The company reported net income of $394,000 ($0.14 per share) for the first quarter 2006 compared to net income of $304,000 ($0.11 per share) for the same period in 2005.
The increase in revenues for the first quarter 2006 as compared to the same period in 2005 is primarily attributable to recording of a non-recurring one time receipt of $2,565,000 for settlement of certain lawsuits that were initiated by the Company, offset by decrease in oil and gas sales. Isramco recorded an impairment charge on the Magic 1 cruise line vessel in the amount of $2,200,000 in the three months ended March 31, 2006 due to management's belief that there has been a decrease in the fair value of the vessel as of the end of the first quarter of 2006 based on a re-evaluation of the vessel's recoverable amount due to a revision of the vessels' anticipated maintenance costs.
Total expenses for the first quarter 2006 were $4,495,000 as compared to $1,741,000 for the same period in 2005. The increase in 2006 is primarily attributable to expenses related to the operation of the cruise line vessel and the above referenced impairment charge to the vessel.
There were 2,717,691 shares of common stock issued and outstanding in the 2006 and 2005 periods.
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