Bonso Electronics Reports Year End Results
December 01 2011 - 7:30AM
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, 2011.
The company reported a net loss for the fiscal year ended March
31, 2011, of $1.56 million or $0.29 basic and diluted loss per
share. Net sales for the fiscal year ended March 31, 2011 decreased
0.5% to $28.4 million from $28.5 million for the fiscal year ended
March 31, 2010. Sales of scales and other business increased 3.2%
and sales for telecommunications products decreased 32.0%. The
increase in sales for scales and other business was the result of
increased demand for consumer electronics scale products. The
decrease in sales for telecommunications products was caused by the
continuation of the Company's decision to give up orders for
telecommunications products with low profit margins. Bonso's gross
margin as a percentage of revenue decreased to approximately 12.8%
during the fiscal year ended March 31, 2011, as compared to
approximately 17.0% during the fiscal year ended March 31, 2010.
The lower gross margin was primarily the result of the increased
prices of raw materials and increased labor costs mainly due to an
increase in the minimum wage in China.
Anthony So, the Chairman of Bonso, stated, "We have faced
increasing cost pressure as the result of inflation, increased
prices of raw materials, and increased labor costs. We are
fortunate that we have been able to raise our selling price on
products to our major customers to offset the impact of these
factors. In addition, we face the continuing challenge of the
appreciation of the Chinese Yuan against the United States Dollar.
Traditionally, we have sold our products in US dollars and paid our
costs of manufacturing in Chinese Yuan since our manufacturing
facilities are located in China." Mr. So said, "I am very
pleased to announce that after lengthy negotiations with some of
our customers, they have agreed to purchase products in Chinese
Yuan instead of the United States Dollar."
Mr. So said, "We expect that demand for our products will
continue to grow, and we are very optimistic about new products
under development with large Fortune 500 companies, that will
launch in year 2012."
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and
markets a comprehensive line of electronic scales, weighing
instruments, health care products and telecommunications 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,''
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.
-- Tables to Follow --
Consolidated Balance
Sheets |
(Expressed in United
States Dollars) |
|
|
March 31 |
|
2010 |
2011 |
|
$ in thousands |
$ in thousands |
Assets |
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents |
8,085 |
5,407 |
Trade receivables, net |
1,324 |
1,311 |
Other receivables, deposits and
prepayments |
1,359 |
708 |
Inventories |
4,990 |
4,848 |
Income tax recoverable |
1,569 |
1,944 |
Current assets of discontinued
operations |
200 |
5 |
|
|
|
Total current assets |
17,527 |
14,223 |
|
|
|
Brand name and other intangible
assets, net |
3,855 |
4,031 |
|
|
|
Property, plant and
equipment |
|
|
Buildings |
9,602 |
9,719 |
Construction-in-progress |
476 |
1,801 |
Plant and machinery |
20,037 |
20,884 |
Furniture, fixtures and equipment |
3,288 |
3,146 |
Motor vehicles |
448 |
445 |
|
33,851 |
35,995 |
Less: accumulated depreciation and
impairment |
(31,544) |
(32,437) |
Property, plant and equipment, net |
2,307 |
3,558 |
Total assets |
23,689 |
21,812 |
|
|
|
Liabilities and stockholders'
equity |
|
|
|
|
|
Current liabilities |
|
|
Bank overdrafts – secured |
69 |
-- |
Notes payable |
2,095 |
1,333 |
Accounts payable |
2,632 |
2,729 |
Accrued charges and deposits |
1,934 |
2,199 |
Income tax liabilities |
7 |
24 |
Current portion of capital lease
obligations |
52 |
-- |
Current liabilities of discontinued
operations |
1,098 |
1,086 |
|
|
|
Total current liabilities |
7,887 |
7,371 |
|
|
|
Income tax liabilities |
2,595 |
2,595 |
Deferred income tax
liabilities |
19 |
19 |
|
|
|
Stockholders' equity |
|
|
Common stock par value $0.003 per
share |
|
|
- authorized shares - 23,333,334 |
|
|
- issued shares: 2010 and 2011-
5,577,639, - outstanding shares: 2010 and 2011 – 5,246,903 |
17 |
17 |
Additional paid-in capital |
21,765 |
21,765 |
Treasury stock at cost: 2010 and 2011 -
330,736 shares |
(1,462) |
(1,462) |
Accumulated deficit |
(9,372) |
(10,932) |
Accumulated other comprehensive
income |
2,240 |
2,439 |
|
13,188 |
11,827 |
|
|
|
Total liabilities and stockholders'
equity |
23,689 |
21,812 |
|
|
Consolidated Statements
of Operations and Comprehensive Loss |
(Expressed in United
States Dollars) |
|
|
|
Year ended March 31, |
|
2010 |
2011 |
|
$ in thousands |
$ in thousands |
|
|
|
|
|
|
Net sales |
28,543 |
28,387 |
Cost of sales |
(23,693) |
(24,760) |
|
|
|
Gross profit |
4,850 |
3,627 |
|
|
|
Selling expenses |
(375) |
(249) |
Salaries and related costs |
(2,539) |
(2,716) |
Research and development expenses |
(580) |
(334) |
Administration and general expenses |
(2,011) |
(1,959) |
|
|
|
Loss from operations |
(655) |
(1,631) |
Interest income |
103 |
6 |
Interest expenses |
(69) |
(56) |
Foreign exchange loss |
(522) |
(130) |
Gain on disposal of property |
-- |
155 |
Gain on disposal of intangible assets |
-- |
41 |
Other income |
620 |
184 |
|
|
|
Loss before income taxes |
(523) |
(1,431) |
Income tax expense |
(9) |
-- |
|
|
|
Loss from continuing operations |
(532) |
(1,431) |
Loss from discontinued operations, net of
tax |
(126) |
(129) |
|
|
|
Net loss |
(658) |
(1,560) |
|
|
|
Other comprehensive income, net of tax: |
|
|
Foreign currency translation adjustments,
net of tax |
(152) |
199 |
|
|
|
Comprehensive loss |
(810) |
(1,361) |
|
|
|
Loss per share |
|
|
|
|
|
Weighted average number of shares
outstanding |
5,246,903 |
5,246,903 |
|
|
|
- basic and diluted |
|
|
-Continuing operations |
(0.10) |
(0.27) |
-Discontinued operations |
(0.03) |
(0.02) |
|
(0.13) |
(0.29) |
|
|
|
The diluted net loss per share was the same as the basic net
loss per share for the fiscal year ended Mar 31, 2010 and 2011 as
all potential ordinary shares including the stock options and
warrants are anti-dilutive and are therefore excluded from the
computation of diluted net loss per share.
CONTACT: Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
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