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Company Emblaze Ltd
TIDM BSD
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Results for the Year Ended 31 December 2012

Released 07:53 18-Mar-2013
Number 30751-A4BD

Results for the Year Ended 31 December 2012

Emblaze Ltd.                                  

                         ("Emblaze" or "the COMPANY")                          

                  results for the year ended 31 December 2012                  

Herzeliya, Israel, 18 March 2013: Emblaze Ltd (LSE: BLZ), today announces its
final results for the 12 months ended 31 December 2012. All references to $ are
to US Dollars.

HIGHLIGHTS:

  * The Company's consolidated financial statements have been prepared, for the
    first time, in accordance with International Financial Reporting Standards
    ("IFRS");
   
  * Continued strong cash position with cash, short term deposits and financial
    assets of $145 million, which include:
   
  * $9.3 million in cash and short term bank deposits with an original maturity
    of three months or less from date of acquisition;
   
  * $122 million in short term bank deposits with an original maturity of more
    than three months from date of acquisition; and -
   
  * $13.4 million in financial assets at fair value through profit or loss
    (debentures) and available for sale financial assets.
   
In order to allow for the implementation of future acquisition opportunities,
the Company's main objective with respect to its cash portfolio was, and
remains, the preservation of cash value and liquidity, by maintaining a
conservative investment policy. The Company extended the maturity of its
deposits in order to respond to the overall decrease of return in short terms
deposits, and achieve better yields;

  * Revenues for the year of 2012 totaled $2.1 million (2011: $1.2 million) and
    income from continued operations totaled $0.9 million (2011: $2.8 million);
   
  * During the first half of the year, the Company's UK subsidiary, Emblaze
    Mobility Solutions Limited ("EMSL"), has been successful in recovering the
    remaining disputed gross sum of £1.5 million, which was part of the overall
    VAT repayments claimed withheld by HM Revenue & Customs ("HMRC") since
    March 2006. As a result, the Company recorded in 2012 approximately $ 2
    million as other income, net of related expenses;
   
  * During 2012 the Company has purchased 923,898 of its own shares through the
    market in an amount of approximately $720,000, net of related expenses. The
    total issued share capital of the Company as at 31 December 2012 is
    140,578,154 of which, 110,832,034 ordinary shares are outstanding, and
    29,746,120 shares are held in treasury.
   
Naftali Shani, executive chairman of Emblaze said: "During 2012, our main focus
was directed at the continuous pursuit to identify potential opportunities for
investment in growth activities with an aim to achieve consistent long-term
value. Having invested substantial research and development efforts to build a
rich portfolio of intellectual property over many years, we have also continued
the legal proceedings brought by the Company against Apple Inc. and against
Microsoft Corporation for infringement of the Company's U.S. Patent No.
6,389,473 for live media streaming. The Company remains in sound financial
position and we will continue to carefully manage costs across all areas of the
business in order to be able to respond appropriately to the ever-changing
economic environment and to allow for the implementation of future acquisition
opportunities.

Enquiries:

Piers Coombs, Canaccord Genuity Ltd +44 20 7523 8000

Hagit Gal, Emblaze Ltd. hagit.gal@emblaze.com

A copy of the Company's Financial Report & Accounts for the year ended 31
December 2012 has been submitted to the Financial Services Authority and will
shortly be available for inspection at the National Storage Mechanism, which is
located at www.hemscott.com/nsm.do

The full report is available on the Company's website, www.emblaze.com

Emblaze is traded on the London Stock Exchange (LSE: BLZ) since 1996. 
www.emblaze.com

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                                 December 31,         January 1
                                                                               
                                     Note      2012         2011        2011   
                                                                               
ASSETS                                                                         
                                                                               
CURRENT ASSETS:                                                                
                                                                               
Cash and cash equivalents              5     $ 9,333     $ 148,261    $ 144,173
                                                                               
Short-term deposits                   14     122,000         -            -    
                                                                               
Financial assets at fair value        14      13,360         -            -    
through profit or loss                                                         
                                                                               
Available for sale financial assets   14       215          196          229   
                                                                               
Restricted deposits                            195          198          420   
                                                                               
Accrued interest receivable                    966          204          137   
                                                                               
Prepaid expenses and other             6      1,001        1,075        1,039  
receivables                                                                    
                                                                               
Total current assets                         147,070      149,934      145,998 
                                                                               
NON-CURRENT ASSETS:                                                            
                                                                               
Equipment, net                         7        67           59          44    
                                                                               
Total assets                                $ 147,137    $ 149,993    $ 146,042

The accompanying notes are an integral part of the consolidated financial
statements.

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

                                                    December 31,      January 1
                                                                               
                                         Note    2012         2011      2011   
                                                                               
LIABILITIES AND EQUITY                                                         
                                                                               
CURRENT LIABILITIES:                                                           
                                                                               
Trade payables                                   $ 268       $ 325      $ 341  
                                                                               
Deferred revenues, other payables and     8      4,341       7,372      5,088  
accrued expenses                                                               
                                                                               
Liabilities of discontinued operations             -           -        2,445  
                                                                               
Total current liabilities                        4,609       7,697      7,874  
                                                                               
NON-CURRENT LIABILITIES:                                                       
                                                                               
Employee benefit liabilities, net         15      34           21        16    
                                                                               
EQUITY:                                   10                                   
                                                                               
Share capital                                     416         416        416   
                                                                               
Share premium                                   469,911     469,864    469,844 
                                                                               
Treasury shares                                (76,275)     (75,555)  (75,555) 
                                                                               
Other capital reserve                             132          98        131   
                                                                               
Accumulated deficit                            (251,346)   (252,282)  (256,503)
                                                                               
Equity attributable to Company's equity         142,838     142,541    138,333 
holders                                                                        
                                                                               
Non- controlling interest                        (344)       (266)      (181)  
                                                                               
Total equity                                    142,494     142,275    138,152 
                                                                               
Total liabilities and equity                   $ 147,137   $ 149,993  $ 146,042

The accompanying notes are an integral part of the consolidated financial
statements.

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

U.S. dollars in thousands, except share and per share data

                                                     Year ended December 31,  
                                                                              
                                              Note     2012           2011    
                                                                              
Revenues                                              $ 2,149        $ 1,207  
                                                                              
Cost of sales                                           525            247    
                                                                              
Gross profit                                           1,624           960    
                                                                              
Operating expenses:                                                           
                                                                              
Research and development                               1,751          1,401   
                                                                              
Selling and marketing                                   800            599    
                                                                              
General and administrative                             2,620          2,433   
                                                                              
Total operating expenses                               5,171          4,433   
                                                                              
Operating loss                                        (3,547)        (3,473)  
                                                                              
Financial income                               13      2,460          2,702   
                                                                              
Financial expense                              13      (58)           (459)   
                                                                              
Other income                                   9b      2,061          4,114   
                                                                              
Income from continuing operations                       916           2,884   
                                                                              
Income (loss) from discontinued operations,    2n      (30)           1,289   
net                                                                           
                                                                              
Net income                                             $ 886         $ 4,173  
                                                                              
Other comprehensive income (loss) :                                           
                                                                              
Gain (loss) from available-for-sale financial          $ 34          $ (33)   
assets                                                                        
                                                                              
Actuarial loss from defined benefit plans              (32)           (42)    
                                                                              
Total other comprehensive income (loss)                 $ 2          $ (75)   
                                                                              
Total comprehensive income                             $ 888         $ 4,098  
                                                                              
Net income attributable to:                                                   
                                                                              
Equity holders of the Company                          $ 968         $ 4,263  
                                                                              
Non controlling interests                              (82)           (90)    
                                                                              
                                                       $ 886         $ 4,173  
                                                                              
Total comprehensive income (loss)                      $ 970         $ 4,188  
attributable to:                                                              
                                                                              
Equity holders of the Company                                                 
                                                                              
Non controlling interests                              (82)           (90)    
                                                                              
Net income                                             $ 888         $ 4,098  
                                                                              
Basic and diluted net earnings per share       11                             
attributable to Company's equity holders                                      
                                                                              
Earnings from continuing operations                   $ 0.01         $ 0.03   
                                                                              
Earnings from discontinued operations                    -            0.01    
                                                                              
Net earnings per share                                $ 0.01         $ 0.04   

The accompanying notes are an integral part of the consolidated financial
statements.

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

U.S. dollars in thousands

               Share   Share   Treasury Available-for-sale Accumulated   Total      Non-      Total   
              capital premium   shares       reserve         deficit             controlling  equity  
                                                                                  interest            
                                                                                                      
Balance as of  $416   $469,844    $(75,555)    $131        $(256,503)   $138,333   $(181)    $138,152 
January 1,                                                                                    
2011                                                                                                  
                                                                                                      
Net income       -       -        -             -             4,263      4,263      (90)      4,173   
                                                                                                      
Other            -       -        -            (33)           (42)        (75)        -        (75)   
comprehensive                                                                                         
loss                                                                                                  
                                                                                                      
Total            -       -        -            (33)           4,221      4,188      (90)      4,098   
comprehensive                                                                                         
income (loss)                                                                                         
                                                                                                      
Cost of share    -       20       -             -               -          20         5         25    
based                                                                                                 
payment                                                                                               
                                                                                                      
Balance as of   416   469,864  (75,555)         98          (252,282)   142,541     (266)    142,275  
January 1,                                                                                            
2012                                                                                                  
                                                                                                      
Net income       -       -        -             -              968        968       (82)       886    
                                                                                                      
Other            -       -        -             34            (32)         2          -         2     
comprehensive                                                                                         
income (loss)                                                                                         
                                                                                                      
Total            -       -        -             34             936        970       (82)       888    
comprehensive                                                                                         
income (loss)                                                                                         
                                                                                                      
Cost of share    -       47       -             -               -          47         4         51    
based                                                                                                 
payment                                                                                               
                                                                                                      
Purchase of      -       -      (720)           -               -        (720)        -       (720)   
treasury                                                                                              
stock                                                                                                 
                                                                                                      
Balance as of  $ 416  $469,911 $(76,275)      $132        $(251,346)   $142,838   $(344)    $142,494    
December 31,                                                                    
2012                                                                                                  
                                                                                                      

The accompanying notes are an integral part of the consolidated financial
statements.

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

                                                        Year ended December 31,
                                                                               
                                                           2012         2011   
                                                                               
Cash flows from operating activities:                                          
                                                                               
Consolidated net income                                   $ 886       $ 4,173  
                                                                               
Less - gain (loss) from discontinued operations            (30)        1,289   
                                                                               
Income from continuing operations                          916         2,884   
                                                                               
Adjustments to reconcile income from continuing                                
operations to net cash provided by (used in) operating                         
activities :                                                                   
                                                                               
Depreciation                                                30           33    
                                                                               
Cost of share-based payment                                 51           25    
                                                                               
Change in financial assets at fair value through profit    (70)          -     
or loss                                                                        
                                                                               
Increase in accrued interest from assets at fair value    (614)         (67)   
through profit or loss, short term deposits and                                
restricted deposits                                                            
                                                                               
Interest received                                        (1,426)      (2,434)  
                                                                               
                                                         (2,029)      (2,443)  
                                                                               
Changes in asset and liability items:                                          
                                                                               
Decrease (increase) in receivables and prepaid expenses     35          (81)   
                                                                               
Increase (decrease) in trade payables, other payables    (3,103)       2,394   
and accrued expenses                                                           
                                                                               
Cash received during the year for:                                             
                                                                               
Interest                                                  1,426        2,434   
                                                                               
Net cash provided by (used in) operating activities      (2,755)       5,188   
from continuing operations                                                     
                                                                               
Net cash provided by (used in) operating activities         5         (1,274)  
from discontinued operations                                                   
                                                                               
Net cash provided by (used in) operating activities      (2,750)       3,914   

The accompanying notes are an integral part of the consolidated financial
statements.

                                              EMBLAZE LTD. AND ITS SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

                                                       Year ended December 31, 
                                                                               
                                                          2012         2011    
                                                                               
Cash flows from investing activities:                                          
                                                                               
Purchase of property and equipment                       $ (38)       $ (48)   
                                                                               
Investment in short term deposits                      (122,000)         -     
                                                                               
Purchase of financial assets at fair value through      (15,133)         -     
profit or loss                                                                 
                                                                               
Proceeds from sale of financial assets at fair value     1,713           -     
through profit or loss and available for sale                                  
financial assets                                                               
                                                                               
Proceeds from restricted deposits                          -            222    
                                                                               
Net cash provided by (used in) investing activities    (135,458)       174     
from continuing operations                                                     
                                                                               
Cash flows from financing activities:                                          
                                                                               
Repurchase of Company shares                             (720)          -      
                                                                               
Net cash used in financing activities from continuing    (720)          -      
operations                                                                     
                                                                               
Net increase (decrease) in cash and cash equivalents   (138,928)      4,088    
                                                                               
Cash and cash equivalents at the beginning of the year  148,261      144,173   
                                                                               
Cash and cash equivalents at the end of the year        $ 9,333     $ 148,261  

The accompanying notes are an integral part of the consolidated financial
statements.

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Results for the Year Ended 31 December 2012 - RNS