Navigation Links
MGT Capital Investments, Inc. Reports Fiscal 2009 Second Quarter Financial Results
Date:8/14/2009

NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- MGT Capital Investments, Inc. (NYSE AMEX: MGT), a holding company, today reported financial results for the quarter ended June 30, 2009 and provided an update on strategic milestones.

As of June 30, 2009 cash, cash equivalents and marketable securities were $31.0 million compared to $40.2 million at December 31, 2008.

For the quarter ended June 30, 2009, MGT's total revenue was $47,000 compared to $85,000 for the same period last year. The decline in revenue is due to Medicexchange's slow down in medical equipment sales in China and reduced license sales in Medicsight. Total operating expenses for the quarter ended June 30, 2009 were $5.2 million, compared to total operating expenses of $8.6 million in the comparable period of 2008.

For the six months ended June 30, 2009, MGT's total revenue of $121,000 compared to $137,000 for the same period last year. Total operating expenses for the six months ended June 30, 2009 were $21.5 million, compared to total operating expenses of $14.7 million in the comparable period of 2008. This includes a $12.2 million dollar impairment of goodwill relating to Medicsight, in the six months ended June 30, 2009.

Net loss for the quarter ended June 30, 2009 was ($3.8) million, or ($0.12) per basic and diluted share, compared to a net loss of ($5.1) million, or ($0.14) per basic and diluted share, for the same period in 2008.

Net loss for the six months ended June 30, 2009 was ($19.2) million, or ($0.59) per basic and diluted share, compared to a net loss of ($8.9) million, or ($0.23) per basic and diluted share, for the same period in 2008. The increase in net loss for the six months in 2009 includes a $12.2 million dollar impairment of goodwill relating to Medicsight. This non-cash charge was taken in accordance with Statement of Financial Accounting Standards 142 "Goodwill and Other Intangible Assets", primarily due to a decrease in Medicsight's common stock price as of March 31, 2009. Since there is no remaining goodwill on MGT's balance sheet, this should be considered a one-time charge.

"Operating expenses for the six months ended June 30, 2009 were down as we focused on decreasing costs throughout the business and benefited from a favourable movement in exchange rates. This decrease will not affect Medicsight's ability to meet any requirements to move its ColonCAD software through the regulatory processes in both the U.S. and Japan. We expect to receive updates on the U.S. and Japanese submissions for regulatory approval shortly," stated Tim Paterson-Brown, Chairman and CEO of MGT.

About MGT Capital Investments, Inc.

MGT Capital Investments, Inc. is a holding company. The Company has two subsidiaries, Medicsight and Medicexchange.

Medicsight PLC (AIM: MDST) is a leading developer of computer-aided detection (CAD) and image analysis software for the medical imaging market. The CAD software automatically highlights suspicious areas on computerized tomography (CT) scans of the colon and lung, helping radiologists to identify, measure and analyze potential disease and early indicators of disease. Medicsight's CAD software has been validated using one of the world's largest and most population diverse databases of verified patient CT scan data. Medicsight's ColonCAD((TM)) and LungCAD((TM)) software products are seamlessly integrated with the advanced 3D visualization workstations of several industry-leading imaging equipment partners.

Medicexchange Ltd provides medical imaging professionals with a global web portal containing an online sales, jobs and information channel for diagnostic, treatment and surgery planning solutions. This combined with a variety of relevant clinical papers, training materials and content gives these professionals access to information and products that they otherwise would have difficulty accessing.

Additional information can be found at www.mgtci.com.

All forward-looking statements are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in company filings with the Securities and Exchange Commission.


'/>"/>
SOURCE MGT Capital Investments, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. EANS-News: Alapis Announces its Share Capital Increase to Raise c. EUR 451.1 million
2. Boston Scientific to Participate in BMO Capital Markets Health Care Conference
3. Osteotech to Present at the BMO Capital Markets 9th Annual Focus on Healthcare Conference
4. Arena Pharmaceuticals to Present at the BMO Capital Markets 9th Annual Focus on Healthcare Conference
5. NuVasive to Present at the BMO Capital Markets 9th Annual Focus on Healthcare Conference
6. Zimmer Holdings to Present at BMO Capital Markets Ninth Annual Focus on Healthcare Conference
7. Bionovo to Present at the BMO Capital Markets Ninth Annual Focus on Healthcare Conference
8. STAAR Surgical to Present at BMO Capital Markets 9th Annual Focus on Healthcare Conference in New York
9. DURECT to Present at the BMO Capital Markets Healthcare Conference
10. Genstar Capital Portfolio Company Univita Health Completes Debt Financing
11. Transcept Pharmaceuticals to Present at BMO Capital Markets Healthcare Conference on August 5, 2009
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/2/2016)... ... December 02, 2016 , ... U.S. Surgeon General, Dr. Vivek Murthy, ... Murthy explains how he was inspired to practice medicine at an early age by ... about more than making diagnoses and prescribing medicine,” he states. “It is about building ...
(Date:12/2/2016)... , ... December 02, 2016 , ... ... Beverly Hills, California, will be included in the 2016 “Guide to America’s Top ... professionals based on the amalgamation of their education, experience, and professional associations. ...
(Date:12/2/2016)... ... December 02, 2016 , ... CloudLIMS.com, a class-leading provider of ... Lite. CloudLIMS Lite helps biobanks, clinical, research and testing laboratories keep track of ... new version is a faster and a more efficient product, allowing batch processing ...
(Date:12/2/2016)... West Milford, NJ (PRWEB) , ... December 02, 2016 , ... ... Norway, Nothing Water has some unique properties including its unmatched natural purity of just ... described as clean and crisp. , Nothing Water has been available in several ShopRite ...
(Date:12/2/2016)... ... December 02, 2016 , ... "Pro3rd Accents Volume 2 is ... create versatile lower third titles with just a few clicks of the mouse," said ... includes 30 lower third animations. Choose from various styles with accented animations, rigid boxes, ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... LYME, Conn. , Dec. 1, 2016  Today, ... has announced the honor of being selected as winners ... include: Simpson Healthcare Executives Website at the PLATINUM level, ... Conversations Training Module at the GOLD Level, and our ... At Simpson Healthcare Executives, we are excited ...
(Date:12/2/2016)... bioLytical Laboratories (das "Unternehmen"), ein Weltführer bei schnellen ... HIV-Selbsttests  in einer Version mit geringeren Kosten einzuführen.  ... ... New: INSTI Self Test! (PRNewsFoto/bioLytical Laboratories) ...      (Photo: http://photos.prnewswire.com/prnh/20161201/444833 ) ...
(Date:11/30/2016)... Research and Markets has announced the addition ... - MedCore" report to their offering. ... , , The cerebrospinal fluid ... healthy individuals, it is circulated though the brain and its ventricles, the ... of CSF surrounding the brain changes significantly. As ...
Breaking Medicine Technology: