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
[email protected]
SOURCE Metalink Ltd
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