| Mon 2 Jul 2001, 0:00 | | E-data Holdings Limited - Interim Report And Cauti |
|
HIGHLIGHTS
* Operating loss reduced
* Turnaround strategy implemented
* Breakeven achieved in May
* New product launch well accepted
INTERIM REPORT OF E-DATA HOLDINGS LIMITED
FOR SIX MONTHS ENDED 31
MARCH 2001
Consolidated Income
Statements
Audited
Unaudited Unaudited 15 months
ended
31 Mar 2001 31 Dec 1999 30 Sept
2000
R'000 R'000 R'000
Revenue 1,626 5,340 9,192
Operating (loss)income before
amortisation,
depreciation and interest (275) 781 3,284
Amortisation of software
development (850) - (1,803)
Provision for doubtful debts - - (3,177)
Depreciation (382) - (822)
Net interest (1) 102 129
Net operating (loss)/income (1,508) 883 (2,389)
Loss on discontinued
operations - - (1,479)
Net income before taxation (1,508) 883 (3,868)
Taxation - (74) (8)
Attributable to ordinary
shareholders (1,508) 809 (3,876)
Exceptional item - - (1,268)
Net (loss)/profit (1,508) 809 (5,144)
Headline earnings (1,508) 809 (3,876)
Number of shares in issue (m) 33,387,500 33,387,500 33,387,500
Weighted number of shares (m) 33,387,500 33,387,500 33,387,500
Earnings per share (cents) (4.52) 2.39 (15.41)
Headline earnings per share
(cents) (4.52) 2.39 (11.61)
Consolidated Balance Sheets
Audited
Unaudited Unaudited 15 months
ended
31 Mar 2001 31 Dec 1999 30 Sep
2000
R'000 R'000 R'000
Assets
Non-current assets 5,465 7,694 6,393
1,321
Property, plant and equipment 2,068 3,317
4,626
Software development 2,951 4,109
Investments 126 - 126
Loan to E-Data Holdings share
Incentive
Scheme 320 268 320
Current assets 987 10,789 2,294
Inventory and work in
progress 300 730 741
Accounts receivable 687 6,488 3,976
Provision for doubtful debts - (3,177)
Cash at bank - 3,571 754
Total Assets 6,453 18,483 8,687
EQUITY AND LIABILITIES
Share capital and reserves 3,974 4,720 332
Non-current liabilities 861 10,476 5,789
Shares to be issued to
Vendors - 10,449 5,149
Other liabilities 861 27 640
Current liabilities 1,618 3,287 2,566
Accounts payable 1,569 3,287 2,557
Bank overdraft 49 - -
Taxation - - 9
Total Equity and liabilities 6,453 18,483 8,687
Net asset value per share
(Cents) 11.90 13.90 0.99
Statement of Changes in
equity
Audited
Unaudited Unaudited 15 months
ended
31 Mar 2001 31 Dec 1999 30 Sep
2000
R'000 R'000 R'000
Ordinary shareholders equity
at beginning
of period 332 4,498 4,498
Share capital issued - - -
Other movements 3,642 222 (4,166)
Write-off of goodwill against
share premium - (328) (328)
Attributable (loss)/profit (1,508) 809 (5,144)
Non-distributable reserves 5,150 (259) 1,306
Ordinary shareholders equity
at end of period 3,974 4,720 332
Consolidated Cashflow
Statement
Cashflow from operating
activities (720) (534) 2,962
Cashflow from investing
activities (304) (270) (1,780)
Cashflow from financing
activities 270 58 (4,745)
Net cash (outflow)/inflow (754) (746) (3,563)
Bank balances at beginning of
year 754 4,317 4,317
Bank balances at end of year - 3,571 754
COMMENTS
OVERVIEW
During the 6 months under review, the company experienced a 70% decrease in
turnover, compared to the previous interim results. This was experienced
under difficult trading conditions, with senior management still devoting
far too much time and effort toward concluding the E*Trade settlement.
Revenues from the settlement have been realised and the group is now
refocused on its core business.
FINANCIAL RESULTS
Revenue decreased by 70% to R1.6 million and earnings per share fell to a
4.52 cents loss.
TURNAROUND STRATEGY
Since the demise of the E*Trade Joint venture the executive directors have
undergone an extensive right size and turnaround strategy.
We have substantially completed a turnaround strategy for the group and have
brought our monthly expenses down to a third of their levels 6 months ago.
We have finalised a new line of products, which are being exceptionally well
received, and we are confident of the future viability of theses products.
An aggressive product development drive and sales drive has led us to be in
a break-even position as a group as of May.
DIVIDENDS
In line with the stated policy of the company, no interim dividends have
been declared.
PROSPECTS
Considering the capital lost in the E*Trade debacle the directors are happy
with the refocused group and hope to bring it back to profitability in the
next six months.
CAUTIONARY ANNOUNCEMENT
Shareholders are advised that E-data is engaged in negotiations which, if
successfully concluded, could affect the share price. Shareholders are
advised to exercise caution in dealing in E-data's shares.
By order of the Board
James Stride
Chairman & Chief Executive Officer
Contact on 083 226 6641
29 June 2001
SPONSOR:
LPC MANHATTAN SPONSORS (PTY) LTD
