Bonso Electronics Reports Record Gain in Net Income for First Quarter On Doubled Revenues.Business Editors HONG KONG--(BUSINESS WIRE)--July 17, 2000 Bonso Electronics International Inc. (Nasdaq :BNSO-common and BNSOZ-warrants) today reported net income of $1,186,000 on revenues of $9,181,000 for the three months ended June 30, 2000, an increase of 115 percent in sales and 207 percent in net income over the comparable 1999 period. Earnings per share of $0.21 in the first fiscal quarter ended June 30, 2000, which compares to $0.12 in the same 1999 period, reflects a 75% increase in adjusted weighted average shares outstanding due to conversion of warrants in January 2000 which added 1,673,776 additional shares outstanding over the prior year. Net income for the 1999 first fiscal quarter was $386,000 on revenues of $4,340,000. The substantial gains in revenues and earnings in the first quarter were primarily attributed to shipments of telecommunications products under contracts announced earlier this year to manufacture two-way radio A voice network that provides an always-on connection enabling the user to just "push the button and talk." Also called "dispatch radio," two-way radio has traditionally been used by police, fire, taxi and other mobile fleets. products for North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. markets and cordless telephones A cordless telephone or portable telephone is a telephone with a wireless handset which communicates via radio waves with a base station connected to a fixed telephone line (POTS) and can only be operated near (typically within 100 meters or 328 ft from) its base station for European markets. "Wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. products for consumer markets accounted for 33% of first quarter revenues, and existing contracts for these products call for production at current levels to continue through the remainder of the year," said Anthony So, Bonso 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. . 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 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. Company services include product design and prototyping, 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 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.
FINANCIAL SUMMARY
For the Three Months Ended June 30,
2000 1999
----------- -----------
(Unaudited) (Unaudited)
Revenues $ 9,181,000 $ 4,340,000
Gross Profit 2,458,000 1,346,000
Income From
Operations 1,137,000 428,000
Net Income $ 1,186,000 $ 386,000
Earnings Per Share:
Basic $ 0.22 $ 0.12
Diluted $ 0.21 $ 0.12
Weighted Average
Shares Outstanding 5,513,251 3,119,159
Incremental shares from
assumed exercise of
warrants and stock options 52,542 141,408
Adjusted weighted
average shares 5,565,793 3,260,567
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