Lanoptics LTD.
Please see disclaimer at bottom of this document
November 7, 2005 Review of Form 6K earnings release for 9/30/05
1. Statement of Cash flows not yet filed. This makes analysis difficult, if not impossible.
2. Dilution seems heavy. Something always to watch
3. Inventory is building, as revenues are falling. Watch for potential write off.
4. Looks like burn is around $2.5M quarterly. If we use quarterly burn of $4.0M, there is still 5 quarters of cash. It is very possible that I over estimated the burn, but I want to be more conservative. Either way, cash could unarguably run out during fiscal 2007.
5. Balance Sheet Data
| 31-Dec-04 | 31-Mar-05 | 30-Jun-05 | 30-Sep-05 | |
| Assets | ||||
| Current Assets | ||||
| Cash and Marketable Securities | $25,619 | $23,017 | $20,712 | $21,183 |
| Trade Receivable Gross | $828 | $1,667 | $1,872 | $471 |
| Less: Allowance | ($47) | ($47) | ($47) | $0 |
| Other receivables and prepaid expense | $703 | $459 | $275 | $448 |
| Inventories | $1,279 | $1,854 | $2,356 | $2,292 |
| Total Current Assets | $28,382 | $26,950 | $25,168 | $24,394 |
| Long Term Investments | ||||
| Prepaid Development and Production | $476 | $455 | $430 | $397 |
| Severance Pay Fund | $1,489 | $1,543 | $1,478 | $1,543 |
| Total Long Term Investments | $1,965 | $1,998 | $1,908 | $1,940 |
| Property and Equipment Net | $384 | $341 | $391 | $378 |
| Intangible Assets, Net | $634 | $574 | $5,865 | $5,780 |
| Total Assets | $31,365 | $29,863 | $33,332 | $32,492 |
| Liabilites and Shareholders' Equity | ||||
| Current Liabilities | ||||
| Trade Payables | $856 | $1,178 | $1,697 | $303 |
| Other Payables and Accrued Expenses | $2,478 | $2,482 | $2,197 | $1,922 |
| Total Current Liabilities | $3,334 | $3,660 | $3,894 | $2,225 |
| Long Term Liabilities | ||||
| Accrued Severance Pay | $1,985 | $2,034 | $1,922 | $1,983 |
| Preferred Shares in Subsidiary | $35,937 | $36,144 | $35,185 | $38,463 |
| Shareholders' Deficiency | ||||
| Share Capital | $70 | $70 | $75 | $75 |
| Additional Paid In Capital | $53,193 | $53,231 | $61,196 | $61,185 |
| Accumulated other Comprehensive Loss | ($84) | ($110) | ($73) | ($58) |
| Accumulated Deficit | ($63,070) | ($65,166) | ($68,867) | ($71,381) |
| Total Shareholders' Deficiency | ($9,891) | ($11,975) | ($7,669) | ($10,179) |
| Total Liabilites and Shareholders' Equity | $31,365 | $29,863 | $33,332 | $32,492 |
September 29, 2005 Review of Form 6K earnings release for 6/30/05
1. Balance Sheet Data
|
|
30-Jun-05 |
31-Mar-05 |
31-Dec-04 |
|
Assets |
|
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
|
Cash and Marketable Securities |
20712 |
23017 |
25619 |
|
Trade Receivable Gross |
1872 |
1667 |
828 |
|
Less: Allowance |
-47 |
-47 |
-47 |
|
Other receivables and prepaid expense |
275 |
459 |
703 |
|
Inventories |
2356 |
1854 |
1279 |
|
|
|
|
|
|
Total Current Assets |
25168 |
26950 |
28382 |
|
|
|
|
|
|
Long Term Investments |
|
|
|
|
|
|
|
|
|
Prepaid Development and Production |
430 |
455 |
476 |
|
Severance Pay Fund |
1478 |
1543 |
1489 |
|
|
|
|
|
|
Total Long Term Investments |
1908 |
1998 |
1965 |
|
|
|
|
|
|
Property and Equipment Net |
391 |
341 |
384 |
|
|
|
|
|
|
Intangible Assets, Net |
5865 |
574 |
634 |
|
|
|
|
|
|
Total Assets |
33332 |
29863 |
31365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
|
Trade Payables |
1697 |
1178 |
856 |
|
Other Payables and Accrued Expenses |
2197 |
2482 |
2478 |
|
|
|
|
|
|
Total Current Liabilities |
3894 |
3660 |
3334 |
|
|
|
|
|
|
Long Term Liabilities |
|
|
|
|
|
|
|
|
|
Accrued Severance Pay |
1922 |
2034 |
1985 |
|
|
|
|
|
|
Preferred Shares in Subsidi |