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| PR Newswire · Aktuelle PR Newswire Nachrichten · Archiv< zurück < · Druckversion |
| 31.10.2006 14:16 |
Metalink Reports Results for Third Quarter of 2006 |
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YAKUM, Israel, October 31 /PRNewswire-FirstCall/ -- Metalink Ltd. , a provider of high-performance wireless and wireline broadband communication silicon solutions, today announced results for the third quarter ended September 30, 2006. Financial Results Revenues for the third quarter of 2006 were $4.2 million compared to $3.5 million in the second quarter of 2006 and $4.1 million in the third quarter of 2005. Gross margin for the third quarter of 2006 was 54% compared to 44% in the second quarter of 2006 and 54% in the third quarter of 2005. Net loss for the third quarter of 2006 was $3.9 million, or $(0.20) per share, compared to $4.3 million, or $(0.22) per share, for the second quarter of 2006, and $3.6 million, or $(0.18) per share, for the third quarter of 2005. Net loss for the third quarter of 2006 includes stock-based compensation expenses of $0.29 million recorded as a result of the implementation of SFAS 123(R). Metalink's cash, cash equivalents and short and long-term investments at the end of the third quarter of 2006 were $31.4 million compared to $33.3 million at the end of the second quarter of 2006. For the first nine months of 2006, revenues were $10.9 million, an increase of 7.7% compared to $10.1 million for the first nine months of 2005. Net loss for the first nine months of 2006 was $12.3 million, or $(0.63) per share, a 7.8% improvement compared to the net loss of $13.3 million, or $(0.69) per share recorded in the first nine months of 2005. Highlights of the Third Quarter Related to Metalink's Consumer Electronics (CE)-Grade 802.11n WLANPlus(TM) Note: CE-Grade refers to HD (High-Definition) video/home entertainment devices such as next-generation Set-Top Boxes (STB), flat screens, DMAs (Digital Media Adapters), PVRs (Personal Video Recorder), DVD/HDD players, HDTVs, Home Media/Theater Centers etc. Metalink continues to extend its leadership as a pioneer in CE Grade 802.11n draft-compliant chipsets for the distribution of wireless digital entertainment throughout the home. - Metalink first-generation chipsets are already being integrated into leading CE players' products throughout the world. - Leading Silicon providers are offering Metalink's CE Grade 802.11n chipsets in reference designs for high volume applications. This validates Metalink's leadership position in this space. - Metalink has been featured by NXP (formerly Philips Semiconductors), a leading global IC provider, as its 802.11n connectivity partner, providing the platform for NXP's new "Connected Living" multimedia products. - At CES, in January 2007, numerous CE manufacturers will be demonstrating new digital entertainment products based on Metalink's WLANPlus chipsets as the platform for their Wi-Fi connectivity capabilities. In addition, several Silicon partners will be displaying applications embedding Metalink CE Grade 802.11n. - Sampling of Metalink's 2nd-generation chipsets has been completed. - The Wi-Fi Alliance has recently specified that the 5GHz band is mandatory for 802.11n standard-compliant CE devices, as the 2.4GHz band is too "crowded" to support the critical requirements required in a digital video environment, thus validating Metalink's claims and approach. As such, Metalink remains the only company offering 802.11n ICs that meet the critical CE-Grade requirements: delivery of 60Mbps effective throughput over the 5Ghz frequency band to a distance of at least 60 feet. Comments of Management Commenting on the results, Metalink's Chairman and CEO, Tzvika Shukhman, said, "The third quarter reflects the significant progress we have made in line with our strategy for becoming a major provider of wireless silicon connectivity solutions for digital home entertainment. A growing number of CE manufacturers have now integrated our first generation chipsets into many types of digital video devices, such as flat screens, Digital Media Adaptors and Set-Top Boxes. In parallel, we are progressing with our second-generation product as planned, with the goal of producing volume quantities to meet market demand in 2007-2008." "Although estimates vary, industry analysts forecast that more than 13 million Wi-Fi chipsets will be shipped for use in stationary devices CE Grade (including dual band access points) in 2007. We continue to be a prominent player with a product supporting the critical requirements of the digital video space, including full support of the 5Ghz frequency band and the delivery of 60Mbps effective throughput to a distance of at least 60 feet. We believe, that our growing number of design wins, together with an impressive list of potential CE manufacturers that are now evaluating our chipsets, validate the advantages of the WLANPlus' unique technology. As such, we expect that our 802.11n draft-compliant product lines will become a strong, long-term growth and profitability driver for Metalink", concluded Mr. Shukhman. Metalink's third quarter 2006 conference call will be broadcast "live" in listen-only mode via its website on Tuesday, October 31st, 2006 at 9:00 AM EST. About Metalink Metalink Ltd. is a leading provider of high performance wireless and wireline broadband communication silicon solutions. Metalink's WLAN and DSL technologies are designed to enable true broadband connectivity in every home, and its products revolutionize the broadband experience by facilitating the convergence of telecommunication, networking and entertainment. Metalink's WLANPlus(TM) is a high-throughput, 802.11n-draft-compliant wireless LAN technology optimized for the networked home entertainment environment. Featuring advanced MIMO technology and full support of QoS, and operating in both 2.4GHz and 5GHz bands, WLANPlus enables multi-room networking of multiple high-definition video streams. In addition, Metalink offers a broad range of symmetric DSL and VDSL products used by operators as a cost-effective network upgrade to support triple-play services. Headquartered in Yakum, Israel, the company has subsidiaries in Atlanta (US), South Korea, and Japan as well as an office in China. Further information is available at http://www.metalinkbb.com/ This press release contains "forward looking" information within the meaning of the United States securities laws that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. 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. 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
September 30, December 31,
_____________ ____________
2006 2005
_____________ ____________
(Unaudited)
_____________
(in thousands)
____________________________
ASSETS
Current assets
Cash and cash equivalents $ 5,232 $ 7,134
Short-term investments 19,828 20,142
Trade accounts receivable 2,218 2,880
Other receivables 883 1,498
Prepaid expenses 657 695
Inventories 3,817 4,250
_____________ ____________
Total current assets 32,635 36,599
------------- ------------
Long-term investments 6,392 10,589
------------- ------------
Severance pay fund 1,984 1,802
------------- ------------
Property and equipment, net 3,217 3,863
------------- ------------
_____________ ____________
$ 44,228 $ 52,853
_____________ ____________
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 1,858 $ 1,639
Other payables and accrued expenses 5,236 3,862
_____________ ____________
Total current liabilities 7,094 5,501
------------- ------------
Accrued severance pay 3,057 2,747
------------- ------------
Shareholders' equity
Ordinary shares of NIS 0.1 par value
(Authorized - 50,000,000 shares, issued and
outstanding - 20,545,267 and 20,358,373
shares as of September 30, 2006 and December
31, 2005, respectively) 611 607
Additional paid-in capital 132,448 130,810
Deferred stock compensation - (6)
Accumulated other comprehensive loss (99) (228)
Accumulated deficit (88,998) (76,693)
_____________ ____________
43,962 54,490
Treasury stock, at cost; 898,500 as of
September 30, 2006 and December 31, 2005 (9,885) (9,885)
_____________ ____________
Total shareholders' equity 34,077 44,605
------------- ------------
$ 44,228 $ 52,853
_____________ ____________
METALINK LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine months ended
September 30, September 30,
_____________________ _____________________
2006 2005 2006 2005
__________ __________ __________ __________
(Unaudited) (Unaudited)
_____________________ _____________________
(in thousands, except share and per share
data)
Revenues $ 4,242 $ 4,132 $ 10,857 $ 10,082
Cost of revenues:
Costs and expenses 1,815 1,787 5,148 4,942
Royalties to the Government of
Israel 143 125 342 275
__________ __________ __________ __________
Total cost of revenues 1,958 1,912 5,490 5,217
---------- ---------- ---------- ----------
__________ __________ __________ __________
Gross profit 2,284 2,220 5,367 4,865
---------- ---------- ---------- ----------
Operating expenses:
Gross research and development 5,526 5,083 15,640 15,309
Less - Royalty bearing and
other grants 601 864 2,068 2,605
__________ __________ __________ __________
Research and development, net 4,925 4,219 13,572 12,704
---------- ---------- ---------- ----------
Selling and marketing 1,159 1,326 3,658 4,579
General and administrative 465 491 1,437 1,795
Non-cash compensation - 3 - 15
__________ __________ __________ __________
Total operating expenses 6,549 6,039 18,667 19,093
---------- ---------- ---------- ----------
__________ __________ __________ __________
Operating loss (4,265) (3,819) (13,300) (14,228)
Financial income, net 365 264 995 881
__________ __________ __________ __________
Net loss $ (3,900) $ (3,555) $ (12,305) $ (13,347)
__________ __________ __________ __________
Loss per ordinary share:
Basic $ (0.20) $ (0.18) $ (0.63) $ (0.69)
__________ __________ __________ __________
Diluted $ (0.20) $ (0.18) $ (0.63) $ (0.69)
__________ __________ __________ __________
Shares used in computing loss
Per ordinary share:
Basic 19,639,891 19,393,212 19,595,527 19,324,008
__________ __________ __________ __________
Diluted 19,639,891 19,393,212 19,595,527 19,324,008
__________ __________ __________ __________
Contact:
Yuval Ruhama Mor Abraham
CFO Marketing Communications Manager
Metalink Ltd. Metalink Ltd.
Tel: +972-9-9605395 Tel: +972-9-9605406
Fax: +972-9-9605544 Fax: +972-9-9605544
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