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Metalink Reports Third Quarter 2012 Results

TEL-AVIV, Israel, November 5, 2012 /PRNewswire/ --

Metalink Ltd. (OTCQB: MTLK), today announced its unaudited financial results for the third quarter of 2012 ended September 30, 2012.

FINANCIAL RESULTS

Financial Highlights for the Third Quarter of 2012: Revenues for the third quarter of 2012 were $585,000, compared to $240,000 for the third quarter of 2011; Net profit for the third quarter of 2012 was $192,000, or $0.07 per share, compared to net loss of $20,000, or $0.01 per share, for the third quarter of 2011.

Cash Status: Metalink's cash and cash equivalents, as of September 30, 2012 were $4.98 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)

                                              September 30,   December 31,
                                                  2012           2011
                                               (Unaudited)
    ASSETS
    Current assets
    Cash and cash equivalents                  $ 4,984          $ 5,321
    Trade accounts receivable                      494               39
    Government institutions                         47                9
    Prepaid expenses                                21                3
    Inventories                                    112              252
    Total current assets                         5,658            5,624
 
    Property and equipment, net                      5               67
 
    Total assets                               $ 5,663          $ 5,691
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
    Trade accounts payable                         $ -             $ 30
    Other payables and current liabilities         345              497
    Accrued severance pay                            -              290
    Total current liabilities                      345              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 September 30, 2012
    and December 31, 2011)
                                                   790              790
    Additional paid-in capital                 158,111          158,111
    Accumulated deficit                       (143,698)        (144,142)
                                                15,203           14,759
 
    Treasury stock, at cost; 89,850 as of
    September 30, 2012 and December 31, 2011    (9,885)          (9,885)
    Total shareholders' equity                   5,318            4,874
 
    Total liabilities and shareholders' equity  $ 5,663         $ 5,691



METALINK LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

                                       Three months ended    Nine months ended
 
                                          September 30,       September 30,
                                           2012    2011       2012   2011
                                            (Unaudited)       (Unaudited)
                                   (in thousands, except share and per share data)
     Revenues                              $ 585    $ 240  $ 1,641 $ 1,149
 
    Costs of revenues                       206       90      587     352
 
    Gross profit                            379      150    1,054     797
 
    Sales and marketing                     110        -      306       -
 
    General and administrative               79      176      320     490
 
    Operating profit (loss)                 190      (26)     428     307
 
    Financial income, net                     2        6       33      27
 
    Net profit (loss) from continuing
    operation                             $ 192    $ (20)   $ 461   $ 334 
 
    Other expenses                            -        -       17       -
 
    Net profit (loss)                     $ 192    $ (20)   $ 444   $ 334
 
    Per share data-

    Basic and Diluted earnings
    (loss)                               $ 0.07  $ (0.01)  $ 0.16  $ 0.12
 
    Shares used in computing
    earnings (loss) 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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