Bonso Electronics International Inc. Reports Third Quarter Financial Results.Business Editors and Technology Writers 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)--April 17, 2000 Bonso Electronics International Inc. (Nasdaq/NMS:BNSO) reported results for the third quarter, ended December December: see month. 31, 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 nine month period ended Dec. 31, 1999, were $11.4 million, an increase of 17% compared to sales of $9.7 million for the nine month period ended Dec. 31, 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 $843,000 for the nine months ended Dec. 31, 1999, an increase of 126% compared to $373,000 for the corresponding period last year. Net income for the current nine months reporting period was $803,000, or $0.2633 basic earnings per share, an increase of 617% from $112,000 or $0.0369 basic earnings per share, reported for the nine months ended Dec. 31, 1999. For the three month period ended Dec. 31, 1999, net sales were $3.5 million, an increase of 28% compared to sales of $2.8 million for the three month period ended Dec. 31, 1998. Operating income for the current reporting quarter was $113,000 an increase of 2% compared to $111,000 in operating income reported for the comparable quarter in 1998. For the three month period ended Dec. 31, 1999, net income was $181,000, or $0.059 basic earning share, an increase of 8950% compared to a net income of $2,000, or $0.0007 basic earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation , for the three months ended Dec. 31, 1998. Mr. Anthony So, Chairman and Chief Executive Officer of the Company, stated: "I am pleased to report that the third quarter results have remained on track. 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 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 especially in the new communication products." Mr. So further stated, "Since we last reported, Bonso has grown substantially. Our factory is operating at a high level of capacity. We are making every effort to comply with our existing and new customers' requirements for product shipments. These efforts include expansion of a number of manufacturing lines, going to multiple shifts in some production areas and leasing additional factory space nearby. Base on the overwhelming demand for our current products and manufacturing services we continue to be cautiously optimistic about the future." Bonso Electronics 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, 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:
 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). .
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 not 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.
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
December 31, March 31,
1999 1999
(unaudited) (audited)
ASSETS
Current Assets :
Cash and cash equivalents $ 477,535 $271,447
Restricted cash deposits 1,046,879 1,011,688
Trade receivables, net 660,808 362,236
Inventories, net 3,932,022 4,697,928
Notes receivable 159,738 690,449
Deferred income tax assets - current 31,251 31,251
Other receivables, deposits and
Prepayments 607,803 243,231
------- -------
Total current assets $6,916,036 $7,308,230
Deferred income tax assets - non current 81,223 81,223
Net property, plant and equipment 14,113,056 11,270,831
------------
Total assets $21,110,315 $18,660,284
========= =========
LIABILITIES AND SHAREHOLDERS` EQUITY
Current liabilities :
Bank overdrafts $ 216,836 $ 643,278
Notes payable 1,064,861 581,349
Account payable 2,279,627 1,135,910
Accrued charges and deposits 686,224 516,458
Income taxes payable 23,462 11,667
Short-term loans ---- 720,129
Current portion of long-term debt &
capital lease obligations 494,526 383,409
Total Current Liabilities $ 4,765,536 $ 3,992,200
Long term debt and capital lease
Obligations, net of current maturities 845,955 42,397
Shareholders` equity :
Common stock par value $0.003 per
share authorized 23,333,334 shares
issued and outstanding 2,923,992 shares 9,498 9,353
Additional paid in capital 8,907,124 10,285,105
Promissory note receivable from
Shareholder -------- ( 1,430,000)
Retained earnings 6,328,919 5,525,958
Accumulated other comprehensive
income 253,283 235,271
-------- --------
$15,498,824 $14,625,687
Total Liabilities &
Shareholders` equity $21,110,315 $18,660,284
=========== ===========
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousand of U.S. Dollars)
(unaudited)
Three months ended Nine months ended
December 31 December 31
1999 1998 1999 1998
---- ---- ---- ----
Sales 3,542 2,777 11,397 9,723
Cost of Sales (2,280) (1,837) (7,554) (6,904)
--------- --------- --------- ---------
Gross Profits 1,262 940 3,843 2,819
Operating Expenses
Selling Expense 61 59 151 143
Salary & related cost 572 514 1,447 1,330
Research & development
Expenses 50 8 148 20
General & admin
expense 466 248 1,254 953
-------- ------- ------- -------
Income from operations 113 111 843 373
Other income 77 22 187 82
Foreign exchange Gain/
(Loss) (13) (14) (19) 23
Interest Expenses (83) (117) (208) (366)
------- ------- ------- -------
Income before income tax 94 2 803 112
Income tax (credit)/charge (87) --- --- ----
---- --- --- ----
Net income 181 2 803 112
=== === === ===
Per share amounts (in dollars):
earnings per share
Basic 0.059 0.0007 0.2633 0.0369
Diluted 0.052 0.0006 0.2295 0.032
Weighted average shares
Outstanding 3,050,068 3,034,439 3,050,068 3,034,439
Incremental shares from
Assumed exercise of
Warrants and stock
options 448,032 461,730 448,032 461,730
Adjusted weighted average
Share 3,498,100 3,496,169 3,498,100 3,496,169
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