Micrologix has reported its first set of interim results since its creditors accepted a compromise offer as part of a rescue operation.
The company says the results for the six months to 30 June 2001 reflect effects of both the limited trading during the rescue operation as well as the compromise offer with creditors.
<B>Figures at a glance</B>
Micrologix results for the six months to 30 June 2001
Figures for the six months to 30 June 2000 in parentheses:
Revenue: R196 000 (R1.76m)
Operating loss before interest: R363 000 (R1.63m)
Disclosable items: R6.57m (-R23.91m)
Attributable profit: R4.34m (-R25.46m)
Fully diluted HEPS: -0.2c (-0.3c)
NAV per share: 4.3c (-1.4c)
Current assets: R422 000 (R616 000)
Current liabilities: R1.29m (R5.04m)
"The effect of the compromise offer is that it places the company in a solvent position for future trading," it says.
The effect of the compromise offer has been reflected as a separate disclosable item on the income statement.
The company says the software and products it has developed have future value, but it still needs funding to commercialise them.
"Buyers are being sought for certain of the software and assets of the company and any proceeds received will be recognised as and when they are realised.
"The company`s directors are in the process of evaluating the company`s remaining assets and are considering, inter alia, restructuring the balance sheet through a reduction of share capital."
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