Earnings Call Excerpt
M-Systems Flash Disk Pioneers Ltd. (FLSH)
Q2 2006 Earnings Conference Call
August 7, 2006 10:00 am ET
Executives
Dov Moran – President, CEO
Ronit Maor - CFO
Lee Ross - KCSA Worldwide, Investor Relations
Presentation
Operator
At this time, I would like to welcome everyone to the M-Systems second quarter 2006 earnings conference call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Mr. Lee Ross. Sir, you may begin your conference.
Lee Ross
Thank you and good morning everyone. This is Lee Ross of KCSA Worldwide, investor relations consultants to M-Systems. With me on the call are Dov Moran, President and Chief Executive Officer; and Ronit Maor, Chief Financial Officer.
At this point, you should have all received a copy of the press release which was issued earlier this morning. If you have not received this release, please refer to the M-Systems website at www.msystems.com.
Before we begin, I would like to mention that the matters discussed on this conference call include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about our business outlook for the year 2006. that are based on our current expectations and may involve a number of risks and uncertainties.
In addition, any statement that refers to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. We caution you not to place undue reliance on these forward-looking statements, as they are subject to significant risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements.
These risks include, but are not limited to, the risk factors detailed in the Company’s most recent Form F-20 filed with the SEC and all of its other filings or furnishings with the SEC including Form 6-K. Listeners are cautioned not to place undue reliance on those forward-looking statements which speak only as of the date hereof. M-Systems assumes no obligation to update such forward-looking statements, and disclaims any obligation to publicly revise any such statement to reflect any change in expectations, events, conditions or circumstances on which any such statements may be based.
Also, as already stated in this morning’s press release, in light of the pending transaction with SanDisk, there will be no question-and-answer session following management’s prepared remarks on the call.
With that said, I would now like to turn the call over to Dov and Ronit, who will provide you with an update on the business during the quarter, including a review of the financials. Dov, go ahead please.
- Equity-based compensation expenses, which totaled in Q2 $2.3 million, and withholding taxes related to prior stock option grants in the amount of $1.9 million.
- Amortization costs related to the acquisition of Microelectronica, which totaled in Q2 $0.3 million net of taxes.
- G&A expenses which totaled $3.2 million, relating to the review of prior stock option grants and the previously planned security offering.
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