HONG KONG, Aug. 23, 2019 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO), a designer and manufacturer of sensor based products, reported its financial results for the fiscal year ended March 31, 2019.
The Company reported a net loss of $0.46 million or $0.10 basic and diluted loss per share for the fiscal year ended March 31, 2019. The Company has filed its Annual Report on Form 20-F, which includes its audited financial statements for its fiscal year ended March 31, 2019, with the United States Securities and Exchange Commission (“SEC”). The Company’s Annual Report is available on the SEC's website at http://www.sec.gov/.
Andrew So, the Chief Executive Officer of Bonso, stated, "Our core business of producing electronic products continues to be challenging, with net revenue of the Company decreasing by 13% from $11.5 million for the fiscal year ended March 31, 2018, to $10.0 million for the fiscal year ended March 31, 2019. We remain cautiously optimistic that business will improve in the future -- supported by ongoing pro-active strategic initiatives and new product developments. However, the demand for our electronic products may remain low for some time due to an escalating trade war between the United States and China, and we will continue to monitor the trade tension and adjust our strategy if necessary.”
Mr. So further commented, “Our company’s balance sheet remains strong, despite the losses. Total cash and total current assets at March 31, 2019 were $7.5 million and $10.4 million, respectively, with working capital of $6.2 million and a current ratio of 2.5:1.”
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, weighing instruments and pet electronic 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. Bonso rents factory space and equipment to third parties and is also continuing the process to obtain the necessary approvals to redevelop the land upon which its Shenzhen factory is located. For further information, visit the company's web site at http://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 as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release, which relate to the reduction of losses and a positive impact upon our future operations involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.
For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
SOURCE Bonso Electronics