23 December 2005
SKY CAPITAL HOLDINGS LIMITED
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2005
* Revenue increased by 7% to $7.2 m
* Commissions flat compared to same period in 2004
* Operating loss of $6.0 m compared to $9.7 m for the same period in 2004
Interim Results
Sky Capital Holdings, Ltd., has experienced a soft six-month period from 1
April 2005 through 30 September 2005. Total revenues increased by 7% to $7.2
million for the six-month period ended 30 September 2005 from $6.7 million for
the same prior-year period. Commissions for the six-month period ended 30
September 2005 were $7.1 million with no increase compared to $7.1 million in
the prior year. The lack of growth in commissions was tempered by an increase
in interest and dividend income of $110,000 and no change in the value of
marketable securities, which were recorded at a loss of $379,000 for the same
period of 2004.
The Company incurred an operating loss of approximately $6.0 million for the
six months ended 30 September 2005, compared with a loss of approximately $9.7
million for the six months ended 30 September 2004. The decrease in loss from
operations was primarily due to a reduction in non-cash stock based
compensation expenses and general and administrative expenses.
During the six-month period ended 30 September 2005, the Company incurred
approximately $6,000 in stock based compensation costs. The stock based
compensation expense was approximately $1.5 million in the corresponding period
of the prior year. This reduction reflects the fully amortized cost of stock
grants through the end of March 2005.
General and administrative expense for the period totaled approximately $13.2
million, a decrease of $1.6 million from the six-month period in the prior
year. This decrease is as the result of the continuing cost cutting policies
adopted by the Company. In this regard, the Company has undertaken measures to
review and reduce all costs not directly associated with the production of
revenue.
Alexander Duma, Chairman of Sky Capital Holdings, commented, "Sky Capital and
its operating subsidiaries, Sky Capital LLC in New York and Sky Capital UK, in
London, continue to position themselves to grow their revenues from their
retail broking operations in anticipation of the improvement, currently being
experienced in world stock markets. Meanwhile, the Company is exploring other
opportunities and sources of revenues with the view to reducing its dependence
on its retail broking operations. These factors, together with the continuance
of our aggressive cost cutting measures, should be reflected in a further
reduction in our trading losses in the second half of this financial year."
For further information, please contact,
Ross Mandell,
Sky Capital Enterprises, Inc.
Tel. +1 (212) 709 1900
Adam Reynolds / Ben Simons
Hansard Communications
Tel. +44 (0)20 7245 1100
Condensed Profit and Loss Statement
Unaudited Audited Unaudited
6 months 12 months 6 months
ended ended ended
30 September 31 March 2005 30 September
2005 2004
$'000 $'000 $'000
Commissions, net 7,081 12,500 7,090
Net gain/(loss) on marketable - (44) (379)
securities
Other Income 110 384 -
Total Revenues 7,191 12,840 6,711
General and administrative (13,226) (28,226) (14,861)
expenses
Operating loss (6035) (15,386) (8,150)
Stock based compensation/ (6) 3,257 (1,512)
acquisition costs
Net loss (6,041) (12,129) (9,662)
Accumulated deficit brought (53,163) (41,034) (41,034)
forward
Accumulated deficit carried (59,204) (53,163) (50,696)
forward
Supplemental information
Net loss (6,041) (12,129) (9,662)
Preferred stock beneficial (617) (8,133) (5,773)
conversion
Preferred Stock Dividend (274) (840) (167)
Net loss attributable to common (6,932) (21,102) (15,602)
stockholders
Loss per Share USD USD USD
Basic and diluted loss per ($ 0.25) ($ 1.01) ($ 0.93)
common share
Weighted average common shares 27,265,185 20,816,000 16,855,000
outstanding
Condensed Balance Sheet
Unaudited Audited Unaudited
6 months 12 months 6 months
ended ended ended
30 September 31 March 2005 30 September
2005 2004
$'000 $'000 $'000
Fixed Assets
Intangible assets - - 45
Tangible assets 2,085 2,164 2291
2,085 2,164 2336
Non Current Assets 592 2,436 -
Current Assets
Debtors 12,283 11,030 4,893
Prepaid expenses and other 1,120 2,144 10,137
assets
Cash at bank and in hand 5,101 8,134 11,114
18,504 21,308 26,144
Creditors
Amounts falling due within one 8,035 11,204 10,940
year
Net current assets 10,469 10,104 15,204
Total assets less current 13,146 14,704 17,540
liabilities
Share capital and reserves
Common stock 1 1 1
Preferred stock 1 1 1
Additional paid-in-capital 71,953 67,470 68,078
Accumulated deficit (59,204) (53,163) (50,696)
Unearned stock based expense - - (80)
Comprehensive income - foreign 395 395 236
currency translation
Equity Shareholders' funds 13,146 14,704 17,540
Condensed Cash Flow Statement
Unaudited Audited Unaudited
6 months 12 months 6 months
ended 30 ended 31 March ended 30
September 2005 September
2005 2004
$'000 $'000 $'000
Net loss (6,014) (12,129) (9,662)
Cash inflow/(outflow) from (920) 147 4,926
operating activities
Cash inflow/(outflow) from (469) (2,114) (2,081)
investing activities
Cash inflow/(outflow) from 4,370 3,857 (331)
financing activities
Effect of exchange rate - 100 (11)
Net increase/(decrease) in cash (3,033) (10,139) (7,159)
Beginning cash 8,134 18,273 18,273
Cash and cash equivalents at end 5,101 8,134 11,114
of period
Notes to the Interim Results
1. Basis of Preparation
The results for the six-month periods ended 30 September 2005 and 30 September
2004 are not audited and have not been approved by any independent auditors.
They have been prepared using accounting policies and procedures that are
consistent with those used in the preparation of the audited financial
statements of the Company for the period ended 31 March 2005, applied on a
consistent basis and in conformity with United States Generally Accepted
Accounting Principles.
The results for the period ended 31 March 2005 have been extracted from our
audited accounts, as at that date, which received an unqualified audit opinion.
2. Dividends
A dividend of $274,000 was declared on Series B Preferred Stock on 30 June 2005
and paid on 7 July 2005. Of that amount, $137,000 had been accrued at 31 March
2005. As of 7 July 2005 the Company has fulfilled all of its dividend payments
on both its Series (A and B) of Preferred Stock.
3. Earnings per Share
The loss per share for the six months ended 30 September 2005, 30 September
2004 and the twelve-month period ended 31 March 2005, has been calculated on
the basis of the loss after all transactions attributable to common
shareholders. The calculation of loss per share is based on 27,265,185 for the
six-month period ended 30 September 2005, 16,855,000 for the six-month period
ended 30 September 2004 and 20,816,000 for the twelve-month period ended 31
March 2005.
END
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