Net income from operations of American Israeli Paper Mills Ltd, for the fiscal year ended March 31, 1960, exceeded the previous year despite a three-month shutdown for the expansion of its paper making facilities, Joseph M. Mazer, chairman of the board, announced here today as the company’s annual report was distributed to holders of American shares.
This was the first annual report to holders of American shares since the stock was listed for trading on the American Stock Exchange in August 1959. He reported that net income from operations amounted to $1, 476,636 compared with $1,470,968 the previous year. Sales were $5,951,918 against $6,513,514.
Because of the company’s decision to charge off shut-down and start-up expense of $751,195 to income as a non-recurring loss, instead of amortizing the cost, net. income after taxes amounted to $594,807, equal to 27 cents per share on American shares, against $735, 591, or 33 cents per share in the previous year.
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