Le Lézard
Classified in: Transportation, Science and technology, Business
Subjects: ERN, CCA, FVT

MICT Reports Financial Results for the Second Quarter Ended June 30, 2020


MONTVALE, N.J., Aug. 14, 2020 /PRNewswire/ --  MICT, Inc. (Nasdaq: MICT), today announced financial results for the three months ended June 30, 2020.

"We are very pleased and excited to have recently closed the acquisition of Global Fintech Holdings (GFH) and increased our stake in Micronet to majority owner, which we believe positions MICT to grow revenues and earnings through operating businesses in the global fintech and telematics industries. Pending shareholder approval at our September 3, 2020 special meeting of stockholders, MICT will receive the balance of the $15 million that remains to be funded, which will enable MICT to execute on additional opportunities through organic growth and accretive acquisitions. We are currently evaluating acquisition candidates in our pipeline, and look forward to announcing the achievement of additional revenue-driving events in due course," stated MICT CEO Darren Mercer

"The global logistics and transportation telematics industry, expected to be valued at $45 billion by 2022,  is rapidly evolving and we have identified key opportunities for Micronet's suite of world class telematics technologies. Through GFH's deep experience and network in the Asian markets, we believe we are well positioned to expand Micronet's business beyond the U.S. and Europe, into Asia. We believe that the acquisition of GFH brings crossover benefits to the telematics business, and is a driving reason for MICT's decision to increase its stake in Micronet," Mercer concluded.

Between February 24, 2019 and June 23, 2020 MICT held less than 50% ownership of Micronet's outstanding ordinary shares, and therefore did not include Micronet's financial results during that time in its consolidated financial statements based on U.S. generally accepted accounting practices (GAAP). MICT will include Micronet's financial results in its consolidated statements in the third quarter of 2020. 

Q2 2020 Review

Three Months Ended June 30, 2020 Review

Six Months Ended June 20, 2020 Review

Conference Call

The Company invites all those interested in participating in a conference call on Monday, August 17, 2020 at 9:00 a.m. EDT, to dial 1-888 -298 5973. Callers from outside of the U.S. may access the call by dialing: From Europe (including London) dial in +448 0818 90708 From Israel +972 79-939 8931. user pin: 4444  

Please dial in a few minutes before 9:00 a.m. EDT. Participants may also access a live webcast of the conference call through the Investor Relations section of MICT's website at: http://mixlr.com/servicesmict/

A telephone replay of the call will be available for two weeks at: 1-888 -298 5973. Callers from outside of the U.S- may access the call by dialing: From Europe (including London) dial in +448 0818 90708 From Israel +972 79-939 8931.  user pin: 3333

A slide presentation accompanying management's remarks can be accessed at www.mict-inc.com.  

About MICT, Inc.

MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, Global Fintech Holdings Intermediate Ltd. ("GFH") and Micronet Ltd. ("Micronet"). GFH's versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia where GFH owns a substantial propriety database of users. Micronet operates in the growing commercial Mobile Resource Management (MRM) market, mainly in the United States. Micronet designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments.

Forward-looking Statement

This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws.  These forward-looking statements include, but are not limited to, those statements regarding the belief that the merger with GFH and recent investments in Micronet will create synergies and advantages for all companies involved, our expectations regarding the global logistics and transportation telematics industry growth,  and the belief that a majority stake in Micronet will leverage our global platform to grow the telematics business. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in the Company's annual report on Form 10-K for the year ended December 31, 2019 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

 

 

 

MICT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(USD In Thousands, Except Share and Par Value Data)





June 30,
2020



December 31,
2019




(Unaudited)





ASSETS







Current assets:







Cash and cash equivalents


$

9,707



$

3,154


Restricted cash







45


Trade accounts receivable, net



305




-


Short-term loan to related party Micronet Ltd., net







281


Inventories, net



1,852




-


Other current assets



1,541




937


Total current assets



13,405




4,417











Property and equipment, net



689




29


Long term deposit



26




-


Right of use assets



310




-


Goodwill



2,618




-


Intangible assets and others, net



2,475




-


Restricted cash escrow



477




477


Micronet Ltd. equity method investment







994


Total long-term assets



6,595




1,500











Total assets


$

20,000



$

5,917


 

 

MICT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(USD In Thousands, Except Share and Par Value Data)




June 30,
2020



December 31,
2019




(Unaudited)





LIABILITIES AND EQUITY














Short term bank credit and current portion of long term bank loans


$

1,186



$

-


Short term credit from others



8,151




-


Trade accounts payable



1,193




-


Other current liabilities



1,865




290


Total current liabilities



12,395




290











Long term loans from others







1,856


Lease liability



102




-


Deferred tax liabilities



362




-


Long term escrow



477




477


Accrued severance pay



145




50


Total long term liabilities



1,086




2,383











Stockholders' Equity:









Series A Convertible Preferred Stock; $0.001 par value,
 3,181,818 and 2,386,363 shares authorized, issued and
 outstanding as of June 30, 2020 and December 31, 2019,
 respectively



3




2


Series B Convertible Preferred Stock; $0.001 par value,
 1,818,182 and 0 shares authorized, issued and outstanding as
 of June 30, 2020 and December 31, 2019, respectively



2




0


Common stock; $0.001 par value, 25,000,000 shares authorized,
 11,107,714 shares issued and outstanding as of June 30, 2020
 and 11,089,532 shares issued and outstanding as of
 December 31, 2019, respectively



11




11


Additional paid in capital



14,198




14,107


Additional paid in capital ? Series A Convertible Preferred Stock



6,437




6,028


Additional paid in capital ? Series B Convertible Preferred Stock



1,914






Accumulated other comprehensive (loss)



164




70


Accumulated loss



(18,382)




(16,974)


MICT, Inc. stockholders' equity



4,347




3,244











Non-controlling interests



2,172




-











Total equity



6,519




3,244











Total liabilities and equity


$

20,000



$

5,917


 

 

MICT, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(USD In Thousands, Except Share and Earnings Per Share Data)

(Unaudited)




Six months ended
June 30,



Three months ended
June 30,




2020



2019



2020



2019















Revenues


$

-



$

477



$

-



$

-


Cost of revenues



-




846




-




-


Gross profit (loss)



-




(369)




-




-



















Operating expenses:

















Research and development



-




261




-




-


Selling and marketing



-




198




-




-


General and administrative



1,438




1,660




668




670


Amortization of intangible assets







20




-




-


Total operating expenses



1,438




2,139




668




670



















Loss from operations



(1,438)




(2,508)




(668)




(670)


Share in investee losses



(786)




(405)




(146)




(405)


Net profit from loss of control







299








-


Gain on previously held equity in Micronet



665




-




665




-


Financial (income) expenses, net



157




(54)




381




22


Income (loss) before provision for income taxes



(1,402)




(2,560)




232




(1,097)


Provision for income taxes



6




8




5




5



















Total net profit (loss)



(1,408)




(2,568)




227




(1,102)


Net loss attributable to non-controlling interests







(556)








-



















Net profit (loss) attributable to MICT, Inc.



(1,408)




(2,012)




227




(1,102)



















Earnings (loss) per share attributable to MICT, Inc.

















Basic


$

(0.12)



$

(0.19)



$

0.02



$

(0.10)


Diluted



-




-




0.00




-



















Weighted average common shares outstanding:

















Basic



11,092,144




10,365,744




11,094,784




11,009,199


Diluted



11,092,144




10,365,744




19,901,263




11,009,199


 

 

 

SOURCE MICT


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