ImageState Revenue Down

Posted on 5/21/2003 by Jim Pickerell | Printable Version | Comments (0)

558

IMAGE STATE REVENUE DOWN



May 21, 2003

Image State has reported that during the period from 1 July 2002 to 31 December 2002
Group turnover amounted to £2.9 million (approximately $4.7 million), down 17% from £3.5
million (approximately $5.7 million) for the six months ended 31 December 2001.


The split of turnover by region was approximately US 36 per cent., UK 27 per cent, and rest
of world 37 per cent. The Group's products are sold by agents in over 50 countries. This
broad international spread of sales has continued to insulate the Group from the worst of the
steep drop in advertising expenditure in the US and the UK. 18 per cent. of overall sales
were accounted for by royalty free products and the balance, 82 per cent, by rights protected
images and footage. On-line sales amounted to approximately 6 per cent of the total.


Like for like sales were down 8 per cent. reflecting the difficult market conditions in the
US and Europe. There is no indication of any recovery in the advertising market either in the
US or UK.


The Group lost £0.9 million before interest, tax, depreciation and amortization ("EBITDA")
compared to a loss of £1.6 million for the six months ended 31 December 2001. The Group's
operating cost run rate in the current third quarter has been reduced to £375,000 per month
(of which approximately £75,000 per month relates to head office costs) compared to £500,000
per month this time last year, a reduction of 25 per cent.


The Group loss before taxation was £1.5 million compared to a loss of £3.4 million for the
six months ended 31 December 2001. The Group made a loss per share of 0.6p, compared to a
loss per share of 1.6p. for the six months ended 31 December 2001.


On 10 October 2002, the Group arranged a finance facility of £2,350,000,
(approximately $3.86 million) which was provided
by its two largest shareholders OVP2 Limited (a subsidiary of Pacific Investments PLC, a
Group ultimately controlled by Sir John Beckwith) and Mike Luckwell (both Directors of the
Group) who between them hold approximately 58.1 per cent. of the Group (together the "
Founders") and Mark Johnson, a Director of ImageState and Pacific Investments PLC. The
facility was subsequently increased on 17 December 2002 by £750,000 and subsequently on
25
March 2003 by a further £675,000 for a total of £3,775,000 or approximately $6.2 million.
The terms of the facility remain unchanged.


Under the terms of the agreement the loan is repayable on 31 March 2004 or, at the lenders'
behest, may be converted into ordinary shares in the Group at a conversion rate of 1p per
share. The purpose of the loan is to provide additional working capital and reduce trade
creditors.

The Independent Directors (comprising the Chairman and Finance Director) have
reviewed the potential sources of funding for ImageState's immediate needs. That review
concluded that currently there were no other sources of acceptable finance available to the
Group, given the current volatile condition of the stock market and the very cautious nature
of the debt capital markets. In reviewing the terms of the loan the Independent Directors
considered the immediate needs of the business for further funding and the implications of
not receiving such funding in the short term, together with the recent share price
trading range.


The Chairman and Finance Director, who consulted with the Group's nominated adviser,
concluded that the terms of the finance facility are fair and reasonable and in the best
interests of all shareholders and the Group.


In due course a resolution will be put to shareholders to provide the necessary authority to
allot the new shares in the event that the loan is to be repaid through the issue of shares
at 1p. All shareholders will be eligible to vote on this resolution, except for the Founders
and Mark Johnson.


The Group had net liabilities of £3.9 million as at 31 December 2002 with all investments
carried in the balance sheet at the lower of cost or net realizable value. During the year
ended 30 June 2002 the Group provided £14.1 million for impairment in its carrying value of
goodwill. This assessment was performed in December 2002. No further impairment has arisen
in the six month period to 31 December 2002.


Current Operations


In the last six months the focus of the Group has been to increase its product offering,
integrate the digital image databases, launch a new e-commerce web site for its US and UK
operations and agent network while implementing a significant cost reduction program. The
Group has made progress on all these issues.


The Group has developed the ImageState web site as a portal and has therefore expanded the
collections of images it sells to include other leading publishers' content. Similarly the
Group has expanded the distribution deals it has in place with third party distributors of its product.


ImageState completed the launch of its new e-commerce enabled web site at the end of March.
The new web site (www.imagestate.co.uk) has 160,000 digital images and combines the digital image
collections of the Group in a single site as well as the collections of other leading image publishers.
Up to a further 40,000 digital images are expected to be added by the end of September and this will
complete a nine month project to combine the Group's previous web sites into one integrated site.


The new web site brings all this additional content together and
enables customers to research, price, buy and download on line both rights managed and royalty
free content. According to Michael Cornish, Executive Chairman, "A substantial amount of management
time has been absorbed on integrating the acquisitions made over the last 3 years and launching a
competitive web offering."


Cornish also said, "the trading environment remains very difficult and there is no sign of any recovery in
advertising expenditure. In particular, the uncertainty created by the current situation in
the Gulf is having a short term adverse impact on activity levels."


Liabilities


At 31 December 2002, the Group had net current liabilities of £8,366,000, including a net overdraft
totaling £4,000,000. The overdraft facility made available to the Group by its bankers is repayable
on demand. The facility is subject to a number of financial covenants including minimum net assets,
which the Group has not met. The bankers have not demanded repayment and the Directors expect the
covenants to be reset in due course.


Continuing financial support from the shareholders and/or the Group's bankers is required to enable
the Group to meet its liabilities as they fall due and to continue operating without immediate
realization of all its assets. The Directors have discussed the Group's financing arrangements
with the two major shareholders, who have confirmed that it is their intention to provide financial
support until at least 31 March 2004.


Management Changes


Chris Adamson, the Finance Director, has decided to pursue other opportunities and will leave the Group
at the end of October 2003. Chris is being replaced by James Deeny who has joined as Finance
Director Designate.

Story 558

IMAGE STATE REVENUE DOWN



May 21, 2003

Image State has reported that during the period from 1 July 2002 to 31 December 2002
Group turnover amounted to £2.9 million (approximately $4.7 million), down 17% from £3.5
million (approximately $5.7 million) for the six months ended 31 December 2001.


The split of turnover by region was approximately US 36 per cent., UK 27 per cent, and rest
of world 37 per cent. The Group's products are sold by agents in over 50 countries. This
broad international spread of sales has continued to insulate the Group from the worst of the
steep drop in advertising expenditure in the US and the UK. 18 per cent. of overall sales
were accounted for by royalty free products and the balance, 82 per cent, by rights protected
images and footage. On-line sales amounted to approximately 6 per cent of the total.


Like for like sales were down 8 per cent. reflecting the difficult market conditions in the
US and Europe. There is no indication of any recovery in the advertising market either in the
US or UK.


The Group lost £0.9 million before interest, tax, depreciation and amortization ("EBITDA")
compared to a loss of £1.6 million for the six months ended 31 December 2001. The Group's
operating cost run rate in the current third quarter has been reduced to £375,000 per month
(of which approximately £75,000 per month relates to head office costs) compared to £500,000
per month this time last year, a reduction of 25 per cent.


The Group loss before taxation was £1.5 million compared to a loss of £3.4 million for the
six months ended 31 December 2001. The Group made a loss per share of 0.6p, compared to a
loss per share of 1.6p. for the six months ended 31 December 2001.


On 10 October 2002, the Group arranged a finance facility of £2,350,000,
(approximately $3.86 million) which was provided
by its two largest shareholders OVP2 Limited (a subsidiary of Pacific Investments PLC, a
Group ultimately controlled by Sir John Beckwith) and Mike Luckwell (both Directors of the
Group) who between them hold approximately 58.1 per cent. of the Group (together the "
Founders") and Mark Johnson, a Director of ImageState and Pacific Investments PLC. The
facility was subsequently increased on 17 December 2002 by £750,000 and subsequently on
25
March 2003 by a further £675,000 for a total of £3,775,000 or approximately $6.2 million.
The terms of the facility remain unchanged.


Under the terms of the agreement the loan is repayable on 31 March 2004 or, at the lenders'
behest, may be converted into ordinary shares in the Group at a conversion rate of 1p per
share. The purpose of the loan is to provide additional working capital and reduce trade
creditors.

The Independent Directors (comprising the Chairman and Finance Director) have
reviewed the potential sources of funding for ImageState's immediate needs. That review
concluded that currently there were no other sources of acceptable finance available to the
Group, given the current volatile condition of the stock market and the very cautious nature
of the debt capital markets. In reviewing the terms of the loan the Independent Directors
considered the immediate needs of the business for further funding and the implications of
not receiving such funding in the short term, together with the recent share price
trading range.


The Chairman and Finance Director, who consulted with the Group's nominated adviser,
concluded that the terms of the finance facility are fair and reasonable and in the best
interests of all shareholders and the Group.


In due course a resolution will be put to shareholders to provide the necessary authority to
allot the new shares in the event that the loan is to be repaid through the issue of shares
at 1p. All shareholders will be eligible to vote on this resolution, except for the Founders
and Mark Johnson.


The Group had net liabilities of £3.9 million as at 31 December 2002 with all investments
carried in the balance sheet at the lower of cost or net realizable value. During the year
ended 30 June 2002 the Group provided £14.1 million for impairment in its carrying value of
goodwill. This assessment was performed in December 2002. No further impairment has arisen
in the six month period to 31 December 2002.


Current Operations


In the last six months the focus of the Group has been to increase its product offering,
integrate the digital image databases, launch a new e-commerce web site for its US and UK
operations and agent network while implementing a significant cost reduction program. The
Group has made progress on all these issues.


The Group has developed the ImageState web site as a portal and has therefore expanded the
collections of images it sells to include other leading publishers' content. Similarly the
Group has expanded the distribution deals it has in place with third party distributors of its product.


ImageState completed the launch of its new e-commerce enabled web site at the end of March.
The new web site (www.imagestate.co.uk) has 160,000 digital images and combines the digital image
collections of the Group in a single site as well as the collections of other leading image publishers.
Up to a further 40,000 digital images are expected to be added by the end of September and this will
complete a nine month project to combine the Group's previous web sites into one integrated site.


The new web site brings all this additional content together and
enables customers to research, price, buy and download on line both rights managed and royalty
free content. According to Michael Cornish, Executive Chairman, "A substantial amount of management
time has been absorbed on integrating the acquisitions made over the last 3 years and launching a
competitive web offering."


Cornish also said, "the trading environment remains very difficult and there is no sign of any recovery in
advertising expenditure. In particular, the uncertainty created by the current situation in
the Gulf is having a short term adverse impact on activity levels."


Liabilities


At 31 December 2002, the Group had net current liabilities of £8,366,000, including a net overdraft
totaling £4,000,000. The overdraft facility made available to the Group by its bankers is repayable
on demand. The facility is subject to a number of financial covenants including minimum net assets,
which the Group has not met. The bankers have not demanded repayment and the Directors expect the
covenants to be reset in due course.


Continuing financial support from the shareholders and/or the Group's bankers is required to enable
the Group to meet its liabilities as they fall due and to continue operating without immediate
realization of all its assets. The Directors have discussed the Group's financing arrangements
with the two major shareholders, who have confirmed that it is their intention to provide financial
support until at least 31 March 2004.


Management Changes


Chris Adamson, the Finance Director, has decided to pursue other opportunities and will leave the Group
at the end of October 2003. Chris is being replaced by James Deeny who has joined as Finance
Director Designate.

Story 558

IMAGE STATE REVENUE DOWN



May 21, 2003

Image State has reported that during the period from 1 July 2002 to 31 December 2002
Group turnover amounted to £2.9 million (approximately $4.7 million), down 17% from £3.5
million (approximately $5.7 million) for the six months ended 31 December 2001.


The split of turnover by region was approximately US 36 per cent., UK 27 per cent, and rest
of world 37 per cent. The Group's products are sold by agents in over 50 countries. This
broad international spread of sales has continued to insulate the Group from the worst of the
steep drop in advertising expenditure in the US and the UK. 18 per cent. of overall sales
were accounted for by royalty free products and the balance, 82 per cent, by rights protected
images and footage. On-line sales amounted to approximately 6 per cent of the total.


Like for like sales were down 8 per cent. reflecting the difficult market conditions in the
US and Europe. There is no indication of any recovery in the advertising market either in the
US or UK.


The Group lost £0.9 million before interest, tax, depreciation and amortization ("EBITDA")
compared to a loss of £1.6 million for the six months ended 31 December 2001. The Group's
operating cost run rate in the current third quarter has been reduced to £375,000 per month
(of which approximately £75,000 per month relates to head office costs) compared to £500,000
per month this time last year, a reduction of 25 per cent.


The Group loss before taxation was £1.5 million compared to a loss of £3.4 million for the
six months ended 31 December 2001. The Group made a loss per share of 0.6p, compared to a
loss per share of 1.6p. for the six months ended 31 December 2001.


On 10 October 2002, the Group arranged a finance facility of £2,350,000,
(approximately $3.86 million) which was provided
by its two largest shareholders OVP2 Limited (a subsidiary of Pacific Investments PLC, a
Group ultimately controlled by Sir John Beckwith) and Mike Luckwell (both Directors of the
Group) who between them hold approximately 58.1 per cent. of the Group (together the "
Founders") and Mark Johnson, a Director of ImageState and Pacific Investments PLC. The
facility was subsequently increased on 17 December 2002 by £750,000 and subsequently on
25
March 2003 by a further £675,000 for a total of £3,775,000 or approximately $6.2 million.
The terms of the facility remain unchanged.


Under the terms of the agreement the loan is repayable on 31 March 2004 or, at the lenders'
behest, may be converted into ordinary shares in the Group at a conversion rate of 1p per
share. The purpose of the loan is to provide additional working capital and reduce trade
creditors.

The Independent Directors (comprising the Chairman and Finance Director) have
reviewed the potential sources of funding for ImageState's immediate needs. That review
concluded that currently there were no other sources of acceptable finance available to the
Group, given the current volatile condition of the stock market and the very cautious nature
of the debt capital markets. In reviewing the terms of the loan the Independent Directors
considered the immediate needs of the business for further funding and the implications of
not receiving such funding in the short term, together with the recent share price
trading range.


The Chairman and Finance Director, who consulted with the Group's nominated adviser,
concluded that the terms of the finance facility are fair and reasonable and in the best
interests of all shareholders and the Group.


In due course a resolution will be put to shareholders to provide the necessary authority to
allot the new shares in the event that the loan is to be repaid through the issue of shares
at 1p. All shareholders will be eligible to vote on this resolution, except for the Founders
and Mark Johnson.


The Group had net liabilities of £3.9 million as at 31 December 2002 with all investments
carried in the balance sheet at the lower of cost or net realizable value. During the year
ended 30 June 2002 the Group provided £14.1 million for impairment in its carrying value of
goodwill. This assessment was performed in December 2002. No further impairment has arisen
in the six month period to 31 December 2002.


Current Operations


In the last six months the focus of the Group has been to increase its product offering,
integrate the digital image databases, launch a new e-commerce web site for its US and UK
operations and agent network while implementing a significant cost reduction program. The
Group has made progress on all these issues.


The Group has developed the ImageState web site as a portal and has therefore expanded the
collections of images it sells to include other leading publishers' content. Similarly the
Group has expanded the distribution deals it has in place with third party distributors of its product.


ImageState completed the launch of its new e-commerce enabled web site at the end of March.
The new web site (www.imagestate.co.uk) has 160,000 digital images and combines the digital image
collections of the Group in a single site as well as the collections of other leading image publishers.
Up to a further 40,000 digital images are expected to be added by the end of September and this will
complete a nine month project to combine the Group's previous web sites into one integrated site.


The new web site brings all this additional content together and
enables customers to research, price, buy and download on line both rights managed and royalty
free content. According to Michael Cornish, Executive Chairman, "A substantial amount of management
time has been absorbed on integrating the acquisitions made over the last 3 years and launching a
competitive web offering."


Cornish also said, "the trading environment remains very difficult and there is no sign of any recovery in
advertising expenditure. In particular, the uncertainty created by the current situation in
the Gulf is having a short term adverse impact on activity levels."


Liabilities


At 31 December 2002, the Group had net current liabilities of £8,366,000, including a net overdraft
totaling £4,000,000. The overdraft facility made available to the Group by its bankers is repayable
on demand. The facility is subject to a number of financial covenants including minimum net assets,
which the Group has not met. The bankers have not demanded repayment and the Directors expect the
covenants to be reset in due course.


Continuing financial support from the shareholders and/or the Group's bankers is required to enable
the Group to meet its liabilities as they fall due and to continue operating without immediate
realization of all its assets. The Directors have discussed the Group's financing arrangements
with the two major shareholders, who have confirmed that it is their intention to provide financial
support until at least 31 March 2004.


Management Changes


Chris Adamson, the Finance Director, has decided to pursue other opportunities and will leave the Group
at the end of October 2003. Chris is being replaced by James Deeny who has joined as Finance
Director Designate.

Story 558

IMAGE STATE REVENUE DOWN



May 21, 2003

Image State has reported that during the period from 1 July 2002 to 31 December 2002
Group turnover amounted to £2.9 million (approximately $4.7 million), down 17% from £3.5
million (approximately $5.7 million) for the six months ended 31 December 2001.


The split of turnover by region was approximately US 36 per cent., UK 27 per cent, and rest
of world 37 per cent. The Group's products are sold by agents in over 50 countries. This
broad international spread of sales has continued to insulate the Group from the worst of the
steep drop in advertising expenditure in the US and the UK. 18 per cent. of overall sales
were accounted for by royalty free products and the balance, 82 per cent, by rights protected
images and footage. On-line sales amounted to approximately 6 per cent of the total.


Like for like sales were down 8 per cent. reflecting the difficult market conditions in the
US and Europe. There is no indication of any recovery in the advertising market either in the
US or UK.


The Group lost £0.9 million before interest, tax, depreciation and amortization ("EBITDA")
compared to a loss of £1.6 million for the six months ended 31 December 2001. The Group's
operating cost run rate in the current third quarter has been reduced to £375,000 per month
(of which approximately £75,000 per month relates to head office costs) compared to £500,000
per month this time last year, a reduction of 25 per cent.


The Group loss before taxation was £1.5 million compared to a loss of £3.4 million for the
six months ended 31 December 2001. The Group made a loss per share of 0.6p, compared to a
loss per share of 1.6p. for the six months ended 31 December 2001.


On 10 October 2002, the Group arranged a finance facility of £2,350,000,
(approximately $3.86 million) which was provided
by its two largest shareholders OVP2 Limited (a subsidiary of Pacific Investments PLC, a
Group ultimately controlled by Sir John Beckwith) and Mike Luckwell (both Directors of the
Group) who between them hold approximately 58.1 per cent. of the Group (together the "
Founders") and Mark Johnson, a Director of ImageState and Pacific Investments PLC. The
facility was subsequently increased on 17 December 2002 by £750,000 and subsequently on
25
March 2003 by a further £675,000 for a total of £3,775,000 or approximately $6.2 million.
The terms of the facility remain unchanged.


Under the terms of the agreement the loan is repayable on 31 March 2004 or, at the lenders'
behest, may be converted into ordinary shares in the Group at a conversion rate of 1p per
share. The purpose of the loan is to provide additional working capital and reduce trade
creditors.

The Independent Directors (comprising the Chairman and Finance Director) have
reviewed the potential sources of funding for ImageState's immediate needs. That review
concluded that currently there were no other sources of acceptable finance available to the
Group, given the current volatile condition of the stock market and the very cautious nature
of the debt capital markets. In reviewing the terms of the loan the Independent Directors
considered the immediate needs of the business for further funding and the implications of
not receiving such funding in the short term, together with the recent share price
trading range.


The Chairman and Finance Director, who consulted with the Group's nominated adviser,
concluded that the terms of the finance facility are fair and reasonable and in the best
interests of all shareholders and the Group.


In due course a resolution will be put to shareholders to provide the necessary authority to
allot the new shares in the event that the loan is to be repaid through the issue of shares
at 1p. All shareholders will be eligible to vote on this resolution, except for the Founders
and Mark Johnson.


The Group had net liabilities of £3.9 million as at 31 December 2002 with all investments
carried in the balance sheet at the lower of cost or net realizable value. During the year
ended 30 June 2002 the Group provided £14.1 million for impairment in its carrying value of
goodwill. This assessment was performed in December 2002. No further impairment has arisen
in the six month period to 31 December 2002.


Current Operations


In the last six months the focus of the Group has been to increase its product offering,
integrate the digital image databases, launch a new e-commerce web site for its US and UK
operations and agent network while implementing a significant cost reduction program. The
Group has made progress on all these issues.


The Group has developed the ImageState web site as a portal and has therefore expanded the
collections of images it sells to include other leading publishers' content. Similarly the
Group has expanded the distribution deals it has in place with third party distributors of its product.


ImageState completed the launch of its new e-commerce enabled web site at the end of March.
The new web site (www.imagestate.co.uk) has 160,000 digital images and combines the digital image
collections of the Group in a single site as well as the collections of other leading image publishers.
Up to a further 40,000 digital images are expected to be added by the end of September and this will
complete a nine month project to combine the Group's previous web sites into one integrated site.


The new web site brings all this additional content together and
enables customers to research, price, buy and download on line both rights managed and royalty
free content. According to Michael Cornish, Executive Chairman, "A substantial amount of management
time has been absorbed on integrating the acquisitions made over the last 3 years and launching a
competitive web offering."


Cornish also said, "the trading environment remains very difficult and there is no sign of any recovery in
advertising expenditure. In particular, the uncertainty created by the current situation in
the Gulf is having a short term adverse impact on activity levels."


Liabilities


At 31 December 2002, the Group had net current liabilities of £8,366,000, including a net overdraft
totaling £4,000,000. The overdraft facility made available to the Group by its bankers is repayable
on demand. The facility is subject to a number of financial covenants including minimum net assets,
which the Group has not met. The bankers have not demanded repayment and the Directors expect the
covenants to be reset in due course.


Continuing financial support from the shareholders and/or the Group's bankers is required to enable
the Group to meet its liabilities as they fall due and to continue operating without immediate
realization of all its assets. The Directors have discussed the Group's financing arrangements
with the two major shareholders, who have confirmed that it is their intention to provide financial
support until at least 31 March 2004.


Management Changes


Chris Adamson, the Finance Director, has decided to pursue other opportunities and will leave the Group
at the end of October 2003. Chris is being replaced by James Deeny who has joined as Finance
Director Designate.


Copyright © 2003 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  

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