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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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