METALINK LTD. 
By GEALYA,
- Prepays all Outstanding Loan for a
- Appoints Oren Brooks as Chief Financial Officer
Metalink Ltd. (NASDAQ: MTLK), today announced its unaudited financial
results for the third quarter of 2010 ended
FINANCIAL RESULTS
Financial Highlights for the Third Quarter of 2010: Revenues for the
third quarter of 2010 were
For the First 9 months of 2010: Revenues for the period were
Cash Status: Metalink's cash, cash equivalents, as of
OTHER HIGHLIGHTS
Full Repayment of Loan: As previously announced, the remainder of
Appointment of CFO: Mr.
ABOUT METALINK
Metalink shares trade on NASDAQ under the symbol "MTLK". For more information, please visit our website at http://www.MTLK.com.
SAFE HARBOR STATEMENT This press release contains "forward looking
statements" within the meaning of
METALINK LTD.
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2010 2009
(Unaudited)
(in thousands except share data)
ASSETS
Current assets
Cash and cash equivalents $3,523 $2,273
Trade accounts receivable 264 461
Other receivables 1,997 602
Prepaid expenses 29 88
Inventories 60 1,068
Total current assets 5,873 4,492
Severance pay fund 16 1,229
Property and equipment, net 85 2,145
Total assets $5,974 $7,866
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $193 $1,542
Other payables and accrued expenses 1,422 3,239
Short-term loan 350 4,100
Warrants to issue shares - 289
Total current liabilities 1,965 9,170
Accrued severance pay 288 1,798
Shareholders' equity*
Ordinary shares of NIS 1.0 par value
(Authorized - 5,000,000 shares, issued
and outstanding - 2,780,231 and
2,663,723 shares as of June 30, 2010 and
December 31, 2009, respectively)
790 759
Additional paid-in capital 158,110 157,692
Accumulated deficit (145,294) (151,668)
13,606 6,783
Treasury stock, at cost; 89,850 as of
June 30, 2010 and December 31, 2009 (9,885) (9,885)
Total shareholders' equity 3,721 (3,102)
Total liabilities and shareholders'
equity $5,974 $ 7,866
* The number of shares have been adjusted retroactively to reflect the
one for ten reverse split of our ordinary shares dated February 22,
2010.
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine months ended
September 30, September 30,
2010 2009 2010 2009
(Unaudited) (Unaudited)
(in thousands,
except share and per share data)
Revenues $363 $- $621 $3,288
Cost of revenues:
Costs and expenses 37 5 75 1,005
Royalties to the 8 - 11 99
Government of Israel
Total cost of revenues 45 5 86 1,104
Gross profit 318 (5) 535 2,184
Operating expenses:
Gross research and - - - -
development
Less - Royalty bearing and - - - -
other grants
Research and development, - - - -
net
Selling and marketing - - - -
General and administrative 270 396 920 1,826
Total operating expenses 270 396 920 1,826
Operating profit (loss) 48 (401) (385) 358
Financial income 75 (1,221) (40) (3,734)
(expenses), net
Net loss from continuing $123 $(1,622) $(425) $(3,376)
operation
Discontinued operation
Operating loss from 0 (2,343) (108) (8,457)
discontinued operation
Capital gain from sale of - - 6,907 -
discontinued operation
Net profit (loss) from $0 $(2,343) $6,799 $(8,457)
Discontinued operation
Net profit (loss) $123 $(3,965) $6,374 $(11,833)
Per share data- $0.046 $(0.64) $(0.158) $(1.38)
Basic and Diluted loss
from continuing operations
Basic and Diluted earnings $0 $(0.92) $2.527 $(3.44)
(loss) from discontinued
operations
Basic and Diluted earnings $0.046 $(1.56) $2.369 $(4.82)
(loss)
Shares used in computing
loss per ordinary share*:
Basic and Diluted 2,690,383 2,553,173 2,690,383 2,452,936
* Shares used for loss per share calculation have been adjusted
retroactively to reflect the one for ten reverse split of our ordinary
shares dated February 22, 2010.
Neta Eshed
General Counsel
Metalink Ltd.
Tel: +972-77-4495900
Fax: +972-77-4495901
Neta@Mtlk.com
SOURCE Metalink Ltd
