Interim Results
31 3월 2009 - 1:22AM
UK Regulatory
TIDMITI
RNS Number : 7498P
Immersion Technologies Intl PLC
30 March 2009
For immediate release 30 March 2009
IMMERSION TECHNOLOGIES INTERNATIONAL PLC
("Immersion" or the "Company")
UNAUDITED INTERIM RESULTS FOR 6 MONTHS
ENDED 31 DECEMBER 2008
CHAIRMAN'S STATEMENT
I am pleased to report Immersion's interim results for the 6 months ended 31
December 2008.
Results
The group made a loss for the six month period ended 31 December of GBP307,000
on a turnover of GBP24,000.
Review of Operations
The Technology
The Company has made progress in the evolution of the technology as follows:
Electrostatic Loudspeakers (ESL)
The technology has successfully been tailored towards specific requirements of
various large-scale prospect customers. The ongoing customer demonstrations and
feedback have provided a deeper insight into the needs and requirements for
mainstream applications of ESL in Consumer Electronics markets (ie smaller
sizes, higher sound pressure levels, and lower pricing for TV & Home-Theatre).
The Company has been able to work within these requirements and has successfully
delivered sample units which are currently being evaluated by various
prospects.
Conventional Cone Loudspeakers (CCL)
The Company is looking to expand on the new and smaller prototypes of CCL
speakers that were demonstrated at the Korea Audio Show in October 2008. These
speakers were designed as a cost competitive solution and demonstrated high
fidelity/high sound pressure level as well as being a small footprint (3 inch in
size). This application is applicable for consumer electronic customers as well
as automotive.
Trade Shows
During the year, the Company continued to generate positive interest from
various customer demonstrations and trade shows. Company continues to produce
sample and prototypes for potential customers in order to obtain a volume order
for its products.
Overseas Facilities
The closure of overseas facilities as reported previously are nearing
completion. The Company is developing alternatives for cost-efficient production
of sample and prototypes. Headcount across the Group has been further reduced to
focus on commercialisation of technologies while minimising spend.
Nakamichi
The Company is looking to pursue a commercial negotiation with Nakamichi given
Nakamichi's failure to take products pursuant to the supply agreement. The
Company is proposing to settle the matter by mediation but if it cannot be
resolved by commercial means then the Company will consider legal action in
order to preserve the Company's rights.
Outlook
Recent developments in the global markets for Consumer Electronics have
unilateral impact on the application of new and innovative technologies for
prospect customers. Based however on the ongoing positive interest from
potential customers the Management remains confident on the validity and future
potential of the Company's technologies, albeit that larger scale applications
may suffer further delays due to overall conditions in the global markets.
The Company will look at other opportunities in order to preserve shareholder
value within the Company and in the meantime we will actively conserve our cash
as much as possible.
CONTACTS:
Immersion Technologies International Plc
Kiran Morzaria Tel: +44 (0)207 016 5100
Beaumont Cornish
Roland Cornish Tel: +44 (0)207 628 3396
+---------------------------+-------+---------------+--+--------------+--+-------------+---+
| GROUP INCOME STATEMENT | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2008 | | | | |
+---------------------------------------------------+--+--------------+--+-----------------+
| | | | | |
+---------------------------------------------------+--+--------------+--+-----------------+
| |Notes | Six months | | Six months | | Year ended |
| | | ended | | ended | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | 31 December | | 31 December | | 30 June 2008 |
| | | 2008 | | 2007 | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Revenue | | 24 | | 27 | | 69 |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Cost of sales | | (14) | | (82) | | (271) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Gross profit/(loss) | | 10 | | (55) | | (202) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Administrative expenses | | (319) | | (1,000) | | (2,309) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Group operating loss | | (309) | | (1,055) | | (2,511) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Interest receivable | | 2 | | 32 | | 42 |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Loss before taxation | | (307) | | (1,023) | | (2,469) |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Income tax expense | | - | | - | | - |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Loss for the period | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| attributable to | 2 | (307) | | (1,023) | | (2,469) |
| shareholders | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| LOSS PER SHARE (pence) | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| Basic/Diluted | 3 | 0.12 | | 0.45 | | 1.08 |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+---------------+--+--------------+--+-----------------+
| | | |
+---------------------------+-------+---------------+--+--------------+--+-------------+---+
+---------------------------+-------+--------------++++--------------+--+----------------++
| GROUP BALANCE SHEET | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | As at | | As at | | As at |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| |Notes | 31 December | | 31 December | | 30 June 2008 |
| | | 2008 | | 2007 | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | (Unaudited) | | (Unaudited) | | (Audited) |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Non-current assets | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Intangible assets | | 800 | | 6,562 | | 800 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Plant and equipment | | - | | 138 | | - |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | 800 | | 6,700 | | 800 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Current assets | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Trade and other | | 54 | | 273 | | 49 |
| receivables | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Inventories | | 48 | | 121 | | - |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Cash and cash equivalents | | 24 | | 919 | | 272 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | 126 | | 1,313 | | 321 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Total assets | | 926 | | 8,013 | | 1,121 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Current liabilities | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Trade and other payables | | (186) | | (117) | | (273) |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Provisions | | (2) | | - | | (2) |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Prepayments | | - | | (86) | | - |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Total liabilities | | (188) | | (203) | | (275) |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Net assets | | 738 | | 7,810 | | 846 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Equity | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Share capital | 4 | 1,857 | | 1,586 | | 1,598 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Share premium reserve | | 2,950 | | 2,855 | | 2,869 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Unissued Share Capital | | - | | - | | 185 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Foreign exchange reserve | | 84 | | 64 | | 60 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Other reserves | | 20 | | 5,730 | | - |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Share-based payments | | 80 | | 75 | | 80 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| Accumulated loss | | (4,253) | | (2,500) | | (3,946) |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | 738 | | 7,810 | | 846 |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+---------------+-+--------------+--+----------------+
| | | | | | | |
+---------------------------+-------+--------------+-+---------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+--------------+-+---------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+--------------+-+---------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+--------------+-+---------------+--+-----------------+
| | | | | | | |
+---------------------------+-------+--------------++++--------------+--+----------------++
+------------------------------+----+---------------+----+--------------+----+------------+
| GROUP CASH FLOW STATEMENT | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2008 | | | | |
+---------------------------------------------------+----+--------------+----+------------+
| | | | | |
+---------------------------------------------------+----+--------------+----+------------+
| | | Six | | Six months | | Year ended |
| | | months ended | | ended | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | 31 | | 31 December | | 30 June |
| | | December 2008 | | 2007 | | 2008 |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | (Unaudited) | | (Unaudited) | | (Audited) |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | GBP 000's | | GBP 000's | | GBP 000's |
+------------------------------+----+---------------+----+--------------+----+------------+
| OPERATING ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Loss after tax for the | | (309) | | (1,055) | | (2,511) |
| period | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Adjustments for: | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Depreciation | | - | | 9 | | 172 |
+------------------------------+----+---------------+----+--------------+----+------------+
| Amortisation | | - | | 121 | | 246 |
+------------------------------+----+---------------+----+--------------+----+------------+
| Loss on disposal of assets | | - | | - | | (5) |
+------------------------------+----+---------------+----+--------------+----+------------+
| Share-based payments | | - | | 15 | | 46 |
+------------------------------+----+---------------+----+--------------+----+------------+
| Increase in Provisions | | - | | - | | 2 |
+------------------------------+----+---------------+----+--------------+----+------------+
| Decrease/(Increase) in | | (5) | | (13) | | 210 |
| receivables | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Decrease/(Increase) in | | (48) | | (121) | | - |
| inventories | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| (Decrease)/Increase in | | (87) | | (157) | | (87) |
| payables | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| CASH USED IN OPERATING | | (449) | | (1,201) | | (1,927) |
| ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Income tax paid | | - | | (12) | | (12) |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| NET CASH USED IN OPERATING | | (449) | | (1,213) | | (1,939) |
| ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| INVESTING ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Interest received | | 2 | | 32 | | 42 |
+------------------------------+----+---------------+----+--------------+----+------------+
| Proceeds from disposal of | | - | | - | | 5 |
| assets | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Purchase of patents | | - | | - | | (44) |
+------------------------------+----+---------------+----+--------------+----+------------+
| Purchase of plant and | | - | | (78) | | (112) |
| equipment | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| NET CASH USED IN INVESTING | | 2 | | (46) | | (109) |
| ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| FINANCING ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Proceeds on issuing of | | 175 | | 43 | | 43 |
| ordinary shares | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Proceeds on share capital | | - | | - | | 185 |
| un-issued | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| NET CASH FROM FINANCING | | 175 | | 43 | | 228 |
| ACTIVITIES | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| NET DECREASE IN CASH AND | | (272) | | (1,216) | | (1,820) |
| CASH EQUIVALENTS | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| CASH AND CASH EQUIVALENTS AT | | 272 | | 2,122 | | 2,122 |
| BEGINNING OF PERIOD | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| Exchange loss on cash and | | 24 | | 13 | | (30) |
| cash equivalents | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
| CASH AND CASH EQUIVALENTS AT | | 24 | | 919 | | 272 |
| END OF PERIOD | | | | | | |
+------------------------------+----+---------------+----+--------------+----+------------+
GROUP STATEMENT OF CHANGES IN EQUITY FOR THE INTERIM PERIOD ENDED 31 DECEMBER
2008
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| | | |Unissued | Share | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| | Share | Share | Share | Based | Foreign | Other |Accumulated | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| |Capital |Premium | Capital |Payments |Exchange |Reserves | Losses | Total |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |GBP000's |
| | 000's | 000's | 000's | 000's | 000's | 000's | 000's | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Group | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Balance at 1 July | 1,574 | 2,824 | - | 60 | 51 | 5,730 | (1,477) | 8,762 |
| 2007 | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Foreign | - | - | - | - | 9 | - | - | 9 |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Loss for the | - | - | - | - | - | - | (2,469) | (2,469) |
| period | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Total recognised | - | - | - | - | 9 | - | (2,469) | (2,460) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Share issue | 24 | 45 | 185 | - | - | - | - | 254 |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Cancelled share | - | - | - | (7) | - | - | - | (7) |
| based payment | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Share-based | - | - | - | 27 | - | - | - | 27 |
| payments | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Impairment charge | - | - | - | - | - | (5,682) | - | (5,682) |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Foreign | - | - | - | - | - | (48) | - | (48) |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Balance at 30 June | 1,598 | 2,869 | 185 | 80 | 60 | - | (3,946) | 846 |
| 2008 | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Foreign | - | - | - | - | 24 | - | - | 24 |
| translation | | | | | | | | |
| differences | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Loss for the | - | - | - | - | - | - | (307) | (307) |
| period | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Total recognised | - | - | - | - | 24 | - | (307) | (283) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Share issue | 259 | 112 | (185) | - | - | - | - | 186 |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Cost of share | - | (11) | | - | - | - | - | (11) |
| issue | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Warrants | - | (20) | - | - | - | 20 | - | - |
| subscribed | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
| Balance at 31 | 1,857 | 2,950 | - | 80 | 84 | 20 | (4,253) | 738 |
| December 2008 | | | | | | | | |
+--------------------+---------+---------+----------+----------+----------+----------+-------------+-----------+
NOTES TO THE INTERIM REPORT FOR THE PERIOD ENDED 31 DECEMBER 2008
+---+--------------------------------------------------------------------------------+
|1 | SIGNIFICANT ACCOUNTING POLICIES |
+---+--------------------------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------------------------+
| | Basis of preparation |
+---+--------------------------------------------------------------------------------+
| | The financial information has been prepared under the historical cost |
| | convention and on a going concern basis and in accordance with International |
| | Financial Reporting Standards and IFRIC interpretations adopted for use in the |
| | European Union ("IFRS") and those parts of the Companies Act applicable to |
| | companies reporting under IFRS. |
| | The financial information for the period ended 31 December 2008 has not been |
| | audited or reviewed in accordance with the International Standard on Review |
| | Engagements 2410 issued by the Auditing Practices Board. The figures were |
| | prepared using applicable accounting policies and practices consistent with |
| | those adopted in the statutory accounts for the period ended 30 June 2008. |
| | The financial information contained in this document does not constitute |
| | statutory accounts as defined by Section 240 of the Companies Act 1985 |
| | (England & Wales). In the opinion of the directors the financial information |
| | for this period fairly presents the financial position, result of operations |
| | and cash flows for this period. |
| | This Interim Financial Report was approved by the Board of Directors on 30 |
| | March 2009. |
+---+--------------------------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------------------------+
| | Statement of compliance |
| | |
+---+--------------------------------------------------------------------------------+
| | These condensed consolidated interim financial statements have been prepared |
| | in accordance with International Accounting Standard ('IAS') 34 - Interim |
| | Financial Reporting as adopted by the European Union. Accordingly the interim |
| | financial statements do not include all of the information or disclosures |
| | required in the annual financial statements. |
+---+--------------------------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------------------------+
| | Basis of consolidation |
+---+--------------------------------------------------------------------------------+
| | The consolidated financial statements comprise the financial statements of |
| | Immersion Technologies International Plc and its controlled entities. The |
| | financial statements of controlled entities are included in the consolidated |
| | financial statements from the date control commences until the date control |
| | ceases. |
| | The financial statements of subsidiaries are prepared for the same reporting |
| | period as the parent company, using consistent accounting policies. |
| | All inter-company balances and transactions have been eliminated in full. |
+---+--------------------------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------------------------+
| | Foreign currencies |
+---+--------------------------------------------------------------------------------+
| | |
+---+--------------------------------------------------------------------------------+
| | The functional currency of each entity is determined after consideration of |
| | the primary economic environment of the entity. The group's presentational |
| | currency is Sterling (GBP). |
| | |
+---+--------------------------------------------------------------------------------+
+---+--------------------------+-----------+----+----+--------+----+----+----+--------+----+----+--------+
|2 | SEGMENT REPORTING | | | | | | |
+---+--------------------------+----------------+-------------+---------+-------------+---------+--------+
| | | | | | | | |
+---+--------------------------+----------------+-------------+---------+-------------+---------+--------+
| | For management purposes the Group is organised into 4 operating divisions: Corporate; |
| | Product Research, Development and Design; Product Manufacture, and; Sales. These |
| | divisions are the basis on which the Group reports its primary segment information. |
| | Secondary segment information is presented on a geographic basis. The primary segment |
| | information corresponds closely to geographical segments as operational segments reside |
| | in distinct locations of the United Kingdom, Australia and Asia. |
+---+----------------------------------------------------------------------------------------------------+
| | | | | | | | |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Business segments |Corporate |Product | Product | Sales |Unallocated | Total |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | | |R&D and |Manufacture | | | |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | | | Design | | | | |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Six months ended 31 | GBP | GBP | GBP | GBP | GBP | GBP 000's |
| | December 2008 | 000's | 000's | 000's | 000's | 000's | |
| | (Unaudited) | | | | | | |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Segment Revenue | - | 9 | - | 15 | - | 24 |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Segment loss from | (142) | (123) | (32) | (12) | - | (309) |
| | operations | | | | | | |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Interest receivable | 2 | - | - | - | - | 2 |
+---+--------------------------+-----------+---------+-------------+---------+-------------+-------------+
| | Loss for the period | | | | | | (307) |
| | before taxation | | | | | | |
+---+--------------------------+-----------+----+----+--------+----+----+----+--------+----+----+--------+
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
|2 | SEGMENT REPORTING |Corporate |Product | Product | Sales |Unallocated | Total |
| | (CONTINUED) | | | | | | |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | | |R&D and |Manufacture | | | |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | | | Design | | | | |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | Year ended 30 June 2008 | GBP | GBP | GBP | GBP | GBP | GBP |
| | (Audited) | 000's | 000's | 000's | 000's | 000's | 000's |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | Segment Revenue | 6 | 45 | - | 18 | - | 69 |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | Segment loss from | (1,178) | (796) | (192) | (345) | - |(2,511) |
| | operations | | | | | | |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | Interest receivable | | | | | | 42 |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
| | Loss for the period | | | | | |(2,469) |
| | before taxation | | | | | | |
+---+--------------------------+-----------+---------+-------------+--------+-------------+---------+
+---+--------------------------+---------+---------+---------+---------+---------+---------+
| | Six months ended 31 | | | | | | |
| | December 2007 | | | | | | |
| | (Unaudited) | | | | | | |
+---+--------------------------+---------+---------+---------+---------+---------+---------+
| | Segment Revenue | 5 | 22 | - | - | - | 27 |
+---+--------------------------+---------+---------+---------+---------+---------+---------+
| | Segment loss from | (471) | (408) | (130) | (46) | - | (1,055) |
| | operations | | | | | | |
+---+--------------------------+---------+---------+---------+---------+---------+---------+
| | Interest receivable | | | | | | 32 |
+---+--------------------------+---------+---------+---------+---------+---------+---------+
| | Loss for the period | | | | | | (1,023) |
| | before taxation | | | | | | |
+---+--------------------------+---------+---------+---------+---------+---------+---------+
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | United |Australia | Asia |Unallocated | Total |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Geographical segments | Kingdom | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | GBP | GBP | GBP | GBP | GBP |
| | | 000's | 000's | 000's | 000's | 000's |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Six months ended 31 | | | | | |
| | December 2008 | | | | | |
| | (Unaudited) | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment Revenue | - | 9 | 15 | - | 24 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment loss from | (136) | (118) | (55) | - | (309) |
| | operations | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Interest receivable | 2 | - | - | - | 2 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Loss for the period | | | | | (307) |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Year ended 30 June 2008 | | | | | |
| | (Audited) | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment Revenue | 6 | 45 | 18 | - | 69 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment loss from | (1,260) | (588) | (663) | - | (2,511) |
| | operations | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Interest receivable | | | | | 42 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Loss for the period | | | | | (2,469) |
| | before taxation | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Six months ended 31 | | | | | |
| | December 2007 | | | | | |
| | (Unaudited) | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment Revenue | 5 | 22 | - | - | 27 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Segment loss from | (597) | (282) | (176) | - | (1,055) |
| | operations | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Interest receivable | | | | | 31 |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
| | Loss for the period | | | | | (1,024) |
| | before taxation | | | | | |
+---+--------------------------+-----------+-----------+-----------+-------------+-----------+
+---+-----------------------------+----------------+----------------+----------------+
| 3 | LOSS PER ORDINARY SHARE |
| | |
+---+--------------------------------------------------------------------------------+
| The calculation of earnings per share is based on the loss after taxation divided |
| by the weighted average number of share in issue during the period: |
+------------------------------------------------------------------------------------+
| | Six months | Six months | Year ended |
| | ended | ended | 30 June 2008 |
| | 31 December | 31 December | (Audited) |
| | 2008 | 2007 | |
| | (Unaudited) | (Unaudited) | |
+---------------------------------+----------------+----------------+----------------+
| | | | |
+---------------------------------+----------------+----------------+----------------+
| Net loss after taxation (GBP | (307) | (1,023) | (2,469) |
| 000's) | | | |
+---------------------------------+----------------+----------------+----------------+
| | | | |
+---------------------------------+----------------+----------------+----------------+
| Weighted average number of | 259.2 | 226.8 | 226.6 |
| ordinary shares used in | | | |
| calculating basic earnings per | | | |
| share (millions) | | | |
+---------------------------------+----------------+----------------+----------------+
| | | | |
+---------------------------------+----------------+----------------+----------------+
| Basic loss per share (pence) | (0.12) | (0.45) | (1.08) |
+---+-----------------------------+----------------+----------------+----------------+
As the inclusion of the potential ordinary shares would result in a decrease in
the loss per share they are considered to be antidilutive and, as such, a
diluted loss per share is not included.
+---+---------------------+--------------------------------------------------------------+
|4 | SHARE CAPITAL | |
| | ISSUED | |
+---+---------------------+--------------------------------------------------------------+
| | | |
+---+---------------------+--------------------------------------------------------------+
| | The authorised share capital of the Company and the called up and fully paid |
| | amounts at 31 December 2008 were as follows: |
+---+---------------------+--------------------------------------------------------------+
+--------------------------------------+--------------------------+---------------------+
| Authorised | Number of shares | GBP'000 |
| | | |
+--------------------------------------+--------------------------+---------------------+
| Ordinary shares of GBP0.007 each | 1,000,000,000 | 7,000 |
+--------------------------------------+--------------------------+---------------------+
| | | |
+--------------------------------------+--------------------------+---------------------+
| Called up, allotted, issued and | Number of shares | Nominal value |
| fully paid | | GBP000's |
+--------------------------------------+--------------------------+---------------------+
| Balance at 1 July 2006 | 342,761,601 | 343 |
+--------------------------------------+--------------------------+---------------------+
| Consolidation of share capital | (293,795,658) | |
+--------------------------------------+--------------------------+---------------------+
| 12 April 2007 for cash at 10.25p per | 175,903,671 | 1,231 |
| share | | |
+--------------------------------------+--------------------------+---------------------+
| 1 July 2007 for non-cash | 1,731,645 | 12 |
| consideration | | |
+--------------------------------------+--------------------------+---------------------+
| 6 May 2008 for non-cash | 1,623,375 | 11 |
| consideration at 1.54p per share | | |
+--------------------------------------+--------------------------+---------------------+
| 16 July 2008 for cash at 1p per | 18,500,000 | 130 |
| share | | |
+--------------------------------------+--------------------------+---------------------+
| 14 August 2008 for cash at 1p per | 17,500,000 | 122 |
| share | | |
+--------------------------------------+--------------------------+---------------------+
| 14 August 2008 for non-cash | 1,100,000 | 8 |
| consideration at 1p per share | | |
+--------------------------------------+--------------------------+---------------------+
| As at 31 December 2008 | 265,324,634 | 1,857 |
+--------------------------------------+--------------------------+---------------------+
Total share options and warrants in issue
As at 31 December 2008 the options and warrants in issue were;
+--------------------------------------+---------------------------+---------------------+
| Exercise Price | Expiry Date | Options in Issue |
| | | 31 December 2008 |
+--------------------------------------+---------------------------+---------------------+
| 21p | 19 May 2011 | 734,489 |
+--------------------------------------+---------------------------+---------------------+
| 1.54p | 30 April 2018 | 17,550,000 |
+--------------------------------------+---------------------------+---------------------+
| 1.5p (1) | 16 July 2013 | 9,250,000 |
+--------------------------------------+---------------------------+---------------------+
| 1.5p (1) | 14 August 2013 | 9,300,000 |
+--------------------------------------+---------------------------+---------------------+
| | | 36,834,489 |
+--------------------------------------+---------------------------+---------------------+
(1): warrants issued in connections with shares issued during the period.
No options lapsed or were cancelled and no options were exercised during the
period ended December 2008.
+---+----------------------------------------------+---------------+----------------------+
|5 | INVESTMENT IN GROUP COMPANIES | | |
+---+----------------------------------------------+---------------+----------------------+
| | | | |
+---+----------------------------------------------+---------------+----------------------+
| | Company name | Country of | Proportion of |
| | |incorporation | ownership interest |
+---+----------------------------------------------+---------------+----------------------+
| | | | |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technologies UK Limited | UK | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technology Property Limited | UK | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technology International Limited | UK | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technologies (Singapore) Pte | Singapore | 100% |
| | Limited | | |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technology (Nanjing) Co. Limited | China | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Immersion Technologies Australia Pty Limited | Australia | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Whise Acoustics Limited | Australia | 100% |
+---+----------------------------------------------+---------------+----------------------+
| | Whise Technologies Pty Limited | Australia | 100% |
+---+----------------------------------------------+---------------+----------------------+
+----+----------------------------------------------------------------------------------+
| 6 | EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE |
+----+----------------------------------------------------------------------------------+
| | |
+----+----------------------------------------------------------------------------------+
| | On 6 February 2009 at the Annual General Meeting of the Company, a resolution to |
| | subdivide each existing issued and unissued ordinary shares of 0.7p each into |
| | one ordinary share of 0.01p each and one deferred share of 0.69p each was |
| | approved . The deferred shares have effectively no value and no share |
| | certificate in respect of these shares was issued. Share certificates for the |
| | existing ordinary shares remains valid. Accordingly, application was made for a |
| | total of 265,324,634 ordinary share of 0.01p each to be admitted to trading on |
| | AIM and such admission commenced trading on 12 February 2009. |
+----+----------------------------------------------------------------------------------+
| | |
+----+----------------------------------------------------------------------------------+
| 7 | The financial information set out above does not constitute the Group's |
| | statutory accounts for the period ended 30 June 2008, but is derived from those |
| | accounts. |
+----+----------------------------------------------------------------------------------+
| | |
+----+----------------------------------------------------------------------------------+
| 8 | A copy of this interim statement is available on the Company's website |
| | www.iti-plc.com |
+----+----------------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAKDEDFPNEFE
Immersion Tech (LSE:ITI)
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