RNS Number:2820P
Musedia Corporation
28 December 2001
Musedia Corporation (formerly Optometrics Corporation)
Chairman's Statement
At the recent Annual General Meeting of the Company held in October,
shareholders voted overwhelmingly to approve the disposal of Optometrics USA ,
Inc. to its existing management team, and to change the name of the Company to
Musedia Corporation.
In June 2001, the Company also established a new subsidiary, Musedia plc, a
record production company which, following the disposal of Optometrics USA,
Inc. will be the Continuing Group's sole operating subsidiary. Musedia
currently has three artists under contract.
Financial
The loss before tax arising from trading by Optometrics USA, Inc. was $6,531.
The half year results reported above also reflect the initial investment costs
in Musedia plc since its inception. No turnover has yet been derived from any
of its contracted artists.
Current Trading
All of the three artists have substantially completed their initial production
phases. At present, negotiations are taking place to secure the appropriate
distribution deals with various organisations. Early indications appear to
reflect that the products should be well received in their respective market
places. No further significant expense is expected to be incurred by the
Company on these projects prior to the release of any records in 2002.
Future Strategies
After gaining approval of shareholders to move the Company into higher growth
sectors, the Board of Directors is very keen to complete its first
acquisition. Initial contacts have been made with a number of interested
parties. We can look forward to the future with renewed optimism.
Brendan Larkin
Chairman
28 December 2001
Interim results for the six months ended 30th September 2001 (unaudited)
The Directors of Musedia Corporation, a company registered in Delaware USA,
but quoted on the Official List of the London Stock Exchange, announce that
the results of the group for the six months ended 30th September 2001 were as
follows:
Profit and Loss Account
6 months ended 30/ 6 months ended 30/
9/01 9/00
US$ US $
Net turnover 1,160,273 1,306,845
Operating (loss)/profit (224,135) 126,246
Interest payable less interest
receivable (net) 46,430 58,505
(Loss)/profit before taxation (270,565) 67,741
Taxation on (loss)/profit of ordinary
activities 0 9,269
(Loss)/profit on ordinary activities
after tax (270,565) 58,472
(Loss)/profit attributable to
shareholders (270,565) 58,472
Earnings per share (0.3)cents 0.6cents
The Directors do not recommend the payment of an interim dividend for the six
months ended 30th September 2001.
Balance Sheet
30th September 2001 30th September 2000
US $ US $
ASSETS
CURRENT ASSETS
Cash and equivalents 185,077 176,084
Accounts receivable 326,931 339,958
Inventory 478,458 510,400
990,466 1,026,442
PROPERTY, PLANT AND EQUIPMENT
At cost 1,998,016 1,371,016
Less: accumulated depreciation (1,010,050) (356,198)
Net 987,966 1,014,818
PREPAID EXPENSES 46,869 201,920
OTHER ASSETS 63,553 40,462
TOTAL ASSETS 2,088,854 2,283,642
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable 64,498 79,275
Accrued expenses 156,522 172,333
Accrued corporate income tax (7,956) 6,011
Short term notes payable 131,386 7,848
344,450 265,466
LONG TERM LIABILITIES
Long term notes payable 1,071,334 1,152,698
Deferred income taxes (8,668) (175,335)
1,062,666 977,363
TOTAL LIABILITIES 1,407,116 1,242,829
SHAREHOLDERS' EQUITY
Capital stock 105,693 104,923
Additional paid in capital 1,033,177 1,028,249
Retained earnings (481,149) (80,051)
Exchange transaction adjustment account 24,017 (12,309)
681,738 1,040,813
TOTAL LIABILITES AND STOCKHOLDERS'
EQUITY 2,088,854 2,283,642
Cash Flow Statement
6 months ended 6 months ended
30/09/01 30/09/00
US $ US $
CASHFLOWS FROM OPERATING ACTIVITIES
Net (Loss) / Income (270,565) 58,472
Adjustments:
Depreciation & amortisation 45,718 48,939
Loss on disposal of assets - 13,500
Deferred income taxes - 2,619
(Increase) / decrease in:
Accounts receivable 74,798 53,845
Inventory (4,112) (15,216)
Prepayments & other assets (9,360) (17,223)
Increase / (decrease) in:
Accounts payable and accrued expenses (31,046) 49,078
Net cash (used in) / provided by operating
activities (194,567) 194,014
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant & equipment (47,217) (17,282)
Decrease / (increase) in cash surrender
value of life insurance 173,251 (5,801)
Net cash provided by / (used for) investing
activities 126,034 (23,083)
CASH FLOWS FROM FINANCING ACTIVITIES
Net repayments under demand notes payable (6,276) (6,117)
Proceeds from line of credit borrowings 125,000 -
Repayments of long term debt (40,411) (71,517)
Proceeds from stock options exercised 740 -
Deferred financing costs (36,337) (5,526)
Net cash provided by / (used for) financing
activities 42,716 (83,160)
(DECREASE) / INCREASE IN CASH & EQUIVALENTS (25,817) 87,771
CASH AT BEGINNING OF PERIOD 210,894 88,313
CASH AT END OF PERIOD 185,077 176,084
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