ARC International plc Announces Unaudited Preliminary Results For the Year Ended December 31, 2008

The net cash outflow from operations before restructuring costs decreased to £4.8 million (2007: £5.1 million). Capital expenditure, including payments made for acquisitions and investments in associate, was £4.6 million (2007: £8.1 million). Net cash outflow in connection with the reorganisation was £1.6 million, including the share repurchases. The movement in cash and short-term investments during the year was an outflow of £8.5 million (2007: £10.4 million). Net assets at December 31, 2008 were £21.5 million (December 31, 2007: £30.3 million), including cash and short-term investments of £12.7 million (December 31, 2007: £21.2 million).

Dividend

No interim dividend payment will be made for the year ended December 31, 2008 (2007: £Nil).

Acquisitions

During the period ARC acquired Sonic Focus, Inc for a total consideration of £2.8 million. See note 7 for details.

Consolidated income statement          
For the year ended December 31, 2008
 
2008 2008 2008 2007
Before
Restructuring Restructuring Total
(unaudited) (unaudited) (unaudited) (audited)
    Note   £ '000   £ '000   £ '000   £ '000
Revenue 17,047 - 17,047 14,401
Cost of sales       (1,294 )   -     (1,294 )   (1,437 )
Gross profit 15,753 - 15,753 12,964
Operating expenses   3   (22,791 )   (2,273 )   (25,064 )   (18,305 )
Operating loss (7,038 ) (2,273 ) (9,311 ) (5,341 )
Finance income 897 - 897 1,470
Finance expense (14 ) - (14 ) -
Share of post-tax loss of associate       (8 )   -     (8 )   (22 )
Loss before income tax (6,163 ) (2,273 ) (8,436 ) (3,893 )
Tax credit       1,135     -     1,135     1,389  
Loss for the period attributable to equity shareholders       (5,028 )   (2,273 )   (7,301 )   (2,504 )
Weighted average number of shares 147,965,359 148,031,270
Basic and diluted loss per share -pence (4.93 ) (1.69 )

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