December 31 | ||||||||
2012 | 2013 | |||||||
| A s s e t s | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 2,873 | $ | 1,841 | ||||
| Restricted cash | 354 | 117 | ||||||
| Trade receivables | 3,869 | 2,021 | ||||||
| Inventories | 3,708 | 1,076 | ||||||
| Other current assets | 1,664 | 1,340 | ||||||
| Total current assets | 12,468 | 6,935 | ||||||
| LONG-TERM TRADE RECEIVABLES | 577 | 662 | ||||||
SEVERANCE PAY FUND, net | 118 | 6 | ||||||
PROPERTY AND EQUIPMENT, net | 584 | 303 | ||||||
INTENGIBALE ASSETS, net | 267 | 146 | ||||||
Total assets | $ | 14,014 | $ | 7,512 | ||||
| Liabilities and capital deficiency | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 1,383 | $ | 1,229 | ||||
| Accrued expenses and other payables | 4,592 | 4,451 | ||||||
| Deferred income | 1,555 | 1,204 | ||||||
| Convertible subordinated notes, series A | 1,377 | 12,562 | ||||||
Convertible subordinated notes, series B | 18 | 44 | ||||||
Total current liabilities | 8,925 | 19,490 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Deferred income | 717 | 775 | ||||||
| Convertible subordinated notes, Series A | 11,334 | - | ||||||
| Convertible subordinated notes, Series B | 510 | 877 | ||||||
| Long Term Liabilities | 467 | - | ||||||
| Long-term convertible loan from shareholders | 400 | 400 | ||||||
| Total long-term liabilities | 13,428 | 2,052 | ||||||
| COMMITMENTS AND CONTINGENT LIABILITY | ||||||||
Total liabilities | 22,353 | 21,542 | ||||||
| CAPITAL DEFICIENCY | ||||||||
| Share capital - ordinary shares of no par value | 362,609 | 362,983 | ||||||
Warrants | 3,588 | 3,588 | ||||||
Accumulated deficit | (368,959 | ) | (374,871 | ) | ||||
Accumulated other comprehensive income | 67 | (86 | ) | |||||
Treasury shares, at cost (2,644,839 ordinary shares) | (5,644 | ) | (5,644 | ) | ||||
Total capital deficiency | (8,339 | ) | (14,030 | ) | ||||
Total liabilities and capital deficiency | $ | 14,014 | $ | 7,512 | ||||
| ORCKIT COMMUNICATIONS LTD. |
Year ended December 31 | ||||||||||||
2011 | 2012 | 2013 | ||||||||||
| REVENUES | $ | 15,585 | $ | 11,193 | $ | 8,176 | ||||||
| COST OF REVENUES | (7,806 | ) | (3,602 | ) | (4,388 | ) | ||||||
| GROSS PROFIT | 7,779 | 7,591 | 3,788 | |||||||||
RESEARCH AND DEVELOPMENT EXPENSES - net | (10,835 | ) | (6,870 | ) | (2,305 | ) | ||||||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (13,095 | ) | (8,554 | ) | (4,361 | ) | ||||||
| OTHER INCOME (EXPENSES) | 14 | 2,925 | (46 | ) | ||||||||
| OPERATING LOSS | (16,137 | ) | (7,908 | ) | (2,924 | ) | ||||||
FINANCIAL EXPENSES - net | (1,381 | ) | 402 | (2,988 | ) | |||||||
| NET LOSS | $ | (17,518 | ) | $ | (4,506 | ) | $ | (5,912 | ) | |||
| Other comprehensive loss: | ||||||||||||
| Gain (Loss) on available-for-sale marketable securities | 261 | (205 | ) | - | ||||||||
| 234 | (167 | ) | (153 | ) | ||||||||
| COMPREHENSIVE LOSS FOR THE YEAR | $ | (17,023 | ) | $ | (4,878 | ) | $ | (6,065 | ) | |||
| LOSS PER SHARE (“EPS”): | ||||||||||||
Basic | $ | (0.77 | ) | $ | (0.17 | ) | $ | (0.19 | ) | |||
Diluted | $ | (0.84 | ) | $ | (0.19 | ) | $ | (0.19 | ) | |||
| WEIGHTED AVERAGE NUMBER OF SHARES | ||||||||||||
USED IN COMPUTATION OF EPS (in thousands): | ||||||||||||
| Basic | 22,689 | 26,477 | 31,068 | |||||||||
| Diluted | 24,484 | 29,830 | 31,068 | |||||||||
