Interim Results

Jetcam International Holdings Ld 27 September 2002 27 September 2002 JETCAM INTERNATIONAL HOLDINGS LIMITED ('Jetcam' or 'the Company') Interim results for the period ended 30 June 2002 Chairman's Statement I am pleased to report the results for the six months ended 30 June 2002. This period has seen a continuation of the difficult trading conditions to which I referred in my statement issued earlier in the year with the annual report for 2001. Turnover has reduced by some 30% from last year to £1,426,000 (2001: £2,050,000). The reported loss before tax was £7,000 (2001: profit of £182,000). This loss is struck after goodwill amortisation of £85,000, compared to goodwill amortisation of £143,000 in the same period in 2001, and an exceptional, but non-cash, gain of £47,000 arising from shares issued to settle an acquisition consideration having a lower value than previously provided for. Excluding goodwill amortisation and depreciation, the income from operations was £67,000 compared to £325,000 for the first six months of 2001. The loss after taxation for the period was also £7,000 (2001: profit of £142,000) and earnings per share were 0.0p (2001: 0.6p). The reduction in ongoing goodwill amortisation results from the total write-off of the remaining goodwill in Libra Technologies BVBA and Century Challenge Limited during 2001, as referred to in my report for that year. UK sales are reduced as predicted in the last report due to these now being channelled through a dealer, with the resulting positive impact expected to be felt during the latter part of the year. In my full-year 2001 statement, I reported the uncertain trading conditions present in most world markets and these have not changed significantly since then. Your directors continue to do everything possible to contain operating costs and maintain sales and selling prices. The latter, however, has been increasingly challenging in a highly competitive market and a concern for the longer term is to what extent historical pricing can be recovered when market conditions improve. The Company's cash position remains strong. Future trading remains difficult to predict and general sentiment in the machine tool industry remains subdued. Our major new releases, in the form of PEPS Version 5 and JETCAM Expert Version 14, which provide improved functionality and efficiency, are attracting positive response and continue to maintain the competitiveness of these products. At the same time, we continue to expand our world market coverage, including the establishment of JETCAM Americas Inc, an independent reseller based in North Carolina, which brings a significant added presence to the important American markets. Given current trading conditions, your Board is not proposing the payment of a dividend at this time and does not expect this situation to change during the rest of this year. George Kynoch Chairman 27 September 2002 Consolidated Interim Profit and Loss Account Six months ended 30 June 2002 Note Half year to Half year to Year ended 30 June 30 June 31 December 2002 2001 2001 £'000 £'000 £'000 Turnover 1,426 2,050 3,516 Cost of sales (81) (101) (210) ----- ----- ----- Gross profit 1,345 1,949 3,306 Amortisation of goodwill (85) (143) (283) Administrative expenses (1,314) (1,624) (3,081) ----- ----- ----- Operating profit/(loss) (54) 182 (58) Exceptional impairment of goodwill - - (174) Exceptional gain 47 - - ----- ----- ----- Profit/(loss) on ordinary activities before taxation (7) 182 (232) Taxation on profit on ordinary activities - (40) (80) ----- ----- ----- Profit/(loss) for the period (7) 142 (312) Dividends 2 - - - ----- ----- ----- Retained profit/(deficit) for the period (7) 142 (312) ===== ===== ===== Earnings/(loss) per ordinary share 3 (0.0)p 0.6p (1.32)p ----- ----- ----- Fully diluted earnings/(loss) per 3 (0.0)p 0.6p (1.32)p ordinary share ----- ----- ----- Statement of Total Recognised Gains and Losses For the six months ended 30 June 2002 Half year to Half year to Year ended 30 June 30 June 31 December 2002 2001 2001 £'000 £'000 £'000 Loss for the period (7) 142 (312) Exchange translation differences (91) (11) 57 ----- ----- ----- Total recognised gains and losses in the period (98) 131 (255) ----- ----- ----- Consolidated Interim Balance Sheet Six months ended 30 June 2002 Note Half year to Half year to Year 30 June 30 June ended 2002 2001 31 December £'000 £'000 2001 £'000 Fixed assets Intangible assets 2,964 3,314 3,049 Tangible assets 443 466 441 Investments 1 1 1 ----- ----- ----- 3,408 3,781 3,491 ----- ----- ----- Current assets Stocks 18 6 15 Debtors 708 1,118 866 Other debtors 254 106 60 Prepayments and accrued income 22 20 83 Cash at bank and in hand 466 553 507 ----- ----- ----- 1,468 1,803 1,531 Creditors: amounts falling due within one year (274) (575) (324) ----- ----- ----- Net current assets 1,194 1,228 1,207 ----- ----- ----- Total assets less current liabilities 4,602 5,009 4,698 Creditors: amounts falling due after more than one year Provisions for liabilities and charges (24) (24) (24) ----- ----- ----- Total net assets 4,578 4,985 4,674 ----- ----- ----- Capital and reserves Called up share capital 4 149 148 149 Share premium account 4 4,279 4,203 4,277 Profit and loss account 4 150 634 248 ----- ----- ----- Equity shareholders' funds 4,578 4,985 4,674 ----- ----- ----- Consolidated Cash Flow Statement Six months ended 30 June 2001 As at As at As at 30 June 30 June 31 December 2002 2001 2001 £'000 £'000 £'000 Cash flows from operating activities Operating profit/(loss) (7) 182 (232) Exceptional gain (47) - - Depreciation 36 42 97 Amortisation of goodwill 85 143 283 Impairment of goodwill - - 174 Loss on disposal - - 1 Exchange differences (91) (11) 54 Decrease in warranty provision - (20) - Increase in stock (3) 15 6 Decrease/(increase) in trade debtors 25 (51) 185 Increase/(decrease) in liabilities (1) 187 (131) ----- ----- ----- Net cash (outflow)/inflow from operating activities (3) 487 437 Taxation - (143) (111) Capital expenditure and financial investment Payments to acquire tangible fixed assets (38) (13) (42) Receipts from sale of tangible fixed assets - - 1 Acquisitions on investment and servicing of finance Receipt from sale of business - - - Purchase of subsidiary undertaking - - - Equity dividends paid - - - ----- ----- ----- Cash (outflow)/inflow before use of liquid resources and financing Financing (41) 331 285 Issue of share capital - - - ----- ----- ----- (Decrease)/increase in cash during the period (41) 331 285 Net funds at beginning of period 507 222 222 ----- ----- ----- Net funds at end of period 466 553 507 ===== ===== ===== Notes 1. Results The six month results have been prepared on the historical cost basis. They are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. 2. Dividends The Directors are not recommending the payment of an interim dividend for the six months ended 30 June, 2002 (30 June, 2001: Nil) 3. Earnings per share The calculation of the basic earnings per share is based on the profit on ordinary activities after taxation on the weighted average number of ordinary shares in issue during the period. The calculation of diluted earnings per share is based on the basic earnings per share adjusted to allow for the issue of shares on the assumed conversion of options. Reconciliation of the profit and weighted average number of shares are set out below: Result after Weighted average Earnings/ Taxation number of shares (loss) £'000 per share Pence 30 June 2002 Basic loss per share (7) 23,019,986 (0.0)p Dilutive effect of options - - - ----- ----- ----- Diluted loss per share (7) 23,019,986 (0.0)p ===== ===== ===== 30 June 2001 Basic earnings per share 142 23,002,218 0.6p Dilutive effect of options - - - ----- ----- ----- Diluted earnings per share 142 23,002,218 0.6p ===== ===== ===== 4. Reserves Called up Contributed Reserves Share capital surplus £'000 £'000 £'000 At 1 January 2002 149 4,277 248 Retained loss for the period - - (7) Currency translation difference - - (91) Issue of new shares - 2 - ----- ----- ----- At 30 June 2002 149 4,279 150 ===== ===== ===== 5. Copies of this report are to be sent to all shareholders and are available from Cornhill Secretaries Limited, 1 Snow Hill, London EC1A 2EN. Enquiries JETCAM International Holdings Limited John Wright Tel: 00 377 97 97 16 40 John East & Partners Limited John East Tel: 020 7628 2200 This information is provided by RNS The company news service from the London Stock Exchange

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