|Kibbutz Sedot Yam has sold 5.5 million CaesarStone shares for 930 million shekels
Caesarstone has a market cap of $ 1.7 billion. Kibbutz Sedot Yam has sold 5.5 million shares at a value of approximately $ 268 million (930 million shekels). The sale reduces the kibbutz's percentage ownership from 51% to about 35 %. The kibbutz wants to convert some of its shares into cash, enrich its reserves and indirectly also the current accounts of the members of the kibbutz.
The company reported the results of the first quarter of this year and recorded an increase of 23.5% in revenues to $94.4 million, compared to revenues of $76.4 million last year. The net income on a GAAP basis is approximately $ 13.3 million, compared to $10.5 million last year.
CaesarStone has also raised its revenue forecast for 2014 to a total of $420-430 million compared to the previous forecasted amount of 410-420 million. The company also raised its forecast for annual EBITDA to $108-113 million compared to the previous forecast of $104-109 million.
Caesarstone Sedot Yam manufactures engineered stone surfaces. Its products, which are sold in 42 countries around the world and are a more affordable alternative to granite surfaces, are used as interior surfaces in both residential and commercial buildings. Common uses of Caesarstone's products include kitchen countertops, vanity tops, tiles, and sinks.