COPENHAGEN, Denmark, Oct. 27 2000 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") today announced a net loss of 1.2 million Danish Kroner ("DKK"), or $138,000, for the third quarter of 2000. The loss per share was DKK 0.07, or $0.01 per share. For the first nine months of 2000 the Company reported net income of DKK 83.8 million, or $9.9 million. Basic earnings per share during this period were DKK 4.71, or $0.56. All amounts expressed in dollars are calculated at the September 30, 2000, rate of exchange between the U.S. dollar and the Danish krone.
As of September 30, 2000, Olicom had cash, cash equivalents and restricted cash of DKK 292.7 million, or $34.6 million. Shareholders' equity was DKK 249.3 million, or $29.5 million, at the end of September 2000, corresponding to 77 percent of the balance sheet total of DKK 322.1 million, or $38.1 million.
During the third quarter 2000 the WAP applications and tools developer Juize, which was Olicom's first partner company, achieved a number of important product development milestones and also received its first sales orders from corporate customers.
"Judging from the increasing flow of investment opportunities presented to Olicom, we are making good progress towards our goal of becoming a recognized technology incubator in Scandinavia's growing high-technology market", said Boje Rinhart, President and Chief Executive Officer of Olicom. "Adding the unified messaging service provider Sifira and Vizion Factory e-learning to our group of partner companies during the quarter were important steps towards this goal and in building a promising investment portfolio which we expect to expand further before the end of the year."
Olicom has today received notice from Nasdaq that its Listing Council has affirmed the decision made April 5, 2000, to delist the Company's securities from the Nasdaq National Market. Olicom's shares will continue to be traded on the OTC Bulletin Board.
About Olicom
Olicom initiates or participates in the development of new products and services that leverage leading-edge communications technologies, primarily with a focus on satisfying the needs of mobile data communication users. Business opportunities are identified both through Olicom's internal research and through the solicitation of ventures with start-up companies, which are offered seed and venture financing and access to the Company's established business network and infrastructure. More information about Olicom is available from the Company's SEC filings or by contacting the Company directly. Information is also available on the Company's Web site at www.olicom.com.
Olicom is a registered trademark.
Except for historical information contained herein, the matters discussed in this news release may contain forward-looking statements, involving risks and uncertainties that may cause actual results to differ materially. Further information may be found in Olicom's periodic filings with the US Securities and Exchange Commission (SEC), including the most recent report on Form 20-F.
Statements of Income and Balance Sheet follow Attachments: http://reports.huginonline.com/press_releases/794912/1444.pdf