COPENHAGEN, Denmark, Aug. 22, 2001 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") today announced a net loss for the first six months of 2001 of 11.4 million Danish Kroner ("DKK"), or US$1.3 million, which was better than previously announced expectations. The loss per share was DKK 0.66 or US$0.07 per share. All amounts expressed in U.S. dollars are calculated at the June 30, 2001, rate of exchange between the U.S. dollar and the Danish krone.
As of June 30, 2001, Olicom had cash, cash equivalents and restricted cash of DKK 236.7 million, or US$26.9 million. Shareholders' equity at June 30, 2001, was DKK 227.9 million, or US$25.9 million, corresponding to DKK 13.15 per share or US$1.50 per share.
Exclusive of the results relating to the portfolio companies, the Company previously expected a net loss for 2001 in the range of DKK 15 million ($1.7 million). Due to lower than expected operating expenses and income from discontinued activities, the Company now expects a net loss for 2001 of DKK 10 million ($1.1 million), exclusive of the results relating to the portfolio companies. This expectation excludes any income, which may result from the Company's demand for refunds of custom duty that total DKK 23 to 29 million ($2.6 to 3.3 million) plus interest. See also the Company's press release of May 14, 2001.
For the complete release, go to: http://reports.huginonline.com/831812/93508.pdf