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Metalink Reports Q4 and Full Year 2011 Results

TEL-AVIV, Israel, April 2, 2012 /PRNewswire/ --

Metalink Ltd. (OTCQB: MTLK), today announced its audited financial results for the fourth quarter and full year ended December 31, 2011.

Financial Results

Financial Highlights for the Fourth Quarter of 2011: Revenues for the fourth quarter of 2011 were $901,000, compared to $192,000 for the fourth quarter of 2010; Net profit for the fourth quarter of 2011 was $413,000, or $0.153 per share, compared to net profit of $402,000, or $0.149 per share, for the fourth quarter of 2010.

Financial Highlights for the Year Ended December 31, 2011: For the 12 months period, revenues were $2,050,000 compared to $813,000 for 2010; Net profit for the year was $747,000, or $0.278 per share, compared to net profit of $6,779,000, or $2.443 per share, for the year ended December 31, 2010.

Financial Income, Net: For the year ended December 31, 2011 was $52,000, compared to $438,000 financial income, for the year ended December 31, 2010.

Cash Status: Metalink's cash, cash equivalents, as of December 31, 2011 were $5.32 million.

ABOUT METALINK

Metalink shares are quoted on OTCQB under the symbol "MTLK". For more information, please see our public filings at the SEC's website at http://www.sec.gov.

METALINK LTD.

CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

        
                                                    December 31,   December 31,
                                                        2011             2010
        ASSETS
        Current assets
        Cash and cash equivalents                    $ 5,321          $ 4,357
        Trade accounts receivable                         39               92
        Other receivables                                  -              266
        Government institutions                            9               66
        Prepaid expenses                                   3                8
                                                           -              175
        Advance to supply                                252               37
        Inventories
        Total current assets                           5,624            5,001
        Property and equipment, net                       67               79
        Total assets                                 $ 5,691          $ 5,080
        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current liabilities
        Trade accounts payable                          $ 30            $ 102
        Other payables and accrued expenses              497              576
        Short-term loan                                    -                -
        Accrued severance pay                            290                -
        Total current liabilities                        817              678
        Accrued severance pay                              -              275
        Shareholders' equity*
        Ordinary shares of NIS 1 par value
        (Authorized - 5,000,000 shares, issued and
        outstanding 2,780,707 shares (including
        treasury stocks) as of December 31, 2011 and
        December 31, 2010 )                              790              790
        Additional paid-in capital                   158,111          158,111
        Accumulated deficit                         (144,142)        (144,889)
                                                      14,759           14,012
        Treasury stock, at cost: 89,850 as of
        December 31, 2011                            (9,885)           (9,885)
        Total shareholders' equity                    4,874             4,127
        Total liabilities and shareholders' equity  $ 5,691           $ 5,080

* The number of shares has been adjusted retroactively to reflect the one for ten reverse split of our ordinary shares dated February 22, 2010.

METALINK LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share data)

        
                             
                                   Three months ended      Year ended December
                                      December 31,                31,
                                  2011         2010         2011        2010
        Revenues                 $ 901        $ 192      $ 2,050       $ 813 
        Cost of revenues:          365           23          717         109
        Gross profit               536          169        1,333         704
        General and
        administrative             148          244          638       1,163
        Operating profit
        (loss)                     388          (75)         695        (459)
        Financial income,
        net                         25          477           52         438
        Net profit (loss)
        from continuing
        operation                $ 413        $ 402        $ 747       $ (21) 
        Discontinued
        operation
        Operating loss
        from discontinued
        operation                    -            -           -          107
        Capital gain from
        sale of
        discontinued
        operation                    -            -           -        6,907
        Net profit from
        Discontinued
        operation                  $ -         $  -         $ -      $ 6,800 

        Net profit               $ 413        $ 402       $ 747      $ 6,779 

        Per share data-        $ 0.153      $ 0.149     $ 0.278     $ (0.008) 
        Basic and Diluted
        earnings (loss)
        from continuing
        operations
        Basic and Diluted
        earnings from
        discontinued
        operations
                                   $ -          $ -         $ -      $ 2.534 
        Basic and Diluted
        earnings               $ 0.153      $ 0.149     $ 0.278      $ 2.526 
        Shares used in
        computing earnings
        (loss) per
        ordinary share*:
        Basic and Diluted    2,690,857    2,690,857   2,690,857    2,683,857

* Shares used for earnings (loss) per share calculation have been adjusted retroactively to reflect the one for ten reverse split of our ordinary shares dated February 22, 2010.

        
        Shay Evron, CFO
        Metalink Ltd.
        Tel: 972-3-7111690
        Fax: 972-3-7111691
        Shay.Evron@il.gt.com

SOURCE Metalink Ltd

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