GEALYA, Israel, September 15, 2011 /PRNewswire/ --
Metalink Ltd. (NASDAQ: MTLK), today announced its unaudited
financial results for the first quarter of 2011 ended March 31, 2011.
FINANCIAL RESULTS
Financial Highlights for the First Quarter of 2011:
Revenues for the first quarter of 2011 were $99 thousands compared to $50 thousands for the first quarter of 2010; the
revenues are only from Metalink's continuing operation, the legacy
DSL sales. Net profit for the period from continuing operation was
$28 thousands, or $0.01 per share, compared to net loss of
$(484) thousands, or $(0.18) per share, for the first quarter of
2010.
Cash Status: Metalink's cash, cash equivalents, as of
March 31, 2011 were $4.58 million.
ABOUT METALINK
Metalink shares trade on Nasdaq under the symbol "MTLK". For
more information, please visit our website at
http://www.MTLK.com.
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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 F-20. 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.
METALINK LTD.
CONSOLIDATED BALANCE SHEETS March 31, December 31,
2011 2010
(Unaudited)
(in thousands except share data)
ASSETS
Current assets
Cash and cash equivalents $ 4,584 $ 4,357
Trade accounts receivable - 92
Other receivables - 266
Government institutions 64 66
Prepaid expenses 71 8
Advance to supplier 175 175
Inventories 140 37
Total current assets 5,035 5,001
Property and equipment, net 74 79
Total assets $ 5,109 $ 5,080
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 236 $ 102
Other payables and current liabilities 439 576
Total current liabilities 675 678
Accrued severance pay 279 275
Shareholders' equity
Ordinary shares of NIS 1.0 par value
(Authorized - 5,000,000 shares, issued
and outstanding - 2,780,707 shares as of
March 31, 2011 and December 31, 2010)
790 790
Additional paid-in capital 158,111 158,111
Accumulated deficit (144,861) (144,889)
14,040 14,012
Treasury stock, at cost; 89,850 as of
March 31, 2011 and December 31, 2010 (9,885) (9,885)
Total shareholders' equity 4,155 4,127
Total liabilities and shareholders'
equity $ 5,109 $ 5,080
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31,
2011 2010
(Unaudited) (Unaudited)
(in thousands,
except share and per share data)
Revenues $ 99 $ 50
Cost of revenues 5 -
Gross profit 94 50
General and administrative 76 434
Operating profit (loss) 18 (384)
Financial income (expenses), net 10 (100)
Net profit (loss) from continuing operation $ 28 $ (484)
Discontinued operation
Operating loss from discontinued operation - (218)
Capital gain from sale of discontinued
operation - 6,907
Net profit (loss) from Discontinued
operation
$ - $ 6,689
Net profit (loss) $ 28 $ 6,205
Per share data-
Basic and Diluted earnings (loss) from
continuing operations $ 0.01 $ (0.18)
Basic and Diluted earnings from discontinued
operations
$ - $ 2.49
Basic and Diluted earnings per share $ 0.01 $ 2.31
Shares used in computing earnings (loss) per
ordinary share:
Basic and Diluted 2,780,707 2,690,373
Neta Eshed
General Counsel
Metalink Ltd.
Tel: +972-77-4495900
Fax: +972-77-4495901
Neta@Mtlk.com
SOURCE Metalink Ltd