Interim Results
04 9월 2006 - 4:01PM
UK Regulatory
FOR: MICROFUZE INTERNATIONAL PLC
AIM SYMBOL: MFZ
September 4, 2006
MicroFuze International Plc: Interim Results for the Six Months Ended 30 June 2006
Chairman's Statement
LONDON, UNITED KINGDOM--(CCNMatthews - Sept. 4, 2006) - MicroFuze International plc (AIM:MFZ) a
provider of innovative surface engineering technology, announces its interim results for the period
ended 30 June 2006.
Highlights:
- Successful completion of placing
- Senior management and engineering team strengthened
- Engineering team now in place
- First commercial order for chrome diffusion
- Continued development work of Microwave Diffusion Treatment ("MDT") for chrome and boron diffusion
- Investment in "cool plasma" technology
- Net cash position at the end of the period was Pounds Sterling 1.7 million
Since the placing of MicroFuze on 13 February 2006 the Company has made progress with its development
and commercial focus. Milestones achieved include the appointment of senior executives needed to
provide the required leadership and expertise to direct the Company towards future growth and
commercialisation. MicroFuze's first commercial order and investment in new technologies further
demonstrate the Company's focus in commercialising surface engineering solutions using microwaves.
Results Summary
The loss on ordinary activities for the period ended 30 June 2006 was Pounds Sterling 989,000 or 0.66p
per share. This loss is inclusive of exceptional items totalling Pounds Sterling 421,000, being
Research and Development in respect of ongoing projects. During the period Pounds Sterling 3,010,000
was raised through the issuance of ordinary shares at a cost to the company of Pounds Sterling
445,000. The net cash position of the company as at 30 June 2006 was Pounds Sterling 1,712,000.
As was announced in our trading update of 25 August 2006 the revenues for the financial year ended 31
December 2006 will not meet expectations. This is as a result of delay in the scale up and purchase of
a production microwave. As a consequence the Company is continuing to preserve its cash.
Business Operations
Chrome
The Company received its first commercial order for the chrome diffusion of studs from Diffusion
Technologies, an industry leader in the maintenance of black liquor boilers for energy extraction and
a tier one supplier to the pulp and paper industry. Diffusion Technologies acknowledges that
MicroFuze's microwave-treated products provide significant advantages over conventional diffusion,
since they can be made within a few hours, replacing conventional processes that take several days,
and are more consistent in quality and superior in welding characteristics.
The Diffusion Technologies order has already been part-completed using the existing development
microwave in Chattanooga, Tennessee.
Boron
The Company has focused its development efforts on the diffusion of boron into hard steels. Further
research and development time and cost will be spent on boron. The discussions the Company is having
with its customers for boron diffusion technology is encouraging and the Company sees boron diffusion
as a promising growth market.
Production
The Company is in discussions with vendors for the purchase of a new production microwave. This will
enable the Company to complete commercial orders which require larger manufacturing capacity than our
smaller development microwave can provide. We expect the new production microwave to be located in
Chattanooga, Tennessee.
Management
The Company has recruited the senior executive talent needed to progress the commercialisation of its
patented microwave technology:
Sandy Barblett joined the Company in April as an Executive Director based in London. Sandy has gained
a wealth of experience from Pace Micro Technology plc and we welcome his global sales, marketing and
leadership skills. Sandy is working to accelerate the commercial rollout of the technology and will
also be active in looking at other technologies and companies that are complementary to the MicroFuze
technology.
Art Greenberg joined the Company in June as the President of MicroFuze Americas, Inc., the key
subsidiary which holds the licence to commercialise the US Government's patents and which is 85% owned
by MicroFuze, 10% owned by the US Department of Energy and 5% owned by Harley Grant, who is one of the
inventors of the technology. Art is a chemical engineer by trade and has experience in chemicals and
metal coatings applied to industries such as those served by MicroFuze. Art's appointment is as part
of the executive management team.
Development of New Technologies
The Company appointed as a consultant Professor Nguyen Tran, who is a leading authority in the field
of microwave engineering, where he has been active for some 20 years. Professor Tran is developing the
"cool plasma" technology for creating metal infused coatings using microwaves which could extend the
existing range of metals to which MDT is applied to include aluminum and magnesium. Professor Tran is
based in Melbourne and will set up a second development microwave for the Company in addition to our
microwave in Chattanooga.
MicroFuze's existing patented MDT creates alloys by diffusing metals in a microwave. For metals such
as magnesium and aluminum with relatively low melting temperatures, working in a cooler environment is
essential for making an alloy layer without damaging the target metal.
The appointment of Professor Tran for an initial 12 month period allows the Company to further extend
its technology base. If the Company is able to successfully diffuse metals or rare earths at lower
temperatures, it will open up many opportunities for metals that have previously been untreatable
using conventional methods, and certain industrial applications previously considered impossible. We
will keep the shareholders updated on developments in this regard.
Outlook
MicroFuze is continuing to establish itself as a solutions provider of innovative surface treatment
technologies. The MDT technology is the base from which the Company will seek to grow both organically
and via acquisition.
The Company continues to be focused on working with customers and partners who have a real commercial
need for the microwave diffusion treatment technology.
There have been very few significant technological advances in the market place that we operate in
recent time. Companies are looking at new processes in the surface engineering sector that are
cheaper, quicker, more environmentally friendly and provide the customer with better properties in
their base metals. MicroFuze will seek to capitalise on the important opportunities which are now
underpinning a changing market place.
The board looks forward to reporting developments in the MDT technology in the coming months.
Duncan Clegg
Chairman
/T/
For further information:
MicroFuze International plc www.microfuze.com
Doug Parrish, Chief Executive Tel: +44 (0)20 7016 5100
parrish@microfuze.com Mob: +44 (0) 7789 373 292
Libertas Capital
Andrew Raca Tel: +44 (0)20 7569 9604
ajr@libertascapital.com
Media enquiries:
Positive Profile
Henry Gewanter Tel: +44 (0)20 7489 2028
henryg@positiveprofile.com Mob: + 44 (0) 7774 22 88 45
MicroFuze International plc
---------------------------
Profit and Loss Account
-----------------------
For the period ended 30th June 2006
Period
19.8.05 to
30.06.06
(unaudited)
Total
Pounds
Sterling
Note 000
Turnover 2
Net operating costs 2 (1,071)
------------------------------------------------------------------------
Operating loss (1,069)
Interest receivable 30
------------------------------------------------------------------------
Loss before taxation (1,039)
Taxation -
------------------------------------------------------------------------
Loss after taxation (1,039)
Minority interests 50
------------------------------------------------------------------------
Loss for the period (989)
------------------------------------------------------------------------
------------------------------------------------------------------------
Loss per share 0.66p
------------------------------------------------------------------------
/T/
Earnings per share
Loss per share of 0.66p has been calculated using the loss after taxation and minority interest of
Pounds Sterling 989k applied to 149,121,110 shares
/T/
MicroFuze International plc
---------------------------
Group Consolidated Balance Sheet
--------------------------------
30th June
2006
(unaudited)
------------------------------------------------------------------------
------------------------------------------------------------------------
Pounds
Sterling
Note 000
------------------------------------------------------------------------
------------------------------------------------------------------------
Fixed Assets
Goodwill 1,464
Tangible 62
------------------------------------------------------------------------
1,526
------------------------------------------------------------------------
Current Assets
Debtors - amounts falling due within one year 3 84
Cash at bank 1,712
------------------------------------------------------------------------
1,796
------------------------------------------------------------------------
Creditors: amounts falling due within one year
Other creditors (201)
------------------------------------------------------------------------
Net current assets 1,595
------------------------------------------------------------------------
Total assets less current liabilities 3,121
------------------------------------------------------------------------
Net assets 3,121
------------------------------------------------------------------------
Capital and reserves
Called up share capital 224
Share premium account 3,941
Profit and loss account (955)
------------------------------------------------------------------------
Shareholders' funds 3,211
Minority interests (equity) (89)
------------------------------------------------------------------------
3,121
------------------------------------------------------------------------
------------------------------------------------------------------------
MicroFuze International plc
---------------------------
Group Cash Flow
---------------
Period
19.8.05 to
30.06.06
(unaudited)
------------------------------------------------------------------------
Pounds
Sterling
Note 000
------------------------------------------------------------------------
Net cash outflow from operating activities 1 (889)
Return on investments and servicing of finance
- interest received 30
Tax paid -
------------------------------------------------------------------------
Net cash outflow before investing activities (859)
Net capital receipts 1 2,571
------------------------------------------------------------------------
Increase in cash 1,712
------------------------------------------------------------------------
Movement in net cash in the period
------------------------------------------------------------------------
Increase in the period 1,712
------------------------------------------------------------------------
As at 30 June 2006 1,712
------------------------------------------------------------------------
MicroFuze International plc
---------------------------
Statement of total recognised gains and losses
----------------------------------------------
Period
19.8.05 to
30.06.06
(unaudited)
Pounds
Sterling
000
------------------------------------------------------------------------
------------------------------------------------------------------------
Loss for the period (989)
Exchange adjustments 34
------------------------------------------------------------------------
Total recognised gains and losses in the period (955)
------------------------------------------------------------------------
Reconciliation of movements in shareholders' funds
Period
19.8.05 to
30.06.06
(unaudited)
Pounds
Sterling
000
------------------------------------------------------------------------
------------------------------------------------------------------------
Recognised losses relating to the period (955)
Shares issued during the period 4,165
------------------------------------------------------------------------
Net increase in shareholders' funds 3,210
At beginning of period -
------------------------------------------------------------------------
At end of period 3,210
------------------------------------------------------------------------
/T/
Historical cost profits and losses
There were no differences between the reported loss before taxation and the historical cost loss
before taxation for the period.
Basis of preparation of the interim financial information
The interim financial information has been prepared on the same basis and using the same accounting
policies as were applied in drawing up the financial information contained in the admission document.
The figures for the period are unaudited.
/T/
MicroFuze International plc
---------------------------
Notes to the half year accounts
-------------------------------
1. Consolidated cash flow statement
Period
19.8.05 to
30.06.06
(unaudited)
------------------------------------------------------------------------
------------------------------------------------------------------------
Pounds
Sterling
Net cashflow from operating activities 000
------------------------------------------------------------------------
------------------------------------------------------------------------
Operating loss (1,069)
Depreciation charge 7
Goodwill amortisation 44
Decrease in debtors 35
Increase in creditors 94
------------------------------------------------------------------------
Net cash outflow from operating activities (889)
------------------------------------------------------------------------
Period
19.8.05 to
30.06.06
(unaudited)
------------------------------------------------------------------------
------------------------------------------------------------------------
Pounds
Sterling
Net capital receipts/(payments) 000
------------------------------------------------------------------------
------------------------------------------------------------------------
Purchase of tangible fixed assets (11)
Issue of ordinary shares 3,010
Costs of share issue (445)
Cash acquired with subsidiaries 17
------------------------------------------------------------------------
2,571
------------------------------------------------------------------------
/T/
2. Operating Exceptional Items
Included within net operating costs for the period is the following exceptional item:
/T/
Pounds
Sterling
'000
Research and development in respect of ongoing projects 421
-----------
/T/
3. Debtors
Included within Debtors is an amount of Pounds Sterling 27,211 in respect of unpaid share capital. Of
this amount Pounds Sterling 10,000 has been received since the period end and the balance is expected
to be received in the near future.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
MicroFuze International plc
Doug Parrish
Chief Executive
+44 (0)20 7016 5100
Mob: +44 (0) 7789 373 292
parrish@microfuze.com
OR
Libertas Capital
Andrew Raca
+44 (0)20 7569 9604
ajr@libertascapital.com
OR
Media enquiries:
Positive Profile
Henry Gewanter
+44 (0)20 7489 2028
Mob: + 44 (0) 7774 22 88 45
henryg@positiveprofile.com
-0-
MicroFuze International plc
Microfuze (LSE:MFZ)
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