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Share Name | Share Symbol | Market | Type |
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Sweet Poison Spirits Inc | CSE:SPS | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.04 | 0.04 | 0.07 | 0 | 01:00:00 |
RNS Number:4263R Superscape Group PLC 29 October 2003 29 October 2003 SUPERSCAPE GROUP PLC INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2003 SUMMARY * Transition to wireless business model complete * Fundraising to raise #9.3m net of expenses to support future growth and protect market leading position * Considerable progress made in licensing 3D graphics technology to major wireless industry players, Siemens, Samsung and Motorola * Co-publishing agreement reached with Sony Mobile Pictures to develop a new 3D game for mobile phones based on the motion picture, S.W.A.T. * Revenue sharing agreement reached with Disney Corporation to initially develop two 3D wireless games based on Disney's intellectual property * Turnover of #94,000 (2002: #510,000) * Operating loss before exceptional items reduced by 26% to #3.7m (2002: #5.0m) * Aggressive management of costs * Loss per share reduced by 63% to 4.5p (2002: 12.0p) John King, Non-executive Chairman of Superscape Group PLC, commented: "The market for games on mobile phones is growing at a phenomenal rate. Considerable progress has been made during this six month period in establishing Superscape's Swerve technology in the global wireless marketplace and we have received validation and endorsement from a number of leading global handset manufacturers. We have also started to sign co-publishing contracts for the development of innovative 3D games with major intellectual property holders that will provide short-term revenue and aid the proliferation of Swerve-based content." Enquiries: Superscape Group PLC 01256 745 769 Kevin Roberts, Chief Executive Maggie Templeman, Director of Corporate Communications Hudson Sandler 020 7796 4133 Andrew Hayes/Jessica Rouleau/Sandrine Boussard CHAIRMAN'S STATEMENT Summary of Financial Results Turnover for the six months to 31 July 2003 amounted to #94,000 (2002: #510,000) and the loss before taxation for the same period amounted to #4.1m (2002: #4.9m). Both figures are in line with expectations as the Company continues to negotiate and finalise sales, licensing and revenue-sharing contracts with handset manufacturers, content and major brands organisations, and network operators. The transition to the wireless sector has resulted in lower revenues than in the same period last year although a significant proportion of the previous year's revenue was non-wireless related. The continuing focus on managing costs resulted in further exceptional restructuring and reorganisation costs of #527,000 being incurred in the period. Despite the lower revenues and the one-off exceptional costs, the operating loss of #4.3m marked an improvement from the #5.0m loss in the corresponding period in 2002. The loss per share for the period was 4.5p (2002: 12.0p). At the end of the period, the Group had net cash balances and short-term deposits totalling #5.6m (2002: #7.0m). Review of the period The Swerve Client Validation of the Superscape/ARM product is being provided by a number of licensing agreements which Superscape and ARM have won from major industry players. In May 2003 Superscape announced that SavaJe Technologies, developers of a universal open Java applications platform and operating system (OS) for wireless devices, has licensed the Swerve Client to embed into their technology platform. In July 2003, Superscape announced that Siemens Information and Communications Mobile Group (Siemens Mobile) has selected the Swerve Client. Under the terms of a licensing agreement, the JSR 184 compliant Swerve Client will be integrated into future Siemens' mobile phones for the delivery of 3D applications. After the period end two additional licensing agreements were signed. Samsung, the world's third largest mobile handset manufacturer, is licensing the Swerve Client for a new series of Linux-based Samsung SmartPhones and future mobile devices. Motorola is licensing the Swerve Client to embed onto selected mobile devices. Swerve Studio and Swerve Content Whilst sales of the Swerve Client to global handset manufacturers are essential in providing the foundation for delivery of interactive 3D applications on mobile phones, the Board of Superscape believes that significant revenues can be generated by the development and sale of Swerve-created content (using the company's Swerve Studio product) particularly that which is based on well-known and widely recognised brands. To this end, considerable effort has been made during the period to identify and reach agreement with holders of relevant IP (intellectual property) to develop, under revenue-sharing schemes, innovative 3D mobile applications. In August, Superscape announced a co-publishing agreement with Sony Pictures Mobile, to develop a new 3D game for mobile phones based on the motion picture, S.W.A.T. In September 2003, Superscape announced a revenue sharing agreement with Disney Corporation to initially develop two 3D wireless games based on IP (intellectual property) from Disney. Both games will be developed by Superscape for Brew, Java and Symbian platforms. Disney will work with global carriers to obtain distribution for the two games. A number of other applications are under development as part of the Swerve Content Library. These include MotoGP, Jet Fighter, Astrosmash, Basketball and Speedboat Race. International Standards and Platforms In the global wireless marketplace, international standards play a critical role by ensuring interoperability, reducing market fragmentation and lowering costs for developers. Superscape is committed to the development, adoption and implementation of these standards. As a founder member of the Expert Group for JSR 184 - the Java Specification Request for 3D on mobile devices, led by Nokia - Superscape has been intimately involved with all stages in the development of this internationally recognised standard, which recently received the Java One/Sun Excellence Award for the most innovative JSR. Superscape is also an active member of the Khronos Group, responsible for the development and promotion of the OpenGL ES standard for rendering technologies and integration with hardware accelerators. Board appointments In May, 2003 Alastair Marsh was appointed as Superscape Group plc's Chief Financial Officer and Company Secretary, taking over from David Harmes, who resigned to pursue other interests. In July, and endorsing ARM's ongoing commitment to its relationship with Superscape, Mike Inglis, Executive VP Marketing at ARM Holdings plc, joined the Superscape Group plc as a non-executive director. After the period end, Superscape announced the appointment of a new non-executive Chairman, Larry Quinn, who takes over from me when I retire on 5 November 2003. Cost control During the period, Superscape completed a round of redundancies and closed the company's French office. Headcount has now been reduced to 51, compared with 90 for the prior year. The Board continues to maintain stringent control of costs. Outlook Considerable progress has been made during this six month period in establishing Superscape's Swerve enabling technology in the global wireless marketplace. We have received validation and endorsement from a number of leading global handset manufacturers and have started to sign co-publishing contracts for the development of innovative 3D games with major IP (intellectual property) holders which will provide short-term revenue for Superscape and aid the proliferation of Swerve-based content. We anticipate further agreements will be signed in the forthcoming weeks and months. The ratification of JSR 184 - the international Java standard for the delivery of 3D applications on mobile devices - which is due to be completed in November 2003, will provide a further fillip to the take up of our technology. We believe that Superscape's Swerve will be the first fully JSR 184 compliant solution to be available in the marketplace. Our involvement with and commitment to the development and introduction of international standards has undoubtedly contributed towards our success in winning contracts - in some instances in the face of strong competition - from global wireless players. The market for games on mobile phones is growing at a phenomenal rate. The mobile industry is now firmly of the opinion that 3D on mobile phones will provide an additional source of revenue and significantly enhance the gameplay experience for its consumers. The Board believes that Superscape is ideally positioned to take advantage of this environment. The company has successfully continued to aggressively manage costs throughout the transition to a wireless business model. However the Board also continues to recognise the need to ensure that sufficient funds are available to support the future growth of the business and to protect its market leading position. I am pleased to report that the Company will be carrying out a fundraising to raise #9.3 million, net of expenses, the details of which have also been announced today. The directors and staff look forward with enthusiasm to the opportunities and challenges for Superscape in the months ahead. May I take this opportunity to wish every success to my successor, Larry Quinn, the Board and all the staff at Superscape. John AC King Non-executive Chairman 29 October 2003 Consolidated profit and loss account For the six months ended 31 July 2003 Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 Note (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Turnover Continuing operations 94 77 855 Discontinued operations - 433 585 Group turnover 94 510 1,440 Cost of sales - 739 1,009 ---- ---- ---- Gross profit/(loss) 94 (229) 431 Research and development 1,676 1,215 3,015 Sales and marketing expenses 1,305 1,941 3,527 Administrative expenses 1,373 1,598 3,112 ---- ---- ---- Total operating expenses 4,354 4,754 9,654 ---- ---- ---- Continuing operations (4,260) (4,899) (9,132) Discontinued operations - (84) (91) Group operating loss (4,260) (4,983) (9,223) Share of operating loss of joint ventures - (58) (58) ---- ---- ---- Total operating loss: Group and share of joint venture (4,260) (5,041) (9,281) Continuing operations: Profit/(loss) on disposal of tangible fixed assets 3 (5) - Discontinued operations: Profit on disposal of investments 8 - - Loss on disposal of subsidiary undertaking - - (210) ---- ---- ---- Loss on ordinary activities before interest and (4,249) (5,046) (9,491) taxation Interest receivable 123 162 293 ---- ---- ---- Loss on ordinary activities before taxation (4,126) (4,884) (9,198) Tax on ordinary activities 3 87 353 516 ---- ---- ---- Retained loss for the period 6 (4,039) (4,531) (8,682) ========= ========= ========= Loss per share - basic and diluted (4.5)p (12.0)p (17.1)p ========= ========= ========= Consolidated statement of total recognised gains and losses Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Loss for the financial period attributable to members (4,039) (4,531) (8,682) of the parent company Exchange difference on retranslation of net assets of 10 (6) 2 subsidiary undertaking ---- ---- ---- Total recognised losses relating to the period (4,029) (4,537) (8,680) ========= ========= ========= Consolidated balance sheet As at 31 July 2003 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) Note #'000 #'000 #'000 Fixed Assets Intangible assets 130 266 110 Tangible assets 277 496 359 Investments in joint venture - share of gross assets - 32 - ---- ---- ---- 407 794 469 Current assets Debtors: Amounts falling due within one year 627 1,028 1,105 Cash at bank and in hand 5 5,628 6,988 9,343 ---- ---- ---- 6,255 8,016 10,448 Creditors: amounts falling due within one year 731 1,393 957 ---- ---- ---- Net current assets 5,524 6,623 9,491 ---- ---- ---- Total assets less current liabilities 5,931 7,417 9,960 ---- ---- ---- Capital and reserves Called up share capital 8,954 3,775 8,954 Share premium account 47,679 46,172 47,679 Profit and loss account (50,702) (42,530) (46,673) ---- ---- ---- Total shareholders' funds 6 5,931 7,417 9,960 ========= ========= ========= Consolidated cashflow statement For the six months ended 31 July 2003 Six months Six months Year ended ended ended 31 July 31 July 31 January Note 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Net cash outflow from operating activities 4 (4,065) (4,457) (8,563) Returns on investments and servicing of finance Interest received 130 150 293 Taxation Tax reimbursement 235 71 155 Capital expenditure and financial investment Payments to acquire intangible fixed assets (34) (50) (105) Payments to acquire tangible fixed assets (12) (33) (80) Receipts from sales of tangible fixed assets 13 17 20 Receipts from sale of investments 8 - - ---- ---- ---- Net cash outflow for capital expenditure and financial (25) (66) (165) investment ---- ---- ---- Acquisitions and disposals Net cash in hand disposed of with subsidiary - - (96) undertaking ---- ---- ---- Net cash outflow before management of liquid resources (3,725) (4,302) (8,376) and financing ---- ---- ---- Management of liquid resources Decrease in short-term deposits 3,648 4,209 1,659 Financing Issue of ordinary share capital - - 7,000 Share issue costs - - (564) ---- ---- ---- Net cash inflow from financing - - 6,436 ---- ---- ---- Decrease in cash (77) (93) (281) ========= ========= ========= Reconciliation of net cash flow to movement in net funds Six months Six months Year ended ended ended 31 July 31 July 31 January Note 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Decrease in cash (77) (93) (281) Cash outflow from short-term deposits (3,648) (4,209) (1,659) Foreign exchange movement 10 (3) (10) ---- ---- ---- Change in net funds resulting from cash flows (3,715) (4,305) (1,950) Net funds at start of period 9,343 11,293 11,293 ---- ---- ---- Net funds at end of period 5 5,628 6,988 9,343 ========= ========= ========= Notes to the interim financial statements 1. Basis of preparation of the interim financial information The interim financial information has been prepared on the basis of the accounting policies set out in the Group's statutory accounts for the year ended 31 January 2003. 2. Exceptional items Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Restructuring and reorganisation costs 527 - 335 ---- ---- ---- Total exceptional items 527 - 335 ========= ========= ========= 3. Taxation Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Overseas corporation tax 4 26 12 Research and development tax credits in respect of current and prior (91) (379) (528) years ---- ---- ---- Tax credit on loss on ordinary activities (87) (353) (516) ========= ========= ========= 4. Reconciliation of Group operating loss to net cash outflow from operating activities Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Group operating loss (4,260) (4,983) (9,223) Amortisation charge 14 108 216 Depreciation charge 82 131 247 Decrease in debtors 325 116 172 (Decrease)/increase in creditors (226) 171 25 ---- ---- ---- Net cash outflow from operating activities (4,065) (4,457) (8,563) ========= ========= ========= 5. Analysis of net funds At 1 Exchange Cash flow At 31 July February difference 2003 2003 #'000 #'000 #'000 #'000 Cash at bank and in hand 305 10 (77) 238 Short-term deposits 9,038 - (3,648) 5,390 ---- ---- ---- ---- 9,343 10 (3,725) 5,628 ========= ========= ========= ========= 6. Reconciliation of movements in shareholders' funds Six months Six months Year ended ended ended 31 July 31 July 31 January 2003 2002 2003 (Unaudited) (Unaudited) (Audited) #'000 #'000 #'000 Shareholders' funds at start of period 9,960 11,954 11,954 Exchange difference on retranslation of net assets of subsidiary 10 (6) 2 undertaking Arising on share issues - - 7,250 Share issue costs - - (564) Retained loss for the period (4,039) (4,531) (8,682) ---- ---- ---- Shareholders' funds at end of period 5,931 7,417 9,960 ========= ========= ========= 7. Publication of non-statutory accounts The financial information contained in this interim statement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the preceding twelve month period is based on the financial statements for the year ended 31 January 2003. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange END IR FEASUUSDSEIS
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