Interim Results

RNS Number:2820P
Musedia Corporation
28 December 2001

Musedia Corporation (formerly Optometrics Corporation)



Chairman's Statement



At the recent Annual General Meeting of the Company held in October,
shareholders voted overwhelmingly to approve the disposal of Optometrics USA ,
Inc. to its existing management team, and to change the name of the Company to
Musedia Corporation.



In June 2001, the Company also established a new subsidiary, Musedia plc, a
record production company which, following the disposal of Optometrics USA,
Inc. will be the Continuing Group's sole operating subsidiary. Musedia
currently has three artists under contract.



Financial



The loss before tax arising from trading by Optometrics USA, Inc. was $6,531.



The half year results reported above also reflect the initial investment costs
in Musedia plc since its inception. No turnover has yet been derived from any
of its contracted artists.



Current Trading



All of the three artists have substantially completed their initial production
phases.  At present, negotiations are taking place to secure the appropriate
distribution deals with various organisations. Early indications appear to
reflect that the products should be well received in their respective market
places. No further significant expense is expected to be incurred by the
Company on these projects prior to the release of any records in 2002.



Future Strategies



After gaining approval of shareholders to move the Company into higher growth
sectors, the Board of Directors is very keen to complete its first
acquisition. Initial contacts have been made with a number of interested
parties. We can look forward to the future with renewed optimism.





Brendan Larkin

Chairman

28 December 2001





Interim results for the six months ended 30th September 2001 (unaudited)





The Directors of Musedia Corporation, a company registered in Delaware USA,
but quoted on the Official List of the London Stock Exchange, announce that
the results of the group for the six months ended 30th September 2001 were as
follows:





Profit and Loss Account


                                         6 months ended 30/ 6 months ended 30/
                                                       9/01               9/00
                                                        US$               US $
Net turnover                                      1,160,273          1,306,845
Operating (loss)/profit                           (224,135)            126,246
Interest payable less interest
receivable (net)                                     46,430             58,505
(Loss)/profit before taxation                     (270,565)             67,741
Taxation on (loss)/profit of ordinary
activities                                                0              9,269
(Loss)/profit on ordinary activities
after tax                                         (270,565)             58,472

(Loss)/profit attributable to
shareholders                                      (270,565)             58,472


Earnings per share                               (0.3)cents           0.6cents





The Directors do not recommend the payment of an interim dividend for the six
months ended 30th September 2001.






Balance Sheet


                                        30th September 2001 30th September 2000
                                                       US $                US $
ASSETS

CURRENT ASSETS
Cash and equivalents                                185,077             176,084
Accounts receivable                                 326,931             339,958
Inventory                                           478,458             510,400
                                                    990,466           1,026,442


PROPERTY, PLANT AND EQUIPMENT
At cost                                           1,998,016           1,371,016
Less: accumulated depreciation                  (1,010,050)           (356,198)
Net                                                 987,966           1,014,818

PREPAID EXPENSES                                     46,869             201,920

OTHER ASSETS                                         63,553              40,462
TOTAL ASSETS                                      2,088,854           2,283,642

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Accounts payable                                     64,498              79,275
Accrued expenses                                    156,522             172,333
Accrued corporate income tax                        (7,956)               6,011
Short term notes payable                            131,386               7,848
                                                    344,450             265,466

LONG TERM LIABILITIES
Long term notes payable                           1,071,334           1,152,698
Deferred income taxes                               (8,668)           (175,335)
                                                  1,062,666             977,363

TOTAL LIABILITIES                                 1,407,116           1,242,829

SHAREHOLDERS' EQUITY
Capital stock                                       105,693             104,923
Additional paid in capital                        1,033,177           1,028,249
Retained earnings                                 (481,149)            (80,051)
Exchange transaction adjustment account              24,017            (12,309)
                                                    681,738           1,040,813

TOTAL LIABILITES AND STOCKHOLDERS'
EQUITY                                            2,088,854           2,283,642




Cash Flow Statement


                                               6 months ended   6 months ended
                                                     30/09/01         30/09/00
                                                         US $             US $
CASHFLOWS FROM OPERATING ACTIVITIES
Net (Loss) / Income                                 (270,565)           58,472
Adjustments:
Depreciation & amortisation                            45,718           48,939
Loss on disposal of assets                                  -           13,500
Deferred income taxes                                       -            2,619

(Increase) / decrease in:
Accounts receivable                                    74,798           53,845
Inventory                                             (4,112)         (15,216)
Prepayments & other assets                            (9,360)         (17,223)

Increase / (decrease) in:
Accounts payable and accrued expenses                (31,046)           49,078
Net cash (used in) / provided by operating
activities                                          (194,567)          194,014

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant & equipment              (47,217)         (17,282)
Decrease / (increase) in cash surrender
value of life insurance                               173,251          (5,801)
Net cash provided by / (used for) investing
activities                                            126,034         (23,083)

CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under demand notes payable             (6,276)          (6,117)
Proceeds from line of credit borrowings               125,000                -
Repayments of long term debt                         (40,411)         (71,517)
Proceeds from stock options exercised                     740                -
Deferred financing costs                             (36,337)          (5,526)
Net cash provided by / (used for) financing
activities                                             42,716         (83,160)

(DECREASE) / INCREASE IN CASH & EQUIVALENTS          (25,817)           87,771

CASH AT BEGINNING OF PERIOD                           210,894           88,313
CASH AT END OF PERIOD                                 185,077          176,084