HONG KONG, Jan. 27, 2010 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (Nasdaq:BNSO), a designer and manufacturer of sensor based and communications products, today announced financial results for the six-month period ended September 30, 2009.
The company reported that net sales for the six-month period ended September 30, 2009, decreased to $14.9 million as compared to $22.4 million during the same period last year. Net loss was $0.97 million or $0.17 per share (diluted) as compared to an income of $0.44 million or $0.08 per share (diluted) during the same period last year.
Mr. Anthony So, Chairman and Chief Executive Officer of Bonso, stated, “Revenue for the first six months was low due to the worldwide financial crisis and general lack of demand for consumer products due to poor economic conditions. We expect that increased orders received during the second half of the year will offset some of the losses recorded in the first six months of the year.”
Mr. So further stated, “We expect the demand of our products will continue to increase during calendar 2010 as a result of the strengthening economy worldwide. We are well prepared for the increase in demand in production capacity in our current factory in Shenzhen, China. Further, our new factory in Xinxing, China will be complete in about two years. Our cash balance remains strong, with $10.7 million on hand (or $1.92 per share) on September 30, 2009.”
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing instruments and health care products. Bonso products are manufactured in the People's Republic of China for customers primarily located in North America and Europe. Company services include product design and prototyping, production tooling, procurement of components, total quality management, and just-in-time delivery. Bonso also independently designs and develops electronic products for private label markets. For further information, visit the company's web site at www.bonso.com.
This news release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially.
BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED BALANCE SHEET (In U.S. Dollars)
Sep 30, Mar 31, 2009 2009 (Unaudited) (Audited) Assets
Current assets Cash and cash equivalents 10,710,000 8,043,535 Trade receivables, net 1,047,365 1,084,756 Inventories, net 5,952,225 6,284,293 Income tax recoverable 1,091,550 987,449 Other receivables, deposits and prepayments 1,705,548 837,191 Held-to-maturity investments - 1,000,000 Current assets of discontinued operations 771,244 3,813,697
Total current assets 21,277,932 22,050,921
Brand name and other intangible assets, net 3,990,350 4,008,147 Property, plant and equipment, net 2,304,789 3,374,253 Non-current assets of discontinued operations 6,310 5,704
Total assets 27,579,381 29,439,025
Liabilities and shareholders' equity
Current liabilities Bank overdraft - secured -- 385,514 Notes payable 2,630,330 1,361,787 Accounts payable 4,201,029 3,103,502 Accrued charges and deposits 2,097,775 2,004,841 Income tax liabilities 24,423 6,888 Current portion of long-term debts and capital lease obligations 114,337 130,201 Current liabilities of discontinued Operations 3,307,414 5,787,099 Total current liabilities 12,375,308 12,779,832
Capital lease obligations, net of current portion -- 51,971 Income tax liabilities 2,595,135 2,595,135 Deferred income tax liabilities 14,162 14,162 Total Liabilities 14,984,605 15,441,100
Shareholders’ equity
Preferred stock par value $0.01 per share -authorized shares - 10,000,000 -- -- -issued and outstanding shares: September 30, 2008 and March 31, 2008 Common stock par value $0.003 per share - authorized shares - 23,333,334 -- -- - issued and outstanding shares: September 30, 2008 and March 31, 2008 - 5,577,639 16,729 16,729 Additional paid-in capital 21,764,788 21,764,788 Treasury stock (1,462,325) (1,462,325) Retained earnings (9,687,721) (8,714,233) Accumulated other comprehensive income 1,963,305 2,392,966 12,594,776 13,997,925
Total liabilities and shareholders’ equity 27,579,381 29,439,025 BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED INCOME STATEMENT (In Thousands of U.S. Dollars)
Six months ended SEP 30 2009 2009 (Unaudited) (Unaudited)
Net sales 14,877 22,405 Cost of sales (12,976) (18,839)
Gross margin 1,901 3,566
Selling expenses (338) (360) Salaries and related costs (1,237) (1,279) Research and development expenses (255) (291) Administration and general expenses (821) (1,072)
(Loss)/Income from operations (750) 564 Interest income 97 62 Other income 73 29 Interest expenses (35) (27) Foreign exchange gain/(loss) (51) (55)
(Loss)/Income before income taxes (666) 573 Income tax expense -- (3)
Net (loss)/income from continuing operations (666) 570 (Loss)/gain from discontinued operations, net of tax (307) (126)
Net (loss)/income (973) 444
Earnings per share (in U.S. Dollars per share) Basic (0.17) 0.08 Diluted (0.17) 0.08 Weighted average shares (Basic) 5,577,639 5,577,639 Weighted average shares (Diluted) 5,577,639 5,577,639