Metalink Reports Q4 and Full Year 2012 Results and Announces a Special [One-Time] Dividend of $0.10 per Share
TEL-AVIV, Israel, February 6, 2013 /PRNewswire/ --
Metalink Ltd. (OTCQB: MTLK), today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2012.
FINANCIAL RESULTS
Financial Highlights for the Fourth Quarter of 2012: There were no revenues for the fourth quarter of 2012, compared to $901,000 for the fourth quarter of 2011; Net loss for the fourth quarter of 2012 was $107,000, or $0.04 per share, compared to net profit of $413,000, or $0.15 per share, for the fourth quarter of 2011.
Net profit for year ended December 31, 2012 was $338,000, or $0.13 per share, compared to net profit of $747,000, or $0.28 per share, for the year ended December 31, 2011.
Financial Income, Net: For the year ended December 31, 2012 was $36,000, compared to $52,000 financial income, for the year ended December 31, 2011.
Cash Status: Metalink's cash and cash equivalents, as of December 31, 2012 were $5.38 million.
SPECIAL DIVIDEND
The Company also announced that its Board of Directors has authorized a special [one-time] dividend of $0.10 per ordinary share, or approximately $270,000 in the aggregate, payable to shareholders of record as of March 15, 2013. The distribution of the dividend to shareholders, which is expected to be on or about April 15, 2013, will be subject to applicable withholding taxes.
The Company clarified that it continues to explore strategic options for delivering value to shareholders and that the Board of Directors has not adopted any dividend policy at this time.
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 http://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.
(TABLES FOLLOW)
METALINK LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands except share data)
December 31, December 31,
2012 2011
ASSETS
Current assets
Cash and cash equivalents $ 5,378 $ 5,321
Trade accounts receivable - 39
Government institutions 26 9
Prepaid expenses 2 3
Inventories 112 252
Total current assets 5,518 5,624
Property and equipment, net 5 67
Total assets $ 5,523 $ 5,691
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 1 $ 30
Other payables and current liabilities 310 497
Accrued severance pay - 290
Total current liabilities 311 817
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, 2012 and
December 31, 2011)
790 790
Additional paid-in capital 158,111 158,111
Accumulated deficit (143,804) (144,142)
15,097 14,759
Treasury stock, at cost; 89,850 as of
December 31, 2012 and December 31, 2011 (9,885) (9,885)
Total shareholders' equity 5,212 4,874
Total liabilities and shareholders' equity $ 5,523 $ 5,691
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Three months ended
December 31, Year ended December 31,
2012 2011 2012 2011
Revenues $ - $ 901 $ 1,646 $ 2,050
Costs of revenues 8 365 595 717
Gross profit (loss) (8) 536 1,051 1,333
Sales and marketing - - 305 -
General and administrative 102 148 427 638
Other expenses - - 17 -
Operating profit (loss) (110) 388 302 695
Financial income, net 3 25 36 52
Net profit (loss) $ (107) $ 413 $ 338 $ 747
Per share data-
Basic and Diluted earnings
(loss) $ (0.04) $ 0.153 $ 0.13 $ 0.278
Shares used in computing
earnings (loss) per
ordinary share:
Basic and Diluted 2,690,857 2,690,857 2,690,857 2,690,857
Contact:
Shay Evron, CFO
Metalink Ltd.
Tel: +972-3-7111690
Fax: +972-3-7111691
[email protected]
SOURCE Metalink Ltd
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