We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Ls -1x Mu | LSE:SMU | London | Exchange Traded Fund |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 626.50 | 0 | 01:00:00 |
Hot Features
Premium
RNS No 2283w
S.E.A. MULTIMEDIA LTD
28th August 1998
S.E.A. MULTIMEDIA LTD.
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 1998
IN U.S. DOLLARS
UNAUDITED
INDEX
Page
Review Report of Interim Consolidated Financial 2
Statements
Consolidated Balance Sheets 3 - 4
Consolidated Statements of Operations 5
Statements of Changes in Shareholders' Equity 6 - 7
(Deficiency)
Consolidated Statements of Cash Flows 8 - 9
Notes to Financial Statements 10
- - - - - - - - - - - -
Page 2
August 27, 1998
CHAIRMAN'S STATEMENT
During the past 6 months S.E.A. Multimedia has significantly narrowed its
focus to two areas of activity: 1) online sport programming and 2)
relationship management tools for online business through its subsidiary,
Manna Network Technologies.
With a clear focus and markedly fewer overheads, S.E.A. has succeeded to cut
its G&A costs and losses dramatically, as the results for the first 6 months
of 1998 indicate in comparison with the same period in 1997. Revenues for the
first 6 months of 1998 were $415,000 with a recorded loss of $923,000; as
compared with the first 6 months of 1997, where revenues were $170,000 and a
loss of $1,612,000 was recorded.
In the online sport programming area, S.E.A.'s focus is on creating a sport
channel on the Internet that offers sport fans dynamic, interactive sport
content and services. The Web site will present information in several
languages, and provide the best sport coverage of specific nations or regions.
S.E.A. is currently seeking strategic partners for this venture. In addition,
S.E.A. is developing event-based and promotional sport sites such as the
official International Olympic Committee Web site. S.E.A. has currently
completed the first stage of the IOC Web site and is now moving into the
second phase of the site's development, due for completion in November 1998.
S.E.A. has also entered into a Teaming Agreement with US-based Quokka Sports
to win a bid to create the official Web site for Sydney 2000 Olympic Games,
which is expected to attract an enormous amount of traffic, generating over 3
billion hits.
Manna Network Technologies is in the last stages of implementing its first
beta site, which is due for completion by mid-September. At the same time, it
has begun work on the implementation of its second beta site. The company has
initiated discussion with several potential customers, channel partners and
integrators and is in an advanced stage of negotiation with a venture capital
company for Manna Network Technologies' private placement.
Tal Barnoach
C.E.O. and Chairman
Page 3
KOST FORER & GABBAY
A MEMBER OF
ERNST & YOUNG INTERNATIONAL
The Board of Directors
S.E.A. Multimedia Ltd.
Re Review report of unaudited interim
: consolidated financial statements
for the six months and three months ended
June 30, 1998
At your request, we have reviewed the accompanying interim consolidated
balance sheet of S.E.A. Multimedia Ltd. and its subsidiary as of June 30,
1998, and the related interim consolidated statements of operations, changes
in shareholders' deficiency and cash flows for the six months and three months
then ended.
Our review was made in accordance with the procedures prescribed by the
Institute of Certified Public Accountants in Israel, and included, inter-alia,
reading the aforementioned interim consolidated financial statements, reading
the minutes of meetings of the shareholders and the board of directors and its
committees, and making inquiries of certain officers responsible for financial
and accounting matters.
The foregoing procedures do not constitute an examination made in
accordance with generally accepted auditing standards, and are limited in
scope. Therefore, we do not express an opinion on the interim consolidated
financial statements.
The aforementioned interim consolidated financial statements have been
remeasured into U.S. dollars on the basis described in Note 3.
In the course of our review, nothing came to our attention as a result of
our review that would indicate that material changes of the interim
consolidated financial statements are required in order that they may be
considered prepared in accordance with generally accepted accounting
principles in Israel.
Tel-Aviv, Israel KOST, FORER and GABBAY
August 27, 1998 Certified Public
Accountants (Israel)
Page 4
CONSOLIDATED BALANCE SHEETS
In U.S. dollars
June 30, December 31,
1998 1997 1997
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 62,876 1,242,982 680,931
Trade receivables 220,000 747,848 -
Deferred software development - 632,782 330,657
costs
Other accounts receivable and 141,562 32,713 68,917
current assets
424,438 2,656,325 1,080,505
FIXED ASSETS:
Cost 758,934 638,766 746,905
Less - accumulated depreciation 340,615 184,388 257,813
418,319 454,378 489,092
OTHER ASSETS:
Cost - 749,117 749,117
Less - accumulated amortization - 462,509 749,117
- 286,608 -
842,757 3,397,311 1,569,597
The accompanying notes are an integral part of the financial statements.
Page 5
CONSOLIDATED BALANCE SHEETS
In U.S. dollars
June 30, December 31,
1998 1997 1997
Unaudited Audited
LIABILITIES AND SHAREHOLDERS'
EQUITY (DEFICIENCY)
CURRENT LIABILITIES:
Short-term bank credit 68 2,525 5,080
Short-term bank loan 331,436 - -
Customer advances - 27,000 60,000
Trade payables 266,051 372,320 308,235
Other accounts payable and 266,369 165,215 267,638
accruals
863,924 567,060 640,953
LONG-TERM LIABILITIES:
Accrued severance pay, net 72,839 76,766 99,915
SHAREHOLDERS' EQUITY (DEFICIENCY):
Share capital 76,811 70,075 76,380
Additional paid-in capital 4,781,994 4,038,971 4,781,994
Accumulated deficit (4,952,811) (1,355,561) (4,029,645)
(94,006) 2,753,485 828,729
842,757 3,397,311 1,569,597
The accompanying notes are an integral part of the financial statements.
August 27, 1998
Date of approval of the Tal Barnoach Ze'ev Rozov
financial statements Chairman and Chief Managing Director
Executive Officer
Page 6
CONSOLIDATED STATEMENTS OF OPERATIONS
In U.S. dollars
Six months ended Three months Year
June 30, ended ended
June 30, December 31,
1998 1997 1998 1997 1997
Unaudited Audited
Sales 415,172 170,217 241,250 122,688 680,390
Cost of sales 240,063 676,046 119,410 407,092 2,774,884
Gross profit (loss) 175,109 (505,829) 121,840 (284,404) (2,094,494)
Research and
development 861,485 168,781 613,726 97,055 431,644
expenses, net
Selling and
marketing expenses, 149,538 602,028 77,990 352,712 802,565
net
General and
administrative 283,065 341,536 144,149 169,151 956,717
expenses, net
1,294,088 1,112,345 835,865 618,918 2,190,926
Operating loss (1,118,979) (1,618,174)(714,025) (903,322) (4,285,420)
Financial income 20,813 6,027 13,064 (9,831) (811)
(expenses), net
Other income, net 175,000 - 175,000 - -
Loss for the period (923,166) (1,612,147)(525,961) (913,153) (4,286,231)
Loss per 100 shares
at NIS 0.01 par (3.67) (6.99) (2.09) (3.96) (17.86)
value each
Weighted average
number of 100 251,330 230,589 251,330 230,587 239,946
shares outstanding
The accompanying notes are an integral part of the financial statements.
Page 7
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)
In U.S. dollars
Six months ended June 30, 1998
Total
Additional shareholders'
Share paid-in Accumulated equity
capital capital deficit (deficiency)
------- ---------- ---------- -----------
Balance at the beginning of
the period (audited) 76,380 4,781,994 (4,029,645) 828,729
Issuance of shares
(155,554 Ordinary
Shares) 431 - - 431
Loss for the period - - 923,166 (923,166)
------ ---------- --------- -------
Balance at the end of the
period (unaudited) 76,811 4,781,994 (4,952,811) (94,006)
====== ========= =========== =========
Six months ended June 30, 1997
Retained
Additional earnings Total
Share paid-in (accumulated shareholders'
capital capital deficit) equity
------- --------- ----------- -------------
Balance at the beginning of
the period (audited) 70,075 4,038,971 256,586 4,365,632
Issuance of shares
(155,554 Ordinary
Shares) - - - -
Loss for the period - - (1,612,147) (1,612,147)
------ ---------- --------- -------
Balance at the end of the
period (unaudited) 70,075 4,038,971 (1,355,561) 2,753,485
====== ========= =========== =========
Three months ended June 30, 1998
Additional Total
Share paid-in Accumulated shareholders'
capital capital deficit equity
(deficiency)
------- --------- ----------- -------------
Balance at the beginning of
the period (audited) 76,733 4,781,994 (4,426,850) 431,877
Issuance of shares
(28,571 Ordinary
Shares) 78 - - 78
Loss for the period - - (525,961) (525,961)
------- ---------- ----------- ---------
Balance at the end of the
period (unaudited) 76,811 4,781,994 (4,952,811) (94,006)
====== ========= =========== ========
Three months ended June 30, 1997
Additional Total
Share paid-in Accumulated shareholders'
capital capital deficit equity
------- --------- ----------- -------------
Balance at the beginning of
the period (audited) 70,075 4,038,971 (442,408) 33,666,638
Issuance of shares
(155,554 Ordinary
Shares) - - - -
Loss for the period - - (913,153) (913,153)
------ ---------- --------- -------
Balance at the end of the
period (unaudited) 70,075 4,038,971 (1,355,561) 2,753,485
====== ========= =========== =========
The accompanying notes are an integral part of the financial statements.
Page 8
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY)
In U.S. dollars
Audited
Year ended December 31, 1997
Retained
Additional earnings Total
Share paid-in (accumulated shareholders'
capital capital deficit) equity
Balance the beginning
of the year 70,075 4,038,971 256,586 4,365,632
Issuance of shares, net 6,305 743,023 - 749,328
Loss for the year - - (4,286,231) (4,286,231)
------ ---------- ----------- -----------
Balance at the end of
year 76,380 4,781,994 (4,029,645) 828,729
====== ========= =========== =========
The accompanying notes are an integral part of the financial statements.
Page 9
CONSOLIDATED STATEMENTS OF CASH FLOWS
In U.S. dollars
Six months ended Three months ended Year ended
June 30, June 30, December 31,
1998 1997 1998 1997 1997
Unaudited Audited
Cash flows from
operating activities:
Loss for the period (923,166) (1,612,147) (525,961) (913,153) (4,286,231)
Adjustments
to reconcile
loss to net cash
used in
operating
activities (a) (9,715) 722,776 83,582 343,100 2,891,754
Net cash used in
operating
activities (932,881) (889,371) (442,379) (570,053) (1,394,477)
Cash flows from
investing
activities:
Purchase of
fixed assets (12,029) (68,924) (10,982) (32,421) (128,424)
Net cash used
in investing
activities (12,029) (68,924) (10,982) (32,421) (128,424)
Cash flows from
financing
activities:
Proceeds from
issuance of
shares, net 431 - 78 - -
Short term bank
credit, net (5,012) (204,574) 68 2,525 (202,019)
Short-term bank
loan 331,436 - 331,436 - -
Net cash
provided by
(used in)
financing
activities 326,855 (204,574) 331,582 2,525 (202,019)
Decrease in
cash and cash
equivalents (618,055) (1,162,869) (121,779) (599,949) (1,724,920)
Cash and cash
equivalents at
the beginning
of the period 680,931 2,405,851 184,655 1,842,931 2,405,851
Cash and cash
equivalents at
the end of
the period 62,876 1,242,982 62,876 1,242,982 680,931
The accompanying notes are an integral part of the financial statements.
Page 10
CONSOLIDATED STATEMENTS OF CASH FLOWS
In U.S. dollars
Six months Three months Year ended
ended ended December 31,
June 30 June 30 1997
1998 1997 1998 1997
Unaudited Audited
(a) Adjustments to reconcile loss
to net cash used in operating
activities:
Income and expenses not
involving cash flows:
Depreciation and amortization 82,802 298,762 41,718 223,342 658,796
Accrued severance pay, net (27,076) 20,559 (17,027) (3,722) 43,708
Changes in assets and
liabilities items:
Decrease (increase) in trade
receivables (220,000) 543,484 (219,802) 158,782 1,291,332
Decrease (increase) in deferred
software development costs 330,657 (197,144) 391,749 52,222 670,439
Decrease (increase) in other
accounts receivable and
current assets (72,645) 5,243 (74,603) 1,337 113,194
Increase (decrease) in
customer advances (60,000) 27,000 - 27,000 60,000
Increase (decrease) in
trade payables (42,184) 11,522 (53,276) (91,574) 184,822
Increase (decrease) in
other accounts payable
and accruals (1,269) 13,350 14,823 (24,287) (130,537)
(9,715) 722,776 83,582 343,100 2,891,754
Non-cash transaction:
Assets purchased for issuance
of shares - - - - 749,328
The accompanying notes are an integral part of the financial statements.
Page 11
NOTES TO FINANCIAL STATEMENTS
NOTE 1:- GENERAL
a. S.E.A. Multimedia Ltd. ("the Company") is a public company incorporated
in Israel whose shares are traded on the Alternative Investment Market of the
Stock Exchange in London ("AIM"). The Company, an electronic publisher of
multimedia products, was established in 1993 and commenced operations in 1994.
On March 31, 1997, the Company established a wholly-owned subsidiary in Israel -
Manna Network Technologies Ltd.
b. These financial statements have been prepared as of June 30, 1998 and for
the six months and three months then ended. These financial statements should
be read in conjunction with the audited annual financial statements of the
Company as of December 31, 1997 and their accompanying notes.
c. The financial statements of the Company for the year ended December 31,
1997 were audited by other auditors whose report dated March 8, 1998, expressed
an unqualified opinion on those statements. Also, the financial statements of
the Company for the period ended June 30, 1997 were reviewed by other auditors.
The Company has reclassified certain comparative data to conform to the 1998
presentation.
d. During the quarter ended June 30, 1998, the Company terminated its
activity in the development of computer games.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the audited annual financial
statements of the Company as of December 31, 1997, are applied consistently in
these financial statements.
NOTE 3:- FINANCIAL STATEMENTS IN U.S. DOLLARS
The Company's transactions are recorded in new Israeli shekels ("NIS"), however,
the majority of the Company's sales are made outside Israel primarily in U.S.
dollars, and a substantial portion of the Company's costs are incurred in
dollars. Therefore, the Company's management believes that the U.S. dollar is
the currency of the primary economic environment in which it operates. Thus the
functional and reporting currency for the Company is the U.S. dollar.
Page 12
The Company's transactions and balances denominated in U.S. dollars are
presented at their original amounts. Non-dollar transactions and balances have
been remeasured to U.S. dollars in accordance with Statement No. 52 of the
Financial Accounting Standard Board ("FASB"). All gains and losses from the
remeasurement of monetary balance sheet items denominated in non-dollar
currencies are reflected in the statement of operations as financial income or
expenses, as appropriate.
The exchange rate of the U.S. dollar in relation to the NIS is as follows:
December 31, 1997 - U.S.$1 = NIS 3.536;
June 30, 1997 - U.S.$1 = NIS 3.587;
June 30, 1998 - U.S.$1 = NIS 3.667.
- -----------
Copies of this statement may be obtained from Raphael Zorn Hemsley Limited,
Cheapside House, 138 Cheapside, London EC2V 6W
END
IR FVFFLVVKEBKK
1 Year Ls -1x Mu Chart |
1 Month Ls -1x Mu 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
