METALINK LTD.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, DECEMBER 31,
---------- ----------
2 0 0 8 2 0 0 7
---------- ----------
(IN THOUSANDS, EXCEPT SHARE DATA)
--------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 5,166 $ 7,291
Short-term investments 677 17,233
Trade accounts receivable 2,515 677
Other receivables 1,529 2,284
Prepaid expenses 209 456
Deferred charges 242 -
Inventories 2,508 1,765
---------- ----------
Total current assets 12,846 29,706
---------- ----------
LONG-TERM INVESTMENTS - 2,200
---------- ----------
SEVERANCE PAY FUND 1,195 2,534
---------- ----------
PROPERTY AND EQUIPMENT, NET 3,338 4,182
========== ==========
Total assets $ 17,379 $ 38,622
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 739 $ 1,564
Other payables and accrued expenses 3,257 4,979
Short-term loan 2,101 -
Warrants to issue shares 196 -
---------- ----------
Total current liabilities 6,293 6,543
---------- ----------
ACCRUED SEVERANCE PAY 2,098 3,748
---------- ----------
SHAREHOLDERS' EQUITY
Ordinary shares of NIS 0.1 par value (Authorized - 50,000,000 shares,
issued and outstanding 24,752,232 and 24,377,232 shares as of
December 31, 2008 and December 31, 2007, respectively) 711 701
Additional paid-in capital 156,500 154,703
Accumulated other comprehensive income (loss) (124) 48
Accumulated deficit (138,214) (117,236)
---------- ----------
18,873 38,216
---------- ----------
Treasury stock, at cost; 898,500 as of December
31, 2008 and December 31, 2007 (9,885) (9,885)
========== ==========
Total shareholders' equity 8,988 28,331
========== ==========
Total liabilities and shareholders' equity $ 17,379 $ 38,622
========== ==========
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
------------------------------ ------------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)
------------------------------------------------------------------
Revenues $ 3,018 $ 1,373 $ 7,162 $ 10,166
------------ ------------ ------------ ------------
Cost of revenues:
Costs and expenses 1,256 686 2,964 4,736
Royalties to the Government of Israel 86 42 218 297
------------ ------------ ------------ ------------
Total cost of revenues 1,342 728 3,182 5,033
============ ============ ============ ============
GROSS PROFIT 1,676 645 3,980 5,133
------------ ------------ ------------ ------------
Operating expenses:
Gross research and development 3,132 8,290 22,516 25,474
Less - Royalty bearing and other grants 541 810 3,068 2,598
------------ ------------ ------------ ------------
Research and development, net 2,591 7,480 19,448 22,876
------------ ------------ ------------ ------------
Selling and marketing 416 1,448 4,502 5,427
General and administrative 589 670 2,647 2,451
------------ ------------ ------------ ------------
Total operating expenses 3,596 9,598 26,597 30,754
============ ============ ============ ============
OPERATING LOSS (1,920) (8,953) (22,617) (25,621)
Financial income, net 408 418 1,639 1,298
------------ ------------ ------------ ------------
NET LOSS $ (1,512) $ (8,535) $ (20,978) $ (24,323)
============ ============ ============ ============
Loss per ordinary share:
Basic $ (0.06) $ (0.36) $ (0.89) $ (1.14)
============ ============ ============ ============
Diluted $ (0.06) $ (0.36) $ (0.89) $ (1.14)
============ ============ ============ ============
Shares used in computing loss per
ordinary share:
Basic 23,807,288 23,430,738 23,569,711 21,319,262
============ ============ ============ ============
Diluted 23,807,288 23,430,738 23,569,711 21,319,262
============ ============ ============ ============
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