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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zone-Ip | LSE:ZIP | London | Ordinary Share | IL0010926595 | ORD ILS0.01 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6013E Zone-IP Limited 27 September 2007 27 September 2007 Zone-IP Ltd. ("Zone-IP" or the "Company") Interim Results for the six months ended 30 June 2007 Ra'anana, Israel , 27 September 2007 : Zone-IP Ltd. (LSE: ZIP) announces its unaudited financial results for six months ended 30 June 2007. In April 2006 the Company discontinued its main business activities. Subsequently, in July 2006, the Company acquired Emblaze V CON Ltd., a company which offers video over-IP conferencing solutions and changed its name to Zone-IP Ltd. and began trading under its new name on the AIM Market. FINANCIAL HIGHLIGHTS: * Total revenues from operations for six months ended 30 June 2007 were $3.01 million (H1 2006: $2.86 million*) * Operating loss for six months ended 30 June 2007 decreased by 32 per cent. to $1.90 million (H1 2006 $2.80 million) * Net loss for six months ended 30 June 2007 decreased by 37 per cent. to $1.77 million (H12006: $2.81 million*) * Total assets as at 30 June 2007 were $11.4 million (H1 2006: $4.89 million*) * Cash and marketable securities of $6.8 million at 30 June 2007 * Loss per share for six months ended 30 June 2007 of $0.03 (H1 2006 $0.09) * Under IFRS, the acquisition of Emblaze V CON by Zone-IP was accounted for as a reverse acquisition, and accordingly, Emblaze V CON was treated as the acquirer for financial reporting purposes. All 30 June 2007 comparable information therefore relates to Emblaze V CON solely and does not include Zone-IP or any of its then subsidiaries. Enquiries: Zone-IP Hagit Gal +972 (0)9 769 339 Emblaze V CON David Amir, VP Finance & Operations +972 (0)9 7627800 John East & Partners Limited David Worlidge/Simon Clements +44 (0) 020 7628 2200 Chairman's Statement In the six months ended 30 June 2007 the Company incurred a loss on continuing operations of $1.77 million (H1 2006: $2.81 million) on turnover of $3.01 million (H1 2006: $2.86 million). At that date, the Company had a cash portfolio of $6.8 million. The first six months of the year have been spent reorganising our existing product line and introducing the next generations of room systems - a new top of the line room system - xPoint, featuring ISDN and 4CIF technologies - and a new HD MCU - VCBpro with full audio and video transcoding. The introduction of xPoint and VCBpro will, assist the Company to re-establish its position within the market. Having a complete offering for the first time in many years will enable us to demonstrate a strong presence with leading AV resellers and take part in tenders for new systems. In June 2007, the Company's subsidiary signed the first sale of an xPoint system in China, according to which 250 units were sold for a total consideration of $800,000. The Directors intend to extend its range of products and service offering to customers and enhance the technology of existing products and expect that the second half of the year will see a considerable number of new product launches and upgrades in our existing product line. Emblaze VCON will endeavor to strengthen its leading position in Video-over-IP, focus on solution-based selling and enhance its relationships and partnerships with industry technology and service providers. Hans Wagner Chairman 27 September 2007 Information on Emblaze VCON Emblaze VCON develops and manufactures a variety of video conferencing solutions that enable seamless communication and collaboration using all forms of interactive media. The company's award-winning technology ensures the highest audio and video performance for organizations worldwide. Emblaze VCON's meeting and collaboration solutions include desktop and group videoconferencing products, audio conferencing products, data conferencing products and management systems. The company markets its products and services through a network of reseller partners, OEMS and value-added resellers around the world. Emblaze VCON has worldwide headquarters in Israel and regional offices in Munich, Rome, London, New Jersey and Beijing. CONSOLIDATED BALANCE SHEETS AS AT 30 JUNE 2007 Six months Six months Year ended 31 ended 30 June ended 30 June December 2006 2007 2006 (Audited) (Unaudited) (Unaudited) $000 $000 $000 ASSETS CURRENT ASSETS: Cash and cash equivalents 2,501 285 1,613 Restricted cash 543 - 237 Short-term available-for- sale marketable securities 2,135 - 3,974 Trade receivables 1,219 1,191 1,660 Other accounts receivable and prepaid expenses 279 329 387 Inventories 1,854 1,508 1,407 --------- --------- ---------- Total current assets 8,531 3,313 9,278 --------- --------- ---------- NON CURRENT ASSETS Long-term available-for- sale marketable securities 1,665 - 1,505 Property and equipment, net 448 566 501 Intangible assets, net 772 1,016 894 --------- --------- ---------- Total non-current assets 2,885 1,582 2,900 --------- --------- ---------- Total assets 11,416 4,895 12,178 ========= ========= ========== LIABILITIES AND EQUITY CURRENT LIABILTIES: Short-term bank credit 1,153 370 515 Trade payables 2,057 1,061 1,549 Related party 576 717 513 Government grants 643 474 577 Employees and payroll accruals 501 662 628 Deferred revenues 229 356 471 Other accounts payable and accrued expenses 631 331 639 --------- --------- ---------- Total current liabilities 5,790 3,971 4,892 --------- --------- ---------- NON CURRENT LIABILTIES Accrued severance pay 195 161 149 Government grant 813 887 847 --------- --------- ---------- Total liabilities 1,008 1,048 996 --------- --------- ---------- EQUITY (DEFICIENCY): Share capital: Ordinary shares 109 66 109 Share premium 13,058 3,539 12,989 Unrealised gains/(losses) on marketable securities 14 - (10) Foreign currency translation reserve (2) (2) (2) Accumulated deficit (8,561) (3,727) (6,796) --------- --------- ---------- Total equity/(defici ency) 4,618 (124) 6,290 --------- --------- ---------- Total liabilities and equity 11,416 4,895 12,178 ========= ========= ========== CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED 30 JUNE 2007 Six months Six months Year ended ended 30 June ended 30 June 2006 31 December 2007 (Unaudited) 2006 (Unaudited) $'000 (Audited) $'000 $'000 Revenues 3,012 2,856 6,577 Cost of revenues (1,474) (3,344) (3,344) ----------- ----------- ----------- Gross profit 1,713 1,382 3.233 ----------- ----------- ----------- Operating expenses: Research and development 1,557 1,440 3,018 Sales and marketing 1,310 2,014 3,816 General and administrative 744 733 1,714 ----------- ----------- ----------- Total operating expenses 3,611 4,187 8,548 ----------- ----------- ----------- Operating loss (1,898) (2,805) (5,315) Financial income 301 14 175 Financial expenses (168) (23) (212) ----------- ----------- ----------- Loss for the period from continuing operations (1,765) (2,814) (5,352) Discontinued operations: Loss for the period from discontinued operations - - (531) ----------- ----------- ----------- Loss (1,765) (2,814) (5,883) =========== =========== =========== Loss per share: Basic and diluted loss per share from continuing operations (0.03) (0.09) (0.13) =========== =========== =========== Basic and diluted loss per share from discontinued operations - - (0.02) =========== =========== =========== Basic and diluted net loss per share (0.03) (0.09) (0.15) =========== =========== =========== CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Share Share Net unrealised Foreign Accumulated Total Total loss reserve currency recognised translation expenses adjustments reserve capital Premium deficit $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance as of 1January 2006 66 3,539 - (2) (913) 2,690 - (audited) Reserve acquisition of net assets of Zone IP, net of issuance expenses 43 9,450 - - - 9,493 - Net loss on available-for- sale financial assets - - (10) - - (10) (10) Loss - - - - (5,883) (5,883) (5,883) -------- -------- -------- -------- --------- -------- -------- (5,893) ======== Balance as of 31December 2006 (audited) 109 12,989 (10) (2) (6,796) 6,290 - Share based compensation related to options issued to employees - 69 - - - 69 - Net profit on available-for- sale financial assets - - 24 - - 24 24 Loss - - - - (1,765) (1,765) (1,765) -------- -------- -------- -------- --------- -------- -------- (1,714) ======== Balance as of 30June 2007 109 13,058 14 (2) (8,561) 4,618 - ======== ======== ======== ======== ========= ======== ======== Share Share Net unrealised Foreign Accumulated Total Total loss reserve currency recognised translation expenses adjustments reserve capital Premium deficit $'000 $'000 $'000 $'000 $'000 $'000 $'000 Balance as of 1 January 2006 66 3,539 - (2) (913) 2,690 - Loss - - - - (2,814) (2,814) (2,814) -------- -------- -------- -------- --------- -------- -------- (2,814) ======== Balance as of 30 June 2006 66 3,539 - (2) (3,727) (124) - ======== ======== ======== ======== ========= ======== ======== CONSOLIDATED STATEMENTS OF CASH FLOWS Six months Six months Year end 31 --- ended 30 June ended 30 June December 2006 2007 2006 (Unaudited) $'000 (Unaudited) (Audited) --- $'000 $'000 --- Cash flows from operating activities: Net loss (1,765) (2,814) (5,883) Adjustments to reconcile net loss to net cash used in operating activities: Loss from discontinued operations - - 531 Depreciation and amortisation 266 271 547 Compensation expense for share-based payments 69 - - Decrease in trade receivables 441 911 453 Increase in severance pay 46 161 149 Decrease in other accounts receivable and prepaid expenses 108 1 153 Increase in inventories (498) (282) (221) Increase/(decr ease) in trade payables 508 (203) 155 Decrease in employees and payroll accruals (127) (368) (402) Increase/(decr ease) in accrued expenses, other liabilities and deferred revenues (250) 146 571 Increase in short and long term Government grants payables 32 - 63 ----------- ----------- ----------- Net cash flows used in continuing operating activities (1,170) (2,177) (3,884) Net cash flows used in discontinued operating activities - - (772) ----------- ----------- ----------- Net cash used in operating activities (1,170) (2,177) (4,656) ----------- ----------- ----------- Cash flows from investing activities: Purchase of property and equipment, net (40) (183) (232) Restricted cash (306) - (237) Investment in marketable securities (1,682) - (3,083) Proceeds from sale of marketable securities 3,385 - 6,650 ----------- ----------- ----------- Net cash provided by/(used in) investing activities 1,357 (183) 3,098 ----------- ----------- ----------- Cash flows from financing activities: Increase in short-term bank credit 638 3 148 Increase in cash upon reverse acquisition - - 585 Increase in related party 63 386 182 ----------- ----------- ----------- Net cash provided by financing activities 701 389 915 ----------- ----------- ----------- Increase/(decr ease) in cash and cash equivalents 888 (1,971) (643) Cash and cash equivalents at the beginning of the period 1,613 2,256 2,256 ----------- ----------- ----------- Cash and cash equivalents at the end of the period 2,501 285 1,613 =========== =========== =========== (1) Supplemental disclosure of cash flows activities: Interest received 161 - 479 =========== =========== =========== --- Interest paid 69 25 49 =========== =========== =========== --- Transfer from inventories to property and equipment 51 41 81 =========== =========== =========== (2) Net cash flows used in discontinued operating activities: Loss discontinued operations - - (531) Less decrease in accrued expenses associated with discontinued operations - - (241) ----------- ----------- ----------- - - (772) =========== =========== =========== NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1:- GENERAL a. These financial statements have been prepared as of 30 June 2007 and for the six months then ended. These financial statements are to be read in conjunction with the audited annual financial statements of the Company as of 31 December 2006 and their accompanying notes. b. At the end of May 2006, the Company signed an agreement with Emblaze V Con Ltd. ("EVC") and its shareholders under which the Company acquired EVC in exchange for the issuance of shares which represented 60 per cent. of the outstanding shares of the Company immediately following the completion of the agreement with EVC's shareholders. The completion of the agreement was approved by the shareholders of Ki-Bi at the annual general meeting ("AGM") of the Company which took place on 12 July 2006. Due to the size of EVC in relation to the size of the Company, the acquisition constituted a reverse takeover under the AIM Rules and therefore required the prior approval of the AGM. As part of a reorganisation and the negotiations for the acquisition of EVC, in April 2006, the Company's Board of Directors decided to cease the Ki-Bi cards operations. As part of that decision, the employment of 17 employees including the Company's CEO and CFO was terminated and an inventory amounting to $295,000 was written off. c. In July 2006, the Company changed its name from Ki-Bi Mobile Technologies Ltd to Zone-IP Ltd. NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies and methods of computation applied in the preparation of the interim financial information are the same as those applied in the annual financial statements of the Company as of 31 December 2006. The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. NOTE 3:- LOSS PER SHARE The calculation of loss per share is based on the loss attributable to ordinary shareholders of $1.77 million (H1 2006: $2.81 million) divided by the weighted average number of shares in issue during the year, being 51,120,253 (H1 2006: 30,672,152) shares. NOTE 4:- DIVIDENDS No dividend is proposed for the six months ended 30 June 2007. COPIES OF THE INTERIM FINANCIAL STATEMENTS Copies of the interim results will be available on the Company's website www.zone-ip.com and at the offices of the Company's nominated adviser, John East & Partners Limited, 10 Finsbury Square, London EC2A 1AD. This information is provided by RNS The company news service from the London Stock Exchange END IR LRMPTMMJTMLR
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