COPENHAGEN, Denmark, Nov. 12, 2001 (PRIMEZONE) -- Olicom A/S (OTCBB:OLCMF) ("Olicom" or "the Company") today announced a net loss of 15.9 million Danish kroner ("DKK"), or US$2.0 million. The loss per share was DKK 0.92, or US$0.11 per share. For the first nine months of 2001, the Company reported a net loss of DKK 27.3 million, or US$3.4 million. Basic earnings per share during this period were DKK 1.57, or US$0.19. All amounts expressed in dollars are calculated at the September 30, 2001, rate of exchange between the US dollar and the Danish krone.
As of September 30, 2001, Olicom had cash, cash equivalents and restricted cash of DKK 197.1 million, or US$24.3 million. Shareholders' equity was DKK 212.0 million, or US$26.1 million, at the end of September 2001, corresponding to DKK 12.22 per share, or US$1.51 per share.
The Company now expects a net loss for 2001, exclusive of the results relating to the portfolio companies, in the range of DKK 5 million, or US$600,000. This improvement from the previously expected net loss, exclusive of the results relating to the portfolio companies, of DKK 10 million, or US$1.2 million, is primarily due to income from discontinued activities. The expectation is exclusive of possible income relating to Olicom's demand for the refund of customs duty totalling DKK 23 to 29 million, or US$2.8 to $3.6 million plus interest. See also the Company's press release of May 14, 2001.
For the complete release, including financial tables, go to: http://reports.huginonline.com/840084/96756.pdf