Robomatix Announces Financial Results For Q2 of the Year
2001
TEL AVIV, Israel, Sept. 10 Robomatix Technologies Ltd. (OTC Bulletin Board: RBMXF), announces today
financial results for the second quarter of the year 2001. As used herein,
"Robomatix" or "Company" refers to Robomatix Technologies Ltd. and its
consolidated subsidiaries, unless the context suggests otherwise or when we
refer to a specific subsidiary.
Robomatix currently holds, through a wholly owned subsidiary, all of the
outstanding share capital of Franz Kalff GmbH, a German company engaged in the
business of manufacturing through contractors, marketing and sale of first aid
kits primarily for the automotive industry. Additionally, the Company holds
indirect interests in eLady Ltd., a Japanese Internet commerce portal for
women, and direct interests in Dirad Technologies (1999) Ltd., an Israeli
company that invests in technology-based start-up companies. Due to the
current market conditions, the Company's ability to continue its operations
and successfully achieve its goals is dependent on the Company's ability to
raise additional funds.
Belas Holdings B.V. ("Belas"), the parent company of eLady Ltd., has
recently decided to raise up to $2 million from its shareholders and
additional investors, including some related parties of the Company.
Currently, Belas is raising $1 million by way of convertible bridge loan.
Although the companies through which Robomatix indirectly holds shares in
Belas, are not participating in that financing, the indirect percentage of
Robomatix's holdings in eLady Ltd. will increase, subject to a closing, from
approx. 16.7% to approx. 27.4%, due to an anti dilution mechanism.
The following tables present (a) the consolidated balance sheet of
Robomatix as of June 30, 2001 compared to the consolidated balance sheet as of
June 30, 2000 and as of December 31, 2000; and (b) the consolidated statement
of operations of Robomatix for the three and six months ended June 30, 2001
compared to the consolidated statement of operations for the three and six
months ended June 30, 2000 and the year ended December 31, 2000. Robomatix
purchased the shares of Franz Kalff on January 24, 2001 and the financial
results of Franz Kalff have been consolidated with the financial results of
Robomatix only since the first quarter of the year 2001. Therefore, the
Company believes that its results of operations for the six months ended June
30, 2001 are not comparable with its historical financial results for the six
months ended June 30, 2000 and for the year ended December 31, 2000.
In 1999 and 2000, sales of first aid kits by Franz Kalff during the first
six months of the year were higher than sales during the later six months of
the year because retail stores normally conduct promotions and provide
discounts with respect to first aid kits products during the first six months
of each year. The Company's financial results for the six months ended June
30, 2001, reflect, among other things, sales of first aid kits by Franz Kalff
which represent a substantial percentage of Franz Kalff's total expected sales
for the year 2001. Therefore, the results of operations of Robomatix for the
three and six months ended June 30, 2001 may not be indicative of Robomatix's
future quarterly results of operations during the year 2001.
For a detailed description of the Company's business and its financial
results for the year ended December 31, 2000, please refer to the Annual
Report on Form 20-F of Robomatix for the year ended December 31, 2000, filed
with the Securities and Exchange Commission on July 2, 2001.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, June 30,
2000 2000 2001
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,269 8,117 1,863
Trade receivables -- -- 1,449
Other accounts receivable
and prepaid expenses 606 72 110
Inventory -- -- 937
1,875 8,189 4,359
DEFERRED TAXES -- -- 2,420
LONG-TERM INVESTMENTS 4,239 -- 4,246
FIXED ASSETS:
Cost 32 36 6,453
Less - accumulated depreciation 16 21 2,966
16 15 3,487
6,130 8,204 14,512
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31, June 30,
2000 2000 2001
Unaudited
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Short-term credit from banks -- 71 --
Short-term loans and current
maturities of long-term loans 36 -- 885
Trade payables 352 205 685
Other accounts payable and
accrued expenses 535 487 1,376
923 763 2,946
LONG-TERM LIABILITIES:
Long-term loans net of current
maturities 43 -- 4,149
Accrued severance pay -- -- 465
43 -- 4,614
SHAREHOLDERS' EQUITY 5,164 7,441 6,952
6,130 8,204 14,512
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except per share data)
Year ended Three months ended Six months ended
December 31, June 30, June 30,
2000 2000 2001 2000 2001
Unaudited Unaudited
Revenues -- -- 1,461 -- 5,842
Cost of revenues -- -- 1,049 -- 4,524
Gross profit -- -- 412 -- 1,318
Sales and marketing
expenses -- -- 192 -- 493
General and
administrative
expenses 751 154 459 288 894
751 154 651 288 1,387
Operating loss (751) (154) (239) (288) (69)
Financial income,
net 285 90 117 145 408
(466) (64) (122) (143) 339
Other income
(expenses), net (2,029) (25) 145 (22) 132
Income (loss) before
taxes on income (2,495) (89) 23 (165) 471
Taxes on income -- -- (61) -- 88
Net income (loss) (2,495) (89) 84 (165) 383
Basic and diluted
earnings (loss) per
share (U.S. dollars)(0.21) -- 0.01 (0.01) 10.03
Weighted average
number of shares
used in computing basic
and diluted earning
(loss) per share 11,862 12,400 13,600 11,458 13,441
