Bonso Electronics International Inc. announces third quarter 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)--March 18, 1997--Bonso Electronics International Inc. (the "company") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNSOF, BNSWF) announced financial results for the third quarter ended Dec. 31, 1996. Anthony So, chairman and chief executive officer of the company, announced that 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, 1996, were $12.7 million, an increase of 14.6% compared to sales of $11.08 million for the nine-month period ended Dec. 31, 1995. 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 $702,000 for the nine-month period ended Dec. 31, 1996, a decrease of 30% compared to $1,001,000 for the corresponding period in 1995. Gross margin both in actual dollars and as a percentage of sales declined from $3,834,000 (34.6% of sales) for the nine months ended Dec. 31, 1995, to $3,650,000 (28.7% of sales) for the period ended Dec. 31, 1996. Net income for the nine months ended Dec. 31, 1996, was $229,000, a decrease of 54.1%, compared to $499,000 for the corresponding period in 1995. Per-share earnings were $0.081, a decrease of 68% compared to the earnings of $0.256 in the nine months ended Dec. 31, 1995. So stated: "The steady growth in sales that the company has experienced during the nine months of this fiscal year represents solid performance, with the expansion coming from both existing and new customers." So noted that the decrease in gross margin resulted primarily from the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of inventory in the second quarter, and preparation for the move to the new factory. So noted that the company had completed the move to its new factory on Jan. 8, 1997. The new factory will permit the company to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. triple its productive capacity so that the company will be better able to address increased sales in the most efficient manner possible. Bonso Electronics designs, develops, manufactures, and sells 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 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:
Bonso Electronics International Inc.
Consolidated Balance Sheet
(in thousands of U.S. dollars)
Dec. 31, March 31,
1996 1996
(Unaudited) (Audited)
Assets
Current assets:
Cash, cash equivalents and restricted
cash deposits $ 965 $ 1,717
Marketable securities 50 50
Receivables, deposits and prepayments 6,018 5,110
Inventories 5,256 6,515
Total current assets 12,289 13,392
Property, plant & equipment (net) 7,771 7,308
Total assets $ 20,060 $ 20,700
Liabilities and Shareholders' Equity
Current liabilities:
Bank overdrafts $ 616 $ 943
Accounts and notes payable,
accrued charges
deposits and other current liabilities 4,883 5,857
Income taxes payable 39 22
Current portion of long-term debt and
capital lease obligation 650 371
Total current liabilities 6,188 7,193
Long-term loan and capital lease 1,060 744
Deferred income taxes 0 49
Minority interests in subsidiaries 1,205 1,282
Shareholders' equity:
Common stock 8 8
Additional paid in capital 8,706 8,706
Retained earnings 2,920 2,691
Cumulative translation adjustments (27) 27
Shareholders' equity 11,607 11,432
Total liabilities and shareholders'
equity $ 20,060 $ 20,700
Consolidated Income Statement
(in thousands of U.S. dollars)
(unaudited)
Three Months Ended Nine Months Ended
Dec. 31 Dec. 31
1996 1997 1996 1995
Sales $ 4,797 $ 4,265 $ 12,698 $ 11,085
Cost of sales 3,483 2,863 9,048 7,251
Gross profit 1,314 1,402 3,650 3,834
Operating expenses
Selling 101 75 269 220
Salary and related cost 524 501 1,601 1,510
Research and development
expenses 5 40 13 111
General and
administrative 408 342 1,065 992
Total operating expenses 1,308 958 2,948 2,833
Income from operations 276 444 702 1,001
Equity loss of an
affiliate 0 0 (43) (43)
Other income 15 46 93 130
Foreign exchange
gains/(losses) (36) (31) (95) (92)
Interest expenses (122) (139) (430) (401)
Income before income
taxes 133 320 227 595
Income tax expenses 0 (53) 0 (98)
Minority interests 0 0 2 2
Net income $ 133 $ 267 $ 229 $ 499
Per share amounts
(in dollars):
Earnings per share $ 0.047 $0.137 $ 0.081 $0.256
Weighted average
number of shares 2,825,949 1,950,052 2,825,949 1,950,052
CONTACT: Ray Mehra, 630/904-1630 fax, 630/904-1632 |
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