TEL-AVIV, Israel, May 9, 2013 /PRNewswire/ -- Metalink Ltd.
(OTCQB: MTLK), today announced its unaudited financial results for
the first quarter of 2013 ended March 31,
2013.
FINANCIAL RESULTS
Financial Highlights for the First Quarter of 2013: There
were no revenues for the first quarter of 2013, compared to
$513,000 for the first quarter of
2012; Net loss for the first quarter of 2013 was $89,000, or $0.03
per share, compared to net profit of $115,000, or $0.04
per share, for the first quarter of 2012.
Cash Status: Metalink's cash and cash equivalents, as of
March 31, 2013 were $5.24 million.
FUTURE REPORTS
In light of its operating results, the Company is implementing a
cost reduction plan. In connection therewith, the Company will no
longer provide quarterly financial reports to the public. The next
unaudited financial results for the second quarter of 2013 will be
reported but should be considered the Company's last quarterly
financial report.
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 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.
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METALINK LTD.
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CONSOLIDATED BALANCE SHEETS
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(in
thousands except share data)
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March
31,
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December 31,
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2013
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2012
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ASSETS
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Current
assets
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Cash and cash equivalents
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$
5,243
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$
5,378
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Government institutions
|
14
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26
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Prepaid expenses
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23
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2
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Inventories
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112
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112
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Total current assets
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5,392
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5,518
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Property and equipment, net
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4
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5
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Total assets
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$
5,396
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$
5,523
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LIABILITIES AND SHAREHOLDERS'
EQUITY
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Current
liabilities
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Trade accounts payable
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$
2
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$
1
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Other payables and current liabilities
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266
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310
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Dividend payable
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270
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-
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Total current liabilities
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538
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311
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Shareholders' equity
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Ordinary shares of NIS 1.0 par value (5,000,000
shares - authorized,
2,780,707 shares - issued and 2,690,857 shares -
outstanding as of
March 31, 2013 and December 31, 2012)
|
790
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790
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Additional paid-in capital
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158,116
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158,111
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Accumulated deficit
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(144,163)
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(143,804)
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14,743
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15,097
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Treasury stock, at cost; 89,850 as of
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March 31, 2013 and December 31, 2012
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(9,885)
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(9,885)
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Total shareholders' equity
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4,858
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5,212
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Total liabilities and shareholders'
equity
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$
5,396
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$
5,523
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METALINK LTD.
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CONSOLIDATED STATEMENTS OF
OPERATIONS
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(in
thousands, except share and per share data)
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Three
months ended March 31,
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2013
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2012
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(Unaudited)
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(Unaudited)
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Revenues
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$
-
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$ 513
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Cost of
revenues
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3
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167
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Gross profit (loss)
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(3)
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346
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Sales and marketing
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-
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100
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General and administrative
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94
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163
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Operating profit (loss)
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(97)
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83
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Financial
income, net
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8
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32
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Net profit (loss) from continuing
operation
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$
(89)
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$
115
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Net profit (loss)
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$
(89)
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$
115
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Per
share data-
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Basic and
Diluted earnings (loss)
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$
(0.03)
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$
0.04
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Shares
used in computing earnings per ordinary share:
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Basic and
Diluted
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2,690,857
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2,690,857
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SOURCE Metalink Ltd.