Markets in Brief

Med-tech company LifeWave admitted to a 53% drop in revenues for 2009, to NIS 1.2 million. Its operating loss narrowed by 12% year-over-year to NIS 7.7 million, but net loss for the year increased by nearly 29% to NIS 9.3 million. Fourth-quarter revenues were down 40% against the parallel quarter to NIS 253,000. Quarterly net loss grew 47%, to NIS 1.8 million. LifeWave explains that it devoted its efforts in 2009 more to obtaining reimbursements for users of its bed-sore treatment technology and less to actually selling the devices. In other words, it cut back on marketing. Its top four executives cost it NIS 3.5 million in 2009, in terms of wage cost. (Vadim Sviderski)

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Revenues for Dan Vehicle and Transport, the Israeli franchisee for Avis, were almost unchanged in 2009, at NIS 1.6 billion. While the company's revenues from leasing and rentals were down by 5% to just over NIS 1 billion, revenues from auto sales were up 11% - which made up the difference. The company showed an operating profit of NIS 177 million last year, a drop of 1.5% due to the higher cost of the cars it sold. But the bottom line was saved by changes in the tax laws, and net profits rose 23% to NIS 63 million. (Lior Zeno)

The Second Lebanon War was an unexpected event that allowed the cancellation of a contract, Tel Aviv District Court Judge Michal Agmon ruled on Sunday. The precedent-setting ruling came in the case of the agreed-on sale of Zanlakol to Axido in 2006. However, Axido's Swiss financing deal fell through because of the war, jettisoning the agreement. In the court case, the mediator between the two companies demanded his brokerage fee, but Axido refused, citing the war as an unforeseen event - and the judge agreed. (Hila Raz)

Finance Ministry accountant general Yehoshua (Shuki) Oren is going on the road to Europe today for a two-day road show, to look into issuing euro-denominated government bonds. Israel has not issued euro bonds since October 2005, when it raised 750 million euros. Israel's last international bond issue was in March 2009, when it raised $1.5 billion. (TheMarker)

The February consumer price index will be announced next week, and IBI forecasts a 0.4% drop, partly due to falling housing, fruit and vegetable and electricity prices. IBI says March inflation will be about 0.1% as fuel and alcohol prices rise. For the year IBI expects 1.6% inflation. (Yael Halak)

Delek US Holdings announced that its subsidiary Delek Refining has entered a new four-year, $300 million asset-backed revolving credit facility. The new facility replaces an existing one that was to have expired in April. According to Delek US, the facility is structured to include a $300 million revolving credit limit; a $300 million letter of credit sublimit; and an accordion feature that permits an increase in borrowing of up to $600 million. The facility will mature in February 2014. (Michael Rochvarger)

Lev Leviev's Africa Israel published a corrected report on Sunday, in order to meet the Israel Securities Authority's demands in advance of its scheduled meeting with bondholders on its debt restructuring agreement next Sunday. Africa, as is its way, did not want for words in the 900-page report, and included an extended cash flow forecast through mid-2012. The new, amended cash flow statement shows Africa expects to sell off assets worth some NIS 1.2 billion in two years. (Michael Rochvarger)

The Israel Securities Authority postponed Maariv Holdings' bond issue planned for Sunday, after the Maariv newspaper published a story on the issue that same morning in the front section of the paper. Such items are usually found tucked away in the capital markets part of the business section. The ISA forced Maariv to put off the issue to Thursday, and levied a fine, which Maariv estimated would be NIS 30,000. The ISA told Maariv that it viewed the news report as a violation of the "quiet period" required when public offers are open to investors based on a prospectus. Maariv Holdings, which publishes the newspaper and is controlled by the Nimrodi family, had planned to raise NIS 12 million in convertible bonds and options with an effective yield of about 15%. The issue was intended to strengthen the company's equity position. (Sharon Shpurer)

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The economic crisis in 2008-2009 affected Israeli salaries, with the average gross monthly wage falling in 2009 by 2.8% compared to 2008, reports the Central Bureau of Statistics. Israeli wages averaged NIS 7,952 a month. Foreign workers in Israel earned an average of NIS 4,275 a month. (Haim Bior)