SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November, 2003
ROBOMATIX TECHNOLOGIES LTD.
1 Azrieli Center
Tel Aviv, 67021
Israel
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-Fx Form 40-Fo
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yeso Nox
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-___________
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Robomatix Technologies Announces Financial Results for the Three Months Ended March 31, 2003
TEL AVIV, Israel, November 3, 2003 /PRNewswire/ — Robomatix Technologies Ltd. (OTC Bulletin Board: RBMXF.OB), a holding company, announced today its financial results for the first quarter of year 2003. As used herein, “Robomatix” or “Company” refers to Robomatix Technologies Ltd. and its consolidated subsidiaries, unless the context suggests otherwise or when we refer to a specific subsidiary. Robomatix currently holds, through a wholly owned subsidiary, all of the outstanding share capital of Franz Kalff GmbH, a German company engaged in the business of manufacturing through contractors, marketing and sale of first aid kits primarily for the automotive industry. Additionally, Robomatix holds indirect interests in eLady Ltd., a Japanese Internet commerce portal for women, and direct interests in Leader Tech Ltd., an Israeli company that purchases and invests in companies in the field of venture capital and technology and also holds minority interests in two Israeli insurance companies. During the first quarter of 2003 Robomatix held approximately 45% of Edco Technologies Ltd. these holdings were sold at the end of the second quarter of 2003.
Sales for the first quarter of 2003 were $4.7 million, compared to sales of $3.4 million in the first quarter of 2002. Gross margins for the first quarter of 2003 were 21.5%, compared to 19.9% for the first quarter of 2002.
Selling, general and administrative expenses in the first three months of 2003 increased to $0.73 million from $0.46 million in the first three months of 2002.
The Company reported a net loss for the first quarter of 2003 of $(0.26) million, or $(0.02) per share. This compares to a net income of $0.19 million, or $0.01 per share in the first quarter of 2002.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company’s current plans, intentions, beliefs and expectations and statements of future economic performance. Statements containing terms like “believes,” “does not believe,” “plans,” “expects,” “intends,” “estimates,” “anticipates” and other phrases of similar meaning are considered to imply uncertainty and are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
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CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
March 31, 2003 | December 31, 2002 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Unaudited | ||||||||||
ASSETS | ||||||||||
CURRENT ASSETS: | ||||||||||
Cash and cash equivalents | $ | 1,788 | $ | 381 | ||||||
Marketable securities | 104 | 135 | ||||||||
Trade receivables (net of allowance for doubtful accounts of $ 63 and $ 61 | ||||||||||
at March 31, 2003 and December 31, 2002, respectively) | 2,287 | 1,656 | ||||||||
Other accounts receivable and prepaid expenses | 285 | 356 | ||||||||
Inventories | 1,744 | 2,762 | ||||||||
Total current assets | 6,208 | 5,290 | ||||||||
LONG-TERM INVESTMENTS AND RECEIVABLES: | ||||||||||
Long-term receivables | 179 | 172 | ||||||||
Investment in other companies | 4,703 | 2,640 | ||||||||
4,882 | 2,812 | |||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | 118 | 3,740 | ||||||||
DEFERRED TAXES | 2,488 | 2,572 | ||||||||
Total assets | $ | 13,696 | $ | 14,414 | ||||||
The accompanying note is an integral part of the consolidated financial statements.
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CONSOLIDATED BALANCE SHEETS | ||
U.S. dollars in thousands (except share data) |
March 31, 2003 | December 31, 2002 | |||||||
---|---|---|---|---|---|---|---|---|
Unaudited | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Short-term bank credit | $ | 2,097 | $ | 1,004 | ||||
Current maturities of long-term loan | 429 | 444 | ||||||
Trade payables | 917 | 784 | ||||||
Other accounts payable and accrued expenses | 1,719 | 1,590 | ||||||
Total current liabilities | 5,162 | 3,822 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term loan, net of current maturities | 2,128 | 4,489 | ||||||
Accrued severance pay | 569 | 553 | ||||||
Excess of losses over investment in affiliate | 491 | - | ||||||
3,188 | 5,042 | |||||||
SHAREHOLDERS' EQUITY: | ||||||||
Share capital - | ||||||||
Ordinary shares of NIS 1.46 par value: | ||||||||
Authorized: 30,000,000 shares as of March 31, 2003 and | 5,649 | 5,649 | ||||||
December 31, 2002; Issued and outstanding: 13,599,626 | ||||||||
shares as of March 31, 2003 and December 31, 2002 | ||||||||
Additional paid-in capital | 30,133 | 30,133 | ||||||
Accumulated other comprehensive income (loss) | 18 | (36 | ) | |||||
Accumulated deficit | (30,454 | ) | (30,196 | ) | ||||
Total shareholders' equity | 5,346 | 5,550 | ||||||
Total liabilities and shareholders' equity | $ | 13,696 | $ | 14,414 | ||||
The accompanying note is an integral part of the consolidated financial statements.
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CONSOLIDATED STATEMENTS OF OPERATIONS |
U.S. dollars in thousands (except share and per share data) |
Three months ended March 31, | Year ended December 31, | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2002 | |||||||||
Unaudited | |||||||||||
Sales | |||||||||||
Cost of sales | $ | 4,709 | $ | 3,378 | $ | 8,704 | |||||
3,694 | 2,707 | 6,708 | |||||||||
Gross profit | 1,015 | 671 | 1,996 | ||||||||
Selling and marketing expenses | 230 | 129 | 655 | ||||||||
General and administrative expenses | 498 | 332 | 1,471 | ||||||||
Operating income (loss) | 287 | 210 | (130 | ) | |||||||
Other income (expenses) | (458 | ) | 72 | 257 | |||||||
Financial expenses, net | (151 | ) | (24 | ) | (191 | ) | |||||
Income (loss) before taxes on income | (322 | ) | 258 | (64 | ) | ||||||
Taxes on income | 159 | 65 | 378 | ||||||||
(481 | ) | 193 | (442 | ) | |||||||
Equity in earnings of an affiliate | 223 | - | - | ||||||||
Net income (loss) | (258 | ) | 193 | (442 | ) | ||||||
Basic and diluted net earnings (loss) per share (in U.S. | |||||||||||
dollars) | $ | (0.02 | ) | $ | 0.01 | $ | (0.03 | ) | |||
Weighted average number of shares used in computing | |||||||||||
basic and diluted earnings (loss) per share | 13,599,626 | 13,599,626 | 13,599,626 | ||||||||
The accompanying note is an integral part of the consolidated financial statements.
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Robomatix Technologies Announces Financial Results for the Six Months Ended June 30, 2003
TEL AVIV, Israel, November 3, 2003 /PRNewswire/ — Robomatix Technologies Ltd. (OTC Bulletin Board: RBMXF.OB), a holding company, announced today its financial results for the second quarter of year 2003 and for the six months ended June 30, 2003. As used herein, “Robomatix” or “Company” refers to Robomatix Technologies Ltd. and its consolidated subsidiaries, unless the context suggests otherwise or when we refer to a specific subsidiary.
Robomatix currently holds, through a wholly owned subsidiary, all of the outstanding share capital of Franz Kalff GmbH, a German company engaged in the business of manufacturing through contractors, marketing and sale of first aid kits primarily for the automotive industry. Additionally, Robomatix holds indirect interests in eLady Ltd., a Japanese Internet commerce portal for women, and direct interests in Leader Tech Ltd., an Israeli company that purchases and invests in companies in the field of venture capital and technology and also holds minority interests in two Israeli insurance companies. During the first six months of 2003 Robomatix held approximately 45% of Edco Technologies Ltd. such holdings were sold at the end of the second quarter of 2003.
Sales for the second quarter of 2003 were $2.8 million, compared to sales of $4.7 million in the first quarter of 2003 and $1.8 million in the second quarter of 2002. Gross margins for the second quarter of 2003 were 23.1%, compared to 21.5% for the first quarter of 2003 and 24.6% for the second quarter of 2002.
Selling, general and administrative expenses in the second quarter of 2003 increased to $0.73 million from $0.51 million in the second quarter of 2002.
The Company reported a net income for the second quarter of 2003 of $1.5 million, or $0.11 per share. This compares to a net loss of $(0.26) million, or $(0.02) per share in the first quarter of 2003, and a net loss of $(0.17) million, or $(0.01) per share, for the second quarter of 2002.
Sales for the first six months of 2003 were $7.5 million, compared to sales of $5.1 million for the first six months of 2002. Gross margins were 22.1% for the first six months of 2003, and 21.5% for the first six months of 2002.
Selling, general and administrative expenses in the first six months of 2003 increased to $1.5 million from $1.0 million in the first six months of 2002. The Company reported a net income for the first six months of 2003 of $1.2 million, or $0.09 per share, compared to a net income of $0.03 million, or $0.00 per share in the first six months of 2002.
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Forward Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company’s current plans, intentions, beliefs and expectations and statements of future economic performance. Statements containing terms like “believes,” “does not believe,” “plans,”“expects,” “intends,” “estimates,” “anticipates”and other phrases of similar meaning are considered to imply uncertainty and are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
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CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
June 30, 2003 | December 31, 2002 | |||||||
---|---|---|---|---|---|---|---|---|
Unaudited | ||||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 2,382 | $ | 381 | ||||
Marketable securities | 295 | 135 | ||||||
Trade receivables (net of allowance for doubtful accounts of $ 63 and $ | ||||||||
61 at June 30, 2003 and December 31, 2002, respectively) | 1,917 | 1,656 | ||||||
Other accounts receivable and prepaid expenses | 741 | 356 | ||||||
Inventories | 2,193 | 2,762 | ||||||
Total current assets | 7,528 | 5,290 | ||||||
LONG-TERM INVESTMENTS AND RECEIVABLES: | ||||||||
Long-term receivables | 326 | 172 | ||||||
Investment in other companies | 4,706 | 2,640 | ||||||
5,032 | 2,812 | |||||||
PROPERTY AND EQUIPMENT, NET | 101 | 3,740 | ||||||
DEFERRED TAXES | 2,680 | 2,572 | ||||||
Total assets | $ | 15,341 | $ | 14,414 | ||||
The accompanying notes are an integral part of the consolidated financial statements.
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CONSOLIDATED BALANCE SHEETS |
U.S. dollars in thousands (except share and per share data) |
June 30, 2003 | December 31, 2002 | |||||||
---|---|---|---|---|---|---|---|---|
Unaudited | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Short-term bank credit | $ | 2,230 | $ | 1,004 | ||||
Current maturities of long-term loan | 429 | 444 | ||||||
Trade payables | 1,058 | 784 | ||||||
Other accounts payable and accrued expenses | 1,579 | 1,590 | ||||||
Totalcurrent liabilities | 5,296 | 3,822 | ||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term loan, net of current maturities | 2,169 | 4,489 | ||||||
Accrued severance pay | 603 | 553 | ||||||
2,772 | 5,042 | |||||||
SHAREHOLDERS' EQUITY: | ||||||||
Share capital - | ||||||||
Ordinary shares of NIS 1.46 par value: | ||||||||
Authorized: 30,000,000 shares at June 30, 2003 and December 31, | ||||||||
2002; Issued and outstanding: 13,599,626 shares at June 30, 2003 and | ||||||||
December 31, 2002 | 5,649 | 5,649 | ||||||
Additional paid-in capital | 30,133 | 30,133 | ||||||
Accumulated other comprehensive income (loss) | 491 | (36 | ) | |||||
Accumulated deficit | (29,000 | ) | (30,196 | ) | ||||
Total shareholders' equity | 7,273 | 5,550 | ||||||
Total liabilities and shareholders' equity | $ | 15,341 | $ | 14,414 | ||||
The accompanying notes are an integral part of the consolidated financial statements.
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CONSOLIDATED STATEMENTS OF OPERATIONS |
U.S. dollars in thousands (except share and per share data) |
Six months ended June 30, | Three months ended June 30, | Year ended December 31, | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2003 | 2002 | 2003 | 2002 | 2002 | |||||||||||||
Unaudited | |||||||||||||||||
Sales | $ | 7,475 | $ | 5,145 | $ | 2,718 | $ | 1,767 | $ | 8,704 | |||||||
Cost of sales | 5,822 | 4,040 | 2,128 | 1,333 | 6,708 | ||||||||||||
Gross profit | 1,653 | 1,105 | 590 | 434 | 1,996 | ||||||||||||
Sales and marketing expenses | 509 | 276 | 279 | 147 | 655 | ||||||||||||
General and administrative expenses | 947 | 698 | 571 | 366 | 1,471 | ||||||||||||
Operating profit (loss) | 197 | 131 | (260 | ) | (79 | ) | (130 | ) | |||||||||
Other income, net | 1,026 | 151 | 1,788 | 79 | 257 | ||||||||||||
Financial expenses, net | (387 | ) | (172 | ) | (236 | ) | (148 | ) | (191 | ) | |||||||
Income (loss) before taxes on income | 836 | 110 | 1,292 | (148 | ) | (64 | ) | ||||||||||
Taxes on income | 121 | 83 | (38 | ) | 18 | 378 | |||||||||||
715 | 27 | 1,330 | (166 | ) | (442 | ) | |||||||||||
Equity in earnings of an affiliate | 481 | - | 236 | - | - | ||||||||||||
Net income (loss) | $ | 1,196 | $ | 27 | $ | 1,566 | $ | (166 | ) | $ | (442 | ) | |||||
Basic and diluted net earnings | |||||||||||||||||
(loss) per share (U.S. dollars) | $ | 0.09 | $ | 0.00 | $ | 0.12 | $ | (0.01 | ) | $ | (0.03 | ) | |||||
Weighted average number of shares | |||||||||||||||||
used in computing basic and | |||||||||||||||||
diluted earning (loss) per share | 13,599,626 | 13,599,626 | 13,599,626 | 13,666,293 | 13,599,626 | ||||||||||||
The accompanying notes are an integral part of the consolidated financial statements.
ROBOMATIX TECHNOLOGIES LTD. BY: /S/ Zvika Barinboim —————————————— Zvika Barinboim Chairman of the Board of Directors |
Date: November 3, 2003
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