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MGT Capital Investments Inc Reports Operating Results (10-Q)

May 17, 2010 | About:

MGT Capital Investments Inc (MGT) filed Quarterly Report for the period ended 2010-03-31.

Mgt Capital Investments Inc has a market cap of $11.07 million; its shares were traded at around $0.3401 with and P/S ratio of 48.56. Mgt Capital Investments Inc had an annual average earning growth of 1.7% over the past 5 years.

Highlight of Business Operations:

· Net loss attributable to MGT Capital Investments, Inc. decreased 86 % to $2,135 and resulted in a loss per share of $0.07 compared to a net loss of $15,330 and net loss per share of $0.47 in 2009.

Before their disposal, Medicexchange Limited and Medicexchange Inc. were consolidated into the MGT Consolidated Financial Statements. Consideration of $928 was allocated to Medicexchange and MGT recorded a profit on disposal of $149. This is netted off against the $234 loss on Medicexchange operations giving a net loss of $85 for discontinued operations.

Net loss attributable to equity holders of MGT Capital Investments, Inc. was $2,135 for the three months ended March 31, 2010 compared to a net loss of $15,330 for the three months ended March 31, 2009. Net loss per share for the three months ended March 31, 2010 was $0.06 for continuing operations and $0.01 for discontinued operations (based on weighted average shares outstanding of 32,550,590), compared to $0.46 and $0.01 respectively for the three months ended March 31, 2009 (based on weighted average shares outstanding of 32,550,590).

In 2007 and 2008 we invested $3,000 in Series C preferred shares of XShares Group, Inc. (XShares), an investment advisor that creates, issues and supports exchange traded funds with a particular healthcare specialty. In the year ended December 31, 2009 the Company also issued $2,000 in XShares convertible notes with a principal of $2,100. As at December 31, 2009 the equity investment and the convertible notes had been fully impaired. On March 31, 2010 we disposed of all of our equity holdings in XShares for $1 and the convertible notes for $1 resulting in a total profit on disposal of $2.

As of March 31, 2010 Medicsights share price was £0.05 ($0.08) compared to £0.08 ($0.13), as of December 31, 2009. This valued Medicsight at £4,300 ($6,381), compared to £6,794 ($10,821) as of December 31, 2009.

Included in investing activities is a further $528 advanced to Moneygate, with $414 for the working capital facility and $114 for the acquisition facility. Medicexchange was sold during the three months ended March 31, 2010 and $1,101 of cash was disposed of as part of this transaction, also included within investing activities.

Read the The complete Report

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