By NZPA
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Tuesday 4th June 2002 |
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The company said there would be no dividend.
The results, to March 31, show sales revenue dropped to $2.511 million from $3.417 million in the 2001 year.
Other revenue also dropped to $198,000 from $9.991 million, leaving the company with a total operating revenue of $2.7 million, a fall of 80 percent on the previous year ($13.4 million).
Operating deficit before and after tax was $18.336 million compared with $4 million the previous year.
But writedowns totalling $9.953 million for loans and investments in associates saw the total operating deficit reach $21.494 million.
About $3.3 million was an equity accounted loss in Deep Video Imaging, a developer of three-dimensional LCD screens in which IT Capital holds a 41.8 percent stake.
Losses in sports animation company Virtual Spectator, and web development companies Golden Orb and Terrabyte, made up the remainder of the writedowns.
A newspaper article in March suggested Deep Video Imaging was on the brink of a major deal with the US military but that was played down by ITC, although it still earned a reprimand from the Stock Exchange for allowing misleading information about DVI to circulate.
In April ITC announced it was seeking to raise between $3 million and $5 million in capital by issuing shares at 4 cents each.
Earnings per share fell to -$12.50 (-$2.98 previously), while shareholders equity has dropped to $1.012 million compared with $16.555 million the previous year.
New chief executive David McKee Wright, who has been in the job since February, told NZPA the company had incurred costs by bringing in a new management team and through downsizing. It had closed offices in the US, Singapore and Australia.
He said the company planned to outline its new future strategy at its annual meeting in Auckland in mid-July.
Shares in IT Capital closed down 0.2c at 5.6c, near its year low of 5.2c and well off its year high of 13c.
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