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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Everyday People Financial Corp | TSXV:EPF | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.015 | 5.17% | 0.305 | 0.29 | 0.305 | 0.305 | 0.305 | 0.305 | 500 | 17:35:26 |
RNS Number:0707P e-primefinancial PLC 27 August 2003 e-primefinancial plc Interim results for the six months ended 30 June 2003 Chairman's Statement Introduction The results for e-primefinancial plc (the "Company" and collectively with the Subsidiary Company, the "Group") reflect the six month period ending on 30 June 2003. They incorporate the results of its only subsidiary, Infinity Financial Holdings Corporation (the "Subsidiary Company" formerly known as e-primefinancial (USA), Inc.), which is wholly owned. Results for the Period The Group incurred a loss for the period, after taxation, of #636,246 after receiving interest of #183,771 and having paid administrative expenses of #864,566. The basic loss per share was 0.3p and 0.27p on a fully diluted basis. The Group had cash balances of #10,385,314 at the period end. Review of Activities Further to our announcement in the 2002 Annual Report the closure of the US operations should be completed by the end of this month. The results for the six months ended 30 June 2003 incorporate a provision of approximately #200,000 against the value of assets held in the Subsidiary Company that the board of the Subsidiary Company does not believe are recoverable. The board of the Subsidiary Company does not anticipate any further costs associated with the closure other than costs already provided for. The Company has also taken steps to further reduce its costs base and now has a positive base monthly cash flow, net of interest at current rates. As previously announced the Board continues to be concerned with the high cost of administering its large shareholder base. These costs are both significant and disproportionate to a company of e-primefinancial's size. The Board is therefore proposing to move forward with a share consolidation and a circular outlining the proposal will be sent to shareholders in due course. Consistent with previous statements, the Board is also continuing to evaluate a variety of investment opportunities and is pleased to note that activity in this area has increased over the last few months. Whilst it would be premature to specifically mention any of these opportunities at this time we can state that they cover a variety of sectors of industry predominately within the UK. The Board is hoping to be in a position to provide more detailed information on progress as events unfold. Lance O'Neill Chairman 27 August 2003 CONSOLIDATED PROFIT AND LOSS ACCOUNT Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2003 30 June 2002 31 December 2002 # # # Turnover from continuing 0 0 0 operations Cost of sales 0 0 0 --------------- --------------- --------------- Gross profit 0 0 0 Administrative expenses (864,566) (1,094,546) (2,225,574) --------------- --------------- --------------- Operating loss (864,566) (1,094,546) (2,225,574) Profit/(loss) on sale of 44,549 (636) 53,050 fixed assets --------------- --------------- --------------- Loss on ordinary activities (820,017) (1,095,182) (2,172,524) before interest Interest receivable and 183,771 310,638 604,160 investment income --------------- --------------- --------------- Loss on ordinary activities (636,246) (784,544) (1,568,364) before taxation Tax on ordinary 0 0 0 activities (note 2) --------------- --------------- --------------- Retained loss for the (636,246) (784,544) (1,568,364) period ========= ========= ========= Loss per ordinary 0.5p share (note 3) - basic (0.30)p (0.22)p (0.45)p - diluted (0.27)p (0.20)p (0.40)p All transactions are derived from continuing operations. CONSOLIDATED BALANCE SHEET Unaudited Audited 30 June 2003 31 December 2002 # # Fixed assets Tangible fixed assets 42,196 229,664 Current assets Debtors 98,637 298,495 Cash at bank and in hand 10,385,314 10,779,734 --------------- --------------- 10,483,951 11,078,229 Creditors: amounts falling due within (164,035) (255,390) one year --------------- --------------- Net current assets 10,319,916 10,822,839 --------------- --------------- Total assets less current liabilities 10,362,112 11,052,503 ========= ========= Capital and reserves Called up share capital (note 4) 1,053,211 1,065,961 Share premium account (note 4) 6,830,702 6,830,702 Capital redemption reserve (note 4) 721,789 709,039 Profit and loss account (note 4) 1,900,747 2,603,080 Foreign exchange translation (note 4) (144,337) (156,279) --------------- --------------- 10,362,112 11,052,503 ========= ========= CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 June 2002 30 June 2002 31 December 2002 # # # Net cash outflow from continuing (619,549) (949,472) (1,971,464) operating activities Returns on investments and servicing of finance Interest received 183,771 310,638 604,160 Buy back Share and warrant buy back (66,087) 0 (5,470,108) Taxation UK corporation tax 0 0 0 Capital expenditure and financial investment Purchase of tangible 0 (4,224) (12,032) fixed assets Receipts from sale of 107,445 0 85,102 fixed assets --------------- --------------- -------------- 107,445 (4,224) 73,070 --------------- --------------- -------------- Financing Issue of shares net of costs 0 0 100,000 --------------- --------------- -------------- Decrease in cash in the period (394,420) (643,058) (6,664,342) ========= ========= ========= Reconciliation of operating loss to net cash outflow from operating activities Operating loss (864,566) (1,094,546) (2,225,574) Depreciation and 121,168 181,100 427,307 amortisation charged Foreign exchange revaluation 15,346 (21,962) (28,497) adjustments Decrease/(increase) in 199,858 (13,237) (121,267) trade debtors Decrease in trade creditor (91,355) (827) (23,433) --------------- --------------- ------------ Net cash outflow from (619,549) (949,472) (1,971,464) operating activities ========= ========= ========= NOTES 1. Basis of preparation The interim report for the six months ended 30 June 2003 is unaudited and does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. It has been prepared under the historical cost convention and on a basis consistent with the accounting policies for the year ended 31 December 2002. The financial information relating to the year ended 31 December 2002 has been extracted from the statutory accounts, which have been filed with the Registrar of Companies. The auditors report on those financial statements was unqualified and did not contain a statement under section 237 (2) of the Companies Act 1985. 2. Taxation No charge to corporation tax for the period has been made due to the expected tax losses available. 3. Loss per share Basic and diluted loss per share are presented in accordance with FRS14 "Earnings per share" based on the loss for the period of #636,246 (year ended 31 December 2002 - #1,568,364) and the following weighted average number of ordinary shares. Six months ended Year ended 30 June 2003 31 December 2002 Weighted average number of shares Basic 212,102,337 345,040,246 Dilutive effect of share options/warrants 25,522,388 46,981,228 --------------- -------------- Weighted average number of shares - 237,624,725 392,021,474 diluted ========= ========= 4. Reconciliation of shareholders funds and movement on reserves Share Share CapitalProfit and Foreign Total capital premiumRedemption loss currency Reserve translation # # # # # # Balance at 1 1,065,961 6,830,702 709,039 2,603,080 (156,279) 11,052,503 January 2003 Loss for the 0 0 0 (636,246) 0 (636,246) period Tender offer 0 0 0 (3,187) 0 (3,187) costs Share buy back (12,750) 0 12,750 (62,900) 0 (62,900) Foreign exchange 0 0 0 0 11,942 11,942 translation ----------- ---------- ---------- ---------- ---------- --------- Balance at 30 1,053,211 6,830,702 721,789 1,900,747 (144,337) 10,362,112 June 2003 =========== ========== ========== ========== ========== ========== Enquiries: Lance O'Neill, Chairman, e-primefinancial plc 020 7499 8334 Nigel Duxbury, COO and CFO, e-primefinancial plc 020 7499 8334 Mark Percy, Seymour Pierce Limited 020 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END IR LDLFLXVBBBBB
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