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Bryant - Reviewed Results For The Six Month Period Ended 31 December 2004 And
Further Cautionary Announcement
Bryant Technology Limited
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07)
CODE BRY ISIN ZAE000015475
(`Bryant` or `the company`)
REVIEWED RESULTS FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2004 AND FURTHER
CAUTIONARY ANNOUNCEMENT
CONDENSED INCOME STATEMENT
Six months Six months Year
Ended Ended Ended
31 December 31 December 30 June
2004 2003 2004
R`000 (Reviewed) (Reviewed) (Audited)
Revenue - 1,544 3,601
Operating loss (240) (252) (2,311)
Interest paid (20) (29) (17)
Net loss before tax (260) (281) (2,328)
Tax - - -
Net loss after tax (260) (281) (2,328)
Dividends paid - - -
Loss for the period (260) (281) (2,328)
Shares in issue (`000) 196,000 196,000 196,000
Loss per share (cents) (0.13) (0.14) (1.19)
Headline loss per share (0.13) (0.14) (1.19)
(cents)
CONDENSED BALANCE SHEET
31 December 31 December 30 June
2004 2003 2004
R`000 (Reviewed) (Reviewed) (Audited)
Assets
Plant and equipment - 93 86
Current assets 25 3,042 1,167
Inventories - 2,044 40
Accounts receivable - 162 287
Cash and cash equivalents 25 836 840
Total assets 25 3,135 1,253
Equity and liabilities
Shareholders` interest (1,975) 332 (1,715)
Share capital 2 2 2
Share premium 11,803 11,803 11,803
Accumulated loss (13,780) (11,473) (13,520)
Long-term loans 2,000 2,000 2,000
Current liabilities - 803 968
Accounts payable - 803 968
Total equity and 25 3,135 1,253
liabilites
CONDENSED CASH FLOW STATEMENT
Six months Six months Year
Ended Ended Ended
31 December 31 December 30 June
2004 2003 2004
R`000 (Reviewed) (Reviewed) (Audited)
Cash flows from operating
activities
Cash absorbed by (881) (394) (392)
operations
Net interest paid (20) (29) (17)
Taxation paid - - -
Net cash outflow from (901) (423) (409)
operating activities
Cash flows from investing
activities
Cash received on sale of 86
plant and equipment
Net cash inflow / 86 - (10)
(outflow) from investing
activities
Net cash flow from - - -
financing activities
Net decrease in cash and (815) (423) (419)
cash equivalents
Cash and cash equivalents 840 1,259 1,259
at beginning of period
Cash and cash equivalents 25 836 840
at end of period
CONDENSED CHANGES IN EQUITY STATEMENT
Share
capital and Accumulated
R`000 Premium (loss) Total
Balance at beginning of 11,805 (13,520) (1,715)
period
Loss for year - (260) (260)
Balance at end of year 11,805 (13,780) (1,975)
Comments
Basis of preparation
The reviewed financial results of the company have been prepared on the
historical cost basis in accordance with South African Statements of Generally
Accepted Accounting Practice and in the manner required by the Companies Act in
South Africa, which policies have been consistently applied from prior years
Independent Review
The financial results have been reviewed by KPMG Inc. whose review opinion is
available for inspection at the company`s registered address.
Commentary
The entire operating business of Bryant was disposed of with effect from 1 July
2004, resulting in R 81 654 in cash remaining in the company as its sole asset,
which amount has substantially been utilised for corporate expenses.
Further Cautionary Announcement
As per the further cautionary announcement released on SENS on 21 February 2005,
the board of Bryant is continuing to pursue acquisition opportunities for the
company and as such, shareholders are advised to continue to exercise caution
when dealing in the company`s securities until a further announcement is made in
this regard.
DJA White
Director
Registered address:
52 Mulbarton Road
Beverly
Sandton
2196
14 April 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 14/04/2005 02:36:37 PM
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