TEL-AVIV, Israel, July 16, 2013 /PRNewswire/ -- Metalink Ltd.
(OTCQB: MTLK), today announced its unaudited financial results for
the second quarter of 2013 ended June 30,
2013.
FINANCIAL RESULTS
Financial Highlights for the Second Quarter of 2013:
There were no revenues for the second quarter of 2013, compared to
$544,000 for the second quarter of
2012; Net loss for the second quarter of 2013 was $93,000, or $0.03
per share, compared to net profit of $138,000, or $0.05
per share, for the second quarter of 2012.
Cash Status: Metalink's cash and cash equivalents, as of
June 30, 2013 were $4.91 million.
FUTURE REPORTS
As stated in the Company's first quarter results, 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. These unaudited
financial results for the second quarter of 2013 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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Contact:
Shay Evron,
CFO
Metalink
Ltd.
Tel:
972-3-7111690
Fax:
972-3-7111691
Shay.Evron@il.gt.com
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METALINK
LTD.
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in thousands
except share data)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2013
|
|
2012
|
|
ASSETS
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
$
4,907
|
|
$
5,378
|
|
Government
institutions
|
4
|
|
26
|
|
Prepaid
expenses
|
16
|
|
2
|
|
Inventories
|
112
|
|
112
|
|
Total
current assets
|
5,039
|
|
5,518
|
|
|
|
|
|
Property and
equipment, net
|
3
|
|
5
|
|
|
|
|
|
Total
assets
|
$
5,042
|
|
$
5,523
|
|
|
|
|
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LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Trade accounts
payable
|
$
10
|
|
$
1
|
|
Other payables
and current liabilities
|
268
|
|
310
|
|
Total
current liabilities
|
278
|
|
311
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
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 June 30, 2013 and
December 31, 2012)
|
790
|
|
790
|
|
Additional paid-in
capital
|
158,116
|
|
158,111
|
|
Accumulated
deficit
|
(144,257)
|
|
(143,804)
|
|
14,649
|
|
15,097
|
|
|
|
|
|
Treasury
stock, at cost; 89,850 as of
|
|
|
|
|
June 30, 2013 and
December 31, 2012
|
(9,885)
|
|
(9,885)
|
|
Total
shareholders' equity
|
4,764
|
|
5,212
|
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
5,042
|
|
$
5,523
|
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METALINK
LTD.
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|
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CONSOLIDATED
STATEMENTS OF OPERATIONS
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|
(in thousands,
except share and per share data)
|
|
|
Three months
ended
June
30,
|
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Six months
ended
June
30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
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(Unaudited)
|
|
(Unaudited)
|
|
(in thousands,
except share and per share data)
|
|
|
|
|
|
|
|
|
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Revenues
|
$
-
|
|
$
544
|
|
$
-
|
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$
1,057
|
|
|
|
|
|
|
|
|
|
Costs of
revenues
|
6
|
|
214
|
|
9
|
|
381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Gross profit
(loss)
|
(6)
|
|
330
|
|
(9)
|
|
676
|
|
|
|
|
|
|
|
|
|
Sales and
marketing
|
-
|
|
96
|
|
-
|
|
196
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
88
|
|
79
|
|
182
|
|
242
|
|
|
|
|
|
|
|
|
|
Operating profit (loss)
|
(94)
|
|
155
|
|
(191)
|
|
238
|
|
|
|
|
|
|
|
|
|
Financial income,
net
|
1
|
|
-
|
|
9
|
|
32
|
|
|
|
|
|
|
|
|
|
Net profit (loss)
from continuing operation
|
$
(93)
|
|
$
155
|
|
$
(182)
|
|
$
270
|
|
|
|
|
|
|
|
|
|
Other
expenses
|
-
|
|
17
|
|
-
|
|
17
|
|
|
|
|
|
|
|
|
|
Net profit
(loss)
|
$
(93)
|
|
$
138
|
|
$
(182)
|
|
$
253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Per share
data-
|
|
|
|
|
|
|
|
|
|
|
|
|
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Basic and Diluted
earnings (loss)
|
$
(0.03)
|
|
$
0.05
|
|
$
(0.07)
|
|
$
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Shares used in
computing earnings per
ordinary share:
|
|
|
|
|
|
|
|
|
Basic and Diluted
(not including 89,850 treasury
stocks)
|
2,690,857
|
|
2,690,857
|
|
2,690,857
|
|
2,690,857
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SOURCE Metalink Ltd.