Forum Archive Index - November 2000

["Wedde, John" <john.wedde@cit.ac.nz>]

Well those ITC fans already knew this and could not work out the dismal
price performance in the past few months, but here is the news now for all
to see. Probably it still won't make any difference to the share price, but
it dam well should!!
To those non believers ..... here is one big bargain staring you all in the
face. What are you going to do about it??
Disc. Fairly obviously I hold ITC!!
Cheers
John
  
 
   


  
   
 
 

 IT Capital Ordinary Shares ANNOUNCEMENT  
ITC
15/11/2000
HLFYR

REL: 1146 HRS IT Capital Limited

HLFYR: ITC: HY TO 30/09/2000 PROFIT $4.849M (1999 LOSS $0.987M)

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 30/09/2000_
_
Unaudited (NZ$?000)_
Current Previous_
Period  Corresponding_
Period_
OPERATING REVENUE_
Sales revenue  2,044   18_
Other revenue  10,493  84_
Total Operating Revenue 12,537  102_
OPERATING SURPLUS (DEFICIT)_
BEFORE UNUSUAL ITEMS AND TAX   5,077   (987)_
Unusual items_
for separate disclosure        -       -_
OPERATING SURPLUS (DEFICIT)_
BEFORE TAX     5,077   (987)_
Less tax on operating surplus   -       -_
Operating surplus (deficit)_
after tax but before minority_
interest        5,077   (987)_
Less minority interests         -_
Equity earnings (228)   _
OPERATING SURPLUS (DEFICIT) _
AFTER TAX ATTRIBUTABLE _
TO MEMBERS OF LISTED ISSUER    4,849   (987)_
Extraordinary items after tax   -       -_
Less minority interests -       -_
Extraordinary items after tax_
attributable to members of the_
Listed Issuer  -       -_
TOTAL OPERATING SURPLUS_
(DEFICIT) AND_
EXTRAORDINARY ITEMS_
AFTER TAX      4,849   (987)_
Operating Surplus (Deficit)_
and Extraordinary Items after_
Tax attributable to Minority_
Interest       -       -_
Operating Surplus (Deficit) _
and  Extraordinary  Items after  _
Tax attributable  to Members _
of the Listed Issuer   4,849   (987)_
EPS     0.03    (0.013)_
SHAREHOLDERS' EQUITY_
ATTRIBUTABLE TO MEMBERS _
OF THE HOLDING COMPANY 30,022  2,985_
_
IT Capital has reported its results for the half year ended 30/09/2000.  _
_
"IT Capital has had a very successful first half year.  It has achieved its
first operating profit and has ended the half year with a very strong
balance
sheet," said IT Capital Chief Executive Officer Mr Jeff Dittus._
_
In the six months ended 30 September 2000, IT Capital reported earnings
before interest and tax (EBIT) of  NZ$5.1m (EBITDA of NZ$5.8m) on revenue of
NZ$12.5m.  Basic Earnings Per Share was NZ$0.03 based on a capital base of
157.5m common shares and equivalents outstanding. _
_
"Our balance sheet has been strengthened considerably by two significant
events during the period:  the sale of our 33% interest in exo-net
International in August 2000, which raised proceeds of NZ$12.3m of cash and
marketable securities and the NZ$2.94m share placement to a leading listed
Australian technology fund in September 2000."_
_
The Company's total assets increased to NZ$33.6m at 30 September 2000 and
its
book value increased to NZ$30m.  These amounts include in excess of NZ$20m
of
available cash and equivalents for further investment._
_
"The exo-net sale is IT Capital's second successful exit following an
earlier
realisation associated with BMC Media in January 2000. Together these exits
have generated a greater than 1,000 percent return on invested shareholder
funds as we converted NZ$1.8m of capital into NZ$13.2m," said Mr Dittus_
_
"These transactions are evidence of our ability to successfully grow
Australasian companies while generating exceptional returns for our
shareholders. Additionally, the cash we have received has placed us in a
strong position to continue development of our existing portfolio companies
as well as seek new opportunities._
_
"Operationally, during the period we have concentrated on building our
portfolio companies and international investor network.  Our international
business acceleration capability has been established, including fully
functional offices and networks in Singapore and the United States._
_
"We were careful to avoid investing in 'me too' dot-com companies, but
rather
have focused on funding innovative Australasian businesses with defensible
technology that are poised for growth.  With the correction of technology
company valuations to more reasonable levels, we now are ideally positioned
to make new investments"._
End CA:00061474 For:ITC    Type:HLFYR      Time:2000-11-15:11:46:20
Encrypt:Y



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