Interim Results
26 Septiembre 2003 - 6:10AM
UK Regulatory
RNS Number:2208Q
Mid-States PLC
26 September 2003
Press Release 26 September 2003
MID-STATES PLC
("Mid-States", "the Company", or "the Group")
INTERIM RESULTS FOR
THE SIX MONTHS ENDED 30 JUNE 2003
Mid-States, a former supplier of automotive aftermarket products in the United
States, reports its unaudited results for the six months ended 30 June 2003. The
Company did not trade during the period and currently holds substantial cash
assets resulting from the disposal of its former operations.
Results and Net Asset Position
At the balance sheet date, the Group had free cash balances of #7.5 million. The
net assets of the Group at 30 June 2003 were #7.5 million. This is equivalent to
approximately 14 pence per share.
At the Extraordinary General Meeting on 1 April 2003 shareholders approved a
reduction in the Company's share capital from 10 pence to a penny per share and
to reduce the share premium account to nil. On 7 May 2003 confirmation for the
capital reduction was received from the High Court of Justice and the capital
reduction was effected on 15 May 2003. This resulted in a total dispersal of
funds of #5.4 million, equivalent to approximately 10.3p per ordinary share,
resulting in the Company's share capital being reduced by #4.7 million from #5.2
million to #0.5 million and the share premium account being reduced by #0.7
million from #0.7 million to nil.
During the six months to 30 June 2003 the Company received #212,000 of net
interest income and incurred total administration costs of #147,000 including
#35,000 of costs associated with the return of capital to shareholders.
Future Strategy and Prospects
The Board has actively been seeking ways in which to maximise value for
shareholders. This has included review of a number of opportunities for
investment of the Company's capital in new businesses. The Board is continuing
to seek such opportunities. Any substantial new investments made by the Company
would require shareholder approval.
David J Plucinsky, Chairman, commented: "Following the return of capital, the
Board has continued to review opportunities to see if additional value can be
created for shareholders, including through the possible acquisition of a new
business.
"In the event that the Board does not consider any such acquisition opportunities
to be suitable for investment by the Company it is intended that the remaining
cash will be returned to shareholders".
-ends-
Enquiries:
Mid-States PLC 020 7603 1515
Tony Hunter
Weber Shandwick Square Mile 020 7067 0700
Christian Taylor-Wilkinson
MID-STATES PLC
GROUP PROFIT AND LOSS ACCOUNT
For the six months ended 30 June 2003
Six months to Six months to Year to
30 June 30 June 31 December
2003 2002 2002
#000's #000's #000's
Notes (unaudited) (unaudited) (audited)
General and administrative
costs:
- Normal (112) (142) (367)
- Exceptional 3 (35) - -
---------- ----------- -----------
Operating (loss) (147) (142) (367)
Net interest receivable 212 187 403
Currency translation (loss) - (49) (89)
---------- ----------- -----------
Profit / (loss) on ordinary
activities before Taxation 65 (4) (53)
Taxation on profit / (loss) on
ordinary activities - - -
---------- ----------- -----------
Profit / (loss) on ordinary
activities after taxation 65 (4) (53)
---------- ----------- -----------
Retained profit / (loss) for
the period 65 (4) (53)
---------- ----------- -----------
Basic and diluted earnings /
(loss) per share 2 0.1p - (0.1) p
Adjusted earnings / (loss)
per share (excluding capital
reduction costs) 0.2p - (0.1) p
TOTAL RECOGNISED GAINS AND LOSSES
The Group had no recognised gains or losses other than the profit and losses
disclosed above.
GROUP BALANCE SHEET
At 30 June 2003
Notes 30 June 30 June 31 December
2003 2002 2002
#000's #000's #000's
(unaudited) (unaudited) (audited)
Current assets
Debtors 43 4,165 45
Cash at bank and in hand 7,541 8,773 12,948
---------- --------- --------
7,584 12,938 12,993
Creditors: amounts falling
due within one year (100) (72) (176)
---------- --------- --------
Net current assets 7,484 12,866 12,817
---------- --------- --------
Total assets less current
liabilities 7,484 12,866 12,817
---------- --------- --------
Net assets 7,484 12,866 12,817
---------- --------- --------
Capital and reserves
Called up share capital 3 523 5,232 5,232
Share premium account 3 - 689 689
Capital redemption reserve 253 253 253
Profit and loss account 6,708 6,692 6,643
---------- --------- --------
Equity shareholders funds
being total capital employed 7,484 12,866 12,817
---------- --------- --------
GROUP CASHFLOW STATEMENT
For the six months ended 30 June 2003
Six months to Six months to Year to
30 June 30 June 31 December
2003 2002 2002
#'000s #'000s #'000s
Notes (unaudited) (unaudited) (audited)
Net cash (outflow) from
operating activities 4 (216) (168) (437)
Returns on investments
and servicing of finance 207 187 488
Taxation - 641 640
Disposal - - 4,144
----------- ----------- -----------
Cash (outflow) / inflow
before liquid resources
and financing (9) 660 4,835
Inflow from /(outflow
to) liquid resources 5,435 - (12,936)
Financing: repayment of
capital (5,398) - -
----------- ----------- -----------
Increase / (decrease)
in cash in the period 5 28 660 (8,101)
----------- ----------- -----------
NOTES:
1.The financial information for the six months ended 30 June 2003 and 30
June 2002 is unaudited and does not constitute full accounts within the meaning
of Section 240 of the Companies Act 1985. The financial information for the year
ended 31 December 2002 has been extracted from the full accounts for that year,
which have been delivered to the Registrar of Companies. The full accounts for
that year have been given an unqualified audit report, which did not contain a
statement under Section 237 (2) or (3) of the Companies Act 1985.
2.The calculation of the basic and diluted earnings per ordinary share
for the six months ended 30 June 2003 is based on the profit on ordinary
activities after taxation of #65,000 (6 months to 30 June 2002 loss: #4,000) and
the weighted average number of ordinary shares in issue in the six months of
52,315,751 (6 months to 30 June 2002: 52,315,751). There is no significant
dilutive potential arising through the conversion of share options.
The adjusted earnings per share, for the six months ended 30 June 2003 is
calculated, having added back capital reduction costs of #35,000, on profits
after tax of #100,000. This measure shows the underlying earnings per share of
the Group excluding one off events whilst directors seek ways in which to
maximise the return to shareholders.
The calculation of basic and diluted loss per share for the year ended 31
December 2002 is based on the loss on ordinary activities after tax and minority
interests of #53,000 and the average number of ordinary shares in issue during
the year of 52,315,751.
3.At the Extraordinary General Meeting on 1 April 2003 shareholders approved a
reduction in the Company's share capital from 10 pence to a penny per share and
a reduction in the share premium account to nil. On 7 May 2003 confirmation for
the capital reduction was received from the High Court of Justice and the
capital reduction was effected on 15 May 2003. This resulted in a total
dispersal of funds of #5.4 million resulting in the Company's share capital
being reduced by #4.7 million from #5.2 million to #0.5 million and the share
premium account being reduced by #0.7 million from #0.7 million to nil. The
Company incurred exceptional administrative costs in respect of the capital
reduction of #35,000.
4.Reconciliation of operating (loss) to net cash (outflow) from operating
activities
Six months to Six months to Year to
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Operating (loss) (147) (142) (367)
Decrease in debtors 7 106 47
(Decrease) in creditors (76) (132) (28)
Currency translation - - (89)
(loss) -------- ---------- ----------
Net cash (outflow) from
operating activities (216) (168) (437)
---------- ---------- ----------
5.Analysis and reconciliation of net funds
Six months to Six months to Year to
30 June 30 June 31 December
2003 2002 2002
#'000 #'000 #'000
Increase / (decrease)
in cash in the period 28 660 (8,101)
Cash (inflow) /
outflow from
(decrease) / increase
in liquid resources (5,435) - 12,936
----------- ---------- ----------
Change in net funds
resulting
from cash flows (5,407) 660 4,835
----------- ---------- ----------
Movement in net funds
in the period (5,407) 660 4,835
Net funds at
beginning of
period 12,948 8,113 8,113
----------- ---------- ----------
Net funds at end of
period 7,541 8,773 12,948
----------- ---------- ----------
6.The interim results have been prepared using accounting policies consistent
with those adopted in the most recent audited financial statements.
7.Copies of this announcement can be obtained from the Company's office at
Masters House, 107 Hammersmith Road, London, W14 OQH.
This information is provided by RNS
The company news service from the London Stock Exchange
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