DGT Holdings Reports Fiscal 2015 Financial Results
LOS GATOS, Calif., Oct. 26, 2015 /PRNewswire/ -- DGT Holdings Corp. (OTCBB: DGTC) ("DGT Holdings" or "The Company") today announced audited financial results for its fiscal year ended July 31, 2015.
FINANCIAL PRESENTATION
The Company's operations currently consist of a real estate business from a rental building retained from the sale of its Medical Systems Group on November 3, 2011, as well as the management of its investment portfolio and general and administrative expenses.
ANNUAL FINANCIAL RESULTS
Revenues from continuing operations, consisting of rental revenue from the Company's real estate, was $0.4 million for the fiscal year ended July 31, 2015, compared to $0.5 million in fiscal 2014. Property operating expenses, consisting of depreciation and rental-related costs were $0.1 million for both fiscal years 2015 and 2014. General and administrative expenses were $1.0 million for the fiscal year ended July 31, 2015 compared to $1.1 million in fiscal 2014.
The income from continuing operations before income taxes was $0.5 million for the fiscal year ended July 31, 2015 compared to a loss of $0.7 million for the same period of fiscal 2014. Income from continuing operations for fiscal 2015 included an $1.3 million gain on the sale of marketable securities.
Income from discontinued operations was $1.3 million for the year ended July 31, 2015 compared to a loss from discontinued operations of $0.3 million in fiscal 2014. Income from discontinued operations in fiscal 2015 included an $1.5 million gain on sale of the building from the Company's former Power Conversion Business.
Net income was $1.7 million for the fiscal year ended July 31, 2015 compared to a net loss of $1.1 million in fiscal 2014.
FINANCIAL CONDITION
At July 31, 2015, the Company held $1.8 million of cash and $51.1 million of investments.
ABOUT DGT HOLDINGS
DGT Holdings Corp. currently owns and leases an industrial building through its Italian subsidiary. The Company is currently searching for investment opportunities in profitable operations, where it can utilize its existing working capital and maximize the use of its net operating losses.
The Company's website is www.dgtholdings.com.
DGT Holdings Corp.
Terry R. Gibson
Chief Executive Officer
Chief Financial Officer
(408) 399-6490
| DGT Holdings Corp. |
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| Statements of Operations |
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| (Dollars in thousands, except per share amounts) |
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| Year Ended July 31, |
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| 2015 |
2014 |
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| Rental revenues |
$ 413 |
$ 468 |
|
| Property operating expenses |
132 |
149 |
|
| General and administrative expenses |
1,012 |
1,060 |
|
| Total expenses |
1,144 |
1,209 |
|
| Operating loss |
(731) |
(741) |
|
| Other income (expense), net: |
|||
| Other income (expense) |
1,258 |
(3) |
|
| Interest income (expense) |
(1) |
21 |
|
| Income (loss) from continuing operations before income taxes |
526 |
(723) |
|
| Expense from income taxes |
(144) |
(77) |
|
| Income (loss) from continuing operations, net of taxes |
382 |
(800) |
|
| Loss from discontinued operations, net of taxes |
(232) |
(260) |
|
| Gain on disposal of discontinued operations, net of taxes |
1,511 |
- |
|
| Net income (loss) |
$ 1,661 |
$ (1,060) |
|
| Basic and diluted income (loss) per share: |
|||
| Continuing operations |
$ 0.13 |
$ (0.26) |
|
| Discontinued operations |
$ 0.41 |
$ (0.08) |
|
| Net income (loss) |
$ 0.54 |
$ (0.34) |
|
| Weighted average shares outstanding |
3,090,345 |
3,091,583 |
|
| DGT Holdings Corp. |
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| Balance Sheets |
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| (Dollars in thousands) |
|||
| July 31, |
July 31, |
||
| 2015 |
2014 |
||
| ASSETS |
|||
| Current assets: |
|||
| Cash and cash equivalents |
$ 1,811 |
$ 2,816 |
|
| Prepaid expenses and other current assets |
291 |
127 |
|
| Assets held for sale |
- |
948 |
|
| Total current assets |
2,102 |
3,891 |
|
| Property and equipment, net |
1,912 |
2,372 |
|
| Investments in marketable securities |
51,091 |
49,400 |
|
| TOTAL ASSETS |
$ 55,105 |
$ 55,663 |
|
| LIABILITIES AND SHAREHOLDER'S EQUITY |
|||
| LIABILITIES |
|||
| Current liabilities: |
|||
| Accounts payable |
$ 37 |
$ 20 |
|
| Accrued expenses |
200 |
170 |
|
| Total current liabilities |
237 |
190 |
|
| Deferred income taxes |
331 |
429 |
|
| Total liabilities |
568 |
619 |
|
| Commitments and contingencies |
|||
| STOCKHOLDERS' EQUITY |
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| Common stock ($0.10 par value; 100,000,000 authorized; and 3,333,384 and 3,299,856 issued, respectively) |
|||
| 333 |
330 |
||
| Treasury stock (285,427 and 202,689 shares, respectively, at cost) |
(8,921) |
(7,429) |
|
| Additional paid-in capital |
88,327 |
88,025 |
|
| Accumulated other comprehensive income |
11,739 |
12,720 |
|
| Accumulated deficit |
(36,941) |
(38,602) |
|
| Total stockholders' equity |
54,537 |
55,044 |
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 55,105 |
$ 55,663 |
|
SOURCE DGT Holdings Corp.
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