TORTOLA, British Virgin Island, March 27
/Xinhua-PRNewswire-FirstCall/ -- Bonso Electronics International,
Inc. (NASDAQ:BNSO) a designer and manufacturer of sensor based and
communications products, today announced financial results for the
second quarter ended 30 September 2007. The company reported that
net sales for the three-month period ended 30 September 2007
decreased by 5.8% to $19,505,000 as compared to $20,710,000 during
the same period last year. Net income dropped by 429.8% to a loss
of $1,593,000 or $0.28 per share (diluted) as compared to an income
of $483,000 or $0.08 per share (diluted) during the same period
last year. Net sales for the six month period ended 30 September
2007 was $35,607,000, which was 3.3% below $36,831,000 in the same
period last year. Net income for the six month period ended 30
September 2007 was a loss of $1,350,000 or $0.23 per share
(diluted), a 243.5% decrease when compared to the net income of
$941,000 or $0.15 per share (diluted) in the same period last year.
Mr. Anthony So, Bonso's Chairman, President and CEO stated: "Our
sensor based product sales were 16.5% down from last year; however,
the market demand for our telecommunication products and services
remained strong and increased by about 33.6%. Like many other
businesses in this competitive environment, we have been facing
increasing price pressure from rising crude oil, higher metal and
raw material price, together with rising labor cost in China.
Comparing with the same period last year, the gross profit margin
in the second quarter has dropped from 17.8% to 6.9%. We expect the
new launched operational restructuring and strategic plan would
help bring the profit margin back to normal level (15% to 18%) in
the fourth quarter in this fiscal year. Mr. So further stated, "Our
focus for the second half of the year is on our core business with
existing customers and looking forward to new potential customers
in our niche markets of sensor based and telecommunication products
with the right product mix. "Our efforts upon the continue progress
we have made in strengthening our Balance Sheet put the cash
position at the end of the second quarter is $9.9 million, or
approximately $1.76 per share." 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 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 "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. The Company assumes no
obligation to update the information in this issue. -- Tables to
Follow -- BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED BALANCE
SHEET (In U.S. Dollars) Sep 30, Mar 31, 2007 2007 (Unaudited)
(Unaudited) Assets Current assets Cash and cash equivalents
9,923,622 8,118,018 Trade receivables, net 9,826,842 6,739,567
Inventories, net 14,666,759 14,997,788 Tax recoverable 324,552
2,117 Other receivables, deposits and prepayments 3,233,289
2,678,328 Investment 700,000 700,000 Total current assets
38,675,064 33,235,818 Deferred income tax assets 87,369 87,369
Goodwill 842,821 842,821 Brand name and other intangible assets,
net 2,295,531 2,313,434 Property, plant and equipment, net
10,273,067 11,039,173 Total assets 52,173,852 47,518,615
Liabilities and shareholders' equity Current liabilities Bank
overdraft 461,708 459,710 Notes payable 5,976,764 3,736,526
Accounts payable 9,281,464 5,354,326 Accrued charges and deposits
1,898,699 2,357,132 Short-term loans 3,998,962 3,576,366 Income tax
payable 754,673 814,374 Current portion of long-term debts and
capital lease obligations 189,005 95,725 Total current liabilities
22,561,275 16,394,159 Long-term debt and capital lease obligations,
net of current maturities 280,070 59,258 Deferred income tax
liabilities 13,901 13,901 Total Liabilities 22,855,246 16,467,318
Shareholders' equity Preferred stock par value $0.01 per share
-authorized shares -- 10,000,000 -- -- -issued and outstanding
shares: September 30, 2007 and March 31, 2007 Common stock par
value $0.003 per share - authorized shares -- 23,333,334 -- -- -
issued and outstanding shares: September 30, 2007 and March 31,
2007 -- 5,577,639 16,729 16,729 Additional paid-in capital
21,764,788 21,764,788 Treasury stock -1,328,560 -1,328,560 Retained
earnings 8,232,109 9,584,181 Accumulated other comprehensive income
633,540 1,014,159 29,318,606 31,051,297 Total liabilities and
shareholders' equity 52,173,852 47,518,615 BONSO ELECTRONICS
INTERNATIONAL INC. CONSOLIDATED INCOME STATEMENT (In Thousands of
U.S. Dollars) Three months ended Six months ended SEP 30 SEP 30
2007 2006 2007 2006 (Unaudited)(Unaudited)(Unaudited)(Unaudited)
Net sales 19,505 20,710 35,607 36,831 Cost of sales (18,159)
(17,023) (31,184) (29,866) Gross margin 1,346 3,687 4,423 6,965
Selling expenses 578 729 1,176 1,256 Salaries and related costs
1,544 1,474 2,970 2,793 Research and development expenses 161 125
266 236 Administration and general expenses 744 716 1,598 1,464
Amortization of brand name 50 50 100 100 (Loss)Income from
operations (1,731) 593 (1,687) 1,116 Interest income 44 75 75 123
Other income 172 40 264 96 Interest expenses (170) (154) (304)
(271) Foreign exchange gain(loss) 94 (71) 305 (101) Impairment of
Goodwill 0 0 -- -- (Loss)Income before income taxes and minority
interest (1,591) 483 (1,347) 963 Income tax expense (2) 0 (3) (22)
Net (loss) Income before minority interest (1,593) 483 (1,350) 941
Minority interests -- -- -- -- Net (loss)Income (1,593) 483 (1,350)
941 Earnings per share (in U.S.Dollars per share) Basic -0.285
0.086 -0.242 0.168 Diluted -0.282 0.081 -0.239 0.158 Weighted
average shares (Basic) 5,577,639 5,577,639 5,577,639 5,577,639
Weighted average shares (Diluted) 5,646,810 5,945,411 5,646,810
5,945,411 For more information about Bonso, please contact: Albert
So Financial Controller Tel: +852-2605-5822 Fax: +852-2691-1724
DATASOURCE: Bonso Electronics International, Inc. CONTACT: Albert
So of Bonso, +852-2605-5822, fax +852-2691-1724 Web site:
http://www.bonso.com/
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