GEALYA, Israel, December 29, 2011 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced its unaudited financial results for the third quarter of 2011 ended September 30, 2011.
FINANCIAL RESULTS
Financial Highlights for the Third Quarter of 2011: Revenues for the third quarter of 2011 were $240 thousands compared to $363 thousands for the third quarter of 2010; Net loss for the period from continuing operation was $(20) thousands, or $0.01 per share, compared to net profit of $123 thousands, or $0.05 per share, for the third quarter of 2010.
For the first 9 months of 2011: Revenues for the period were $1149 thousands compared to $621 thousands for the first 9 months of 2010; Net profit for the period was $334 thousands, or $0.12 per share, compared to net loss from continuing operation of $(425) thousands, or $(0.16) per share, for the first 9 months of 2010.
Cash Status: Metalink's cash and cash equivalents, as of September 30, 2011 were $4.56 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 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
September 30, December 31,
2011 2010
(Unaudited)
(in thousands except share data)
ASSETS
Current assets
Cash and cash equivalents $ 4,562 $ 4,357
Trade accounts receivable 345 92
Other receivables - 266
Government institutions 20 66
Prepaid expenses & Income receivable 21 8
Advance to supplier 345 175
Inventories 4 37
Total current assets 5,297 5,001
Property and equipment, net 73 79
Total assets $ 5,370 $ 5,080
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 146 $ 102
Other payables and accrued expenses 484 576
Total current liabilities 630 678
Accrued severance pay 279 275
Shareholders' equity
Ordinary shares of NIS 1.0 par value
(Authorized - 5,000,000 shares, issued
and outstanding - 2,780,707 shares as of
September 30, 2011 and December 31,
2010)
790 790
Additional paid-in capital 158,111 158,111
Accumulated deficit (144,555) (144,889)
14,346 14,012
Treasury stock, at cost; 89,850 as of
September 30, 2011 and December 31, 2010 (9,885) (9,885)
Total shareholders' equity 4,461 4,127
Total liabilities and shareholders'
equity $ 5,370 $ 5,080
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine months ended
September 30, September 30,
2011 2010 2011 2010
(Unaudited) (Unaudited)
(in thousands,
except share and per share data)
Revenues $ 240 $ 363 $ 1149 $ 621
Costs of revenues 90 45 352 86
Gross profit 150 318 797 535
General and administrative 176 270 490 920
Operating profit (loss) (26) 48 307 (385)
Financial income
(expenses), net 6 75 27 (40)
Net profit (loss) from
continuing operation $ (20) $ 123 $ 334 $ (425)
Discontinued operation
Operating loss from
discontinued operation - - - (108)
Capital gain from sale of
discontinued operation - - - 6,907
Net profit from
Discontinued operation
$ - $ - $ - $ 6,799
Net profit (loss) $ (20) $ 123 $ 334 $ 6,374
Per share data- $ (0.01) $ 0.05 $ 0.12 $ (0.16)
Basic and Diluted earnings
(loss) from continuing
operations
Basic and Diluted earnings
from discontinued
operations
$ - $ - $ - $ 2.53
Basic and Diluted earnings
(loss) $ (0.01) $ 0.05 $ 0.12 $ 2.37
Shares used in computing
earnings (loss) per
ordinary share:
Basic and Diluted 2,690,857 2,690,383 2,690,857 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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