TEL-AVIV, Israel, March 18, 2015 /PRNewswire/ -- Metalink Ltd.
(OTCQB: MTLK), today announced its unaudited financial results for
the year ended December 31, 2014.
FINANCIAL RESULTS
Financial Highlights for the year 2014: Revenues for the
year ended December 31, 2014 were
$34,000, compared to no revenues in
the year ended December 31, 2013. Net
loss for year ended December 31, 2014
was $264,000, or $0.10 per share, compared to net loss of
$305,000, or $0.11 per share, for the year ended December 31, 2013.
Financial Income, Net: There was no net financial income
for the year ended December 31, 2014,
compared to $18,000 net financial
income, for the year ended December 31,
2013.
Cash Status: Metalink's cash and cash equivalents as of
December 31, 2014 were $4.54 million compared with $4.80 million as of December 31, 2013.
2015 OUTLOOK
In March 2015, Metalink completed
the delivery and received payment for DSL products totaling
approximately $450,000, which are
expected to be recognized in the first quarter of 2015. This order
marks the last order that Metalink will receive for DSL products,
which were the subject of an "end of life" notice issued by the
Company already in early 2008.
In light of the foregoing and as part of the Company's ongoing
efforts to reduce ongoing expenses, Mr. Tzvi Shukhman, CEO of Metalink, is expected to
step down from his position effective March
31, 2015. Mr. Shay Evron, CFO
of Metalink, will assume the position as Acting CEO.
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:
nominal operations following the Lantiq transaction and the last
order for DSL products; 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.
Contact:
Shay Evron, CFO
Metalink Ltd.
Tel: 972-3-7111690
Fax: 972-3-7111691
Shay.Evron@il.gt.com
|
METALINK
LTD
CONSOLIDATED
BALANCE SHEETS
(in thousands except share data)
|
|
|
|
|
December
31,
|
December
31,
|
|
2014
|
2013
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
4,537
|
$
4,801
|
|
Government
institutions
|
17
|
5
|
|
Prepaid
expenses
|
9
|
1
|
|
Inventories
|
176
|
112
|
|
Total
current assets
|
4,739
|
4,919
|
|
|
|
|
Property and
equipment, net
|
-
|
2
|
|
|
|
|
Total
assets
|
$
4,739
|
$
4,921
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Other payables
and current liabilities
|
$
366
|
$
284
|
|
Total
current liabilities
|
366
|
284
|
|
|
|
|
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
December 31, 2014 and December
31, 2013)
|
790
|
790
|
|
Additional
paid-in capital
|
158,111
|
158,111
|
|
Accumulated
deficit
|
(144,643)
|
(144,379)
|
|
14,258
|
14,522
|
|
|
|
|
Treasury
stock, at cost; 89,850 as of
|
|
|
|
December 31, 2014 and
December 31, 2013
|
(9,885)
|
(9,885)
|
|
Total
shareholders' equity
|
4,373
|
4,637
|
|
|
|
|
Total
liabilities and shareholders' equity
|
$
4,739
|
$
4,921
|
|
METALINK
LTD.
CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|
|
|
|
|
Year ended
December 31,
|
|
2014
|
2013
|
|
|
|
|
|
|
|
Revenues
|
$ 34
|
$ -
|
|
|
|
|
Cost of
revenues
|
23
|
15
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
11
|
(15)
|
|
|
|
|
Sales and
marketing
|
3
|
-
|
|
|
|
|
General and
administrative
|
272
|
308
|
|
|
|
|
|
|
|
Operating loss
|
(264)
|
(323)
|
|
|
Financial income,
net
|
-
|
18
|
|
|
|
|
Net
loss
|
$ (264)
|
$ (305)
|
|
|
|
|
|
|
|
Per share
data-
|
|
|
|
Basic and Diluted
loss
|
$ (0.10)
|
$ (0.11)
|
|
|
|
|
|
|
|
Shares used in computing
earnings
(loss) per ordinary share:
|
|
|
|
|
|
|
Basic and
Diluted
|
2,690,857
|
2,690857
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/metalink-reports-2014-full-year-results-300052303.html
SOURCE Metalink Ltd.