Bonso Reports Half Year Results
March 23 2018 - 10:10PM
Bonso Electronics International, Inc. (NASDAQ:BNSO) today announced
its unaudited results for the six-month period ended September 30,
2017.
Bonso reported net income for the six-month
period ended September 30, 2017 of $0.69 million, or $0.14 basic
earnings per share, as compared to net income of $1.10 million, or
$0.21 basic earnings per share, posted during the six-month period
ended September 30, 2016. Net sales for the six-month period
ended September 30, 2017 decreased 38.8% to $6.2 million from $10.2
million for the six-month period ended September 30, 2016. The
decreased net income resulted from the decline in revenue and the
corresponding decline in income from the operations for the
six-month period ended September 30, 2017.
Mr. Anthony So, Chairman and CEO stated:
“Although our revenue decreased as compared with the same period in
the previous year, we are pleased that our operations remained
profitable.”
Mr. So said further: "To cope with the decrease
in demand for our products and the loss of significant customers,
we will continue to invest in and develop new or upgraded products
for our customers and target customers. Also, we will be
advertising our services and products through different platforms
and trade exhibitions, which we hope will result in additional
sales revenue for the Company. In addition, the Company will build
more production facilities to generate additional rental income by
leasing those facilities to third parties.”
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. 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 as a result of the sale of assets 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 SoChief Financial Officer and SecretaryTel: 852 2605
5822Fax: 852 2691 1724
-- Tables to Follow – |
|
Unaudited Consolidated Balance
Sheets |
(Expressed in United States
Dollars) |
|
|
|
|
|
March
31, |
|
September 30, |
|
2017 |
|
2017 |
|
$ in
thousands |
|
$ in
thousands |
|
(Audited) |
|
(unaudited) |
Assets |
|
|
|
|
|
|
|
Current
assets |
|
|
|
Cash and cash
equivalents |
3,745 |
|
7,044 |
Trade receivables,
net |
1,167 |
|
973 |
Inventories |
1,018 |
|
200 |
Other receivables,
deposits and prepayments |
1,646 |
|
1,006 |
Financial instruments
at fair value |
167 |
|
0 |
Total current
assets |
7,743 |
|
9,223 |
|
|
|
|
Investment in life
settlement contracts |
144 |
|
146 |
Other intangible
assets |
2,785 |
|
2,761 |
Property, plant and
equipment, net |
10,294 |
|
10,252 |
Total
assets |
20,966 |
|
22,382 |
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
Notes payable |
134 |
|
119 |
Accounts payable |
1,183 |
|
873 |
Accrued charges and
deposits |
3,018 |
|
4,651 |
Income tax
liabilities |
533 |
|
0 |
Short-term bank
loans |
143 |
|
35 |
Payable to affiliated
party |
54 |
|
0 |
Current portion of
long-term debt and capital lease obligations |
44 |
|
46 |
Loan from affiliated
party - current portion |
135 |
|
135 |
Total current
liabilities |
5,244 |
|
5,859 |
|
|
|
|
Capital lease
obligations, net of current portion |
60 |
|
34 |
Loan from affiliated
party - non current portion |
67 |
|
0 |
|
|
|
|
Total liabilities |
5,371 |
|
5,893 |
Stockholders’
equity |
|
|
|
Common stock par
value $0.003 per share |
|
|
|
- authorized shares -
23,333,334 |
|
|
|
- issued shares: Mar
31, 2017 - 5,577,639; Sept 30, 2017 - 5,553,639 |
17 |
|
17 |
outstanding shares: Mar
31, 2017 – 5,009,120; Sept 30, 2017 - 4,903,686 |
|
|
|
Additional
paid-in capital |
22,566 |
|
22,508 |
Treasury stock
at cost: Mar 31, 2017 - 568,519; Sept 30, 2017 - 649,953 |
-1,929 |
|
-2,120 |
Accumulated
deficit |
-6,033 |
|
-5,345 |
Accumulated
other comprehensive income |
974 |
|
1,429 |
|
15,595 |
|
16,489 |
|
|
|
|
Total liabilities and
stockholders’ equity |
20,966 |
|
22,382 |
|
|
|
|
|
Unaudited Consolidated Statements of Operations
and Comprehensive Loss |
(Expressed in United States
Dollars) |
|
|
|
|
|
Six
months ended September 30, 2016 |
|
Six
months ended September 30, 2017 |
|
$ in
thousands |
|
$ in
thousands |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
Net sales |
10,163 |
|
6,217 |
Cost of sales |
-7,006 |
|
-4,516 |
Gross profit |
3,157 |
|
1,701 |
|
|
|
|
Selling expenses |
-151 |
|
-125 |
Salaries and related
costs |
-1,179 |
|
-752 |
Research and
development expenses |
-103 |
|
-70 |
Administration and
general expenses |
-1,531 |
|
-1,080 |
Other
income |
821 |
|
1,141 |
Income from
operations |
1,014 |
|
815 |
Interest income |
4 |
|
15 |
Interest expenses |
-24 |
|
-6 |
Foreign exchange gain /
(loss) |
150 |
|
-136 |
Income before income
taxes |
1,144 |
|
688 |
Income tax expense |
-46 |
|
0 |
Net income |
1,098 |
|
688 |
|
|
|
|
Other comprehensive
loss, net of tax: |
|
|
|
Foreign currency
translation adjustments, net of tax |
-676 |
|
455 |
Comprehensive
income |
422 |
|
1,143 |
|
|
|
|
Earnings per share |
|
|
|
|
|
|
|
Weighted average number
of shares outstanding |
5,154,454 |
|
4,967,713 |
Diluted weighted
average number of shares outstanding |
5,204,981 |
|
5,300,353 |
|
|
|
|
Earnings per common
share ( in U.S. Dollars) |
0.21 |
|
0.14 |
Earnings per common
share ( in U.S. Dollars) - assuming dilution |
0.21 |
|
0.13 |
|
|
|
|
Bonso Electronics (NASDAQ:BNSO)
Historical Stock Chart
From Apr 2024 to May 2024
Bonso Electronics (NASDAQ:BNSO)
Historical Stock Chart
From May 2023 to May 2024