Metalink Reports Q4 and Full Year 2011 Results

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
[email protected]

SOURCE Metalink Ltd