Bonso Reports Half Year Results
November 03 2015 - 7:35AM
Bonso Electronics International, Inc. (NASDAQ:BNSO) today announced
its unaudited results for the six-month period ended September 30,
2015.
Bonso reported a net income for the six-month
period ended September 30, 2015 of $0.95 million or $0.18 basic and
diluted earnings per share, as compared to a net loss of $0.17
million or $0.03 basic and diluted loss per share posted during the
six-month period ended September 30, 2014. Net sales for the
six-month period ended September 30, 2015 decreased 12.0% to $12.8
million from $14.6 million for the six-month period ended September
30, 2014.
Mr. Anthony So, Chairman and CEO stated: “We are
pleased that our cost reduction plan was effective. As a
result, our gross profit margins improved from 16.0% for the
six-month period ended September 30, 2014, to 25.8% for the
six-month period ended September 30, 2015.”
Mr. So said further: "We have further
strengthened our balance sheet by reducing $2.95 million of bank
loans and notes payable during the six months ended September 30,
2015. As a result, our debt to equity ratio decreased from
117.4% on March 31, 2015, to 88.5% on September 30, 2015. We
believe that our shares are undervalued, and we intend to
repurchase our shares in the market as announced previously.
Also, we are focusing on developing new products with our
existing and potential customers, and reducing our manufacturing
costs and material costs, to increase our profitability. We are
continuing our efforts to change the land use rights for our old
factory and to position the Company to enter the property
development market. ”
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.
The diluted net loss per share was the same as the basic net
loss per share for the six-month periods ended September 30, 2014
and 2015 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.
-- Tables to Follow –
Consolidated Balance Sheets |
(Expressed in United States Dollars) |
|
|
September 30 |
March 31 |
|
|
2015 |
|
|
2015 |
|
|
$ in thousands |
$ in thousands |
|
(unaudited) |
(Audited) |
Assets |
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents |
|
1,596 |
|
|
3,027 |
|
Trade receivables, net |
|
3,481 |
|
|
1,306 |
|
Inventories |
|
2,242 |
|
|
3,121 |
|
Income tax recoverable |
|
277 |
|
|
39 |
|
Other receivables, deposits and
prepayments |
|
397 |
|
|
1,154 |
|
Financial instruments at fair
value |
|
- |
|
|
391 |
|
Total current assets |
|
7,993 |
|
|
9,038 |
|
|
|
|
|
|
|
Investment in life settlement
contracts |
|
136 |
|
|
136 |
|
Other intangible assets |
|
3,971 |
|
|
4,119 |
|
Property, plant and equipment, net |
|
12,386 |
|
|
12,484 |
|
Total assets |
|
24,486 |
|
|
25,777 |
|
|
|
|
Liabilities and stockholders’
equity |
|
|
|
|
|
Current
liabilities |
|
|
Bank overdrafts - secured |
|
434 |
|
|
- |
|
Notes payable |
|
1,016 |
|
|
1,830 |
|
Accounts payable |
|
5,415 |
|
|
4,791 |
|
Accrued charges and deposits |
|
3,156 |
|
|
3,117 |
|
Income tax liabilities |
|
7 |
|
|
7 |
|
Short-term bank loans |
|
808 |
|
|
3,376 |
|
Payable to affiliated party |
|
- |
|
|
66 |
|
Current portion of long-term debt
and capital lease obligations |
|
23 |
|
|
23 |
|
Financial instruments at fair
value |
|
84 |
|
|
84 |
|
Loan from affiliated party -
current portion |
|
135 |
|
|
135 |
|
Total current liabilities |
|
11,078 |
|
|
13,429 |
|
|
|
|
|
|
|
Financial instruments at fair value -
non current portion |
|
112 |
|
|
112 |
|
Capital lease obligations, net of
current portion |
|
34 |
|
|
45 |
|
Loan from affiliated party - non
current portion |
|
269 |
|
|
336 |
|
|
|
|
Total liabilities |
|
11,493 |
|
|
13,922 |
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
Common stock par value
$0.003 per share |
|
|
- authorized shares -
23,333,334 |
|
|
- issued shares: Sep 30, 2015 and
Mar 31, 2015 - 5,577,639, outstanding shares: Sep 30, 2015 and Mar
31, 2015 – 5,246,903 shares |
|
17 |
|
|
17 |
|
Additional paid-in
capital |
|
21,765 |
|
|
21,765 |
|
Treasury stock at cost: Sep
30, 2015 and Mar 31, 2015 - 330,736 shares |
|
(1,462 |
) |
|
(1,462 |
) |
Accumulated deficit |
|
(10,744 |
) |
|
(11,699 |
) |
Accumulated other
comprehensive income |
|
3,417 |
|
|
3,234 |
|
|
|
12,993 |
|
|
11,855 |
|
|
|
|
|
|
|
Total liabilities and stockholders’
equity |
|
24,486 |
|
|
25,777 |
|
|
|
|
Consolidated Statements of Operations and Comprehensive
Loss |
(Expressed in United States Dollars) |
|
|
Six months ended
September 30, 2015 |
|
Six months ended
September 30, 2014 |
|
$ in thousands |
|
$ in thousands |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
Net sales |
|
12,833 |
|
|
|
14,579 |
|
Cost of sales |
|
(9,516 |
) |
|
|
(12,243 |
) |
Gross profit |
|
3,317 |
|
|
|
2,336 |
|
|
|
|
|
Selling expenses |
|
(258 |
) |
|
|
(498 |
) |
Salaries and related costs |
|
(1,191 |
) |
|
|
(1,197 |
) |
Research and development expenses |
|
(197 |
) |
|
|
(201 |
) |
Administration and general
expenses |
|
(1,337 |
) |
|
|
(1,131 |
) |
Other income |
|
825 |
|
|
|
616 |
|
Income / (loss) from operations |
|
1,159 |
|
|
|
(75 |
) |
Interest income |
|
7 |
|
|
|
1 |
|
Interest expenses |
|
(77 |
) |
|
|
(74 |
) |
Foreign exchange loss |
|
(129 |
) |
|
|
(22 |
) |
Income / (loss) before income
taxes |
|
960 |
|
|
|
(170 |
) |
Income tax expense |
|
(5 |
) |
|
|
- |
|
Net income / (loss) |
|
955 |
|
|
|
(170 |
) |
|
|
|
|
Other comprehensive loss, net of
tax: |
|
|
|
Foreign currency translation
adjustments, net of tax |
|
183 |
|
|
|
(901 |
) |
Comprehensive income / (loss) |
|
1,138 |
|
|
|
(1,071 |
) |
|
|
|
|
Earnings / (loss) per share |
|
|
|
|
|
|
|
Weighted average number of shares
outstanding |
|
5,246,903 |
|
|
|
5,246,903 |
|
|
|
|
|
Earnings / (loss) per share ( in
U.S.Dollars per share) |
|
|
|
- basic and diluted |
|
0.18 |
|
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
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