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Koor likely to oust Alvarion from Tel Aviv 25 index
Given Imaging will race against Lipman Electronics Engineering.
Roy Melzer 5 May 05 14:04
Six weeks before the next update of the Tel Aviv 25 index, there are signs of a pending race between four companies for the right to be included or remain in the index.
The next update on June 15 will be difference from the previous one, because of changes in the entry terms instituted by the Tel Aviv Stock Exchange (TASE), in response to past events. The new regulations stipulate that the average market cap of a company joining the Tel Aviv 25 index must be 20% higher than the market cap of a company being taken off the index during the two-week period prior to the update of the index. This means June 1-14 in the current instance.
Another condition for including in the Tel Aviv 25 index is that at least 20% of the company's capital must be held by shareholders who are not parties at interest.
The main change in the regulations is the extension of the period for calculating the market cap from the day before the update to a 20-day period beforehand. This change was instituted in order to prevent the kind of last-minute manipulations designed to increase a company's market cap that have occurred in some recent updates.
In the current race, one replacement seems quite likely: Koor Industries (NYSE: KOR; TASE: KOR), which has a market cap of NIS 4.35 billion, is expected to replace Alvarion (Nasdaq: ALVR; TASE: ALVR), which has a market cap of NIS 2.15 billion - a difference of over 100%.
A close race is likely between Given Imaging (Nasdaq: GIVN; TASE: GIVN), which is in the Tel Aviv 25 index, and Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA), which is again seeking entry, after two previous tries. Given Imaging's current market cap is NIS 3 billion, and Lipman's is 23% higher, at NIS 3.68 billion.
Another company with a question mark hanging over it is Migdal Insurance (TASE: MGDL), because it does not meet the threshold condition for liquidity - parties at interest own 83.7% of the company. Market sources believe that Assicurazioni Generali SpA (Milan:GASI) will distribute some of its shares in Migdal in a few days, to prevent it from being removed from the index.
Published by Globes [online], Israel business news - www.globes.co.il - on May 5, 2005
Midas
Ronen Elad buys Mivtach Shamir and Lipman’s WizCom stakes for $2.2m
WizCom will acquired Galil Microwaves, an Elad-owned company, for $1.25 million, and will take over its manufacturing activity.
Ofer Levi 2 May 05 13:54
Do you remember Quicktionary, the translating pen introduced by Aharon Lipman and his friend, Meir Shamir? Wizcom Technologies (XETRA: WZM), founded in the mid-1990s, developed a pen with an electronic scanner that translated words from various languages. The company made mainly losses.
At the time, the company was considered the next big thing. It was the subject of quite a feature press stories, and its shareholders were talking about a Nasdaq issue at a fantastic company value of $400 million.
Wizcom failed to live up to expectations. Today, Lipman Electronic Engineering (Nasdaq: LPMA; TASE: LPMA) and Mivtach Shamir Holdings (TASE: MISH) are completing the sale of their 32.5% stake in the company to Elad Properties, owned by Ronen Elad. As reported exclusively in "Globes", Elad will buy Lipman and Mivtach Shamir’s holdings for $2.26 million, reflecting a company value of $7 million for WizCom,, far below the company’s $150 million value in its 1999 IPO on the Neuer Markt in Frankfurt.
Simultaneously with the sales of its shares, WizCom is acquiring Migdal Haemek-based Galil Microwaves Ltd. for $1.25 million, plus another amount contingent upon the latter’s results. Galil Microwaves is a subcontractor for manufacturing and assembling of electronic modules used in microelectronics and microwaves.
As far as is known, Galil Microwaves is a profitable company, which had $1-2 million in revenue in 2004, projected to grow to $2-3 million this year. Elad says that, following the acquisition, WizCom will transfer its manufacturing to Galil Microwaves’ plant, and the two companies’ procurement, storage and logistics systems will be consolidated. Part of WizCom’s manufacturing has been carried out at Taliran, another Elad group company, for a long time.
With the completion of the deal, Elad will own 35% of Wizcom, and will be appointed chairman in place of Netafim president and CEO Erez Meltzer.
Lipman and Shamir are selling their WizCom stakes after a long recovery process in the company, which included lay-offs, business focus, and closing down unprofitable activity. Managed by WizCom president and executive VP Raz Itzhaki, the company has focused its marketing and sales efforts in recent years. WizCom has begun operating in a few countries through business partners, rather than directly.
WizCom lost $845,000 on revenue of $8.2 million in 2004, compared with a $1.5 million loss on revenue of $7.8 million in 2003. WizCom earned a $30,000 profit in the fourth quarter of 2004. Following the improvement in its results and the acquisition of Galil Microwaves, the company is expected to earn a profit in 2005.
Published by Globes [online] - www.globes.co.il - on May 2, 2005
Midas
Wizcom taken over, will merge with Galil Microwaves
02.5.2005 / 14:09
Nathan Sheva
Businessman Ronen Elad has bought the control over WizCom Technologies (NM:WZM) for $2.3 million.
Wizcom, the creator of handheld optical scanners and most especially the Quicktionary and QuickLink translation pens, had been controlled by Lipman Electronic Engineering (Nasdaq, TASE: LPMA ) and Mivtach Shamir Holdings (TASE: MISH ), which had together owned 32.5% of its shares.
The deal values Wizcom, which is listed for trade on Germany's Neuer Markt, at $7 million, which is 34% above its market cap.
Following the closing, Elad means to transfer the operations from microelectronics company Galil Microwaves to Wizcom in exchange for $1.25 million, plus another sum depending on Galil's revenues.
For his $2.3 million, Elad received 35% of Wizcom's stock, and the chairmanship. He will also get 1.275 million stock options, subject to milestones.
Elad is also the general manager and chairman of the Elad Group. He commented that the transaction should create value for Wizcom's shareholders, and added that Galil and Wizcom have highly synergetic operations.
Galil's manufacturing facilities will take over the production of Wizcom's wares, he added, and procurement, warehousing and logsitics will be handled jointly.
For 2004 Wizcom achieved $8.2 million sales and a net loss of $845,000, after making $7.8 million sales in 2003 and losing $1.5 million. the company's market cap has shrunk by 17% in the last year.
Galil is located in Migdal Haemek. It acts as subcontractor in producing and assembling electronic modules for microelectronic and microwave applications.
http://tinyurl.com/8dj8x
Midas
Thu: Lipman shares sales buying opportunity?
Shlomo Greenberg
Lipman Electronic Engineering (Nasdaq: LPMA; TASE: LPMA) tumbled 3.8% to $28.80 yesterday. The reason probably has something to do with the company’s announcement of an arranged sale by parties at interest in the company of 1,973,044 shares, together with warrants for the purchase of an additional 295,956 shares. This is actually a routine secondary offering, with the money going to shareholders, not the company. This method enables underwriter Merrill Lynch to sell 15% more shares than in the original offer under special terms what is called a green shoe option.
Lipman is unquestionable a company of interest mainly to large investors and investment institutions. The problem, which is quite normal for Israeli shares, is that the merchandise currently available on Nasdaq is worth no more than $562 million 19.5 million shares, so adding two million shares can only boost trading. What I’m saying here is that with shares like Lipman, phenomena like concern about a sale by parties at interest creates buying opportunities, as we have seen with quite a few shares in the past. In the eyes of a VP finance in early 2005, in contrast to many technology companies, Lipman is a combination of a technology and an industrial company. People are looking for companies of this type. Since this sale of securities by parties at interest will probably push the share price down, this is probably the right time to accumulate the share.
Published by Globes [online] - www.globes.co.il - on April 28, 2005
Midas
Poalim Sahar repeats Hold rating for Lipman
28.4.2005 / 11:58
Omer Sharvit
Poalim Sahar repeated a Hold rating for Lipman Electronic Engineering (TASE, Nasdaq: LPMA ), and set it a 12-month price target of $28.60, versus its present share price of $30.60.
There were no surprises in the company's first-quarter financials and Lipman's guidance for the year 2005 hasn't changed for three quarters, says the investment bank. It therefore isn't changing its own projections for the company.
Its recommendation is supported by comparison of Lipman, which makes electronic clearing and credit card terminals and systems, with peer companies. Its multiple is 19 compared with the peer group's average of 22.1, not much of a discount at all.
The company's gross margins didn't improve versus the last quarter of 2004, when the company booked a $1.3 million charge for the acquisition of Dione, a British company. Excluding that charge, for buying Dione's inventory, Lipman's gross margin in the last quarter of 2004 was 42.5% of turnover, about the same as in the first quarter of 2005.
Lipman itself estimates that its gross margin will be in the range of 41% to 43% this year. In the third quarter of 2004 it estimated that its 2005 revenues would be in the range of $273 million to $285 million, a forecast it hasn't changed. It foresees a pro forma net profit of $1.59-1.62 per share, excluding costs on compensating workers and legal costs relating to the Verve case.
For the first quarter of 2005, Lipman reported netting $5.3 million on turnover of $54.2 million.
http://tinyurl.com/buexp
Midas
Lipman shareholders taking profits
Over a year has passed since the last time shareholders in Lipman Electronic Engineering sold off shares. First Israel Mezzanine Investors Fund (FIMI) and Mivtach Shamir Holdings, which together constitute the controlling interest in the company, president and CEO Isaac Angel, and chairman Jacob Perry will sell two million shares, with a market value of $59 million.
Investment house Merrill Lynch will lead the current offer for sale, which is designated for US investment institutions. Merrill Lynch has the right to buy 300,000 more shares for $9 million.
Angel is expected to exercise 219,000 options, worth $6.5 million, and make a profit of $5.7 million in the process. Perry is expected to exercise 50,000 options, worth $1.5 million, and his profit will be $1.5 million.
Mivtach Shamir is expected to recognize almost all of its proceeds as profit, given the negligible price at which its Lipman investment is listed in its books. FIMI is believed to have earned $100 million to date on its investment in Lipman.
The sales can be regarded as natural profit taking on the part of the company’s controlling shareholders, not as an expression of lack of confidence in Lipman. The great interest in the company on the part of US investors, who have already expressed willingness to buy a large proportion of the shares being sold, supports this interpretation. This interest was of no avail to the Lipman share today, however, which dropped 5%.
Rumors have circulated recently that Mivtach Shamir is on the verge of a possible acquisition of Israel Salt Industries, controlled by the Dankner family, and/or Gilat Satellite Networks. At the end of today’s trading, Salt Industries announced that its controlling shareholders had indeed conducted negotiations with Mivtach Shamir for sale of the company, but that no agreement had resulted.
Published by Globes [online] - www.globes.co.il - on April 27, 2005
Midas
Mivtach Shamir, FIMI selling $52m in Lipman shares
Mivtach Shamir is expected to reduce its stake in Lipman from 17.9% to 13.8%. Merrill Lynch may purchase up to 295,956 shares.
Yuval Mendelson 27 Apr 05 09:47
Electronic payment systems and solutions provider Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) yesterday announced that it has filed a registration statement with the US Securities and Exchange Commission for a proposed public offering of its ordinary shares by shareholders Mivtach Shamir Holdings (TASE:MISH) and First Israel Mezzanine Investors Fund (FIMI), for a selling price of approximately $52 million.
The selling shareholders are offering 1,973,044 ordinary shares. Mivtach Shamir is expected to reduce its stake in Lipman from 17.9% to 13.8%.
Merrill Lynch & Co. is acting as the sole manager. The selling shareholders have granted Merrill Lynch the option to purchase up to an additional 295,956 shares to cover any over-allotments.
Lipman closed yesterday on Wall Street at $29.97, reflecting a market capitalization of approximately $800 million.
Last week, Lipman reported a first quarter net profit of $5.3 million, or $0.19 per diluted share, compared with $4.8 million, or $0.19 per diluted share, for the comparable period in 2004. Revenue for the first quarter of 2005 was $54.2 million, compared with revenue of $32.1 million for the first quarter of 2004.
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, April 27, 2005
Midas
Lipman Electronic Engineering Ltd. Files Registration Statement for Proposed Public Offering of Ordinary Shares By Shareholders
Tuesday April 26, 5:01 pm ET
ROSH HAAYIN, Israel--(BUSINESS WIRE)--April 26, 2005--Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA) today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed public offering of its ordinary shares by certain shareholders.
The selling shareholders are offering 1,973,044 ordinary shares. Merrill Lynch & Co. is acting as the sole manager. Two of the selling shareholders have granted Merrill Lynch the option to purchase up to an additional 295,956 shares to cover any over-allotments.
Lipman is a leading worldwide provider of electronic payment systems and solutions. Lipman offers products such as landline and wireless point-of-sale terminals, personal identification number pads, electronic cash registers, self-service systems that include automated teller machines, and related applications.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
When available, copies of the preliminary prospectus relating to the offering may be obtained from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080, (212) 449-1000.
--------------------------------------------------------------------------------
Contact:
ISRAEL:
Lipman Electronic Engineering Ltd.
Investor Relations & Public Relations
Maya Lustig, 972-3-902-8603
maya_l@lipman.co.il
or
UNITED STATES:
KCSA Worldwide
Jeff Corbin / Lee Roth
212-896-1214 / 212-896-1209
jcorbin@kcsa.com / lroth@kcsa.com
--------------------------------------------------------------------------------
Source: Lipman Electronic Engineering Ltd.
http://biz.yahoo.com/bw/050426/266149.html?.v=1
Midas
Oscar Gruss repeats Buy rating, projections for Lipman
25.4.2005 / 11:41
Omri Cohen
Oscar Gruss repeated a Buy rating for Lipman Electronic Engineering (TASE, Nasdaq: LPMA ), saying it was encouraged by the company's growth in sales to the challenging markets of the U.S. and Turkey.
Beyond being impressed by the electronic terminal maker's first-quarter results, Oscar Gruss agrees with Lipman that electronic payments are becoming increasingly the norm in giant economies such as Turkey, India, China and Brazil. Those areas promise Lipman much growth in the future, concludes the investment bank.
On Wednesday night Lipman reported netting 19 cents per share or $5.3 million on turnover of $54.2 million for the first quarter of 2005. Analyst Ronny Biron says the company's results met forecasts.
His 12-month price target for the stock is $35, which is 21.5% above Lipman's trading level on the eve of his report.
Biron repeated his projections for the year 2005: revenues of $280 million, and an 22.4% increase in pro forma profit to $1.61 per share. Returning customers are key to the company's performance in the future, he says: these happy campers are the platform on which Lipman builds its expansion in mature markets such as the U.S. and Turkey.
http://tinyurl.com/d37ub
Midas
During the night Lipman Electronic Engineering (TASE: LPMA ) reported its financials for the first quarter. They were fine but the company spent most of the day in the red, only achieving its 1.6% closing gain in late trading. It reported $54.2 million revenues and earnings of 19 cents per share, somewhat ahead of analysts' expectation of $53 million revenue and 18 cents. Deutsche Bank promptly repeated a Buy rating for the stock and set it a 12-month price target of $37, which is 28% above its present level.
http://tinyurl.com/7lww4
Midas
Lipman's first quarter above estimates
Proforma EPS was $0.24, on revenue of $54.2 million. Lipman India will open this quarter.
Globes correspondent 21 Apr 05 09:54
Electronic payment systems company Lipman Electronic Engineering (Nasdaq: LPMA; TASE: has reported revenue of $54.2 million for the first quarter, representing an increase of 69% over revenue of $32.1 million for the first quarter of 2004.
The company said its revenue rose thanks to the consolidation of Dione's operations, which were acquired in October 2004, as well as increased sales in Turkey, India, Latin America and the United States.
Net profit for the quarter was $5.3 million, or $0.19 per diluted share, compared with $4.8 million, or $0.19 per diluted share, for the comparable period in 2004.
Share and per share data have been adjusted to reflect a two-for-one stock split effected on June 22, 2004.
Excluding the effect of stock-based compensation, proforma net profit for the quarter was $6.6 million, or $0.24 per diluted share, compared with pro forma net income of $6.7 million, or $0.26 per diluted share, for the same period last year.
At the end of March, Lipman had cash and cash equivalents of $118.3 million, compared with $117.4 million at the end of December 2004.
Lipman president and CEO Isaac Angelsaid, "During the quarter we exhibited strength across a number of our primary markets -- especially in India and Turkey, where we exceeded our expectations. Countries in Asia Pacific, particularly China and India, represent significant growth opportunities for Lipman in terms of population density and because they are in the early stages of credit and debit card use and penetration.
"As part of our plan to further establish our Asia Pacific presence, during the second quarter of 2005 we intend to open our new subsidiary, Lipman India, to service and support our customers in this important region." "Additionally, our performance in the United States showed an improvement, as changes implemented by the new Lipman USA management team began to take hold. We started to realize the benefit of certain certifications we received in 2004, resulting in increased sales. We expect to see continued growth in the U.S. throughout 2005 as the expanded focus and new initiatives of Lipman USA continue to gain traction."
"In Europe, the quarter was highlighted by initial orders from customers in the Italian market and continued progress toward the integration of Dione"
Lipman shares closed at $28.80 in New York yesterday, giving the company a market cap of $766 million. On the Tel Aviv Stock Exchange, the company's shares are currently down 1.63%, at NIS 126.80.
Published by Globes [online], Israel business news - www.globes.co.il - on April 21, 2005
Midas
Dione helped Lipman beat first quarter forecasts
21.4.2005 / 09:27
TheMarker
Lipman Electronic Engineering (Nasdaq, TASE: LPMA ), a major provider of electronic payment systems throughout the world, today announced a 70% leap in revenues year over year and climbing profits.
For the first quarter of 2005, consolidated revenues were $54.2 million, an increase of 69% over revenues of $32.1 million for the first quarter of 2004. Wall Street had expected $53 million sales.
The company explained that the increase was not entirely organic: part was due to consolidation with Dione, a British company that Lipman acquired in October 2004.
It also noted increasing sales in Turkey, India, Latin America and the United States.
Net income for the quarter was $5.3 million, or $0.19 per diluted share, compared to $4.8 million, or $0.19 per diluted share, for the comparable period in 2004.
Lipman notes that it had 27.5 million diluted shares outstanding in the first quarter of 2005 compared to 25.3 million a year before. Its share and per share data were adjusted to reflect a two-for-one stock split dated June 22, 2004.
Gross profit for the quarter was $22.9 million, or 42.2% of revenues, compared to $15.7 million, or 49.0% of revenues, for the first quarter of 2004. The lower gross margin is due mainly to the consolidation of Dione's results as the gross margin on products sold by Dione are lower then the company's gross margin prior to the acquisition, Lipman said.
Operating expenses for the three months ended March 31, 2005 also included $1.3 million of non-cash stock-based compensation expenses compared to $1.8 million of similar expenses in the comparable period in 2004. Excluding the effect of stock-based compensation, pro forma net income for the quarter was $6.6 million, or $0.24 per diluted share, compared to pro forma net income of $6.7 million, or $0.26 per diluted share, for the same period last year.
As of March 31, 2005, the company had cash and cash equivalents of $118.3 million compared to $117.4 million as of December 31, 2004.
http://tinyurl.com/bt8oo
Midas
Lipman Electronic Engineering Ltd. Reports First Quarter 2005 Results
Wednesday April 20, 4:05 pm ET
Revenues of $54.2 Million
Net Income of $5.3 Million, or $0.19 Per Diluted Share
Excluding Stock-Based Compensation, Pro Forma Net Income of $6.6 Million, or $0.24 Per Diluted Share
ROSH HAAYIN, Israel--(BUSINESS WIRE)--April 20, 2005-- Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA), a leading provider of electronic payment systems, today announced financial results for the first quarter ended March 31, 2005.
For the first quarter of 2005, revenues were $54.2 million, an increase of 69% over revenues of $32.1 million for the first quarter of 2004. Our revenues increased due to the consolidation of Dione's operations, which were acquired in October 2004, as well as increased sales in Turkey, India, Latin America and the United States. Net income for the quarter was $5.3 million, or $0.19 per diluted share, compared to $4.8 million, or $0.19 per diluted share, for the comparable period in 2004. There were 27,459,411 diluted shares outstanding in the first quarter of 2005 compared to 25,305,702 diluted shares outstanding in the first quarter of 2004. All share and per share data have been adjusted to reflect a two-for-one stock split effected on June 22, 2004.
Gross profit for the quarter was $22.9 million, or 42.2% of revenues, compared to $15.7 million, or 49.0% of revenues, for the first quarter of 2004. The lower gross margin is due mainly to the consolidation of Dione's results as the gross margin on products sold by Dione are lower then the Company's gross margin prior to the acquisition.
During the first quarter of 2005, the Company had amortization of intangible assets expenses of $873,000, compared to $52,000 of such expenses in the first quarter of 2004. In addition, operating expenses for the first quarter included $421,000 (equal to approximately $.02 per share) in legal expenses in connection with patent infringement claims brought against the company, and most of the other major point of sale vendors serving the US market, by Verve, LLC and filed with the US International Trade Commission. In February 2005, Verve filed a motion to withdraw the complaint and terminate the ITC action without prejudice.
Operating expenses for the three months ended March 31, 2005 also included $1.3 million of non-cash stock-based compensation expenses compared to $1.8 million of similar expenses in the comparable period in 2004. Excluding the effect of stock-based compensation, pro forma net income for the quarter was $6.6 million, or $0.24 per diluted share, compared to pro forma net income of $6.7 million, or $0.26 per diluted share, for the same period last year.
As of March 31, 2005, the Company had cash and cash equivalents of $118.3 million compared to $117.4 million as of December 31, 2004.
Commenting on the results, Isaac Angel, President and CEO of Lipman said, "During the quarter we exhibited strength across a number of our primary markets -- especially in India and Turkey, where we exceeded our expectations. Countries in Asia Pacific, particularly China and India, represent significant growth opportunities for Lipman in terms of population density and because they are in the early stages of credit and debit card use and penetration. As part of our plan to further establish our Asia Pacific presence, during the second quarter of 2005 we intend to open our new subsidiary, Lipman India, to service and support our customers in this important region."
"Additionally, our performance in the United States showed an improvement, as changes implemented by the new Lipman USA management team began to take hold. We started to realize the benefit of certain certifications we received in 2004, resulting in increased sales. We expect to see continued growth in the U.S. throughout 2005 as the expanded focus and new initiatives of Lipman USA continue to gain traction."
Mr. Angel continued, "In Europe, the quarter was highlighted by initial orders from customers in the Italian market and continued progress toward the integration of Dione. In Italy, we began shipping our NURIT 8320 terminals to EasyNolo, a member of Gruppo Banca Sella. We expect to see continued growth from the Italian market going forward, as we work to sign new customers and increase penetration of our existing customer base. Our business in the U.K. remained strong, driven by the continued success of the Dione products. During the first quarter, we began a pilot program to manufacture Dione's products at our facilities in Israel and our sales team received training, enabling them to sell Dione products through the Lipman channels. We believe these steps will further strengthen our position in the point-of-sale market by leveraging both Lipman's and Dione's products and sales capabilities over an expanded customer base, while taking advantage of our manufacturing expertise to produce products more efficiently."
Mr. Angel concluded, "We continue working to position Lipman for long-term growth and to further establish the Company as a leader in the point-of-sale market. We believe we are well prepared to expand within the markets we currently serve and to seek strategic acquisition opportunities that will not only enhance Lipman's overall position in our existing markets, but will also provide the Company with a means to enhance our recurring revenue opportunities."
http://biz.yahoo.com/bw/050420/205932.html?.v=1
Midas
Merrill Lynch projects Lipman EPS of 23 cents for first quarter
18.4.2005 / 15:28
TheMarker
Merrill Lynch projects that Lipman Electronic Engineering (Nasdaq, TASE: LPMA ) will present strong results for the first quarter of 2005.
It expects Lipman, which makes electronic clearing and other card-related systems, to report first-quarter 2005 earnings of 23 cents per share, down 12% year over year.
Revenues should reach $53 million, projects Merrill Lynch, which would pose an increase of 65% year over year.
Its earnings per share projection is one cent below the Wall Street consensus, says Merrill Lynch, but one investment bank is looking at 29-cent earnings.
It notes that the first quarter is usually a weak one because retailers buy terminals in the last quarter, to handle holiday sales. The investment bank expects sales to rise during the year.
During the first quarter, note analysts Gregory Smith and David Parker, Lipman won lots of new clients from Turkey to India to Italy, and has been revamping the management of its U.S. subsidiary, which should bear fruit this year.
http://tinyurl.com/7ff3o
Midas
Lipman Electronic Engineering Ltd. to Report First Quarter 2005 Financial Results on April 20, 2005; Webcast Scheduled for April 21, 2005
via COMTEX
April 7, 2005
ROSH HAAYIN, Israel, Apr 07, 2005 (BUSINESS WIRE) --
Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA), a leading provider of electronic payment systems, will release first quarter 2005 financial results on Wednesday, April 20, 2005 following the close of trading.
The Company will conduct a conference call at 9:00 a.m. EDT on Thursday, April 21, 2005 to discuss the first quarter 2005 results, which will be simultaneously webcast. The call will be hosted by Isaac Angel, Lipman's President and Chief Executive Officer, and Mike Lilo, Lipman's Chief Financial Officer.
Investors are invited to listen to the call via a live webcast at the Lipman corporate Web site at http://www.lipman.biz or at http://www.kcsa.com. Please visit the sites approximately twenty minutes before the conference call is scheduled to begin, as users will need to register as well as download and install any necessary audio software. A replay of the call will be available on the corporate Web site approximately two hours after the conference is completed.
About Lipman
Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card ("Chip & PIN") solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management.
Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada and Latin America. For more information visit www.lipman.biz.
Midas
Ended 12650 up 1.36%=29.00$ at end trade NAZ today.
Midas
Today LPMA near end trade at 12730points up 2%.
12730=127.3NIS/4.366$=29.15$ .
29.15$ will probable end in the NAZ,give or take a couple cents.
Midas
A whole bunch of big companies, including Bank Leumi (TASE: LUMI ), Israel Chemicals (TASE: CHIM), Makhteshim Agan Industries (TASE: MAIN ) and Lipman Electronic Engineering (Nasdaq, TASE: LPMA ) are doing nicely on news that Merrill Lynch is holding a four-day conference to introduce the companies to investors in London and New York. It’s a sort of giant road show and investors here like the idea.
Midas
But the foreign investors' attitude to Israeli companies is intriguing, he says, and for one thing, other emerging markets don't have companies in the class of Teva Pharmaceuticals (TASE, Nasdaq:TEVA), Check Point Software Technologies (NASDAQ:CHKP), Agis Industries (TASE: AGIS), Mercury Interactive (Nasdaq:MERQ) or Lipman Electronic Engineering (Nasdaq, TASE: LPMA ). "These are exporters affected more by the global economy than developments in the domestic one," Inbar clarifies. "The Israeli market incorporates geopolitical risks but past experience shows that changes on the geopolitical front affect the big Israeli companies only on the margins."
http://www.investorshub.com/boards/read_msg.asp?message_id=5951674
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!!!)
Welcome Mick,
anytime,
Midas
thank you for the nice response for LPMA.
i appreciate your thoughs.
Mick,
Hello to you....I DO think LPMA is a very interesting company
INDEED,and as a matter of fact,have a stake in it for the LONG term.(as opposed to some other stocks i own)
It is quite HEAVILY traded in TASE,and not as much in the NAZ.
It will surface though,as it will slowly get better known.
Myself i am a bit reluctant to "show it off" in other forums,for several reasons.
Best,
Midas
hi midas , i came over to say hello. very interesting company.
LPMA
may be you'd like to dd it at the billionnaire forum. all are welcome there for ta and dd stuff.
Lipman is a global leader in the electronic payment industry, recognized for quality, reliability, innovation, and responsiveness to market changes. The Company’s sophisticated products & solutions are marketed and sold under the NURIT brand name.
Designed for maximum performance, functionality & added value - while assuring minimum cost-of-ownership & time-to-market - NURIT products enable an ongoing Cycle of Profits for customers at every stage of the transaction process.
Lipman’s strong commitment to customer service is backed by a global network of subsidiaries and distributors, assuring round-the-clock support for the banks, processors, acquirers and merchants in every corner of the globe who have chosen to DO BUSINESS BETTER with Lipman.
In a major move to further expand its global presence and world market share, Lipman has recently completed the full acquisition of the UK-based company, Dione plc.
About Lipman Electronic Engineering Ltd. [LPMA]:
Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card ("Chip & PIN") solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management.
Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada and Latin America. For more information visit www.lipman.biz.
Midas
And best of all,EXCELLENT management.
Does LPMA own the payment network itself, or just the terminals? In which countries do they operate? T.i.a.
Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) rose 1.4% today, after announcing its first order from Italy. Lipman announced that following the successful completion of a pilot project, its Italian subsidiary, Lipman Italia Srl, had received an order for its NURIT 8320 Landline Point-of-Sale terminals from EasyNolo spa., a member of Gruppo Banca Sella.
Published by Globes [online], Israel business news - www.globes.co.il - on March 15, 2005
Midas
Lipman going from strength to strength
Lipman Electronics Engineering has excellent management and operates in a growing market, which is why investment institutions like the company.
Shlomo Greenberg 10 Mar 05 16:19
On Tuesday, I cited PowerDsine (Nasdaq: PDSN) as an example of a share that is falling without any discernable reason. Here’s one technology share that is constantly rising for obviously logical reasons Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA).
Lipman, which was founded in 1974 as an engineering company, is considered a very old veteran. The fact that the company has been around for a long time gives it a certain advantage over other technology companies with investors. Lipman has made its reputation in all aspects of electronic money transfers: terminals, both wireline and wireless; ATM devices, and money transfer management platforms tailored to each client. In short, Lipman is an interesting company in an interesting niche, with great growth potential. Up until now, the company has shown that it is among the leaders in its field. It has excellent management, and that’s what matters. The company’s offices are scattered around the world. What catches the eye is the stream of contracts coming in every week. Lipman’s strong hold in Turkey and India guarantees the company a lot of room for expansion. Lipman made a net profit of over $30 million on sales of $180 million. It has a lot of cash in the bank about $120 million. What’s interesting is that all the company’s shares are listed for trading, and parties at interest hold only a tiny proportion of its paid-up share capital.
Lipman president Isaac Angel rose from the ranks to lead the company. Market sources say that he is one of the best managers ever to emerge in Israel. The company board of directors, which includes very serious people from diverse fields, is equally impressive. Jacob Perry has been chairman since 2003. I see that the board includes First Israel Mezzanine Investors Fund general manager Ishay Davidi and David Rubner, one of the all-time greats of Israeli technology, who led ECI Telecom (Nasdaq: ECIL) and a few more companies.
An investors evaluating Lipman will discover that the company is stable, growing, has excellent management, and operates in a growing market. That explains why investment institutions like the company. In the past few days, Merrill Lynch and Oscar Gruss & Son have both recommended “Buy” for the share. What attracts analysts from investment houses is exactly what I’ve said here: stability, growth, and a great future. I definitely think that conservative investors (if there are any left) will like this share as an outstanding long-term investment.
Published by Globes [online], Israel business news - www.globes.co.il - on March 10, 2005
Midas
Merrill Lynch raises Lipman price objective
The US investment house sets a $36 price objective for Lipman, 15% above market.
Globes correspondent 8 Mar 05 16:29
"We are raising our twelve-month price objective on LPMA to $36 from $33 based on continued business strength, our confidence in Lipman's ability to capitalize on multiple opportunities, and rolling our valuation basis out to our 2006 EPS estimates," a note released today by Merrill Lynch analysts Gregory Smith and David Parker says. Shares of payment technology company Lipman closed at $31.20 in New York yesterday, giving it a market cap of $807 million. On the Tel Aviv Stock Exchange, Lipman shares are currently up 0.97%, at NIS 135.
"Our new price objective equates to a 19x multiple on our 2006 EPS estimate of $1.95. We support this valuation with comparable company multiples. Excluding Lipman's net cash ($4.29/share), our price objective equates to only 16x our 2006 EPS estimate," Smith and Parker write.
"We expect Lipman's growth to be supported by the proliferation of credit cards in emerging markets, the re-terminalization of Europe driven by the shift to smart cards, deeper penetration of the U.S. market, and acquisitions.
"Yesterday, Lipman reported it received $4.8 million worth of follow-on orders from banks in Turkey. This is in addition to orders totaling $7 million announced earlier in the quarter. All of these terminals should be shipped in 1H05.
"The company announced that it recently received roughly $3 million worth of orders for terminals in India. We have been pleasantly surprised by Lipman's ability to generate meaningful revenues today in the Chinese and Indian markets.
"Last year, LPMA grew revenues in excess of 35% y/y on an organic basis despite under-performance in the US. Lipman was certified by a number of U.S. banks during 4Q04 and also gained multi-lane functionality through the Dione acquisition. We expect this region to return to double-digit growth in 2005."
Published by Globes [online], Israel business news - www.globes.co.il - on March 8, 2005
Midas
Merrill Lynch: Lipman's strategy is working
"We have been pleasantly surprised by Lipman's ability to generate meaningful revenues in India and China."
Globes correspondent 1 Mar 05 16:40
US investment house Merrill Lynch gives Israeli payment technology company Lipman Electronics Engineering (Nasdaq: LPMA; TASE: LPMA) high marks for its strategy in penetrating the Indian and Chinese markets.
"Yesterday, Lipman announced that it recently received roughly $3 million worth of orders for terminals in India. This revenue should hit in 1Q with the company expecting subsequent orders throughout the year," Merrill Lynch says in a report released today.
"Business appears to be progressing well enough for the company to open up an office in India. Lipman has been active in the Indian market since 2002, but will establish its first office in 2Q05.
"Although adoption of credit cards is relatively low in India, Lipman was able to get its foot into the marketplace by selling handheld wireless lottery terminals. The strategy of planting a seed early, and then benefiting as the market develops, appears to be working.
'"Much like China, the Indian marketplace represents a compelling long-term opportunity for Lipman, in our opinion. We have been pleasantly surprised by Lipman's ability to generate meaningful revenues today in these two emerging markets.
"Lipman reported last week that it received orders totaling $7 million from customers in Turkey, which should be shipped in 1Q05. We expect growth in this region to moderate due to the high growth in previous years combined with Lipman's already commanding share of the market.
"The company is building a new manufacturing facility in Turkey, which should be completed by the end of the second quarter. We believe this will help the company service its customers in the region.
"We continue to rate Lipman a Buy. We view LPMA as an attractive small cap growth stock trading at a very reasonable valuation."
Lipman shares closed at $29.28 in New York yesterday, giving the company a market cap of $757 million.
Published by Globes [online], Israel business news - www.globes.co.il - on March 1, 2005
Midas
Lipman Receives Order from EasyNolo; Shipments of NURIT 8320 Landline Terminals to Commence During Q1 2005
Business Wire via COMTEX
Mar 14, 2005 4:30:01 PM
ROSH HAAYIN, Israel, Mar 14, 2005 (BUSINESS WIRE) --
Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA) today announced that following the successful completion of a pilot project, its Italian subsidiary, Lipman Italia S.r.l., has received an order for its NURIT 8320 Landline Point-of-Sale terminals from EasyNolo s.p.a., a member of Gruppo Banca Sella. Lipman expects to supply this order through the end of the first quarter of 2005, with additional shipments expected throughout the year. In addition to the NURIT 8320 Landline terminals, Lipman expects to begin supplying EasyNolo with wireless and Ethernet-based products from its NURIT family later this year.
EasyNolo is engaged in the sale, service and support of electronic payment solutions including POS terminals and related applications, within Gruppo Banca Sella. EasyNolo emphasizes technological sophistication and business innovation, providing customers with a high degree of customization, both on the terminal itself and with respect to applications and value-added features. With an installed base of approximately 80,000 terminals throughout Italy, EasyNolo terminals currently account for approximately 10% of the total installations in the Italian market, and EasyNolo is working to expand its presence further.
Marco Sittoni, CEO of EasyNolo commented: "Being a technologically advanced acquiring bank, we are constantly seeking to enhance our offerings to our customers. With Lipman's advanced technology and high-level application support, we have found a worthy partner and a solid supplier to meet our growing demands."
Lazy Yanay, Vice President Sales and Marketing of Lipman said, "This order, from a member of one of the most innovative banking groups in Italy, represents a major step forward in Lipman's efforts to establish a strong presence in the Italian market, which is one of our primary initiatives for 2005. Our leading technology will enable EasyNolo to seamlessly roll out our solutions on their network, and initiate a process to enhance the level of service they provide to their customers. In addition to standard credit and debit functionality, EasyNolo's customers throughout Italy will use our solutions for vertical applications such as check processing, lottery and loyalty programs."
He continued, "We believe that a significant growth opportunity exists for Lipman with this customer, and in the Italian market as a whole. According to ABI (Associazione Bancaria Italiana), there are approximately 800,000 terminals deployed throughout the country, only a fraction of which are EMV compliant. Therefore we believe there is a significant growth potential in Italy, both for new deployments and upgrades of the existing installed base during the migration to EMV and other security standards. Additionally, with wireless terminals accounting for only approximately 5% of the total nationwide installed base, we anticipate a growing demand for our wireless solutions as banks, merchants and processors embrace the benefits of mobile payment technology. We are confident in our ability to capitalize on these opportunities as they present themselves and we believe that the relationship with EasyNolo, coupled with our ongoing initiatives in the Italian market, will enable us to grow our business in Italy and further enhance Lipman's global presence."
About Lipman
Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card ("Chip & PIN") solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management.
Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada and Latin America. For more information visit www.lipman.biz
Midas
Lipman Electronic Engineering Ltd. Receives $4.8 Million Follow-on Order from Bank in Turkey
Business Wire via COMTEX
Mar 7, 2005 2:00:01 AM
Lipman to Supply NURIT 8320 Landline and NURIT 8010S Wireless
Terminals to One of Turkey's Largest Private Banks
ROSH HAAYIN, Israel, Mar 07, 2005 (BUSINESS WIRE) --
Lipman Electronic Engineering Ltd. (Nasdaq, TASE: LPMA) today announced that it has received a follow-on order for its NURIT 8320 landline and NURIT 8010S wireless Point of Sale (POS) terminals from one of the largest privately owned banks in Turkey. The order is valued at approximately $4.8 million, with all deliveries expected during the first half of 2005.
Lazy Yanay, VP sales and marketing of Lipman, said, "This latest order, coupled with recent orders from other customers in Turkey, further demonstrates our strong position in Turkey and continued dedication to this market. Since our initial sales in 1999, we have significantly expanded our relationship with this key customer and are pleased that it has once again chosen our NURIT solutions for deployment on its network. Moreover, we are encouraged by the inclusion of our NURIT 8010 GSM/GPRS terminals in this order, as it signifies continued growth in the acceptance of wireless based payments in the Turkish market."
He continued, "Our dedication to provide the most advanced, value-added, solutions to our customers, along with our ability to offer local software development by our Lipman Turkey team, brought us to this point. We look forward to a continued strong relationship with this bank and to further success in the Turkish market as a whole."
About Lipman
Lipman is a leading worldwide provider of electronic payment systems. Lipman develops, manufactures and markets a variety of handheld, wireless and landline POS terminals, electronic cash registers, retail ATM units, PIN pads and smart card readers, as well as integrated PIN and smart card ("Chip & PIN") solutions. In addition, Lipman develops technologically advanced software platforms that offer comprehensive and customized transaction processing solutions for its customers, as well as managed professional services such as on-site and call-center support with remote terminal management.
Lipman's corporate headquarters and R&D facilities are located in Israel. Lipman also maintains offices in the US, United Kingdom, Turkey, China, Spain, Finland, Russia, Italy, Canada and Latin America. For more information visit www.lipman.biz
Midas
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