Artivision

Artivision: 4Q13 net loss of $1.2m slid marginally by 1%, bringing FY13 to a net loss of $4.85m, flat from FY12. Despite a marginal decline of net losses, revenues from 4Q13 actually deteriorated 98% to $2k, contributing marginally to its full year revenues of $236k, weakening 26%. This was mainly due to a decrease in revenue from the media solutions business with the group in the midst of phasing in new server technologies. In turn, the group saw a spike in gross profit margins of 94% for FY13 from 44% for FY12, as a result of a higher proportion of revenues from its video management equipment and solutions business which relates to software licensing. The group has cash of $5.6m (189% of its equity base), half of which is made up with an outstanding long-term interest-free shareholder loan of $2.8m. Total accumulated losses of $36.3m are 96% of share capital, bringing down total equity to $3.0m. Going forward, the group is still in the midst of discussions with clients for potential business opportunities in China on its media solutions segment. On its video management equipment and solutions business, the group are still pending further updates to commence its initial project with China's Ministry of Railways. No further indications of a turnaround otherwise, before the group depletes its cash hoard and goes into negative shareholder equity.