16th Dec 2005 10:10
Lo-Q PLC16 December 2005 LO-Q PLC ("LO-Q" or the "Company") Interim Results for the 12 months to 30 September 2005 Chairman's Statement The positive start to the season, previously mentioned in the March 2005 Interimresults, has continued throughout the summer and the Company's results reflectthe benefit of the increase of Q-bot rental income. Your Board has decided to align the Company year-end with that of our majorcustomer. This will enable us to report on a single calendar year and theDecember year-end will allow us to operate more efficiently. The interimresults reflect the twelve-month performance for the period ended September2005. The full accounting period which will end on December 31st will cover afifteen month period. The Company made a small profit of £101,437 after taxation for the twelve-monthperiod, and all members of the Company are delighted with this outcome. Q-botincome has risen substantially this year due to a number of factors. Chiefamongst these were increases in Q-bot rental rates, increased demand, even whereattendances have not risen and the success of a tight management approach to therental sales and administration teams in each park. Having Steve Drake, duringthe operating season, spend the bulk of his time on front-line supervision inthe United States has undoubtedly been a major factor. Four of the parksachieved revenues of over US $1million with total Q-bot rental revenue taken inthe parks increasing by 37% over last year. Corporate sales have alsocontributed to this increase, with single orders of 100's of Q-bots becoming amajor feature of our business. Well over one and a half million people have nowused a Q-bot. Our product has featured in a number of TV programmes including thecoast-to-coast "Good morning America" and Fox news in Atlanta. The painstaking work of minor modifications to the Q-bot design has also paiddividends with the new rugged case being much more resilient and waterproof. Further system enhancements to improve performance and to add features have beencompleted this year including Q pass, an electronic immediate front of the linefacility. Our show reservation capability has been brought into use during theyear. The R&D team have also perfected a wireless backbone system for datatransmission throughout the park and this will allow both a lower cost andquicker installation of a full system. Relocating our UK offices in Henley is now complete. We expect to announce the results for the full 15 month 'year' by the end ofMarch by including the last three months of this calendar year to the twelvemonths covered in this statement. These 3 months see little theme parkattendance and therefore, the Company will receive little income. Jeff McManus Chairman LO-Q PLC Consolidated profit and loss account Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ TurnoverTotal Lo-q income from park operations 1,678,794 845,535 Cost of Sales 474,662 149,437 __________ __________ Gross profit/(loss) 1,204,132 696,098 Administrative expenses 1,128,831 1,204,222 __________ __________ Operating profit/(loss) 75,301 (508,124) Profit on Disposal of Fixed Assets 0 159,849 Interest receivable 712 351 Interest payable and similar charges (426) (458) __________ __________ Profit/(loss) on ordinary activities before 75,587 (348,382)taxation Corporation Tax repaid/(paid) 25,850 37,328 __________ __________ Profit/(loss) on ordinary activities after 101,437 (311,054)taxation __________ __________ Earnings (profit/(loss) per share 0.01 (0.02)Basic (and diluted) __________ __________ LO-Q PLC Consolidated balance sheet Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ Fixed assetsTangible assets 21,375 51,157 __________ __________ Current AssetsStocks 172,351 198,448Debtors falling due within one year 1,151 255,180 - Other debtors 14,211 12,165 - Corporation tax 28,614 41,762 Debtors falling after one year - Prepayments & accrued income 167,424 124,342Cash at bank and in hand 693,975 259,297 __________ __________ 1,077,726 891,194Creditors: amounts falling duewithin one year 160,643 110,421 __________ __________ Net current assets/(liabilities) 917,082 780,773 __________ __________ Total assets less current liabilities 938,458 831,930 __________ __________ Capital and ReservesCalled up share capital 143,478 143,478Share premium account 4,971,617 4,971,617Capital reserve 12,473 12,473Profit and loss account (4,189,110) (4,295,638) __________ __________ Equity shareholders' funds 938,458 831,930 __________ __________ LO-Q PLC Consolidated cash flow statement Unaudited Audited Year to 30 Year to 30 September 2005 September 2004 £ £ Net cash inflow/(outflow) from operating 3 393,157 (357,138)activities __________ __________ Returns on investments and servicing of financeInterest received 712 351Interest paid (426) (458) __________ __________ Net cash inflow/(outflow) from returns on 286 (107)investments and servicing of finance __________ __________ TaxationCorporation tax received 38,998 124,730 __________ __________ Capital expenditure and financial investments (2,853) 188,444 __________ __________ Cash inflow/(outflow) before use of liquid 429,588 (44,071)resources and financing Cash inflow/(outflow) from financing 0 0 __________ __________ Increase/(Decrease) in cash 429,588 (44,071) __________ __________ LO-Q PLC Notes forming part of the accounts 1 Basis of preparation The results for the year ended 30 September 2005 are unaudited. The comparativefigures for the year ended 30 September 2004 are audited. They have beenprepared on accounting bases and policies that are consistent with those used inthe preparation of the financial statements of the Group for the year ended 30September 2004. The financial information contained in this report does not constitute statutoryaccounts within the meaning of Section 240 of the Companies Act 1985. Thefinancial information for the period ended 30 September 2004 has been extractedfrom the audited financial statements for that period, which have been filedwith the Registrar of Companies and which contain an unqualified audit report. 2 Profit per share Basic profit per share for the year ended 30 September 2005 has been calculatedbased on the weighted average number of shares in issue during the period of14,347,837 (30 September 2004 - 14,347,837) and the profit for the period of£101,437 (30 September 2004 - loss of £311,054). The profit attributable to ordinary shareholders and the weighted average numberof ordinary shares for the purpose of calculating the diluted earnings perordinary share are identical to those used for basic earnings per ordinaryshare. This is because the exercise of share options would have the effect ofreducing the loss per ordinary share and is therefore not dilutive under theterms of FRS14. 3 Net cash outflow from operating activities Unaudited Audited Year ended Year ended 30 September 2005 September 2004 £ £ Operating profit/(loss) 75,301 (508,124) Depreciation of tangible fixed assets 32,635 94,014 Loss on sale of tangible fixed assets - - (Increase)/decrease in stocks 26,097 21,342 Decrease/(increase) in debtors 251,983 (30,204) (Increase)/decrease in deferred incomeand other debtors (43,082) 86,533 Increase/decrease in creditors 50,222 (20,699) Net cash inflow/(outflow)from operating activities 393,157 (357,138) 4 Dividend The company does not intend to pay a dividend at this time. Copies of this statement will be available for a period of one 1 month from thecompany's registered office. The Company Secretary, 42 Portman Road, Reading, RG30 1EA This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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