The Company has also reported a positive cash flow from operating activity, such that in addition to an exercise of US$2m of a convertible stand-by loans, has raised cash levels above US$11m.
On a GAAP basis the Company reports a loss of US$4.8m, which includes extraordinary charges and write-off of inventory of US$5.3m. The Company believes that since the extraordinary charges and write-offs are related to its previously announced reorganisation plan, they do not reflect the true current business of the Company.
Revenues for the fourth quarter of 2003 were US$18.2m, compared to US$19.5m in the fourth quarter of 2002, and US$17.1m during the prior quarter. Excluding extraordinary charges and write-off of inventory of US$5.3m, operating profit in the fourth quarter of 2003 was US$0.9m and net income was US$0.5m, compared to an operating loss of US$1.1m. This is excluding extraordinary charges and write-off of inventory of US$15.7m, and a net loss of US$1.4m in the fourth quarter of last year.
Taking into account extraordinary charges and inventory write-off, results for the fourth quarter were an operating loss of US$3.7m and a net loss of US$4.8m, compared to an operating loss of US$16.8m and a net loss of US$17.1m last year.
Revenues for the full year 2003 were US$65.6m compared to US$85.3m in 2002. Excluding extraordinary charges and write-off of inventory of US$24.1m, operating loss in 2003 was US$1.6m and net loss was US$3.6m, compared to an operating loss of US$4.5m in prior year, excluding extraordinary charges and write-off of inventory of US$18.1m compared to a net loss of US$6.m in the prior year.
Taking into account extraordinary charges and inventory write-off, results for 2003 included an operating loss of US$25m and a net loss of US$27.7m, compared to an operating loss of US$22.)m and a net loss of US$24.1m, in the fourth quarter 2002.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter