PILAT TECHNOLOGIES INTERNATIONAL LTD.
("PTI", the "Group" or the "Company")
Results for the Half Year and Second Quarter ended 30 June 2007
London and Tel Aviv 31 August 2007 - Pilat Technologies International Ltd,
the AIM quoted human resources management consultancy, software and services
group, announces its results for the half year and second quarter ended
30 June 2007. PTI is also quoted on the Tel Aviv Stock Exchange.
SUMMARY
- Group second quarter operating profits increased by 20% to �49,000
compared to the second quarter of 2006
- �263,000 net cash provided by operating activities compared to a net
cash out flow of �60,000 in the second quarter of 2006
- Revenues decreased by 6.7% for the half year and 2.7% for the quarter
compared to the comparative periods in 2006
- Operating loss of �52,000 for the first half compared to an operating
profit of �140,000 in first half of 2006
Through three main subsidiaries, Pilat Europe, Pilat North America and Pilat
Israel, the Group provides consultancy, advanced web based software applications
and data processing and analysis services in the fast growing field of Human
Capital Management.
Pilat has a wide and varied client base including many major global corporations
and international public sector bodies. The Company works across all sectors with
organisations employing from a few hundred to hundreds of thousands of staff.
Pilat has extensive industry experience in Financial Services, Energy and
Telecommunications and sector specific offerings in Healthcare, Public Housing,
Local Government and Education.
The shares of PTI are quoted on both AIM and the Tel Aviv Stock Exchange.
Enquiries:
Pilat Technologies International Ltd 00 972 3 767 9200
Chaim Helfgott, Corporate Secretary
Jonathan Berger, Chief Financial Officer
Hanson Westhouse Limited 0113 246 2610
Tim Feather / Matthew Johnson
CHAIRMAN'S STATEMENT
The Board of PTI presents the Company's results for the first half and second quarter
of 2007.
The second quarter showed an improvement from the disappointing first quarter results
with sales growth in Europe and Israel but broadly flat results in North America. The
operating income for the quarter was �49,000 compared to �41,000 for the equivalent
quarter of 2006 (a 20% increase). However the Group recorded a loss of �52,000 during
the six months ended 30 June 2007.
Pilat Europe external sales (excluding inter-group sales) were up 28% compared to the
second quarter of 2006 resulting in total external sales growth for the first half of
2007 of 18% compared to the same period in 2006. The Consultancy Division showed especially
strong results with income nearly doubling compared to the first half of 2006. Consultancy
activities are important for developing client relationships and provide an entry point
into new clients for the Company. We were especially pleased to win or start new projects
in the Talent Engagement and Retention field with a number of major organisations including
a contract with the National School of Government in the UK to provide pre-training surveys
for delegates on their courses. Larger system sales included a sale to a major international
consumer brand who purchased a new Talent Management system that will be used by up to 10,000
staff in more than 100 countries. The implementation of this system will start in the fourth
quarter of 2007.
In Israel, following the rise in sales in quarter one (like-for-like in Shekel terms), sales
rose by 11% in the second quarter and 11% for the half year compared to the same periods in
2006. In July we completed the acquisition of the business of "Nekudat Mifne" ("Turning Point"),
a provider of outplacement services in the Israeli market. The six "Turning Point" staff are
being transferred to our offices in Tel Aviv and Haifa and will continue to provide outplacement
and strategic HR consulting under the Pilat brand. The sales of Nekudat Mifne were NIS 1,210,000
in 2006. Outplacement Consulting is a natural complement to our recruitment and assessment
services and adding these services broadens our portfolio with a counter-cyclical income stream.
In Pilat North America, following the fall in sales of 17% in US$ terms in the first quarter
compared to the comparative quarter in 2006, the second quarter sales were just 1% down on the
same period in 2006 leaving the half year down 9% in US$ terms compared to the first half of 2006.
Major contracts for the implementation of performance and talent management systems were won at
a leading telecommunication group and the Ottawa Police Department. The implementation of a PULSE
based performance management system in the Ottawa Police Department will be the second system
purchased by the Canadian Police Service.
As reported last quarter, spending on research and development is set to rise in the second
half of 2007 as we build an outsourced development team in India. In addition new web based
products for Engagement Surveys and Coaching Management are in the pipeline with a launch
planned for Q4 2007. Our new developments are based on the latest releases of the
Microsoft .NET framework and AJAX technology, allowing users to experience a much richer
and smoother user interface and functionality.
Following the AGM on 31 July 2007, the board has seen two of its members retire and one
new appointment.
Alicia Rotbard completed her maximum statutory two consecutive terms of three years each
as an "External Director" an independent non-executive director established by Israeli
company law to represent the public interest on the boards of quoted companies.
Len Israelstam decided to retire for personal reasons and not to stand for re-election at the
last AGM. The board would like to thank both Alicia and Len for their support and guidance
during their time on the board.
Our new External Director is Amir Shomroni. Amir is an experienced engineer, consultant and
businessman who apart from his heavy influence on transport infrastructure policy in Israel
and Africa (via the United Nations) also built up his own successful Engineering Consultancy
Company. Amir has extensive personal knowledge of the challenges smaller engineering and
consulting firms face in international business and we are looking forward to his contribution
to the board.
Revenues and profitability
Overall sales in the first half were �3,758,000, a decrease of 6.7% compared to the first half
of 2006. This was primarily due to the disappointing performance of Pilat North America.
Total sales in quarter two 2007 were �1,932,000 reflecting a 3% decrease from the equivalent
quarter of 2006 (�1,985,000). However comparing like for like sales, reflecting the sale of
part of our Israeli operations in 2006, there was a 11% increase during the second quarter of 2007.
Sales at Pilat Europe to non-Group customers during the second quarter of 2007 were �616,000
reflecting a 28% increase over quarter two 2006 (�481,000). Total sales, including internal Group,
increased by 11% during the quarter to �659,000 (Q2, 2006 �594,000).
In Israel, sales during the second quarter of 2007 stood at �727,000 an increase of 11% over
quarter two 2006, like for like sales (�655,000) and a 15% reduction in reported sales (�854,000).
Mainly due to exchange rate changes, Pilat North America sales during quarter two, 2007 were
down by 9% to �589,000 (Q2, 2006 �650,000). In US$ terms quarter two sales changed only
slightly compared to Q2, 2006 (down 1.5 %).
The gross margin for the quarter stood at 40%, similar to the gross
margin in 2006, but slightly higher than the margin in the equivalent quarter
of 2006 (38%) and the first quarter of 2007 (35%). The reason for the margin
growth is that relatively more sales originated from our non-Israeli
operations where the margins are higher.
Research and development costs increased by 7% to �89,000 in the
second quarter compared to �83,000 in 2006 in line with management policy.
Sales and marketing expenditure increased by 5% to �228,000 in the
second quarter compared to �218,000 in the equivalent quarter in 2006.
General and administrative decreased slightly in the quarter to
�408,000 (from �419,000 in 2006).
Operating profit for the quarter rose 20% to �49,000 (Q2, 2006
�41,000), profit before tax rose 193% to �82,000 (Q2, 2006 �28,000) and net
income for the quarter stood at �93,000 compared with �3,000 in the equivalent
quarter of 2006.
Balance Sheet
The Group's current assets at 30 June 2007 were �4,163,000, which
represents approximately 92% of assets (89% at 30 June 2006 and 92% at 31
December 2006).
Current liabilities decreased slightly over the period from �1,746,000
at the end of Q1, 2007 to �1,577,000 mainly due to decreases in other accounts
payables. Long-term liabilities stood at �30,000 at the period end.
The Group's current ratio is a healthy 2.64 (2.18 at 30 June 2006 and
2.61 at 31 December 2006).
Shareholders' equity decreased slightly during the quarter to
�2,893,000 (31 March 2007 �2,903,000), which arose from net profits of
�93,000, issuing of shares from exercised options of �6,000 and negative
foreign currency translation adjustments of �109,000.
Liquidity
The Group's cash flow from operating activities for the half year was
�15,000 compared to �103,000 for the first half of 2006. During the second
quarter of 2007 the Group had a positive cash flow of �263,000 from operating
activities compared to a negative cash flow of �60,000 in the equivalent
quarter of 2006. The positive cash flow was mainly due to the profit for the
period, a decrease in trade receivables due to improved collection coupled
with a smaller decrease in trade payables.
Negative effects of currency exchange rates were �62,000 giving a net
increase of �186,000 in cash and cash equivalents in the second quarter (Q2,
2006 decrease of �509,000).
At 30 June 2007 the cash and short term investment balances of the
Company were �2,100,000 (30 June 2006: �1,297,000) with total liabilities to
banks at �22,000 (30 June 2006: �31,000).
Michael Zuckerman, Chairman of the Board
David Sapiro, Chief Executive Officer
Jonathan Berger, Chief Financial Officer
CONSOLIDATED BALANCE SHEETS
British pounds in thousands
June 30, December 31,
2007 2006 2006
Unaudited Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,956 719 2,044
Short term investments 144 578 144
Trade receivables 1,788 2,123 1,828
Other accounts receivable 275 302 208
4,163 3,722 4,224
LONG-TERM LOANS AND RECEIVABLES 20 24 14
FIXED ASSETS, NET
Cost 1,329 1,394 1,324
Less - accumulated depreciation 1,003 995 974
326 399 350
DEFERRED TAXES 3 59 2
4,512 4,204 4,590
The accompanying notes are an integral part of the interim consolidated
financial statements.
CONSOLIDATED BALANCE SHEETS
British pounds in thousands
June 30, December 31,
2007 2006 2006
Unaudited Audited
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term bank credit 12 8 18
Trade payables 372 357 334
Other accounts payable 1,193 1,345 1,266
1,577 1,710 1,618
LONG-TERM LIABILITIES:
Liabilities to banks 10 23 15
Accrued severance pay, net 20 3 12
30 26 27
LIABILITIES RELATED TO DISCONTINUED 12
OPERATIONS 12 105
SHAREHOLDERS' EQUITY 2,893 2,363 2,933
4,512 4,204 4,590
The accompanying notes are an integral part of the interim consolidated
financial statements.
CONSOLIDATED STATEMENTS OF INCOME
British pounds in thousands (except for net earnings per share amounts)
Year ended
Six months ended Three months ended
December
June 30, June 30, 31,
2007 2006 2007 2006 2006
Unaudited Audited
Revenues 3,758 4,027 1,932 1,985 8,162
Cost of revenues 2,347 2,469 1,158 1,224 4,911
Gross profit 1,411 1,558 774 761 3,251
Research and development costs 164 149 89 83 283
Selling and marketing expenses 465 452 228 218 868
General and administrative expenses 834 817 408 419 1,553
Operating income (loss) (52) 140 49 41 547
Financial income (expenses), net 31 18 33 (13) 13
Other incomes, net - - - - 271
Net income (expenses) before
taxes on income (21) 158 82 28 831
Taxes on income 40 (45) 11 (25) (180)
Net income from continuing operations 19 113 93 3 651
Income from discontinued operations, net - 197 - - - 269
Net income 19 310 93 3 920
Net earnings per share (in British
Pence):
Basic earnings:
Net earnings from continuing operations 0.07 0.44 0.36 0.01 2.50
Earnings from discontinued
operations, net - 0.76 - - 1.04
Net earnings per share 0.07 1.20 0.36 0.01 3.54
Diluted earnings:
Net earnings from continuing operations 0.07 0.40 0.35 0.01 2.47
Earnings from discontinued operations,
net - 0.70 - - 1.02
Net earnings per share 0.07 1.10 0.35 0.01 3.49
The accompanying notes are an integral part of the interim consolidated
financial statements.
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
British pounds in thousands
Cumulative
foreign
Additional Share currency Less shares
paid-in options translation Accumulated held by
Share capital capital reserve adjustments deficit subsidiaries Total
Balance at January 1, 2007 49 7,078 - (251) (3,847) (96) 2,933
Issued of shares from exercised
options 1 5 - - - - 6
Net income - - - - 19 - 19
Amounts assigned to employees and
director stock-based compensation - - 4 - - - 4
Cumulative foreign currency
translation adjustments - - - (69) - - (69)
Balance at June 30, 2007
(unaudited) 50 7,083 4 (320) (3,828) (96) 2,893
Balance at January 1, 2006
(audited) 48 7,065 - (137) (4,767) (96) 2,113
Issued of shares from exercised
options 1 6 - - - - 7
Net income - - - - 310 - 310
Cumulative foreign currency
translation adjustments - - - (67) - - (67)
Balance at June 30, 2006
(unaudited) 49 7,071 - (204) (4,457) (96) 2,363
Balance at April 1, 2007
(unaudited) 49 7,078 3 (210) (3,921) (96) 2,903
Issued of shares from exercised
options 1 5 - - - - 6
Net income - - - - 93 - 93
Amounts assigned to employees and
director
stock-based compensation - - 1 - - - 1
Cumulative foreign currency
translation adjustments - - - (110) - - (110)
Balance at June 30, 2007
(unaudited)
50 7,083 4 (320) (3,828) (96) 2,893
Balance at April 1, 2006
(unaudited) 48 7,065 - (178) (4,460) (96) 2,379
Issued of shares from exercised
options 1 6 - - - - 7
Net income - - - - 3 - 3
Cumulative foreign currency
translation adjustments - - - (26) - - (26)
Balance at June 30, 2006
(unaudited) 49 7,071 - (204) (4,457) (96) 2,363
The accompanying notes are an integral part of the interim consolidated financial statements.
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
British pounds in thousands
Cumulative
foreign
Additional Share currency
Share paid-in options translation Accumulated Less shares held
capital capital reserve adjustments deficit by subsidiaries Total
Balance at January
1, 2006 (audited) 48 7,065 - (137) (4,767) (96) 2,113
Net income - - - - 920 - 920
Issued of shares
from exercised
options 1 13 - - - - 14
Cumulative foreign
currency translation
adjustments - - - (114) - - (114)
Balance at December
31, 2006 (audited) 49 7,078 - (251) (3,847) (96) 2,933
The accompanying notes are an integral part of the interim consolidated
financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Year ended
Six months ended Three months ended December
June 30, June 30, 31,
2007 2006 2007 2006 2006
Unaudited Audited
Cash flows from operating
activities:
Net income 19 310 93 3 920
Adjustments to reconcile net
income to net cash provided by
(used in) operating activities
(a) (4) (207) 170 (63) 155
Net cash provided by (used in)
operating activities 15 103 263 (60) 1,075
Cash flows from investing
activities:
Purchase of fixed assets, net (54) (45) (10) (17) (84)
Proceeds from sale of fixed
assets - - - - 26
Short and long term investments,
net (4) (181) (4) (399) 242
Net cash used in continuing
investing activities (58) (226) (14) (416) 184
Net cash used in discontinued
investing activities - (58) - (12) (64)
Net cash provided by investing
activities (58) (284) (14) (428) 120
Cash flows from financing
activities:
Issued of shares from exercised
options 6 7 6 7 -
Repayment of long-term loans from
banks (11) (20) (6) (11) (29)
Short-term bank credit, net - - - - 14
Net cash used in financing
activities (5) (13) - (4) (15)
Effect of exchange rate changes
on cash and cash equivalents (40) (25) (63) (17) (74)
Increase (decrease) in cash and
cash equivalents (88) (219) 186 (509) 1,106
Cash and cash equivalents at the
beginning of the period 2,044 938 1,770 1,228 938
Cash and cash equivalents at the
end of the period 1,956 719 1,956 719 2,044
The accompanying notes are an integral part of the interim consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
British pounds in thousands
Year ended
Six months ended Three months ended December
June 30, June 30, 31,
2007 2006 2007 2006 2006
Unaudited Audited
(a) Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
income:
Income and expenses not
involving cash flows:
Share-based payment cost 4 - 1 - -
Profit from discontinued
operations, net - (197) - - (269)
Depreciation and amortization 72 69 36 35 146
Deferred taxes, net (40) 4 1 1 53
Increase (decrease) in accrued
severance pay, net 9 18 (1) (8) 28
Capital gain from sale of fixed
assets - - - - (4)
Changes in operating assets and
liability items:
Decrease (increase) in trade
receivables, other accounts
receivable and long-term loans
and receivables (51) (176) 268 87 158
Increase (decrease) in trade
payables and other accounts
payable 2 75 (135) (178) 43
(4) (207) 170 (63) 155
(b) Non cash investing and
financing activities
Property and equipment acquired
Under capital leases - 6 - - 21
The accompanying notes are an integral part of the interim consolidated
financial statements.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1: GENERAL
These financial statements have been prepared in a condensed format as of June
30, 2007, and for the six months then ended ("interim financial statements").
These financial statements should be read in conjunction with the Company's
audited annual financial statements and accompanying notes as of December 31,
2006 and for the year then ended.
NOTE 2: SIGNIFICANT ACCOUNTING POLICIES
a. The interim financial statements have been prepared in accordance with
generally accepted accounting principles for the preparation of financial
statements for interim periods, as prescribed in Accounting Standard No. 14 of
the Israel Accounting Standards Board and in accordance with the Chapter D of
the Securities Regulations (periodic and Immediate reports), 1970.
The significant accounting policies and methods of computation followed in the
preparation of the interim financial statements are identical to those
followed in the preparation of the latest annual financial statements.
b. Initial adoption of new Accounting Standards:
(1) Accounting Standard No. 26 - Inventories:
In August 2006 the Israeli Accounting Standards Board published Accounting
standard No. 26 - "Inventory" ("the Standard"), which outlines the accounting
treatment for inventory.
The Standard applies to all types of inventory, other than building earmarked
for sale and addressed by accounting standard No.2 ("construction of Buildings
for Sale"), inventory of work in progress stemming from performance contracts,
addressed by Accounting Standard No.4 ("Work Based on Performance Contract"),
financial instruments and biological assets relating to agricultural activity
and agricultural production during harvest.
The Standard establishes, among other things, that inventory should be stated
at the lower between cost and net realizable value. Cost is determined by the
first in, first out (FIFO) method or by average weighted cost used
consistently for all types of inventory of similar nature and uses. In certain
circumstances the Standard requires cost determination by a specific
identification of cost, which includes all purchase and production costs, as
well as any other costs incurred in reaching the inventory's present stage.
When inventory is acquired on credit incorporating a financing component, the
inventory should then be presented at cost equaling purchase cost in cash. The
financing component is recognized as a financing expense over the term of the
credit period.
Any reduction of inventory to net realizable value following impairment as
well as any other inventory loss should be expensed during the current period.
Subsequent elimination of an impairment write-down that stems form an increase
in net realizable value will be allocated to operations during the period in
which the elimination took place.
This Standard will apply to financial statements covering periods beginning
January 1, 2007 and onwards and should be implemented retroactively.
This new standard does not have effect on the Company's financial statements.
(2) Accounting Standard No. 27 - Fixed Assets:
In September 2006 the Israeli Accounting Standards Board published Accounting
Standard No. 27 ("Fixed Assets"), which establishes the accounting treatment
for fixed assets, including recognition of assets, determination of their book
value, related depreciation, losses from impairment as well as the disclosure
required in the financial statements.
The Standard states that a fixed-asset item will be measured at the initial
recognition date at cost which includes, in addition to the purchase price,
all the related costs incurred for bringing the item to the position enabling
it to operate in the manner contemplated be management. The cost also includes
the initial estimate of costs required to dismantle and remove the item, along
with the expenses incurred in reconstructing the site in which the item had
been placed and in respect of which the entity incurred that obligation when
the item had been acquired or following its use over a given period of time
not in the production of inventory during that period.
The Standard also states that when acquiring assets in exchange for a
non-monetary asset or a combination of monetary as well as non-monetary
assets, the cost will be determined at fair value unless (a) the barter
transaction has no commercial essence or (b) it is impossible to reliably
measure the fair value of the asset received and the asset provided. Should
the provided asset not be measured at fair value, its cost would equal book
value.
Following the initial recognition, the Standard permits the entity to
implement in its accounting policy the measurement of the fixed assets by the
cost method or by revaluation method, as defined in the Standard, so long as
this policy is implemented in regard to all items in that group.
This new Standard apply to financial statements covering periods beginning
January 1, 2007 and onwards and implemented retroactively, except for in cases
where an entity.
An entity chooses, on January 1, 2007 the revaluation method and will treat
the difference between the asset's estimated book value and its cost as a
revaluation reserve at that time, or incase when an entity did not include in
the cost of an item, upon initial recognition, the initial estimate of
dismantling and removing costs along with site reconstruction costs.
This new standard does not have a material effect on the Company's financial
position, results of operations and cash flows.
(3) Accounting Standard No. 23 - Accounting for Transactions between an Entity
and a controlling party
In December 2006 the Israeli Accounting Standards Board published Accounting
Standard No.23. "Accounting for Transactions between an Entity and a
controlling Party (hereinafter-the standard). The standard applies entities
subject to the Israeli Securities Law -1968.
The standard establishes the requirements for accounting for transactions
between an entity and its controlling party which involve the transposition of
an asset, the taking on of a liability, reimbursement or debt concession, and
the receiving of loans. The standard does not apply to business combinations
under common control. The standard stipulates that transactions between an
entity and a controlling party will be measured based on fair value
transactions which in nature are owner investment should be report directly in
equity and not be recognized in the controlled entity's profit and loss, the
differences between the consideration set in transactions between an entity
and a controlling party and their fair value will be allocated directly to the
equity and current and deferred taxes pertaining to the items allocated to
equity due to transactions with controlling parties will be allocated directly
to equity as well.
The standard is effective for transactions between an entity and a controlling
party taking place subsequent to January 1, 2007 and for loans granted from or
given to a controlling party prior to the Standard's coming into effect,
starting on the standard's effective date.
This new standard does not have a material effect on the Company's financial
position, results of operations and cash flows.
c. Disclosure of the impact of new accounting standard in the period prior its
application:
Accounting standard No. 29 - Adoption of International Financial Standards:
In July 2006, the Israeli Accounting Standard Board published Accounting
Standard No. 29
"Adoption of International Financial Standards (IFRS)" hereafter - "the
Standard"). The Standard provides that entities that are subject to the
Securities Law, 1968 and that are required to report in accordance with this
Law's provisions, shall prepare their financial statements pursuant to IFRS
standards for periods commencing January 1, 2008.
Initial adoption of IFRS Standard is to be effected by means of application of
the provisions of IFRS 1, "First-Time Application of IFRS Standards", for
purposes of the transition.
In accordance with the Standard, the Company is required to include in a note
to the annual financial statements as at December 31, 2007 the balance-sheet
data as at December 31, 2007 and the income-statement for the year then ended,
after they have undergone application of the recognition, measurement and
presentation rules of IFRS Standards.
d. Following are data regarding the exchange rate of the British pound in
relation to the NIS:
Exchange rate
of
As of one British
pound
NIS
June 30, 2007 8.5067
June 30, 2006 8.1376
December 31, 2006 8.2884
Change during the period %
June 2007 (six months) 2.6
June 2006 (six months) 2.5
June 2007 (three months) 4.7
June 2006 (three months) 0.1
December 2006 (12 months) 4.4
NOTE 3: SEGMENTS
Six months ended June 30, 2007
North Adjustments
Israel Europe America Total
Unaudited
British pounds in thousands
External revenues 1,439 1,249 1,070
Inter-segment (100)
revenues - 100 -
Total revenues 1,439 1,349 1,070 (100) 3,758
Segment results 82 160 (27) - 215
General joint
expenses
unallocated (267)
Operating loss (52)
Six months ended June 30, 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 1,664 1,063 1,300
Inter-segment (217)
revenues - 217 -
Total revenues 1,664 1,280 1,300 (217) 4,027
Segment results 95 125 185 - 405
General joint
expenses
unallocated (265)
Operating income 140
Three months ended June 30, 2007
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 727 616 589
Inter-segment (43)
revenues - 43 -
Total revenues 727 659 589 (43) 1,932
Segment results 42 62 60 - 164
General joint
expenses
unallocated (115)
Operating income 49
Three months ended June 30, 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 854 481 650
Inter-segment (113)
revenues - 113 -
Total revenues 854 594 650 (113) 1,985
Segment results 76 13 86 - 175
General joint
expenses
unallocated (134)
Operating income 41
Year ended December 31, 2006
North
Israel Europe America Adjustments Total
Unaudited
British pounds in thousands
External revenues 3,240 2,309 2,613
Inter-segment (437)
revenues - 437 -
Total revenues 3,240 2,746 2,613 (437) 8,162
Segment results 199 532 322 1,053
General joint
expenses
unallocated (506)
Operating income 547
NOTE 4: Additional information
In April 2007, a lawsuit for 1.2 million NIS was filed against the company by
a former employee. In June 2007, the company filed a response to the lawsuit
claim within the court, and a counterclaim of 2 million NIS. The Company's
management, based upon the advice of its legal counsel, considers that it has
valid defence that would result the judgment in its favour. Therefore in its
financial statements, the Company has provided only for the legal fees related
to such lawsuit.
END
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