sale of Scitex Digital Printing to Eastman Kodak for $250 million and preparations to float Scitex Vision, its last remaining asset.

Scitex Vision, which hopes to list on the Nasdaq within a few months, has achieved eight consecutive quarters of revenue growth. Its 2004 revenue climbed 25 percent from the year before to $129 million, and it achieved an operating profit of $9 million, compared with an operating loss of $9 million in 2003.

During the fourth quarter, Scitex Vision achieved record sales of $35.5 million, according to parent company Scitex.

A series of charges for goodwill and technology impairment cost Scitex Vision $3 million, shifting it to a loss of $800,000 for the year.

Scitex itself posted a fourth-quarter loss of $2.9 million. For the year, capital gains from selling Scitex Digital Printing generated a $47.2 million profit.

At the end of the year Scitex had $142 million cash.

http://www.haaretz.com/hasen/spages/548256.html

...............................................................

Here comes the spin-off;

The year was marked by the sale of Scitex Digital Printing to Eastman Kodak for $250 million and preparations to float Scitex Vision, its last remaining asset.

Midas

SDP sale to Kodak gives Scitex $47m 2004 profit

For the fourth quarter, Scitex made a loss of $2.9 million.

Globes correspondent 3 Mar 05 10:25

Scitex (Nasdaq: SCIX; TASE: SCIX) made a profit of $47.3 million in 2004, primarily attributable to the capital gain derived from the sale of the operations of Scitex Digital Printing (SDP) to Eastman Kodak Company for $250 million (with an additional $12 million in cash retained by SDP after the sale). In 2003, the company made a net profit of $1.4 million.
Revenue for the year was $128.2 million, representing an increase of 25% from $102.9 million in 2003. The operating loss in 2004 was $3.3 million, compared with $12.3 million in 2003. Operating loss and net profit for 2004 were impacted by a charge for impairment of technology of $5.6 million at Scitex Vision, $2.5 million of which was attributed to the minority shareholders of Scitex Vision under accounting principles; consequently, only $3.1 million of this impairment is reflected in Scitex Corporation's net profit and shareholders' equity.

Geographically, Europe contributed 41% of 2004 revenue for Scitex Vision, followed by the Americas with 36% of revenue, and the Far East and rest of the world with 23% of revenue.

For the fourth quarter of 2004, revenue was $35.5 million, representing an increase of 25% from $28.5 million in the fourth quarter of 2003. The company made an operating loss for the quarter of $4.6 million, compared with an operating loss of $3.5 million for the fourth quarter of 2003. The net loss reported by Scitex for the fourth quarter of 2004 amounted to $2.9 million compared with a net profit of $8 million in the fourth quarter of 2003. Operating loss and net loss for 2004 were impacted by the impairment of technology described above.

On a consolidated basis, cash, cash equivalents and short-term investments at the end of 2004 were $142.6 million.

Scitex Vision, Scitex's main activity, reported revenue of $128.2 million for 2004, compared with $102.9 million in 2003, reflecting a 25% increase. Operating profit was $9 million in 2004, compared with an operating loss of $8.3 million in 2003. Scitex Vision had net profit of $4.7 million in 2004, compared with a net loss of $13.6 million in 2003. Operating profit and net profit for 2004 were impacted by impairment of technology of $2.3 million compared with a $3.0 million technology write-down in 2003.

Scitex Vision's revenue for the fourth quarter of 2004 was $35.5 million, representing an increase of 25% from $28.5 million in the corresponding quarter of 2003 and an increase of 9% from $32.7 million in the third quarter of 2004.

Scitex Vision's operating profit in the fourth quarter of 2004 was $0.8 million, compared with an operating loss of $2.4 million in the fourth quarter of 2003, and operating profit of $3.7 million in the third quarter of 2004. Scitex Vision's net loss was $0.8 million in the fourth quarter of 2004, compared with a net loss of $1.7 million in the fourth quarter of 2003, and net profit of $2.3 million in the third quarter of 2004. Operating profit and net profit for the fourth quarter of 2004 were impacted by impairment of technology described above.

Scitex chairman Ami Erel said "Our principal operating subsidiary, Scitex Vision, achieved an eighth consecutive quarter of revenue growth, with record quarterly revenue, operating profitability and positive cash flow. Scitex Vision took advantage of the renewed capital investment flow and increased ink demand with its wide product portfolio, loyal customers, and strong distribution and customer support infrastructure."

Scitex shares closed at $6.90 in New York yesterday, giving the company a market cap of $263 million. On the Tel Aviv Stock Exchange, the stock is currently down 3.25%, at $28.77.

Published by Globes [online], Israel business news - www.globes.co.il - on March 3, 2005

/C O R R E C T I O N -- Scitex Corporation Ltd./
Thursday March 3, 5:59 pm ET


With respect to the news release, "Scitex Announces Fourth Quarter and Full Year 2004 Results" issued on 2 Mar 2005 22:30 GMT, by Scitex Corporation Ltd. (Nasdaq: SCIX; TASE: SCIX) over PR Newswire, we are advised by a representative of the company as follows:
that the financial tables attached to its March 2, 2005, press release should be replaced with the attached financial tables. The tables attached to the March 2, 2005, press release inadvertently reflected under 2003 sales and marketing expenses amounts that are now classified as costs of revenues.


Complete, corrected tables follow: SCITEX CORPORATION LTD. (AN ISRAELI COMPANY) AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(U.S. Dollars in thousands, except per share data) Quarter ended Dec. 31, Year ended Dec. 31,
2004 2003 2004 2003
(Unaudited) (Unaudited) (Audited) (Audited)
Revenues
Sales 21,252 16,954 78,418 60,653
Services & Supplies 14,242 11,586 49,767 42,227
Total revenues 35,494 28,540 128,185 102,880 Cost of revenues
Cost of sales 12,203 9,933 44,132 36,062
Cost of Services
and Supplies 7,194 7,002 26,935 27,150
Total cost of revenues 19,397 16,935 71,067 63,212 Gross profit 16,097 11,605 57,118 39,668 Expenses
Sales and marketing 5,063 3,430 19,990 15,322
General and administrative 4,510 3,927 16,614 15,147
Research and
development, net 3,955 2,935 12,449 11,070
Amortization of other
intangible assets 1,556 1,434 6,137 5,871
Impairment of other
intangible assets 5,625 2,967 5,235 2,967
Restructuring charges 383 1,590
Operating loss (4,612) (3,471) (3,307) (12,299) Financial Income
(expense) - net (602) 328 (276) (2,651)
Other income
(expenses) - net 213 (68) 470 787 Loss before taxes on income (5,001) (3,211) (3,113) (14,163)
Taxes on income 1,220 (814) 67 (2,402)
(3,781) (2,397) (3,046) (16,565) Share in losses of
associated companies (357) (1,521) (1,418) (5,637)
Minority interests in
a subsidiary 1,239 440 71 3,546
Net loss from continuing
operations (2,899) (3,478) (4,393) (18,656)
Net Income from
discontinued operations 0 11,494 51,646 20,043
Net income (loss) (2,899) 8,016 47,253 1,387 Earnings (loss) per share -
basic & diluted
Continuing operations ($0.08) ($0.08) ($0.11) ($0.43)
Discontinued operations $0.00 $0.27 $1.28 $0.46
($0.08) $0.19 $1.17 $0.03
Weighted average number of
shares used in computation
of EPS (in thousands) -
basic and diluted 38,066 43,018 40,336 43,018 CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
December 31 December 31
2004 2003
(Audited) (Audited)
Assets Current assets:
Cash and cash equivalents 85,892 56,761
Short-term investments 56,693 8,235
Restricted deposit 18,000 18,262
Total cash and short-term investments 160,585 83,258 Trade receivables 33,585 31,279
Other receivables 8,127 7,102
Inventories 36,726 22,575
Current Assets of discontinued operation 161,602
Total current asssets 239,023 305,816 Investments and other non-current assets 4,987 6,669 Restricted deposit 5,000 0 Property and equipment - net 9,147 9,204 Goodwill and other intangible assets - net 15,996 23,499 Non-Current Assets of discontinued operation 48,897
274,153 394,085 Liabilities and Shareholders' Equity Current liabilities:
Short term bank credit 30,755 49,251
Current maturities of long -term loans 3,557 2,602
Trade payables 21,877 14,505
Accrued and other liabilities 40,200 47,466
Current liabilities related to
discontinued operation 2,193 31,935
Total current liabilities 98,582 145,759 Long-term liabilities:
Loans from banks, net of current maturities 8,802 6,623
Other 6,718 6,645
Long-term liabilities related to discontinued
operation 5,431
Total long-term liabilities 15,520 18,699 Long-term loans from related parties convertible
into shares of subsidiary 1,551 756 Minority interest 4,226 4,173 Shareholders' equity:
Share capital 6,205 6,205
Capital surplus 278,812 368,104
Deferred stock compensation (517)
Accumulated other comprehensive loss (327) (552)
Accumulated deficit (97,599) (144,852)
Treasury shares, at cost (32,300) (4,207)
154,274 224,698 274,153 394,085 Scitex Vision Ltd.
US Dollar in Thousands Three months ended Year
December 31 December 31 2004 2003 2004 2003
Unaudited Unaudited Audited Audited Revenues
Sales 21,252 16,954 78,418 60,653
Services & Supplies 14,242 11,586 49,767 42,227
Total Revenues 35,494 28,540 128,185 102,880 Gross Profit 16,098 11,605 57,118 39,668 Expenses:
S,G&A 8,662 6,562 31,744 27,579
Research and Development 3,365 2,935 10,281 11,070
Amortization of other
Intangible assets 968 1,147 3,776 4,725
Impairment of other
Intangible assets 2,333 2,967 2,333 2,967
Restructuring Charges 394 1,602 Operating (Loss) Income 770 (2,400) 8,984 (8,275) Financial expenses 1,694 74 3449 2,907
Other income (26) (2) (212) (12)
Taxes on income (58) (812) 1,054 2,402 Net Income (Loss) for the year (840) (1,660) 4,693 (13,572)



--------------------------------------------------------------------------------
Source: Scitex Corporation Ltd

Full Year 2004 Scitex Corporation Earnings Conference Call
Scheduled to start Thu, Mar 3, 2005, 9:00 am Eastern
About Scitex Corporation (NasdaqNM:SCIX)

Scitex Corporation Ltd. designs, develops, manufactures, markets and supports products for the industrial inkjet digital printing market through its operating subsidiaries, Scitex Vision Ltd. and Jemtex InkJet Printing Ltd. (Jemtex). It is also engaged in the field of Internet imagery. The Company operates in fields, such as wide-format systems, super-wide-format systems and flatbed printing systems for the graphic arts, packaging, displays and textile printing applications. The products in the wide-format printing systems category include TURBOjet and Superjet. The products in the super-wide-format printing systems category include the Scitex Grandjet S+ and the Scitex XLjet+ line of systems. Flatbed printing systems include the Scitex VEEjet. The products for industrial inkjet presses include CORJet and DreAm.

Midas

Will be interesting

RAiDAR alerts Learn More About RAiDAR-LT


02/28/2005 (11:15 ET) SCIX: Volume Spike; 71% > 20-adsv, Stock +2.24% - Knobias



02/28/2005 (09:56 ET) SCIX: New 52-Wk High @ $6.830 up 1.94% - Knobias



02/28/2005 (06:30 ET) TABLE: Unconfirmed Earnings Expected Monday, Feb 28 - Knobias



02/28/2005 (06:00 ET) SCIX: Short Interest DN 33.3% to 3.5K in Feb 2005 - Knobias



02/25/2005 (16:22 ET) SCIX: Short Interest DN 33.3% to 3.5K in Feb 2005 - Knobias



02/25/2005 (11:30 ET) SCIX: New 52-Wk High @ $6.560 up 0.61% - Knobias



02/24/2005 (09:46 ET) SCIX: New 52-Wk High @ $6.520 up 2.03% - Knobias



02/22/2005 (16:53 ET) SCIX: Filed New Form SC 13D/A, Beneficial Ownership Disclosure - Edgar



02/14/2005 (09:26 ET) SCIX: Filed New Form SC 13G/A, Beneficial Ownership Disclosure - Edgar



02/04/2005 (16:35 ET) SCIX: New 52-Wk High @ $6.470 up 3.35% - Knobias



02/03/2005 (10:40 ET) SCIX: New 52-Wk High @ $6.330 up 2.10% - Knobias



02/01/2005 (10:25 ET) SCIX: Forms Strategic Partnership with Beiren Group Corp. - Knobias



02/01/2005 (10:23 ET) SCIX: Filed New Form 6-K, Foreign Material Event Report - Edgar



01/26/2005 (16:25 ET) SCIX: Short Interest UP 74.4% to 5.2K in Jan 2005 - Knobias



01/24/2005 (10:20 ET) SCIX: Volume Spike; 25% > 20-adsv, Stock +1.33% - Knobias



01/21/2005 (13:10 ET) SCIX: Volume Spike; 57% > 20-adsv, Stock +2.72% - Knobias



01/19/2005 (11:56 ET) SCIX: Filed 6-K Regarding Strategic Alternatives (Jan-19 PR) - Knobias



01/19/2005 (11:56 ET) SCIX: Filed New Form 6-K, Foreign Material Event Report - Edgar



01/19/2005 (11:04 ET) SCIX: Exploring Strategic Alternatives - Knobias



01/19/2005 (11:01 ET) Scitex Corporation Comments on Possible Strategic Alternatives for its Holdings - PR Newswire



01/19/2005 (10:50 ET) SCIX: Volume Spike; 14% > 20-adsv, Stock +6.67% - Knobias



01/18/2005 (18:47 ET) Kodak Buying Health-Imaging Company - Associated Press Online



01/18/2005 (13:59 ET) Kodak Buys Health-Imaging Company - Associated Press Online



01/12/2005 (09:55 ET) SCIX: Volume Spike; 38% > 20-adsv, Stock +1.36% - Knobias



12/31/2004 (12:38 ET) SCIX: Short Interest UP 12.3% to 3.0K in Dec 2004 - Knobias


Midas

Will Scitex float its subsidiary?

Scitex (Nasdaq: SCIX; TASE: SCIX) jumped 9% on a turnover of NIS 8.5 million, following reports that it planned to float its subsidiary Scietex Vision at a company value of $250 million.

IDB Holding Corp. (TASE: IDBH) controls Scitex. So far as is known, IDB Holding chairman Nochi Dankner has been planning to float Scitex Vision for a long time. Company representatives apparently visited a number of investment houses in recent weeks, including Deutsche Bank, Lehman Brothers, Merrill Lynch, UBS and Citigroup.

Scitex issued a statement late today in which it said that, as in the past, it continued to examine strategic alternatives for its holdings, including the possibilities of flotation, sale, or acquisitions, and that there was no certainty that any of these possibilities would be realized, or, if they were, on what terms.

Published by Globes [online], Israel business news - www.globes.co.il - on January 19, 2005

Midas

Kodak buys Creo for $980m
Creo CEO Amos Michelson: The economy of scale gained by combining resources will allow us to speed up product development.
Globes correspondent 31 Jan 05 14:36


Creo Inc. (TSX:CRE; NASDAQ:CREO) announced today that it had entered into an agreement to be acquired by Eastman Kodak Company (NYSE:EK). Kodak will acquire all of the issued and outstanding common shares of Creo at a cash price of $16.50 per share or approximately $980 million.
Creo has some 4,000 employees worldwide, of whom about 1,000 are in Israel

Kodak currently has no pre-print systems, which are Creo's field of activity. Kodak sells perishables for the pre-print industry, and products that enable transfer from computer to plate. It cooperated with Creo in the printing plate market until 2003. It seems that one of the main results of the acquisition of Creo will be that Kodak will move into higher gear in the plates area, in which Creo has recently bought several enterprises. Creo claims to have a third of this market.

In 2003, Kodak declared it would spend $3 billion on acquisitions, and since then it has bought companies for a total of some $1.9 billion. Last year, Kodak bought Scitex Digital Printing, and it has bought four other digital printing companies since 2003.

Creo itself is in the throes of a control battle. Robert Burton, who controls 5.8% of Creo, has declared his intention of replacing the company's Israel chairman and CEO Amos Michelson, and of making other dramatic changes. Since the battle began last October, Creo shares have gained some 75%.

Creo CEO Amos Michelson said, "Today we conclude a strategic review process that began last summer. The proposed transaction will not only generate immediate return for Creo shareholders but will also benefit our customers through the combination of leading prepress equipment and consumables. By uniting our strengths, Creo and Kodak can continue to actively drive the evolution of the graphic communications industry while delivering a complete line of the highest-quality, most competitive products and services in our industry. The economy of scale gained by combining resources will allow us to speed up product development and deliver new innovations and breakthrough solutions to the market."

"Kodak also stands to gain a great deal from this transaction," continued Michelson, "including a pipeline of promising products from Creo's leading research and development organization, direct access to the largest installed base of computer-to-plate (CTP) and workflow systems in the world, and access to our extremely loyal and supportive customer base."

The boards of directors of Kodak and Creo have approved the proposed transaction, subject to certain conditions, including shareholder approval and receipt of customary regulatory and court approvals. A meeting of Creo shareholders to approve the transaction is expected to be held on March 29, 2005

Published by Globes [online], Israel business news - www.globes.co.il - on January 31, 2005

Midas

Scitex Vision in strategic partnership with China's Beiren Group
The agreement covers installation of Scitex Vision's super-wide format digital printing system in Beijing and co-marketing.
Globes correspondent 2 Feb 05 12:23


Industrial digital printing company Scitex Vision announced today that it has entered into a strategic partnership agreement with Beiren Group Corporation (Beiren), the largest printing machinery manufacturer in China.
The agreement initially covers the manufacturing and assembly at Beiren of Scitex Vision’s entry-level super-wide format digital printing system, the Scitex Vision Grandjet Classic.

The partnership also paves the way for potential joint product development and other manufacturing activities that combine analog and digital technologies to create new opportunities for both companies’ customers.

Scitex Vision president and CEO Dov Ofer said, "The alliance with Beiren demonstrates Scitex Vision's commitment to the Chinese market in general and the super-wide format market in particular. We could not have chosen a better partner."

Ofer said the challenge was to find a partner that had all the essential skills, the high level quality standards (ISO certifications) and the production capacity to ensure a successful working relationship.

The partnership’s first joint venture was building state-of-the-art manufacturing lines in Beiren’s facilities in Beijing. The new lines are now operational.

As part of the agreement, Beiren Group and Scitex Vision will participate in co-marketing activities, especially those intended to promote Scitex Vision’s products in China. The companies will be exhibiting their respective products at the upcoming China Print Trade show in Beijing from May 11-15,2005.

Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, February 02, 2005

Midas

Scitex new joint venture in china
With the leading company in the chinese market.
http://maya.tase.co.il/bursa/report.asp?report_cd=126011

Midas

Scitex (Nasdaq: SCIX; TASE: SCIX) rose 3.3% today, after a press report this morning that the company was expected to shortly distribute a $120 million dividend ($3 per share). If the report is correct, it amounts to over half of Scitex's market cap as of this morning. The company has not yet commented about the report, but the share responded strongly.

Published by Globes [online], Israel business news - www.globes.co.il - on February 22, 2005

Midas