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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 Interim and Second Quarter Results for the year to 30 June 2003.
Second Quarter shows significant improvement in operating performance
London and Tel Aviv 29 August 2003 - Pilat Technologies International Ltd
("PTI"), the AIM quoted human resources management consultancy, software and
services group, announces its results for the half year and second quarter
ended 30 June 2003
SUMMARY
A small net profit of £42,000 in the quarter ending 30 June 2003, compared with
a £190,000 loss for the same quarter in 2002.
A smaller loss of £153,000 in the first half of 2003 compared to a loss of £
488,000 in the first half of 2002.
Enquiries:
Pilat Technologies International Ltd + 972-3-767-9230
Chaim Helfgott, Chief Financial Officer
PRELIMINARY STATEMENT OF RESULTS
Half year and second quarter to 30 June 2003
Chairman's Statement
The Board of Pilat Technologies International Ltd is pleased to present the
Company's results for the second quarter of 2003.
The quarter showed a continued improvement over the Q1 results - with the
Company delivering a small operating profit.
Q2 operating profits were £62,000 compared with an operating loss of £85,000
for the equivalent quarter ended 30 June 2002. This reflects continued
improvements in the underlying businesses in each of our three core operating
countries, the US, UK and Israel, with all companies in the group contributing
positively to the result.
Trading conditions continue to be difficult -especially in the Israeli market
but earlier reported and planned cost reductions are now in place.
Profit and Loss Account
For the first six months of 2003 ("the Period"), Pilat's revenues of £5,622,000
decreased by 10% against the first six months of 2002 (£6,286,000). Revenues
in the US and the UK during the Period were similar to those achieved in 2002,
but due to market decline the operations in Israel suffered a 35% reduction in
income.
The cost of sales for the Period decreased by £633,000 compared to 2002, mainly
due to the reduction of activities and the expenses of the headquarters.
Approximately £188,000 of the £349,000 reduction in the General and
Administrative expenses occurred in Israel, due to the cost reduction measures
instituted, especially during the second quarter of 2003.
For the Period, Pilat suffered a £123,000 operating loss, compared to a £
399,000 operating loss for the previous period in 2002. However, during the
second quarter of 2003, Pilat achieved a £62,000 operating profit as compared
with an £85,000 loss in 2002. Financing expense, mainly resulting from the
appreciation of the Israeli currency against the British Pound, was £59,000 (£
88,000 in 2002). The total net loss for the Period was £153,000, as compared
with a £488,000 loss for the first six months of 2002.
Balance sheet
The Company's current assets at 30 June 2003 were £5,447,000, which represents
82.7% of total assets (83.8% at 30 June 2002 and 81.5% at 31 December 2002).
Compared with 31 December 2002, the reduction in current assets stems mainly
from a decrease of approximately £664,000 in cash and short-term deposits,
while the trade receivables increased by £358,000. The £100,000 increase in
inventory occurred in Renaissance and was due to one large order, which was
subsequently sold.
Current liabilities decreased from £4,812,000 at 31 December 2002 to £4,650,000
at 30 June 2003, as a result of repayment of trade and other accounts payable,
mostly by Pilat Israel (in the approximate amount of £640,000).
Shareholders' equity decreased by £179,000 to £1,732,000.
Liquidity
For the Period the Company had a negative cash flow of £1,007,000 from its
operations. This was primarily a result of the £153,000 operating loss and a
reduction in accounts payable due to a first quarter £544,600 payment of
suppliers by Pilat Israel and a second quarter increase in accounts
receivables, mainly by Renaissance (£208,000). In the same period in 2002, the
Company suffered a negative cash flow from operations of £718,000.
Cash flows from investments, primarily resulting from the sale of short-term
deposits, amounted to £162,000. Cash flows from financing activities, mainly
through an increase of bank debt, amounted to £410,000.
In total, the cash and cash equivalents together with the short-term
investments decreased by £664,000, from £1,966,000 at 31 December 2002 to £
1,302,000 at 30 June 2003. The excess of Current Assets over Current
Liabilities is £797,000, and the current ratio is a healthy 1.17x.
CONSOLIDATED BALANCE SHEETS
British pounds in thousands
June 30, December 31,
2003 2002 2002
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,301 971 1,810
Short-term deposits 1 672 156
Trade receivables 3,321 3,517 2,963
Other accounts receivable 396 903 410
Inventory 428 324 322
5,447 6,387 5,661
LONG-TERM INVESTMENTS, LOANS AND RECEIVABLES:
Long-term loans and receivables 225 100 214
FIXED ASSETS, NET 868 1,076 1,022
OTHER ASSETS, NET 46 56 43
6,586 7,619 6,940
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit 1,731 1,311 1,319
Trade payables 1,396 1,962 1,777
Other accounts payable 1,523 1,376 1,716
4,650 4,649 4,812
LONG-TERM LIABILITIES:
Liabilities to banks 58 14 64
Accrued severance pay, net 146 167 153
204 181 217
SHAREHOLDERS' EQUITY 1,732 2,789 1,911
6,586 7,619 6,940
CONSOLIDATED STATEMENTS OF OPERATIONS
British pounds in thousands (except per share amounts)
Year
Six months Three months ended
ended ended
December
June 30, June 30, 31,
2003 2002 2003 2002 2002
Unaudited Audited
Revenues from sales and services
provided 5,622 6,286 2,856 3,226 11,476
Cost of sales and services 3,306 3,939 1,645 1,984 7,300
Gross profit 2,316 2,347 1,211 1,242 4,176
Research and development costs 76 40 33 22 99
Selling and marketing expenses, net 685 679 301 325 1,389
General and administrative expenses 1,678 2,027 815 980 3,840
Operating income (loss) (123) (399) 62 (85) (1,152)
Financial expenses, net (59) (88) (59) (25) (287)
Other income (expenses), net 24 (24) 37 (64) (45)
Income (loss) before taxes on income (158) (511) 40 (174) (1,484)
Taxes on income (5) (23) (2) 16 (27)
Income (loss) from continuing
operations (153) (488) 42 (190) (1,457)
Loss from discontinued operations,
net - (699) - (56) (643)
Income (loss) for the period (153) (1,187) 42 (246) (2,100)
Income (loss) per NIS 1 par value of
Ordinary shares (in British pounds):
Income (loss) from continuing
operations (0.59) (1.89) 0.16 (0.73) (5.6)
Loss from discontinued operations - (2.70) - (0.20) (2.5)
Income (loss) for the period (0.59) (4.59) 0.16 (0.95) (8.1)
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Year
Three months ended
Six months ended ended
December
June 30, June 30, 31,
2003 2002 2003 2002 2002
Unaudited Audited
Cash flows from operating activities:
Income (loss) for the period (153) (1,187) 42 (246) (2,100)
Adjustments to reconcile income (loss) to net
cash used in operating activities (a) (854) 469 (182) 345 1,658
Net cash provided by (used in) continuing
operating activities (1,007) (718) (140) 99 (442)
Net cash used in discontinued operating
activities - (348) - (56) (343)
Net cash provided by (used in) operating
activities (1,007) (1,066) (140) 43 (785)
Cash flows from investing activities:
Purchase of fixed assets (45) (180) (13) (83) (277)
Proceeds from sale of fixed assets 12 28 - 3 28
Sale of previously consolidated subsidiary (b) - (81) - - (81)
Short-term deposits, net 155 (36) 452 2 306
Long-term loans and receivables - 134 - - 174
Repayment of loan from an affiliate 40 - 14 - 145
Net cash provided by (used in) continuing
investing activities 162 (135) 453 (78) 295
Net cash used in discontinued investing
activities - (215) - - (174)
Net cash provided by (used in) investing
activities 162 (350) 453 (78) 121
Cash flows from financing activities:
Receipt of long-term loans from banks - - - - 57
Repayment of long-term loans from banks (10) (6) (4) (2) (13)
Short-term bank credit, net 420 (277) 10 (190) (286)
Net cash provided by (used in) continuing
financing activities 410 (283) 6 (192) (242)
Net cash provided by discontinued financing
activities - 537 - - 537
Net cash provided by (used in) financing
activities 410 254 6 (192) 295
Effect of exchange rate changes on cash and
cash equivalents (74) 24 (76) 24 70
Increase (decrease) in cash and cash
equivalents (509) (1,138) 243 (203) (299)
Cash and cash equivalents at beginning of
period 1,810 2,109 1,058 1,174 2,109
Cash and cash equivalents at end of period 1,301 971 1,301 971 1,810
(a) Adjustments to reconcile income (loss) to
net cash provided by (used in) operating
activities:
Income and expenses not involving cash
flows:
Loss from discontinued operations, net - 699 - 56 643
Erosion of long-term debts 11 (4) (7) 20 -
Depreciation and amortization 159 203 77 148 392
Deferred taxes, net (5) (6) (2) (8) 12
Accrued severance pay, net (7) 25 (20) 9 11
Capital loss (gain) from sale of fixed
assets 25 (8) 28 (1) (9)
Erosion of long-term loans 1 1 - - (1)
Loss (gain) from long-term investment (44) - (44) - 24
Changes in operating assets and liability
items:
Decrease (increase) in trade receivables,
other accounts receivable and long-term
receivables (519) 465 (506) (107) 1,231
Decrease (increase) in inventory (106) (44) (84) 100 (42)
Increase (decrease) in trade payables and
other accounts payable (369) (862) 376 128 (603)
(854) 469 (182) 345 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) - (1,061) - - (1,061)
Fixed assets, net - 1,085 - - 1,085
Investments in affiliates, net - (98) - - (98)
- (74) - - (74)
Receivables for sale of previously
consolidated subsidiary - (7) - - (7)
- (81) - - (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 June 30, 2003 and for the
six 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 pounds 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
pounds 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
Six months ended June 30, 2003 (unaudited)
Human Distribution of
resources software Adjustments Total
Total revenues 4,206 1,794 (378) 5,622
Segment
results (173) 50 - (123)
Three months ended June 30, 2003 (unaudited)
Human Distribution of
resources software Adjustments Total
Total revenues 2,124 928 (196) 2,856
Segment
results 25 37 - 62
Year ended December 31, 2002 (audited)
Human Distribution of
resources software Adjustments Total
Total
revenues 8,726 3,734 (984) 11,476
Segment
results (1,177) 41 (16) (1,152)
END
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