METALINK LTD.
CONSOLIDATED BALANCE SHEETS
MARCH 31, DECEMBER 31,
--------- ---------
2008 2007
--------- ---------
(UNAUDITED)
---------
(IN THOUSANDS EXCEPT SHARE DATA)
--------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 3,967 $ 7,291
Short-term investments 14,357 17,233
Trade accounts receivable 263 677
Other receivables 1,209 2,284
Prepaid expenses 518 456
Inventories 2,250 1,765
--------- ---------
Total current assets 22,564 29,706
--------- ---------
LONG-TERM INVESTMENTS 766 2,200
--------- ---------
SEVERANCE PAY FUND 2,758 2,534
--------- ---------
PROPERTY AND EQUIPMENT, NET 4,542 4,182
========= =========
Total assets $ 30,630 $ 38,622
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 2,522 $ 1,564
Other payables and accrued expenses 5,094 4,979
--------- ---------
Total current liabilities 7,616 6,543
--------- ---------
ACCRUED SEVERANCE PAY 4,032 3,748
--------- ---------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.1 par value (Authorized - 50,000,000
shares, issued and outstanding - 24,388,232 and 24,377,232 shares
as of March 31, 2008 and December 31, 2007, respectively) 701 701
Additional paid-in capital 155,176 154,703
Accumulated other comprehensive loss 11 48
Accumulated deficit (127,021) (117,236)
--------- ---------
28,867 38,216
--------- ---------
Treasury stock, at cost; 898,500 as of
March 31, 2008 and December 31, 2007 (9,885) (9,885)
--------- ---------
Total shareholders' equity 18,982 28,331
========= =========
Total liabilities and shareholders' equity $ 30,630 $ 38,622
========= =========
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31,
--------------------------------
2008 2007
------------ ------------
(UNAUDITED) (UNAUDITED)
------------ ------------
(IN THOUSANDS,
EXCEPT SHARE AND PER SHARE DATA)
--------------------------------
Revenues $ 660 $ 2,346
------------ ------------
Cost of revenues:
Costs and expenses 504 1,094
Royalties to the Government of Israel 23 72
------------ ------------
Total cost of revenues 527 1,166
============ ============
GROSS PROFIT 133 1,180
Operating expenses:
Gross research and development 8,492 5,180
Less - Royalty bearing and other grants 798 584
------------ ------------
Research and development, net 7,694 4,596
------------ ------------
Selling and marketing 1,757 1,316
General and administrative 708 531
------------ ------------
Total operating expenses 10,159 6,443
============ ============
OPERATING LOSS (10,026) (5,263)
Financial income, net 241 314
------------ ------------
NET LOSS $ (9,785) $ (4,949)
============ ============
Loss per ordinary share:
Basic $ (0.42) $ (0.25)
============ ============
Diluted $ (0.42) $ (0.25)
============ ============
Shares used in computing loss per ordinary share:
Basic 23,486,726 19,810,888
============ ============
Diluted 23,486,726 19,810,888
============ ============
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