EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm


Exhibit 99.1
 
ORCKIT COMMUNICATIONS LTD.
(An Israeli Corporation)
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(U.S dollars in thousands)
(Unaudited)
 
   
December 31,
   
June 30,
 
   
2012
   
2013
 
             
A s s e t s
           
CURRENT ASSETS:
           
Cash and cash equivalents
  $ 2,873     $ 1,556  
Restricted cash
    354       465  
Trade receivables
    3,869       3,338  
Inventory
    3,708       3,625  
Other receivable
    1,664       1,585  
T o t a l  current assets
    12,468       10,569  
                 
LONG-TERM TRADE RECEIVABLES
    577       664  
SEVERANCE PAY FUND
    1,603       1,613  
PROPERTY AND EQUIPMENT, net
    851       674  
T o t a l  assets
  $ 15,499     $ 13,520  
Liabilities and capital deficiency
               
CURRENT LIABILITIES:
               
Trade payables
  $ 1,383     $ 1,817  
Accrued expenses and other payables
    4,382       4,495  
Deferred income
    1,555       1,304  
Convertible subordinated notes, series A
    1,377       -  
Convertible subordinated notes, series B
    18       -  
T o t a l current liabilities
    8,715       7,616  
LONG-TERM LIABILITIES:
               
Accrued severance pay and other
    1,956       1,650  
Deffered income
    717       1,116  
Convertible subordinated notes, series A
    11,588       12,150  
Convertible subordinated notes, series B
    510       2,094  
Long-term convertible loan from shareholders
    400       400  
T o t a l long-term liabilities
    15,171       17,410  
COMMITMENTS AND CONTINGENT LIABILITIES
               
T o t a l liabilities
    23,886       25,026  
CAPITAL DEFICIENCY:
               
Share capital - ordinary shares of no par value
               
(authorized: December 31, 2012 and June 30, 2013 - 170,000,000
shares; issued: December 31, 2012 - 33,686,134  shares; June 30, 2013 –
33,716,973 shares; outstanding: December 31, 2012 - 31,041,295  
shares; June 30, 2013 – 31,072,134 shares) and additional paid in capital
          362,590       362,875  
Warrants
    3,588       3,588  
Accumulated deficit
    (368,921 )     (372,325 )
Treasury shares, at cost  (2,644,839 ordinary shares)
    (5,644 )     (5,644 )
T o t a l  capital deficiency
    (8,387 )     (11,506 )
T o t a l  liabilities and capital deficiency
  $ 15,499     $ 13,520  
 
 
 

 

ORCKIT COMMUNICATIONS LTD.
(An Israeli Corporation)
INTERIM CONDENSED CONSOLIDATED STATMENT OF OPERATIONS
(U.S dollars in thousands)
(Unaudited)
 
   
Three months
ended June 30,
   
Six months
ended June 30,
 
   
2013
   
2012
   
2013
   
2012
 
Revenues
  $ 2,390     $ 3,528     $ 4,670     $ 6,769  
Cost of revenues
    484       1,451       1,551       2,967  
Gross profit
    1,906       2,077       3,119       3,802  
Research and development expenses - net
    421       1,765       1,203       3,273  
Selling, General and administrative expenses
    1,185       2,712       2,444       5,388  
Operating Gain (Loss) 
    300       (2,400 )     (528 )     (4,859 )
Financial expenses - Net
    (495 )     (455 )     (1,082 )     (760 )
Income (expenses) from devaluation (revaluation) of
                               
Conversion feature embedded in Series A
                               
convertible note
    121       (57 )     (133 )     (416 )
Gain/(Loss) from revaluation of Series B convertible notes
    (1,175 )     653       (1,709 )     168  
Other Income
    -       -       48       -  
Net loss for the period
  $ (1,249 )   $ (2,259 )   $ (3,404 )   $ (5,867 )
Loss per share ("EPS")
                               
Basic
  $ (0.04 )   $ (0.10 )   $ (0.11 )   $ (0.26 )
Diluted
  $ (0.04 )   $ (0.12 )   $ (0.11 )   $ (0.26 )
                                 
 Weighted average number of shares used in
                       
Computation of EPS (in thousands):
                       
Basic
    31,069       22,769       31,079       22,767  
Diluted
    31,069       22,769       31,079       22,767  
                                 
Interim condensed consolidation statement of Comprehensive loss:
                                 
Net loss for the period
  $ (1,249 )   $ (2,259 )   $ (3,404 )   $ (5,867 )
Other comprehensive income:
                               
Gain on available-for-sale marketable  securities
    -       386       -       1,023  
Net comprehensive loss for the period  
  $ (1,249 )   $ (1,873 )   $ (3,404 )   $ (4,844 )

2