TEL-AVIV, Israel, July 30, 2012 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced its unaudited financial results for the second quarter of 2012 ended June 30, 2012.
FINANCIAL RESULTS
Financial Highlights for the Second Quarter of 2012: Revenues for the second quarter of 2012 were $544,000, compared to $810,000 for the second quarter of 2011; Net profit for the second quarter of 2012 was $138,000, or $0.05 per share, compared to net profit of $327,000, or $0.12 per share, for the second quarter of 2011.
Cash Status: Metalink's cash and cash equivalents, as of June 30, 2012 were $4.72 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.
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 20-F. 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
(in thousands except share data)
June 30, December 31,
2012 2011
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 4,720 $ 5,321
Trade accounts receivable 453 39
Government institutions 29 9
Prepaid expenses 29 3
Inventories 299 252
Total current assets 5,530 5,624
Property and equipment, net 6 67
Total assets $ 5,536 $ 5,691
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ - $ 30
Other payables and current liabilities 409 497
Accrued severance pay - 290
Total current liabilities 409 817
Shareholders' equity
Ordinary shares of NIS 1.0 par value
(Authorized - 5,000,000 shares, issued and
outstanding - 2,780,707 shares (including
treasury stocks) as of June 30, 2012 and
December 31, 2011) 790 790
Additional paid-in capital 158,111 158,111
Accumulated deficit (143,889) (144,142)
15,012 14,759
Treasury stock, at cost; 89,850 as of
June 30, 2012 and December 31, 2011 (9,885) (9,885)
Total shareholders' equity 5,127 4,874
Total liabilities and shareholders' equity $ 5,536 $ 5,691
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Three months ended Six months ended
June 30, June 30,
2012 2011 2012 2011
(Unaudited) (Unaudited)
(in thousands, except share and per
share data)
Revenues $ 544 $ 810 $ 1,057 $ 909
Costs of revenues 214 257 381 262
Gross profit 330 553 676 647
Sales and marketing 96 - 196 -
General and administrative 79 238 242 314
Operating profit 155 315 238 333
Financial income, net - 12 32 21
Net profit from continuing
operation $ 155 $ 327 $ 270 $ 354
Other expenses 17 - 17 -
Net profit $ 138 $ 327 $ 253 $ 354
Per share data-
Basic and Diluted earnings $ 0.05 $ 0.12 $ 0.09 $ 0.13
Shares used in computing
earnings per ordinary
share:
Basic and Diluted (not
including 89,850 treasury
stocks) 2,690,857 2,690,857 2,690,857 2,690,857
Contact:
Shay Evron, CFO
Metalink Ltd.
Tel: +972-3-7111690
Fax: +972-3-7111691
[email protected]
SOURCE Metalink Ltd
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