|By PR Newswire||
|November 5, 2012 06:01 AM EST||
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 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.
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.
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
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
Shay Evron, CFO
SOURCE Metalink Ltd
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