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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tescom Software | LSE:TSCM | London | Ordinary Share | IL0010896228 | ORD ILS0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:6448Q
Tescom Software Systems Testing Ltd
31 August 2005
The following amendment has been made to the 'Interim Results' announcement
released today at 07:00 under RNS No 6279Q.
In the Consolidated Balance Sheet under Current Assets: Short Term Bank Deposits
there should not be a figure in column 3 under June 30, 2005. Column 3 should be
blank.
All other details remain unchanged.
The full amended text is shown below.
31 August 2005
Tescom Software Systems Testing Ltd. ("Tescom" or "the Company")
Interim Results for the 6 months ended 30 June 2005
Tescom Software Systems Testing Ltd (Symbol: TSCM), the International quality
assurance and software testing service provider, announces its results for the
six months ended 30 June 2005. The financial statement of the company as well as
the corresponding period in 2004 has been reported under IFRS2.
Highlights
* Revenues up 3.0% to US$23.4 million (H1 2004: US$22.7 million)
* Gross margins in line with management expectations at 38% (H1 2004: 41%)
* The company files its report in TASE, in Israeli GAAP, in NIS. The
company reported a profit before tax of US$0.3 million (H1 2004: US$1.4
million), see reconciliation in Note 1b
* Loss before tax of US$0.1 million (H1 2004: profit of US$1.1 million) as
a result of an IFRS2 adjustment of US$0.4 million and a one-off charge of
US$1.0 million arising from its introduction to AIM
* Loss per share 0.04 cents (H1 2004: profit per share 0.04 cents)
* Repayment of US$4.5 million convertible bonds during the period
contributed to a reduction in cash and cash equivalents of US$1.5 million
(H1 2004: decrease of $1.7 million). Cash balances as at 30 June 2005 were
US$3.0 million (H1 2004: US$4.1 million)
Ofer Albeck, Chairman and Chief Executive Officer of Tescom, said: "The Company
produced solid results in the first half reflecting the growing contributions
from UK contracts.
The admission to AIM was a strategic step for the Company as it commences its
growth plan in the UK and mainland Europe. We enter the second half with a
strong order book which gives us confidence that we can deliver revenue growth
in the second half of 2005 and in 2006."
Enquiries to:
Tescom
Ofer Albeck (CEO), Ronen Zalayet (CFO) +972 3 535 0990
Corfin Communications
Harry Chathli, Neil Thapar + 44 20 7929 8989
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
U.S. dollars in thousands
December June 30,
31, -------------------
2004 2004 2005
--------- ------- --------
Audited Unaudited
--------- -------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 4,581 4,168 3,039
Short-term bank deposits 1,801 1,000 -
Trade receivables 11,606 10,296 10,969
Other accounts receivable and prepaid expenses 1,129 1,256 791
--------- ------- --------
19,117 16,720 14,799
--------- ------- --------
NON-CURRENT ASSETS:
Severance pay fund 2,187 495 2,182
Property and equipment, net 507 604 719
Deferred income taxes 884 745 944
Goodwill and other intangible assets 1,552 1,555 1,492
--------- ------- --------
5,130 3,399 5,337
--------- ------- --------
Total assets 24,247 20,119 20,136
========= ======= ========
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED BALANCE SHEETS
--------------------------------------------------------------------------------
U.S. dollars in thousands
December June 30,
31, -----------------
2004 2004 2005
--------- ------- --------
Audited Unaudited
--------- -----------------
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Short-term bank credit 2,063 1,365 1,631
Trade payables 791 700 1,160
Other accounts payable and accrued expenses 6,200 5,151 6,325
Convertible debentures 4,451 4,323 -
--------- ------- --------
13,505 11,539 9,116
--------- ------- --------
LONG-TERM LIABILITIES:
Long-term bank loans - - 23
Accrued severance pay 2,372 735 2,441
--------- ------- --------
2,372 735 2,464
--------- ------- --------
EQUITY:
Issued capital 48 48 51
Share premium 8,473 8,473 9,263
Share based compensation 689 361 1,103
Treasury shares at cost *) - *) - *) -
Foreign currency translation reserve (582) (1,100) (1,022)
Equity component of convertible instrument 958 958 958
Accumulated deficit (1,216) (895) (1,797)
--------- ------- --------
Total equity 8,370 7,845 8,556
--------- ------- --------
Total liabilities and equity 24,247 20,119 20,136
========= ======= ========
*) Represents an amount lower than $ 1.
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
--------------------------------------------------------------------------------
U.S. dollars in thousands (except share and per share data)
Year ended Six months ended
December June 30,
31,
2004 2004 2005
--------- ------- ------
Audited Unaudited
--------- ----------------
Revenues 45,759 22,736 23,424
Cost of revenues 27,676 13,380 14,596
--------- ------- --------
Gross profit 18,083 9,356 8,828
--------- ------- --------
Operating expenses:
Selling and marketing 3,452 1,738 1,514
General and administrative 11,510 5,861 6,396
--------- ------- --------
Total operating expenses 14,962 7,599 7,910
--------- ------- --------
Operating income 3,121 1,757 918
Financial income (expenses), net (284) (169) 16
Other expenses, net (450) (442) (1,032)
--------- ------- --------
Profit (loss) before taxes on income 2,387 1,146 (98)
Taxes on income 1,033 542 485
--------- ------- --------
Net profit (loss) 1,354 604 (583)
========== ========== ==========
Basic net earnings (loss) per share 0.09 0.04 (0.04)
========== ========== ==========
Weighted average number of shares used for
computing basic net earnings (loss) per share 15,132,264 15,132,264 15,943,099
========== ========== ==========
Weighted average number of shares used for
computing diluted net earnings (loss)
per share 15,318,168 15,132,264 15,943,099
========== ========== ==========
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
U.S. dollars in thousands
Share Share Share based
capital premium compensation
-------- ---------- -------------
Balance as of January 1, 2004 48 8,473 33
(audited)
Stock compensation expenses - - 656
Issuance of shares *) - - -
Shares repurchased by the Company *) - - -
Exercise of options *) - - -
Foreign currency translation adjustments - - -
Dividends - - -
Net profit - - -
-------- ---------- -------------
Balance as of December 31, 2004
(audited) 48 8,473 689
Stock compensation expenses - - 414
Exercise of options 3 790 -
Foreign currency translation adjustments - - -
Net loss - - -
-------- ---------- -------------
Balance as of June 30, 2005 (unaudited) 51 9,263 1,103
======== ========== =============
Balance as of January 1, 2004 (audited) 48 8,473 33
Stock compensation expenses - - 328
Foreign currency translation adjustments - - -
Dividends - - -
Net profit - - -
-------- ---------- -------------
Balance as of June 30, 2004 (unaudited) 48 8,473 361
======== ========== =============
*) Represents an amount lower than $ 1.
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
U.S. dollars in thousands
Foreign Equity
currency component
of
translation convertible Accumulated Total
reserve instrument deficit equity
---------- ------------- ---------- --------
Balance as of
January 1, 2004 (audited) (1,053) 958 (897) 7,562
Stock compensation expenses - - - 656
Issuance of shares - - - *) -
Shares repurchased by
the Company - - - *) -
Exercise of options - - - *) -
Foreign currency
translation adjustments 471 - - 471
Dividends - - (1,673) (1,673)
Net profit - - 1,354 1,354
------- ------------- ---------- --------
Balance as of
December 31, 2004 (audited) (582) 958 (1,216) 8,370
Stock compensation expenses - - - 414
Exercise of options - - - 793
Foreign currency
translation adjustments (438) - - (438)
Net loss - (583) (583)
------- ------------- ---------- --------
Balance as of
June 30, 2005 (unaudited) (1,020) 958 (1,799) 8,556
======= ============= ========== ========
Balance as of
January 1, 2004 (audited) (1,053) 958 (897) 7,562
Stock compensation expenses - - - 328
Foreign currency translation
adjustments (47) - - (47)
Dividends - - (602) (602)
Net profit - - 604 604
------- ------------- ---------- --------
Balance as of
June 30, 2004 (unaudited) (1,100) 958 (895) 7,845
======= ============= ========== ========
*) Represents an amount lower than $ 1.
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. dollars in thousands
Year ended Six months ended
December June 30,
31, -----------------
2004 2004 2005
-------- -------- ------
Audited Unaudited
-------- -----------------
Cash flows from operating activities:
Net profit (loss) 1,354 604 (583)
Adjustments to reconcile net profit (loss)
to net cash provided by operating
activities:
Stock compensation expenses 656 328 414
Loss (gain) on sale of investment 4 - -
Accrued interest on short-term deposit (13) - -
Depreciation and amortization 405 224 137
Increase in accrued severance pay, net 51 113 88
Exchange differences on convertible
debentures 188 237 147
Gain on sale of property and equipment (5) (10) -
Deferred income taxes, net 30 145 (117)
Decrease (increase) in trade receivables (966) (194) 16
Decrease (increase) in other accounts
receivable and prepaid expenses 153 (11) 265
Increase in trade payables 160 109 428
Increase (decrease) in other accounts
payable and accrued expenses 562 (290) 443
-------- -------- ------
Net cash provided by operating activities 2,579 1,255 1,238
-------- -------- ------
Cash flows from investing activities:
Purchase of property and equipment (140) (92) (361)
Proceeds from sale of property and
equipment 9 - -
Short-term bank deposits (1,718) (997) 1,760
-------- -------- ------
Net cash provided by (used in) investing
activities (1,849) (1,089) 1,399
-------- -------- ------
Cash flows from financing activities:
Exercise of options - - 794
Repayment of convertible debentures - - (4,500)
Long-term bank loan, net - - 23
Short-term bank credit, net (600) (1,208) (324)
Dividends paid (1,673) (602) -
-------- -------- ------
Net cash used in financing activities (2,273) (1,810) (4,007)
-------- -------- ------
Effect of exchange rate changes on cash and
cash equivalents 252 (60) (172)
-------- -------- ------
Decrease in cash and cash equivalents (1,291) (1,704) (1,542)
Cash and cash equivalents at the beginning
of the period 5,872 5,872 4,581
-------- -------- ------
Cash and cash equivalents at the end of the 4,581 4,168 3,039
period ======== ======== ======
The accompanying notes are an integral part of the consolidated financial
statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
--------------------------------------------------------------------------------
U.S. dollars in thousands
Year ended Six months ended
December 31, June 30,
---------------------
2004 2004 2005
---------- ------- ------
Audited Unaudited
---------- ---------------------
(a) Supplemental disclosure of cash
flows:
Cash paid during the period for:
Interest 173 44 52
========= ========= ========
Income taxes 640 99 433
========= ========= ========
(b) Cash received during the period for
interest 105 62 76
========= ========= ========
The accompanying notes are an integral part of the consolidated financial
statements.
NOTE 1:- GENERAL
a. These financial statements have been prepared as of June 30, 2005 and for the
six months period then ended. These financial statements are to be read in
conjunction with the audited annual financial statements of the Company as of
December 31, 2004, and their accompanying notes.
b. In July 2005, the Company's shares were admitted to trading on AIM, a market
operated by the London Stock Exchange in addition to the trading on TASE
(Tel-Aviv Stock Exchange).
As a result of the admission, expenses in the amount of $ 1,032,000 were
recognized in the statement of operations as other expenses.
Under Israeli GAAP the net loss for the six months ended June 30, 2005 amounted
to $ 211 and the total equity as of June 30, 2005 amounted to $ 7,979,000
translated from NIS to US Dollars based on the exchange rate on June 30, 2005.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
a. The interim consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) in the
context of interim condensed financial standards. The significant accounting
policies and methods of computations applied in the preparation of the interim
financial statements are the same as those applied in the annual financial
statements as of December 31, 2004, except as described in c. below and are the
policies expected to be adopted in respect of the annual accounts for the year
ending December 31, 2005.
b. Following are data regarding rates of the New Israeli Shekel ("NIS") and the
Pound Sterling in relation to the U.S. dollar are as follows:
Exchange rate of Exchange rate of
As of one U.S. dollar one Pound
Sterling
------------------- ---------------- ----------------
June 30, 2005 NIS 4.574 NIS 8.197
June 30, 2004 NIS 4.497 NIS 8.147
December 31, 2004 NIS 4.308 NIS 8.308
c. Adoption of new standards:
On January 1, 2005, the Company has adopted IFRS 2, "Share Based Payment". IFRS
2 requires an expense to be recognized where the Company buys goods or services
in exchange for shares or rights over shares ("equity-settled transactions"), or
in exchange for other assets equivalent in value to a given number of shares or
rights over shares ("cash-settled transactions"). The main impact of IFRS 2 on
the Company is the expense of employees' and directors' share options and other
share-based incentives by using an option-pricing-model.
The Company has applied IFRS 2 only to equity-settled awards granted after 7
November 2002 that had not vested on or before 31 December 2004.
The effect of the adoption of IFRS 2 on the six months ended 30 June 2004, 2005
and the year ended 2004 is an increase in the employee benefits expenses in the
amount of $328,000 $414,000 and $ 656,000 respectively with a corresponding
increase in additional paid-in capital.
The cost of equity-settled transactions is recognized, together with a
corresponding increase in equity, over the period in which the performance
conditions are fulfilled, ending on the date the options vest.
NOTE 3:- SIGNIFICANT EVENT DURING THE PERIOD
a. On February 24, 2005, the Company repaid convertible debentures in the amount
of $ 4,500,000 which were issued on February 2000 and bear no interest.
Furthermore, on the same day, the warrants which were issued to the holders,
were expired.
b. 1. In March 2005, 250,000 options were exercised by previous investors of the
Company to Ordinary shares, at an exercise price of NIS 0.01 per share.
2. During May and June 2005, 560,835 options were exercised by employees and
consultants to Ordinary shares, at an exercise price of $ 1.5 per share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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