GEALYA, Israel, December 5, 2011 /PRNewswire/ --

Metalink Ltd. (OTC: MTLK.PK), today announced its unaudited financial results for the second quarter of 2011 ended June 30, 2011.

FINANCIAL RESULTS

Financial Highlights for the Second Quarter of 2011: Revenues for the second quarter of 2011 were $810 thousands compared to $208 thousand for the second quarter of 2010; Net profit for the period from continuing operation was $327 thousand, or $0.12 per share, compared to net loss of $(56) thousands, or $(0.02) per share, for the second quarter of 2010.

For the first 6 months of 2011: Revenues for the period were $909 thousands compared to $258 thousand for the first half of 2010; Net profit for the period was $354 thousand, or $0.12 per share, compared to net loss from continuing operation of $(548) thousands, or $(0.20) per share, for the first six months of 2010.

Cash Status: Metalink's cash, cash equivalents, as of June 30, 2011 were $4.84 million.

ABOUT METALINK

Metalink shares trade on Nasdaq under the symbol "MTLK". For more information, please visit our website at http://www.MTLK.com.

SAFE HARBOR STATEMENT

This press release contains "forward looking statements" within the meaning of the United States securities laws. Words such as "aim," "expect," "estimate," "project," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to: absence of significant operations following the Lantiq transaction; uncertainty as to our future business model and our ability to identify and evaluate suitable business opportunities; and our U.S. shareholders may suffer adverse tax consequences if we will be classified as a passive foreign investment company. Additional factors that could cause actual results to differ materially from these forward-looking statements are set forth from time to time in Metalink's filings with the Securities and Exchange Commission, including Metalink's Annual Report in Form F-20. Readers are cautioned not to place undue reliance on forward-looking statements. Except as required by applicable law, the Company undertakes no obligation to republish or revise forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events. The Company cannot guarantee future results, events, and levels of activity, performance, or achievements.

METALINK LTD.

CONSOLIDATED BALANCE SHEETS

                                                 June 30,       December 31,
                                                   2011             2010
                                               (Unaudited)
                                             (in thousands except share data)
    ASSETS
 
    Current assets
    Cash and cash equivalents                     $ 4,837          $ 4,357
    Trade accounts receivable                         104               92
    Other receivables                                   -              266
    Government institutions                             4               66
    Prepaid expenses & Income receivable               44                8
    Advance to supplier                               345              175
    Inventories                                         4               37
    Total current assets                            5,338            5,001
 
    Property and equipment, net                        80               79
 
    Total assets                                  $ 5,418          $ 5,080
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
 
    Current liabilities
    Trade accounts payable                          $ 123            $ 102
    Other payables and accrued expenses               539              576
    Total current liabilities                         662              678
 
    Accrued severance pay                             275              275
 
    Shareholders' equity
    Ordinary shares of NIS 1.0 par value
    (Authorized - 5,000,000 shares, issued
    and outstanding - 2,780,707 shares as of
    June 30, 2011 and December 31, 2010)
                                                      790              790
    Additional paid-in capital                    158,111          158,111
    Accumulated deficit                          (144,535)        (144,889)
                                                   14,366           14,012
 
    Treasury stock, at cost; 89,850 as of
    June 30, 2011 and December 31, 2010            (9,885)          (9,885)
    Total shareholders' equity                      4,481            4,127
 
    Total liabilities and shareholders'
    equity                                        $ 5,418          $ 5,080

METALINK LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

                                        Three months ended    Six months ended
 
                                              June 30,             June 30,
                                            2011      2010      2011      2010
                                             (Unaudited)          (Unaudited)
                                                     (in thousands,
                                              except share and per share data)
     Revenues                               $ 810     $ 208     $ 909     $ 258 
 
    Costs of revenues                        257        41       262        41
 
    Gross profit                             553       167       647       217
 
    General and administrative               238       215       314       649
 
    Operating profit, (loss)                 315       (48)      333      (432)
 
    Financial income (expenses), net          12        (8)       21      (161)
 
    Net profit (loss) from continuing
    operation                              $ 327     $ (56)    $ 354    $ (548) 
 
    Discontinued operation
    Operating loss (profit) from
    discontinued operation                     -       111         -      (108)
    Capital gain from sale of
    discontinued operation                     -         -         -     6,907
    Net profit from Discontinued
    operation
                                             $ -     $ 111       $ -   $ 6,799 
 
    Net profit                             $ 327      $ 55     $ 354  $ 1 6,25 
 
    Per share data-                       $ 0.12   $ (0.02)   $ 0.12   $ (0.20) 
    Basic and Diluted earnings (loss)
    from continuing operations
 
    Basic and Diluted earnings (loss)
    from discontinued operations
                                             $ -    $ 0.04       $ -    $ 2.53 
    Basic and Diluted earnings (loss)     $ 0.12    $ 0.02    $ 0.12    $ 2.33 
 
    Shares used in computing loss per
    ordinary share:
    Basic and Diluted                  2,780,707 2,690,383 2,780,707 2,690,383

Contact:
Neta Eshed
General Counsel
Metalink Ltd.
Tel: +972-77-4495900
Fax: +972-77-4495901
Neta@Mtlk.com

SOURCE Metalink Ltd

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