Bonso Electronics Reports Net Earnings Up 244% and Sales Up 93% for Nine Months.Business 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--Jan. 22, 2001--Bonso Electronics International Inc. (Nasdaq:BNSO) today reported net income of $2,763,000 on revenues of $22,019,000 for the nine months ended December December: see month. 31, 2000, an increase of 244 percent and 93 percent, respectively, over earnings of $803,000 and revenues of $11,400,000 posted in the comparable 1999 period. Earnings per share of $0.50 in the nine months ended December 31, 2000, as compared to $0.26 for the same period in the prior year, reflects an 81 percent increase in weighted average shares outstanding due to the conversion of warrants and exercise of options during calendar 2000. Net income in the three months ended December 31, 2000 rose to $752,000, equal to $0.14 per share, compared to earnings of $181,000, or $0.06 per share, in the same 1999 quarter. Revenues increased to $6,417,000 over $3,542,000 last year. "Customer demand for our traditional products and services is stronger than ever, and we are continuing to discover business opportunities for new products within our sensor-based and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. manufacturing services," said Anthony So, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our management team is up to the challenge, and we have additional factory capacity to continue growing." 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 hyperlink A predefined linkage between one object and another. See hypertext. hyperlink - anchor http://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)
December 31 March 31
2000 2000
(unaudited) (audited)
ASSETS
Current Assets :
Cash and cash equivalents $5,662,430 $ 7,959,404
Restricted cash deposits 2,217,060 2,071,952
Trade receivables, net 2,195,637 1,661,050
Inventories, net 5,200,055 6,192,611
Notes receivable 294,532 525,175
Income taxes recoverable ---------- 112
Deferred income tax
assets - current ---------- 24,802
Other receivables, deposits and
Prepayments 598,218 235,851
========== ==========
Total current assets $16,167,932 $18,670,957
Deposits ---------- 398,147
Deferred income tax
assets - non current 45,638 101,570
Net property, plant and equipment 18,068,379 14,622,042
---------- ----------
Total assets $34,281,949 $33,792,716
========== ==========
Current liabilities :
Notes payable 1,866,952 819,099
Account payable 1,630,849 3,028,023
Accrued charges and deposits 546,144 882,839
Short-term loans ---- 622,229
Current portion of long-term debt &
capital lease obligations 407,158 553,467
Income tax payable 230,000 ----------
---------- ----------
Total Current Liabilities $ 4,681,103 $ 5,905,657
Long term debt and capital lease
Obligations, net of current
maturities 610,867 864,798
Shareholders` equity :
Common stock par value $0.003 per
share
authorized 23,333,334 shares issued and
outstanding shares 5,367,466 16,253 17,133
Additional paid in capital 20,101,026 22,325,500
Promissory note receivable from
Shareholder -------- ( 1,430,000)
Retained earnings 8,636,728 5,873,656
Accumulated other comprehensive
Income 235,972 235,972
---------- ----------
$28,989,979 $27,022,261
---------- ----------
Total Liabilities &
Shareholders` equity $34,281,949 $33,792,716
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands of U.S. Dollars)
(unaudited)
Three months ended Nine months ended
December 31 December 31
---------------------------------------------
2000 1999 2000 1999
---- ---- ---- ----
Sales 6,417 3,542 22,019 11,397
Cost of Sales (4,415) (2,280) (15,381) (7,554)
--------- --------- --------- ---------
Gross Profits 2,002 1,262 6,638 3,843
Operating Expenses
Selling Expense 74 61 287 151
Salary & related cost 604 572 1,774 1,447
Research & development
expenses 50 50 128 148
General & admin
expense 527 466 1,640 1,254
-------- ------- ------- -------
Income from operations 747 113 2,809 843
Other income 189 77 493 187
Foreign exchange Gain/
(Loss) (19) (13) (5) (19)
Interest Expenses (105) (83) (327) (208)
------- ------- ------- -------
Income before
income tax 812 94 2,970 803
Income tax
(credit)/charge 60 (87) 207 ----
-- ---- --- ----
Net income 752 181 2,763 803
=== === ===== ===
Per share amounts (in dollars) :
earnings per share
Basic 0.1364 0.059 0.5014 0.2633
Diluted 0.1336 0.052 0.4909 0.2295
Weighted average shares
Outstanding 5,510,865 3,050,068 5,510,865 3,050,068
Incremental shares from
Assumed exercise of
Warrants and stock
Options 118,037 448,032 118,037 448,032
Adjusted weighted average
Shares
outstanding 5,628,902 3,498,100 5,628,902 3,498,100
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