We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.012 | 0.55% | 2.188 | 2.18 | 2.198 | 2.196 | 2.17 | 2.18 | 540,736 | 17:00:00 |
Hot Features
Premium
RNS Number:4579J
Pilat Technologies International Ld
01 April 2003
PILAT TECHNOLOGIES INTERNATIONAL LTD
("PTI", the "Group" or the "Company")
Announces Preliminary Results for the year to 31 December 2002
London and Tel Aviv 1 April 2003 - Pilat Technologies International Ltd, the AIM
quoted human resources management consultancy, software and services group,
announces its results for the year ended 31 December 2002. This is the first
year-end reported after the demerger of PTI's media software division in
February 2002, which led to a process of the Company refocusing on its
historical core business - human resource management. Through its three main
subsidiaries - Pilat UK (London), Pilat NAI (New Jersey) and Pilat Israel (Tel
Aviv), employing a team of some 150 professionals, the Company offers
strategies, software tools and services for the selection, development and more
effective deployment of staff, covering the assessment of potential, monitoring
and improving of performance, developing competence, planning succession and
managing careers. PTI's main products include HR Pulse - a sophisticated
decision-support software tool for job-people matching, 360degrees feedback -
for the structuring and processing of multi-source feedback on an individual's
performance and Gauge - for determining jobs' worth. The only non-HR related
subsidiary still within the Group is the Israeli based Renaissance, a
distributor of technical IT products, primarily for information security. PTI
is also quoted on the Tel Aviv Stock Exchange.
SUMMARY
* Group revenues decreased by 17% from #13.8 million (2001) to #11.4
million (2002) resulting in an operating loss from continuing operations of
#1.152 million, largely reflecting the difficult market conditions and the
cost of transition back to the core business following the demerger of Pilat
Media early in the year.
* The Company is implementing a 'back-to-basics' strategy and the managing
directors leading the main three operating subsidiaries in the UK, USA and
Israel are executing a rationalisation plan aiming to optimise each of the
operating subsidiaries with a view to stopping the Group's losses and
returning to profitability.
* The directors believe that the Group's software products and consultancy
services remain competitive and that there is still substantial opportunity
for growth, particularly in the US and UK markets.
Enquiries:
Pilat Technologies International Ltd 00 972-3-767-9230
Chaim Helfgott, Chief Financial Officer
Chairman's Statement
2002 was a difficult year for PTI, facing unfavourable market conditions
immediately following the demerger of Pilat Media and the resulting change in
focus and in management. As a result the Company was unable to implement the
expansion originally planned and instead is now focusing on the core business
and cutting costs in accordance with the current economic climate.
Approximately #250,000 of annual costs were cut in Israel, #100,000 in the UK
and #350,000 in the US, mainly through staff redundancies, the full effect of
which will be seen from the second quarter of 2003.
The process of restructuring, with reduced Group-level resourcing and increased
focus on the operating businesses as separate units, led to the departure and
replacement of Philip Modiano, the chief executive officer, appointed early in
2002, and the long serving managing director of Pilat Israel resulting in
one-off non-operational expenses of #167,000. The managing directors of the
operating subsidiaries are now guided more directly by the board, through David
Sapiro acting as a part-time chief executive officer (previously a UK
non-executive director) and Avi Engel, temporarily taking the non-executive
chairmanship (previously a non-executive director and the pre-2002 chief
executive officer).
In addition, PTI is strengthening its marketing and has established advisory
boards involving distinguished HR executives and consultants both in the UK and
the US who appreciate the Company's sophisticated HR management products and
methods and agreed to help promote them amongst their network of acquaintances.
This has already resulted in new projects for the Group.
Revenues and profitability
The Group's revenues decreased by 17%, from approximately #13,836,000 in 2001 to
#11,476,000 in 2002. The #2,360,000 decrease in revenues originated from all
PTI's activities. In Israel the decrease amounted to #1,300,000, of which
approximately 60% was due to the 15% devaluation of the Israeli Shekel against
the British Pound. Revenues in the US decreased by approximately 7% due to an
increase in the average sales cycle to 6.4 months (from 5.2 months in 2001).
The average sale, however, increased to $142,000 in 2002 from $103,000 in 2001.
The decrease in UK revenues was by 16% mainly due to downturn in the financial
services sector, a traditional stronghold of Pilat UK.
As in 2001, the 2002 revenues originated from a large number of client
organisations in the UK, Israel, the US and other countries, and there has been
no substantial dependency on any single client.
The decrease in the revenues was accompanied by an approximate #1,436,000
decrease in the cost of sales but overall, there was an 18% decrease in the
gross profits, from #5,100,000 in 2001 to #4,175,000 in 2002.
General and administrative expenses decreased from #4,558,000 in 2001 to
#3,840,000 in 2002. The decrease in general and administrative expenses
resulted from (a) approximately #230,000 due to the closing down of the
activities of PF1, (b) approximately #300,000 due to the demerger of the media
software activities and (c) approximately #300,000 due to cost cutting
initiatives. The general and administrative expenses include a provision for a
one-off payment of #93,000 to PTI's departing chief executive officer.
Selling and marketing expenses decreased from #1,570,000 in 2001 to #1,389,000
in 2002.
In 2002 the Company's finance expenses were #287,000, compared with a #32,000
expense in 2001. The increase in financial expenses was mainly due to the
devaluation of the Israeli Shekel in relation to the British Pound.
Despite depressed revenues, the solid UK business remained profitable, but its
lower than normal profits could not compensate for the losses in the US, Israel
and head office expenses (which have now already been significantly reduced).
Renaissance, the Israeli non-HR software distribution business contributed a
small profit. Overall, the Company's loss from continuing operations was
#1,152,000, compared to a #1,149,000 for 2001.
Balance Sheet Situation
The Group's current assets at 31 December 2002 were #5,661,000, which
represented 81% of total assets (84% in 2001). At 31 December 2002 PTI's cash
and short-term deposits were #1,966,000 (#2,520,000 in 2001).
Due to the lower revenues and the devaluation in the Israeli Shekel against the
British Pound, accounts receivable relating to trade at 31 December 2002 were
#2,963,000, lower by #1,288,000 than at the previous year-end (#4,251,000).
Fixed assets were #1,022,000 almost the same as in 2001(#1,146,000).
Current liabilities as at 31 December 2002 were #4,812,000 representing a
decrease of #1,022,000 from the previous year (#5,834,000), a result of a
decrease in both bank credit and suppliers. The reduction in both suppliers and
receivables were due to the reduced activity of the Group in 2002.
Long-term liabilities were at #217,000 at 31 December 2002 compared to #160,000
in 2001.
Shareholders' equity decreased by #2,109,000 to #1,911,000 at 31 December 2002,
resulting mainly from the loss for the period of both the continuing and the now
demerged media software operations.
Liquidity
The Group had a negative cash flow of #785,000 from its operations in 2002,
(#343,000 relates to the now demerged media business), resulting mainly from the
loss offset by the reduction in receivables. A reduction in short-term bank
credit resulted in a #242,000 negative cash flow from financing activities of
the continuing operations.
The Group's exposure to currency fluctuations resulting from its business
operations is limited as in each country both revenues and expenses are mostly
in the same currency.
PTI enjoys a healthy current ratio of 1.17.
Avi Engel, Chairman Chaim Helfgott, Chief Financial Officer
CONSOLIDATED BALANCE SHEETS
British pounds in thousands
31 December
Note 2002 (* 2001
ASSETS
CURRENT ASSETS
Cash and cash equivalents 1,810 2,058
Short-term deposits 156 462
Trade receivables 2,963 4,251
Other accounts receivable 410 635
Inventory 322 280
5,661 7,686
LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES:
Investments in investees - -
Long-term loans and receivables 214 230
214 230
FIXED ASSETS, NET 1,022 1,146
OTHER ASSETS, NET 43 30
ASSETS FROM DISCONTINUED OPERATIONS 2 - 3,669
6,940 12,761
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term bank credit 1,319 1,589
Trade payables 1,777 2,426
Other accounts payable 1,716 1,819
4,812 5,834
LONG-TERM LIABILITIES:
Liabilities to banks 64 18
Accrued severance pay, net 153 142
217 160
LIABILITIES FROM DISCONTINUED OPERATIONS 2 - 2,747
SHAREHOLDERS' EQUITY 1,911 4,020
6,940 12,761
CONSOLIDATED STATEMENTS OF OPERATIONS
British pounds in thousands (except per share amounts)
Year ended 31 December
Note 2002 (*2001 (*2000
Revenues from sales and services provided 11,476 13,836 16,345
Cost of sales and services 7,300 8,736 9,392
Gross profit 4,176 5,100 6,953
Research and development costs 99 121 321
Selling and marketing expenses, net 1,389 1,570 1,588
General and administrative expenses 3,840 4,558 5,101
Operating loss (1,152) (1,149) (57)
Financial income (expenses), net (287) (32) 322
Other expenses, net (45) (957) (128)
Income (loss) before taxes on income (1,484) (2,138) 137
Taxes on income (27) 55 (96)
Income (loss) after taxes on income (1,457) (2,193) 233
Equity in losses of affiliates, net - (79) (29)
Income (loss) from continuing operations (1,457) (2,272) 204
Loss from discontinued operations, net 2 (643) (2,235) (1,247)
Loss for the year (2,100) (4,507) (1,043)
Net earnings (loss) per NIS 1 par value of Ordinary 1
shares (in British pounds)
Basic earnings (loss):
Earnings (loss) from continuing operations (5.6) (8.7) 4.6
Loss from discontinued operations, net (2.5) (8.6) (28.4)
Loss for the year (8.1) (17.3) (23.8)
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Year ended 31 December
2002 2001 2000
Cash flows from operating activities:
Loss for the year (2,100) (4,507) (1,043)
Adjustments to reconcile loss to net cash provided by (used in) 1,658 3,204 1,417
operating income (a)
Net cash provided by (used in) continuing operating activities (442) (1,303) 374
Net cash provided by (used in) discontinued operating activities (343) (1,624) -
Net cash provided by (used in) operating activities (785) (2,927) 374
Cash flows from investing activities:
Purchase of fixed assets (277) (448) (1,233)
Proceeds from sale of fixed assets 28 52 143
Acquisition of newly consolidated subsidiaries (b) - - (16)
Sale of previously consolidated subsidiary (c) (81) 138 98
Investment in other assets - - (83)
Short-term investments, net 306 713 (973)
Long-term loans and receivables 174 - (271)
Grant (repayment) of loan to affiliate 145 186 (100)
Net cash provided by (used in) continuing investing activities 295 641 (2,435)
Net cash provided by (used in) discontinued investing activities (174) 565 -
Net cash provided by (used in) investing activities 121 1,206 (2,435)
Cash flows from financing activities:
Issuance of share capital, net - - 3,700
Dividend paid - - (263)
Receipt of long-term loans from banks 57 - 19
Repayment of long-term loans from banks (13) (30) (43)
Short-term bank credit, net (286) 295 (270)
Receivables for shares - 211 -
Net cash provided by (used in) continuing financing activities (242) 476 3,143
Net cash provided by discontinued financing activities 537 249 -
Net cash provided by financing activities 295 725 3,143
Effect of exchange rate changes on cash and cash equivalents 70 13 (8)
Increase (decrease) in cash and cash equivalents (299) (983) 1,074
Cash and cash equivalents at the beginning of the year 2,109 3,092 2,018
Cash and cash equivalents at the end of the year 1,810 2,109 3,092
*) Reclassified.
Year ended 31 December
2002 2001 2000
(a) Adjustments to reconcile loss to net cash provided by
(used in) operating income:
Income and expenses not involving cash flows:
Income from discontinued operations, net 643 2,235 -
Equity in losses of investees, net - 79 29
Erosion of long-term debts - (35) (22)
Depreciation and amortization 392 848 1,017
Deferred taxes, net 12 90 21
Accrued severance pay, net 11 (6) 63
Capital loss (gain) from sale of fixed assets (9) (4) 60
Erosion of long-term loans (1) (11) 5
Gain from short term investment 24 - -
Gain from issuance to third party - - (8)
Loss (gain) from sale of subsidiary - 28 (346)
Changes in operating assets and liability items:
Decrease in trade receivables, other accounts receivable 1,231 330 134
and long-term receivables
Decrease (increase) in inventory (42) 168 (158)
Increase (decrease) in trade payables and other accounts (603) (518) 622
payable
1,658 3,204 1,417
(b) Acquisition of newly consolidated subsidiaries:
Assets and liabilities of the subsidiary at date of
acquisition:
Working capital (excluding cash and cash equivalents) - - 9
Fixed assets, net - - (1)
Related companies - - -
Long-term liabilities - - 11
Goodwill created upon acquisition - - (35)
- - (16)
(c) Sale of previously consolidated subsidiary:
Assets and liabilities of the subsidiary at date of sale:
Working capital (excluding cash and cash equivalents) (1,061) - (83)
Fixed assets, net 1,085 - 56
Investments in affiliates, net (98) - 14
(74) - (13)
Receivables for sale of previously consolidated subsidiary (7) - (375)
Repayment of receivables for sale of previously - 138 -
consolidated subsidiary
Initial difference at date of sale - - 140
(81) 138 (248)
Capital gain from sale of subsidiary - - 346
(81) 138 98
(d) Significant non-cash transactions:
Dividend proposed for payment - - -
Purchase of fixed assets 22 22 9
NOTES
NOTE 1:- EARNINGS (LOSS) PER SHARE
Below is net earnings (loss) per share data and the par value of shares for the
computation of net earnings (loss) per NIS 1 par value of shares and the
adjustments made in order to determine the net basic earnings (loss) per share
and assuming full dilution.
Year ended 31 December
2002 2001 2000
a. Number of shares used in the computation of
earnings per share (in thousands):
Number of shares 263 263 257
Shares helds by subsidiaries (4) (2) -
Total - fully diluted 259 261 257
b. Loss used in the computation of loss per
share:
Loss for the year, according to the (2,100) (4,507) (1,043)
statement of operations
NOTE 2:- DISCONTINUED OPERATIONS
On 26 February, 2002, the procedure for the spin-off of the Company's media
activity to Pilat Media Group PLC ("PMG") was completed. In the context of this
procedure, the assets and liabilities of the media industry were transferred to
the spinning company against capital surplus.
In view of the aforementioned, the assets, liabilities and results of PMG, were
presented in the consolidated balance sheets and in the consolidated statements
of operations and cash flows as discontinued operations and the comparative
figures were reclassified.
Following are the details of the assets and liabilities from discontinued
operations:
31 December
2002 2001
Assets from discontinued operations:
Cash and cash equivalents - 51
Trade receivables - 1,917
Other accounts receivable - 589
Fixed assets, net - 479
Other assets, net - 633
- 3,669
Liabilities from discontinued operations:
Short-term credit from banks and others - 249
Trade payables - 1,498
Other accounts payable - 1,000
- 2,747
The effect of the above discontinuance of operations on the statements of
operations is as follows:
Consolidated
Year ended 31 December
2002 2001 2000
Revenues from sales 572 6,139 5,361
Cost of sales and services 372 3,388 4,201
Gross profit 200 2,751 1,160
Research and development costs 278 1,744 368
Selling and marketing expenses, net 73 661 424
General and administrative expenses 441 2,269 1,836
Operating loss (592) (1,923) (1,468)
Financial income (expenses), net (3) 6 12
Other income (expenses), net (1) 54 (318) 334
Taxes on income - - 125
Loss from discontinued operations (643) (2,235) (1,247)
(1) Including gain from the sale of operation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UASWRORROOAR
1 Year Piaggio & C Chart |
1 Month Piaggio & C Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
