Robomatix Technologies Announces Financial Results for the Six Months Ended June 30, 2003
TEL AVIV, Israel, Nov. 3, 2003 -- Robomatix Technologies Ltd. (BULLETIN BOARD: RBMXF) , a holding company, announced today its financial results for the second quarter of year 2003 and for the six months ended June 30, 2003. 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, Robomatix holds indirect interests in eLady Ltd., a Japanese Internet commerce portal for women, and direct interests in Leader Tech Ltd., an Israeli company that purchases and invests in companies in the field of venture capital and technology and also holds minority interests in two Israeli insurance companies. During the first six months of 2003 Robomatix held approximately 45% of Edco Technologies Ltd. such holdings were sold at the end of the second quarter of 2003.
Sales for the second quarter of 2003 were $2.8 million, compared to sales of $4.7 million in the first quarter of 2003 and $1.8 million in the second quarter of 2002. Gross margins for the second quarter of 2003 were 23.1%, compared to 21.5% for the first quarter of 2003 and 24.6% for the second quarter of 2002.
Selling, general and administrative expenses in the second quarter of 2003 increased to $0.73 million from $0.51 million in the second quarter of 2002.
The Company reported a net income for the second quarter of 2003 of $1.5 million, or $0.11 per share. This compares to a net loss of $(0.26) million, or $(0.02) per share in the first quarter of 2003, and a net loss of $(0.17) million, or $(0.01) per share, for the second quarter of 2002.
Sales for the first six months of 2003 were $7.5 million, compared to sales of $5.1 million for the first six months of 2002. Gross margins were 22.1% for the first six months of 2003, and 21.5% for the first six months of 2002.
Selling, general and administrative expenses in the first six months of 2003 increased to $1.5 million from $1.0 million in the first six months of 2002. The Company reported a net income for the first six months of 2003 of $1.2 million, or $0.09 per share, compared to a net income of $0.03 million, or $0.00 per share in the first six months of 2002.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward- looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Statements containing terms like "believes," "does not believe," "plans," "expects," "intends," "estimates," "anticipates" and other phrases of similar meaning are considered to imply uncertainty and are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
June 30, December 31,
2003 2002
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,382 $ 381
Marketable securities 295 135
Trade receivables (net of allowance for
doubtful accounts of $63 and $61 at
June 30, 2003 and December 31, 2002,
respectively) 1,917 1,656
Other accounts receivable and prepaid expenses 741 356
Inventories 2,193 2,762
Total current assets 7,528 5,290
LONG-TERM INVESTMENTS AND RECEIVABLES:
Long-term receivables 326 172
Investment in other companies 4,706 2,640
5,032 2,812
PROPERTY AND EQUIPMENT, NET 101 3,740
DEFERRED TAXES 2,680 2,572
Total assets $ 15,341 $ 14,414
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
June 30, December 31,
2003 2002
Unaudited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit $ 2,230 $ 1,004
Current maturities of long-term loan 429 444
Trade payables 1,058 784
Other accounts payable and accrued expenses 1,579 1,590
Total current liabilities 5,296 3,822
LONG-TERM LIABILITIES:
Long-term loan, net of current maturities 2,169 4,489
Accrued severance pay 603 553
2,772 5,042
SHAREHOLDERS' EQUITY:
Share capital -
Ordinary shares of NIS 1.46 par value:
Authorized: 30,000,000 shares at June 30,
2003 and December 31, 2002; Issued and
outstanding: 13,599,626 shares at June 30,
2003 and December 31, 2002 5,649 5,649
Additional paid-in capital 30,133 30,133
Accumulated other comprehensive income 491 (36)
(loss)
Accumulated deficit (29,000) (30,196)
Total shareholders' equity 7,273 5,550
Total liabilities and shareholders' equity $ 15,341 14,414
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Six months Three months
ended ended Year ended
June 30, June 30, December 31,
2003 2002 2003 2002 2002
Unaudited
Sales $ 7,475 $ 5,145 $ 2,718 $ 1,767 $ 8,704
Cost of sales 5,822 4,040 2,128 1,333 6,708
Gross profit 1,653 1,105 590 434 1,996
Sales and marketing
expenses 509 276 279 147 655
General and
administrative
expenses 947 698 571 366 1,471
Operating profit
(loss) 197 131 (260) (79) (130)
Other income, net 1,026 151 1,788 79 257
Financial expenses,
net (387) (172) (236) (148) (191)
Income (loss) before
taxes on income 836 110 1,292 (148) (64)
Taxes on income 121 83 (38) 18 378
715 27 1,330 (166) (442)
Equity in earnings
of an affiliate 481 - 236 - -
Net income (loss) $ 1,196 $ 27 $ 1,566 $ (166) $ (442)
Basic and diluted
net earnings (loss)
per share
(U.S. dollars) $ 0.09 $ 0.00 $ 0.12 $ (0.01) $ (0.03)
Weighted average number
of shares used in
computing basic and
diluted earning (loss)
per share 13,599,626 13,599,626 13,599,626 13,666,293 13,599,626
The accompanying notes are an integral part of the consolidated financial
statements.