6-K 1 form6k12052002.txt DECEMBER 5, 2002 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ------------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 for the month of December 2002 ------------- ENGEL GENERAL DEVELOPERS LTD. (Translation of Registrant's Name Into English) 66 Ha'Histradrut Avenue, Haifa Bay 32960, Israel (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F |X| Form 40-F |_| Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: Yes |_| No |X| Attached as Exhibit 1 and incorporated by reference herein is the Registrant's press release dated December 2, 2002 with respect to the results of the Registrant for the quarter ended September 30, 2002. SIGNATURE --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ENGEL GENERAL DEVELOPERS LTD. (Registrant) By: /s/ Yaakov Engel ---------------------------------- Name: Yaakov Engel Title: Chief Executive Officer Dated: December 5, 2002 EXHIBIT INDEX EXHIBIT NO. DESCRIPTION ----------- ----------- 1. Press release dated December 2, 2002 EXHIBIT 1 Engel General Developers Reports $0.55 Million Net Income for first Nine months -------------------------------------------------------------------------------- of 2002 ------- HAIFA, Israel, December 2, 2002 /PRNewswire/ -- Engel General Developers (Nasdaq: ENGEF) a leading developer of quality, moderately priced housing in Israel and other emerging markets, today reported 2002 first nine months net income of $0.55 million (NIS 2.69 million) or $0.06 per share, compared with a net income of $0.38 million (NIS 1.85 million) for the first nine months of 2001. Revenues for the first nine months of 2002 increased to $30 million (NIS 145 million) from $21 million (NIS 102 million) in the first nine months of 2001. Net income for the third quarter of 2002 was $0.39 million (NIS 1.94 million) or $0.05 per share, compared with a net income of $0.09 million (NIS 0.43 million) for the third quarter of 2001. Revenues for the third quarter of 2002 increased to $8 million (NIS 40 million) from revenues of $7 million (NIS 35 million) in the third quarter of 2001. Yaacov Engel, President and CEO commented today: "We are pleased that our development projects in the CEE region have begun to contribute to our profits and are realizing the potential we attributed to them. In light of this though period of recession and difficult political situation in Israel, we believe that our expansion into the CEE Region was warranted. We believe that the CEE Region still has a strong need for growth and substantial demand for basic products, commerce, housing and real estate. We expect our projects in this region to favorably position us in these booming economies." On November 28, 2002, an affiliate of Yaakov Engel Enterprises Construction Company Ltd. ("YEC"), the Company's controlling shareholder, made public its intention to purchase from YEC and certain affiliates their shares of the Company, constituting approximately 84% of the share capital of the Company and 95% of the voting rights therein. The transaction is subject, among other things, to the receipt of certain approvals required under Israeli law, including the shareholders meeting of the purchaser. Engel General Developers is one of the leading developers of moderately-priced, quality housing in Israel. The Company designs, develops, markets and oversees the construction of a variety of homes throughout the central and northern areas of Israel, as well as in the CEE Region. Homes developed by the Company are generally targeted to first-time buyers, young couples, new immigrants and move-up buyers and are located in or within commuting distance of major urban areas. This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's filings with the Securities and Exchange Commission. The Consolidated Financial Statements are prepared in accordance with Israeli GAAP, which differs in certain respects from U.S. GAAP. The Company maintains its accounts and presents its financial statements in NIS. All NIS amounts reflect the historical amounts adjusted for changes in the general purchasing power of the NIS as measured by changes in the CPI. For convenience purposes, the financial data presented herein have been translated into Dollars using a representative exchange rate on September 30, 2002 of NIS 4.87 = $1.00. The Dollar amounts set forth herein may include inaccuracies due to currency fluctuations in the particular periods, which may be inadequately reflected in such amounts. CONTACTS: ZOHAR LEVY, CFO ENGEL GENERAL DEVELOPERS LTD. TEL: + 972-4-842-2777

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