Bonso Electronics International Inc. Reports Improved Second Quarter Financial Results.Business/High Tech Editors HONG n. 1. A mercantile establishment or factory for foreign trade in China, as formerly at Canton; a succession of offices connected by a common passage and used for business or storage. KONG--(BUSINESS WIRE)--Nov. 8, 2000 Bonso Electronics International Inc. (Nasdaq:BNSO)(Nasdaq:BNSOZ) reported net income of $2,011,000 on revenues of $15,602,000 for the six months ended September September: see month. 30, 2000, an increase of 223 and 99 percent, respectively, over earnings of $622,000 and revenues of $7,855,000 posted in the comparable 1999 period. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.36 in the six months ended September 30, 2000, which compares to $0.17 in the same 1999 period, reflect a 53.1 percent increase in adjusted weighted average shares outstanding due to conversion of warrants in January January: see month. 2000, which added 2,412,000 additional shares outstanding over the prior year. Net income in the three months ended September 30, 2000 rose to $825,000 equal to $0.15 per share, over earnings of $236,000, or $0.065 per share, in the 1999 quarter. Revenues increased to $6,421,000, over $3,515,000 last year. "I am pleased to report that the second quarter result is running well ahead of last year. The small drop of turnover and revenues in this quarter compared to the first quarter is basically due to a temporary suspension suspension, in vehicles suspension, in automobiles, system of springs used to suspend the frame, body, engine, and power train above the wheels. Its principal purpose is to lessen the jarring of the automobile that is caused by irregularities in the roads of shipments of a telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. product in August and September while contractual issues were being resolved," said Anthony So, Bonso chairman and Chief Executive Officer. "However, all contractual issues have been resolved, and in October October: see month. we resumed shipping 'two way radio' products monthly close to the first quarter rate. We continue to look forward to a substantial annual performance improvement for this year." About Bonso Electronics Headquartered in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing weigh 1 v. weighed, weigh·ing, weighs v.tr. 1. To determine the weight of by or as if by using a scale or balance. 2. instruments and health care products. Bonso products are manufactured in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China on behalf of customers primarily located in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Company services include product design and
prototyping (1) Creating a demo of a new system. Prototyping is essential for clarifying information requirements. The design of a system (functional specs) must be finalized before the system can be built. , production tooling, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. of components, total
quality management, and just-in-time just-in-time - dynamic translation delivery. Bonso also independently
designs and develops electronic products for private label markets. For
further information, visit the company's web site at www.bonso.com.The statements contained in the press release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission.
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
ASSETS September 30, March 31,
2000 2000
(Unaudited) (Audited)
Current Assets:
Cash and cash equivalents $ 4,866,699 $ 7,959,404
Restricted cash deposits 2,164,426 2,071,952
Trade receivables, net 2,613,232 1,661,050
Inventories, net 5,747,046 6,192,611
Notes receivable 152,275 525,175
Income taxes recoverable -- 112
Deferred income tax assets
- current -- 24,802
Other receivables, deposits and
Prepayments 442,110 235,851
Total current assets $ 15,985,788 $ 18,670,957
Deposits -- 398,147
Deferred income tax assets
- non current 45,638 101,570
Net property, plant and equipment 17,541,546 14,622,042
Total assets $ 33,572,972 $ 33,792,716
Current liabilities:
Notes payable 973,830 819,099
Account payable 2,076,671 3,028,023
Accrued charges and deposits 376,682 882,839
Short-term loans -- 622,229
Current portion of long-term
debt & capital lease obligations 456,815 553,467
Income tax payable 170,000 --
Total Current Liabilities $ 4,053,998 $ 5,905,657
Long term debt and capital lease
Obligations, net of current
maturities 685,223 864,798
Shareholders' equity:
Common stock par value
$0.003 per share
authorized 23,333,334 shares
issued and outstanding
shares 5,515,966 16,478 17,133
Additional paid in capital 20,696,156 22,325,500
Promissory note receivable from
Shareholder -- (1,430,000)
Retained earnings 7,885,145 5,873,656
Accumulated other comprehensive
Income 235,972 235,972
$ 28,833,751 $ 27,022,261
Total Liabilities &
Shareholders' equity $ 33,572,972 $ 33,792,716
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousand of U.S. Dollars)
(Unaudited)
Three months ended Six months ended
September 30 September 30
--------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
Sales 6,421 3,515 15,602 7,855
Cost of Sales (4,243) (2,280) (10,966) (5,274)
---------- -------- -------- --------
Gross Profits 2,178 1,235 4,636 2,581
Operating Expenses
Selling Expense 79 38 213 90
Salary & related cost 580 380 1,170 875
Research & development
expenses 49 91 78 98
General & admin
expense 545 424 1,113 788
---------- -------- -------- --------
Income from operations 925 302 2,062 730
Other income 191 80 304 110
Foreign exchange Gain/
(Loss) (25) 1 14 (6)
Interest Expenses (119) (60) (222) (125)
---------- -------- --------- ---------
Income before income tax 972 323 2,158 709
Income tax (charge) (147) (87) (147) (87)
---------- -------- --------- ---------
Net income 825 236 2,011 622
========== ======== ========= =========
Per share amounts (in dollars):
earnings per share
Basic 0.15 0.076 0.36 0.20
Diluted 0.15 0.065 0.36 0.17
Weighted average shares
Outstanding 5,527,623 3,115,880 5,527,623 3,115,880
Incremental shares from
Assumed exercise of
Warrants and stock
options 68,228 539,950 68,228 539,950
Adjusted weighted average
Shares outstanding 5,595,821 3,655,830 5,595,821 3,655,830
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