Bonso Electronics Reports Year End Results
August 22 2017 - 9:05AM
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, 2017.
The Company reported a net income of $2.79
million or $0.54 basic income per share (or $0.53 diluted income
per share) for the fiscal year ended March 31, 2017, compared to a
net income of $2.87 million or $0.55 basic and diluted income per
share for the fiscal year ended March 31, 2016. The Company has
filed its Annual Report on Form 20-F, which includes its audited
financial statements for its fiscal year ended March 31, 2017, 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.
Anthony So, the Chief Executive Officer of
Bonso, stated, "Our core business of producing electronics products
continues to be challenging, with net sales decreasing by 26.8%
from $23.9 million for the fiscal year ended March 31, 2016, to
$17.5 million for the fiscal year ended March 31, 2017. The loss of
a major customer contributes to the challenge; however, we are very
focused on product development and increasing cash flow through the
rental of unutilized factory facilities. I am very pleased to
report that our operations resulted in a net income of
approximately $2.79 million for the fiscal year ended March 31,
2017, with $1.35 million generated from leasing out our excess
production facilities."
Mr. So stated, "We expect to face increasing
cost pressure due to inflation and increased labor costs in the
future. We intend to focus on product development with
our existing and new customers, and are optimistic that these
efforts will result in expanded demand for our products."
About Bonso Electronics
Bonso Electronics designs, develops,
manufactures, assembles and markets a comprehensive line of
electronic scales, weighing instruments, health care products and
pet electronics 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 is also beginning the process to redevelop the
land upon which its Shenzhen factory was previously 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 positive
impact resulting from the sale of certain land use rights 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
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