Bonso Electronics International Inc. Reports Second Quarter Financial Results.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. 15, 1999-- Bonso Electronics International Inc. (Nasdaq/NMS: BNSO; BNSOW) reported results for the second quarter, ended Sept. 30, 1999. Bonso's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the six month period ended Sept. 30, 1999 were $7.9 million, an increase of 13% compared to sales of $6.9 million for the six month period ended Sept. 30, 1998. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $730,000 for the six months ended Sept. 30, 1999, an increase of 179% compared to $262,000 for the corresponding period last year. Net income for the current six month reporting period was $622,000, or $0.20 basic earnings per share, an increase of 465% from $110,000, or $0.036 basic earnings per share, reported for the six months ended Sept. 30, 1998. For the three month period ended Sept. 30, 1999, net sales were $3.5 million, an increase of 29% compared to sales of $2.7 million for the three month period ended Sept. 30, 1998. Operating income for the current reporting quarter was $302,000, an increase of 1,273% compared to $22,000 in operating income reported for the comparable quarter in 1998. For the three month period ended Sept. 30, 1999, net income was $236,000, or $0.076 basic earnings per share, an increase of 602% compared to a net loss of $47,000, or $0.0155 basic loss per share, for the three months ended Sept. 30, 1998. Mr. Anthony So, Chairman and Chief Executive Officer of the Company, stated, "I am pleased to report that the second quarter results have remained on track and are consistent with the increase in sales occurring this year. I am very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the Company's sales will continue to increase in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with our efforts to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our product offerings." "In order to meet the demands of increased business activity, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. US$2M of new capital has been invested in equipment and additional capital investment has been planned for the near future," Mr. So added. Bonso designs, develops, manufactures, assembles and markets a comprehensive line of 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 electronic consumer and health care products. The Company manufactures all of its products in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The Company's electronic scales include bathroom A bathroom is a room that may have different functions depending on the cultural context. In the most literal sense, the word bathroom means "a room with a bath". Because the traditional bathtubs have partly made way for modern showers, including steam showers, the more general , kitchen, office, jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , laboratory, pocket, postal Postal can refer to:
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements which are historical facts contained in this press release 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. FINANCIAL HIGHLIGHTS--TO FOLLOW
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
September 30 March 31
1999 1999
---- ----
(unaudited) (audited)
ASSETS Current Assets :
Cash and cash equivalents $ 383,747 $ 271,447
Restricted cash deposits 1,036,513 1,011,688
Trade receivables, net 731,725 362,236
Inventories, net 3,982,263 4,697,928
Notes receivable 173,854 690,449
Deferred income tax assets - current 31,251 31,251
Other receivables, deposits and
Prepayments 285,063 243,231
----------- ----------
Total current assets $6,624,416 $7,308,230
Deferred income tax assets - non current 81,223 81,223
Net property, plant and equipment 12,838,475 11,270,831
----------- ----------
Total assets $19,544,114 $18,660,284
=========== ===========
LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities :
Bank overdrafts $ 488,428 $ 643,278
Notes payable 1,281,995 581,349
Account payable 1,207,127 1,135,910
Accrued charges and deposits 312,720 516,458
Income taxes payable 98,590 11,667
Short-term loans 162,182 720,129
Current portion of long-term debt &
capital lease obligations 420,671 383,409
----------- ------------
Total Current Liabilities $ 3,971,713 $ 3,992,200
Long term debt and capital lease
Obligations, net of current maturities 326,923 42,397
Shareholders` equity :
Common stock par value $0.003 per
share authorized 23,333,334 shares
issued and outstanding 2,919,159 shares 8,753 9,353
Additional paid in capital 8,855,705 10,285,105
Promissory note receivable from
Shareholder ------ ( 1,430,000)
Retained earnings 6,147,494 5,525,958
Accumulated other comprehensive
income 233,526 235,271
----------- ------------
$15,245,478 $14,625,687
------------ ------------
Total Liabilities & Shareholders` equity $19,544,114 $18,660,284
============= ============
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
---------------------------------------------
1999 1998 1999 1998
---- ---- ---- ----
Sales 3,515 2,720 7,855 6,946
Cost of Sales (2,280) (1,948) (5,274) (5,067)
------ ------- ------- -------
Gross Profits 1,235 772 2,581 1,879
Operating Expenses
Selling Expense 38 32 90 84
Salary & related cost 380 346 875 816
Research & development
Expenses 91 6 98 12
General & administrative
expenses 424 366 788 705
----- ------ ------- -------
Income from operations 302 22 730 262
Other income 80 30 110 60
Foreign exchange Gain/
(Loss) 1 15 (6) 37
Interest Expenses (60) (114) (125) (249)
----- ----- ------ ------
Income before income tax 323 (47) 709 110
Income tax (credit)/charge (87) -- (87) --
----- ----- ----- -----
Net income 236 (47) 622 110
===== ===== ====== ======
Per share amounts (in dollars) :
earnings per share
Basic 0.076 (0.0155) 0.20 0.036
Diluted 0.065 (0.0137) 0.17 0.032
Weighted average shares
Outstanding 3,115,880 3,034,439 3,115,880 3,034,439
Incremental shares from
Assumed exercise of
Warrants and stock
options 539,950 396,687 539,950 396,687
Adjusted weighted average
Share 3,655,830 3,431,126 3,655,830 3,431,126
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