TEL-AVIV, Israel, April 2, 2012 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced its audited financial results for the fourth quarter and full year ended December 31, 2011.
Financial Results
Financial Highlights for the Fourth Quarter of 2011: Revenues for the fourth quarter of 2011 were $901,000, compared to $192,000 for the fourth quarter of 2010; Net profit for the fourth quarter of 2011 was $413,000, or $0.153 per share, compared to net profit of $402,000, or $0.149 per share, for the fourth quarter of 2010.
Financial Highlights for the Year Ended December 31, 2011: For the 12 months period, revenues were $2,050,000 compared to $813,000 for 2010; Net profit for the year was $747,000, or $0.278 per share, compared to net profit of $6,779,000, or $2.443 per share, for the year ended December 31, 2010.
Financial Income, Net: For the year ended December 31, 2011 was $52,000, compared to $438,000 financial income, for the year ended December 31, 2010.
Cash Status: Metalink's cash, cash equivalents, as of December 31, 2011 were $5.32 million.
ABOUT METALINK
Metalink shares are quoted on OTCQB under the symbol "MTLK". For more information, please see our public filings at the SEC's website at http://www.sec.gov.
METALINK LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, December 31,
2011 2010
ASSETS
Current assets
Cash and cash equivalents $ 5,321 $ 4,357
Trade accounts receivable 39 92
Other receivables - 266
Government institutions 9 66
Prepaid expenses 3 8
- 175
Advance to supply 252 37
Inventories
Total current assets 5,624 5,001
Property and equipment, net 67 79
Total assets $ 5,691 $ 5,080
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 30 $ 102
Other payables and accrued expenses 497 576
Short-term loan - -
Accrued severance pay 290 -
Total current liabilities 817 678
Accrued severance pay - 275
Shareholders' equity*
Ordinary shares of NIS 1 par value
(Authorized - 5,000,000 shares, issued and
outstanding 2,780,707 shares (including
treasury stocks) as of December 31, 2011 and
December 31, 2010 ) 790 790
Additional paid-in capital 158,111 158,111
Accumulated deficit (144,142) (144,889)
14,759 14,012
Treasury stock, at cost: 89,850 as of
December 31, 2011 (9,885) (9,885)
Total shareholders' equity 4,874 4,127
Total liabilities and shareholders' equity $ 5,691 $ 5,080
* The number of shares has been adjusted retroactively to reflect the one for ten reverse split of our ordinary shares dated February 22, 2010.
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share data)
Three months ended Year ended December
December 31, 31,
2011 2010 2011 2010
Revenues $ 901 $ 192 $ 2,050 $ 813
Cost of revenues: 365 23 717 109
Gross profit 536 169 1,333 704
General and
administrative 148 244 638 1,163
Operating profit
(loss) 388 (75) 695 (459)
Financial income,
net 25 477 52 438
Net profit (loss)
from continuing
operation $ 413 $ 402 $ 747 $ (21)
Discontinued
operation
Operating loss
from discontinued
operation - - - 107
Capital gain from
sale of
discontinued
operation - - - 6,907
Net profit from
Discontinued
operation $ - $ - $ - $ 6,800
Net profit $ 413 $ 402 $ 747 $ 6,779
Per share data- $ 0.153 $ 0.149 $ 0.278 $ (0.008)
Basic and Diluted
earnings (loss)
from continuing
operations
Basic and Diluted
earnings from
discontinued
operations
$ - $ - $ - $ 2.534
Basic and Diluted
earnings $ 0.153 $ 0.149 $ 0.278 $ 2.526
Shares used in
computing earnings
(loss) per
ordinary share*:
Basic and Diluted 2,690,857 2,690,857 2,690,857 2,683,857
* Shares used for earnings (loss) per share calculation have been adjusted retroactively to reflect the one for ten reverse split of our ordinary shares dated February 22, 2010.
Shay Evron, CFO
Metalink Ltd.
Tel: 972-3-7111690
Fax: 972-3-7111691
Shay.Evron@il.gt.com
SOURCE Metalink Ltd
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