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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Piaggio & C SpA | BIT:PIA | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.46% | 2.18 | 2.158 | 2.20 | 2.186 | 2.164 | 2.17 | 700,917 | 02:01:16 |
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PILAT TECHNOLOGIES INTERNATIONAL LTD
("Pilat", the "Group" or the "Company")
Announces results for Quarter Three and the nine months ended 30 September
2003.
Operating performance shows improvement
London and Tel Aviv 30 November 2003 - Pilat Technologies International Ltd
("PTI"), the AIM quoted human resources management consultancy, software and
services group, announces its results for the third quarter ended 30 September
2003
SUMMARY
· Q3 2003 net losses down to £187,000 compared with £508,000 for the
same period in 2002.
· Nine month losses down to £340,000 compared with £996,000 in the
same period in 2002.
Enquiries:
Pilat Technologies International Ltd + 972-3-767-9230
Chaim Helfgott, Chief Financial Officer
Chairman's Statement
The Board of Pilat Technologies International Ltd presents the Company's
results for the Third Quarter of 2003.
Although the improvement is slower than desired, it nevertheless resulted in a
substantial reduction of losses compared with the equivalent period in 2002.
Steady progress has been made in reducing the cost base without prejudicing
revenue and maintaining sufficient resources to allow for a return to
profitable growth.
We have continued to reduce costs again in the Israeli business in October and
these reductions will take effect shortly.
The financial results were as follows:
Revenues and profitability
Improvements have been achieved in terms of revenues and expenses.
Revenues in the third quarter of 2003 (the "Period") were £2,350,000, an
increase of 4% compared with 2002 and an increase of 8.8% after the subtraction
of £100,000 revenue for 2002 from the operations of ROM Pilat, which have now
ceased. The increase in revenues originates mainly from the Israeli
businesses. Revenues in the UK and the USA in the Period were 35.5% of all
revenues, 37% in the first 9 months of 2003.
The gross profit margin fell from 34.3% to 28.8%, mainly as a result of
decreasing profitability in Israel, especially in the operations of
Renaissance, the non-HR software distribution subsidiary. The gross profit
margin of Pilat's activities in the UK and US remained in excess of 50%.
Following continued cost cutting actions taken across all Group's businesses
and the closing down of ROM Pilat, general and administration costs for the
Period decreased by 17% to £649,000.
Selling and marketing expenses decreased by £128,000, from £348,000 in 2002 to
£220,000 for the Period. The reduction in marketing expenses occurred mainly
in the US. As a result, Pilat's losses before financing for the Period were £
227,000 (compared with a £393,000 loss in the third quarter of 2002) and £
350,000 for the first nine months (the loss for the first nine months of 2002
was a £792,000). Financing expenses for the Period were £25,000 (compared with
£111,000 in 2002).
The after-tax loss for the Period was £187,000 and £340,000 for the first nine
months, compared with £508,000 and £996,000 in the third quarter and the first
nine months of 2002, respectively.
Extracts from the Financial Statements ( in £ 000)
3 3 Months 9 Months 9 Months
Months to 9/02 to 9/03 to 9/02 Annual
to 9/03 2002
Revenues 2,350 2,255 7,972 8,541 11,476
Operating profits (227) (393) (350) (792) (1,152)
Profit before taxation (182) (503) (340) (1,014) (1,484)
Net profit (187) (508) (340) (996) (1,457)
EPS (0.72) (1.96) (1.31) (3.84) (5.6)
Balance sheet situation
Current assets as at 30 September 2003 were £4,485,000, which represents
approximately 81% of the assets (83% a year before and 81% as at 31 December
2002). Compared to 31 December 2002, the decrease in current assets stems
mainly from an approximate £953,000 decrease in cash and the short-term
investments, used to finance the losses as well as the repayments of trade and
other account payables.
Fixed assets, as at 30 September 2003, decreased by £324,000 to £698,000 from £
1,022,000 at 31 December 2002, resulting from the amortization of the assets
and the sale of motor vehicles both in Israel and the UK, as well as the
elimination of the fixed assets of ROM Pilat.
Current liabilities decreased from £4,812,000 at 31 December 2002 to £3,769,000
at 30 September 2003 as a result of a £588,000 decrease in suppliers' credit
(due to reduced revenues) and £651,000 decrease in other accounts payable.
Conversely, there was a £196,000 increase in the short-term credit, used to
finance a portion of the losses for the Period.
Liquidity
The Company had negative cash flow of £240,000 from its operations in the third
quarter of 2003, in line with its losses for the Period, and a decrease in
trade payables in excess of the decrease in accounts receivables. This is
compared with a £524,000 negative cash flow in the equivalent period of 2002.
Cash flows from investments amounted to £54,000 in the first three months of
2003, mainly due to the sale of fixed assets.
The Group's current assets exceed its current liabilities by £716,000,
resulting in a healthy current ratio of 1.19x.
CONSOLIDATED BALANCE SHEETS
British pounds in thousands
September 30 December 31
2003 2002 2002
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,013 948 1,810
Short-term deposits - 501 156
Trade receivables 2,702 3,269 2,963
Other accounts receivable 336 574 410
Inventory 434 383 322
4,485 5,675 5,661
LONG-TERM LOANS AND RECEIVABLES 263 40 214
FIXED ASSETS, NET 698 1,079 1,022
OTHER ASSETS, NET 44 43 43
5,490 6,837 6,940
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit 1,515 1,734 1,319
Trade payables 1,189 1,523 1,777
Other accounts payable 1,065 1,241 1,716
3,769 4,498 4,812
LONG-TERM LIABILITIES:
Liabilities to banks 51 30 64
Accrued severance pay, net 128 167 153
179 197 217
SHAREHOLDERS' EQUITY 1,542 2,142 1,911
5,490 6,837 6,940
CONSOLIDATED STATEMENTS OF OPERATIONS
British pounds in thousands (except per share amounts)
Nine Three
months months Year
ended ended ended
September September December
30 30 31
2003 2002 2003 2002 2002
Unaudited Audited
Revenues from sales and
services provided 7,972 8,541 2,350 2,255 11,476
Cost of sales and
services provided 4,978 5,420 1,672 1,481 7,300
Gross profit 2,994 3,121 678 774 4,176
Research and development
costs 112 73 36 33 99
Selling and marketing
expenses, net 905 1,027 220 348 1,389
General and administrative
expenses 2,327 2,813 649 786 3,840
Operating loss (350) (792) (227) (393) (1,152)
Financial expenses, net (84) (199) (25) (111) (287)
Other income (expenses),
net 94 (23) 70 1 (45)
Loss before taxes on
income (340) (1,014) (182) (503) (1,484)
Taxes on income - (18) 5 5 (27)
Loss from continuing
operations (340) (996) (187) (508) (1,457)
Loss from discontinued
operations, net - (699) - - (643)
Loss for the period (340) (1,695) (187) (508) (2,100)
Loss per NIS 1 par value
of Ordinary shares (in
British pounds):
Loss from continuing
operations (1.31) (3.84) (0.72) (1.96) (5.6)
Loss from discontinued
operations - (2.71) - - (2.5)
Loss for the period (1.31) (6.55) (0.72) (1.96) (8.1)
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Nine Three Year
months months ended
ended ended
December
September September 31
30 30,
2003 2002 2003 2002 2002
Unaudited Audited
Cash flows from
operating
activities:
Loss for the
period (340) (1,695) (187) (508) (2,100)
Adjustments to
reconcile loss to
net cash used in
operating
activities (a) (907) 453 (53) (16) 1,658
Net cash used in
continuing
operating
activities (1,247) (1,242) (240) (524) (442)
Net cash used in
discontinued
operating
activities - (348) - - (343)
Net cash used in
operating
activities (1,247) (1,590) (240) (524) (785)
Cash flows from
investing
activities:
Purchase of fixed
assets (53) (254) (8) (71) (277)
Proceeds from sale
of fixed assets 64 31 52 - 28
Sale of previously
consolidated
subsidiary (b) (8) (81) (8) - (81)
Short-term
deposits, net 156 135 1 171 306
Long-term loans
and receivables - 145 - 11 174
Repayment of loan
to an affiliate 57 - 17 - 145
Net cash provided
by (used in)
continuing
investing
activities 216 (24) 54 111 295
Net cash used in
discontinued
investing
activities - (215) - - (174)
Net cash used in
investing
activities 216 (239) 54 111 121
Cash flows from
financing
activities:
Receipt of
long-term loans
from banks - - - - 57
Repayment of
long-term loans
from banks (16) (6) (6) - (13)
Short-term bank
credit, net 334 142 (86) 419 (286)
Net cash provided
by (used in)
continuing
financing
activities 318 136 (92) 419 (242)
Net cash provided
by discontinued
financing
activities - 537 - - 537
Net cash provided
by (used in)
financing
activities 318 673 (92) 419 295
Effect of exchange
rate changes on
cash and cash
equivalents (84) (5) (10) (29) 70
Decrease in cash
and cash
equivalents (797) (1,161) (288) (23) (299)
Cash and cash
equivalents at
beginning of
period 1,810 2,109 1,301 971 2,109
Cash and cash
equivalents at end
of period 1,013 948 1,013 948 1,810
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Nine Three
months months Year
ended ended ended
September September December
30 30 31
2003 2002 2003 2002 2002
Unaudited Audited
(a) Adjustments to reconcile
loss to net cash used in
operating activities:
Income and expenses not
involving cash flows:
Loss from discontinued
operations, net - 699 - - 643
Erosion of long-term debts 13 - 2 4 -
Depreciation and
amortization 247 289 88 86 392
Deferred taxes, net (2) 8 3 14 12
Accrued severance pay, net (9) 25 (2) - 11
Capital loss (gain) from
sale of fixed assets 5 (8) (20) (1) (9)
Erosion of long-term loans (2) - (3) - (1)
Loss (gain) from long-term
investment (99) - (55) - 24
Loss from sale of
previously consolidated
subsidiary 15 - 15 - -
Changes in operating
assets and liability
items:
Decrease in trade
receivables, other
accounts receivable and
long-term receivables 113 914 632 449 1,231
Increase in inventory (112) (103) (6) (59) (42)
Decrease in trade payables
and other accounts payable (1,076) (1,371) (707) (509) (603)
(907) 453 (53) (16) 1,658
(b) Sale of previously
consolidated subsidiary:
Assets and liabilities of
the subsidiary at date of
sale:
Working capital (excluding
cash and cash equivalents) (145) (1,061) (145) - (1,061)
Fixed assets, net 57 1,085 57 - 1,085
Investments in affiliates,
net - (98) - - (98)
Loss on sale of subsidiary (15) - (15) - -
(103) (74) (103) - (74)
Payables (receivables)
from sale of previously
consolidated subsidiary,
net 95 (7) 95 (7)
(8) (81) (8) - (81)
(c) Significant non-cash
activity:
Purchase of fixed assets - - - - 22
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1:- GENERAL
These financial statements have been prepared as of September 30, 2003 and for
the nine months and three months then ended. These financial statements are to
be read in conjunction with the audited annual financial statements of the
Company as of December 31, 2002, and their accompanying notes.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the audited annual financial
statements of the Company as of December 31, 2002 are applied consistently in
these financial statements.
NOTE 3:- FINANCIAL STATEMENTS IN BRITISH POUNDS
a. The financial statements are prepared in accordance with generally
accepted accounting principles in Israel.
b. The Company's transactions are recorded in new Israeli shekels.
However, the Company's management has determined the British pound as its
primary reporting currency since the majority of the Group revenues are in
foreign currency and a substantial portion of the fixed assets is purchased in
foreign currency. Accordingly, monetary accounts maintained in currencies other
than the British pound are remeasured using the foreign exchange rate at
balance sheet date. Operational accounts and non-monetary balance sheet
accounts are measured and recorded at the exchange rate in effect at the date
of the transaction. The effects of foreign currency remeasurement are reported
in current operations.
NOTE 4:- SEGMENTS
Nine months ended September 30, 2003 (unaudited)
Human Distribution
resources of software Adjustments Total
British pounds
in thousands
Total
revenues 5,901 2,661 (590) 7,972
Segment
results (375) 25 - (350)
Three months ended September 30, 2003 (unaudited)
Total revenues 1,695 867 (212) 2,350
Segment results (202) (25) - (227)
Year ended December 31, 2002 (audited)
Total revenues 8,726 3,734 (984) 11,476
Segment results (1,177) 41 (16) (1,152)
NOTE 5:- IMPLEMENTATION OF NEW ACCOUNTING STANDARDS AND THEIR IMPACT ON THE
FINANCIAL STATEMENTS
During October 2001, the Israel Accounting Standards Board published Accounting
Standard No. 12 with respect to the discontinuation of the adjustment of
financial statements, and Accounting Standard No. 13 with respect to the effect
of the changes in the exchange rates for foreign currencies. In December 2002,
Accounting Standard No. 17 was published with respect to the deferral of the
implementation of Accounting Standards No. 12 and No. 13 until January 1, 2004.
According to Standards No. 12 and No. 17, which deal with the discontinued
adjustment of financial statements, financial statements will discontinue to be
adjusted for inflation in Israel commencing January 1, 2004. Until December 31,
2003, the Company will continue to prepare adjusted financial statements in
conformity with Opinion No. 36 of the Institute of Certified Public Accountants
in Israel. The adjusted amounts included in the financial statements as of
December 31, 2003, will serve as the starting point for nominal financial
reporting beginning January 1, 2004.
Management does not anticipate that the new Standards, as discussed above, will
have a significant effect on its results of operations, financial position and
cash flows.
During the reported period, the Company has initially applied Accounting
Standard No. 14 of the Israel Accounting Standards Board, which deals with
fiscal reporting for interim periods and which supersedes Opinion 43 issued by
the Institute of Certified Public Accountants in Israel. Comparable data for
interim periods prior to the effective date of the Standard (January 1, 2003)
was not restated since the provisions of Standard 14, as far as applicable to
these financial statements, are not materially different from Opinion 43.
NOTE 6:- TRANSACTIONS WITH INTERESTED PARTIES
On 5 August 2003, subsequent to shareholder approval at the AGM, the Board
authorised the allocation of 75,000 option warrants ("Options") (Series C) of
the Company to Mr. Chaim Helfgott ("Helfgott"), a director of the Company and
Chief Financial Officer. The Options, which are not registered for trade, are
exercisable into up to 75,000 Ordinary shares NIS 0.01 par value each of the
Company.
As of the date of the financial statements, the Options have not yet been
issued.
The terms of the Options are listed in the Company's annual report and accounts
for the year ended 31 December 2002, and among them are the following:
The Options may be exercised in exchange for payment in cash, in the amount of
£0.08 per Ordinary share.
Once issued, Mr Helfgott shall be entitled to realise the Options allocated
thereto on the following dates:
(a) Commencing 13 June 2003 * one-third of the Options allocated
thereto.
(b) Commencing 13 June 2004 * an additional third of the Options
allocated thereto.
(c) Commencing 13 June 2005 * all Options allocated thereto.
END
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