Bonso Electronics Reports Significant Increases in Revenues and Earnings for Fiscal Year 2001.Business Editors, High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. 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)--June 28, 2001 Bonso Electronics International, Inc. (Nasdaq:BNSO) today announced net income of $1,604,000 on revenues of $29,567,000 for the fiscal year ended March 31, 2001, an increase of 361 percent and 92 percent, respectively, over earnings of $348,000 and revenues of $15,380,000 recorded in the prior fiscal year. Basic earnings per share of $0.29 for the fiscal year ended March 31, 2001, as compared to $0.10 for the same period in the prior year, reflects an 190 percent increase. The weighted average shares outstanding increased by 2,049,000 over the prior fiscal year, reflecting a 58 percent increase due to conversion of warrants in January January: see month. 2000. While revenues remained on track in the fourth quarter, fourth quarter expenses increased when compared to the previous year. Bonso wrote down inventory by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $570,000, accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. a consultancy fee consultancy fee n → honoraires mpl d'expert consultancy fee n → onorario di consulenza of $381,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc warrants granted to a third party consultant, and depreciation charges increased by $703,000 from $1,317,000 during the previous fiscal year to $2,020,000 in the fiscal year ended March 31, 2001. The increased depreciation charges resulted from the acquisition of $5,846,000 of additional property, plant and equipment. "These factors resulted in charges of $1,654,000 being reflected in the Statements of Comprehensive income of the group. If there were no such factors, the Comprehensive income of the group and the basic earnings per share would have been US$3,258,000 and $0.59, respectively," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Anthony So, chairman, president and chief executive officer. Mr. So also noted that "year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. inventory adjustments are especially inherent in the contract manufacturing business due to unpredictable fluctuations in orders by certain customers. "In addition, we have complied with Financial Accounting Standard 123, which requires Bonso to compute To perform mathematical operations or general computer processing. For an explanation of "The 3 C's," or how the computer processes data, see computer. and recognize compensation costs associated with stock based compensation awards to third party consultants, which are reflected as a 'Consultancy fee' in Bonso's financial statements." From an operations viewpoint, the company posted a banner Same as banner ad. 1. banner - The title page added to printouts by most print spoolers. Typically includes user or account ID information in very large character-graphics capitals. year for growth and diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. into new consumer electronics products, he continued. "Our engineering and production capabilities, especially with the expansion in plant and equipment, are now closely aligned with long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth markets," he said. "And with the acquisition of Korona The word Korona is a generic term of some Slavic languages and of the Hungarian language for a crown. As such it might refer to a variety of meanings:
 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). , we have a solid foundation for continued business expansion in
fiscal 2002."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 Communicating information, including data, text, pictures, voice and video over long distance. See communications. 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. 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 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 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 Information Follows:
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(Expressed in United States Dollars)
(Unaudited)
March 31
---------------------------------------------
2000 2001
ASSETS
Current Assets:
Cash and cash equivalents $7,959,404 $5,322,397
Restricted cash deposits 2,071,952 2,873,898
Trade receivables, net 1,661,050 3,518,943
Inventories, net 6,192,611 5,310,889
Notes receivable 525,175 1,086,949
Income taxes recoverable 112 --
Deferred income tax assets
- current 24,802 10,190
Other receivables, deposits
and prepayments 235,851 619,858
------------ ------------
Total current assets $18,670,957 $18,743,124
Deposits 398,147 70,511
Deferred income tax assets
- non current 101,570 87,245
Property, plant and equipment
Leasehold land and buildings 9,922,677 12,248,784
Plant and machinery 7,176,310 10,766,115
Molds 2,113,066 2,113,066
Furniture, fixtures and
equipment 2,938,724 3,291,043
Motor vehicles 304,869 304,869
------------ ------------
22,455,646 28,723,877
Less: accumulated depreciation
and amortization (7,833,604) (10,128,087)
------------ ------------
Net property, plant and
equipment 14,622,042 18,595,790
------------ ------------
Total assets $33,792,716 $37,496,670
============ ============
Liabilities and shareholders'
equity
Current liabilities:
Notes payable 819,099 3,234,897
Account payable 3,028,023 3,435,626
Accrued charges and deposits 882,839 1,029,967
Income taxes payable -- 95,694
Short-term loans 622,229 1,086,949
Current portion of long-term
debt and capital lease
obligations 553,467 537,029
------------ ------------
Total current liabilities $5,905,657 $9,420,162
------------ ------------
Long term debt and capital
lease obligations, net of
current maturities 864,798 403,890
Commitments and contingencies
Shareholders' equity:
Common stock par value $0.003
per share
-- authorized shares - 23,333,334
-- issued and outstanding shares:
2000-5,712,610; 2001-5,496,133 17,133 16,484
Additional paid-in capital 22,325,500 21,854,160
Deferred consultancy fee -- (762,840)
Promissory note receivable from
shareholder (1,430,000) --
Retained earnings 5,873,656 6,927,842
Accumulated other comprehensive
income 235,972 235,972
Common stock held in treasury,
at cost -- (599,000)
------------ ------------
$27,022,261 $27,672,618
------------ ------------
Total liabilities and
shareholders' equity $33,792,716 $37,496,670
============ ============
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Expressed in United States Dollars)
(Unaudited)
Twelve Months ended
March 31
---------------------------------------------
2000 2001
Net sales $15,380,286 $29,566,680
Cost of sales 11,117,922 22,400,017
---------- ----------
Gross margin 4,262,364 7,166,663
Selling expenses 261,297 382,422
Salaries and related costs 1,898,944 2,333,776
Research and development
expenses 186,251 297,740
Administration and general
expenses 1,646,320 2,410,872
---------- ----------
Income from operations 269,552 1,741,853
Interest income 129,794 458,328
---------- ----------
Interest expenses (261,288) (337,526)
Less: Interest capitalized -- --
---------- ----------
(261,288) (337,526)
Foreign exchange gains 14,449 42,722
Other income 191,790 204,585
Consultancy fee -- (381,420)
---------- ----------
Income before income taxes 344,297 1,728,542
Income tax benefit/(expense) 3,401 (124,743)
---------- ----------
Net income 347,698 1,603,799
Other comprehensive income,
net of tax:
Foreign currency translation
adjustments 701 --
---------- ----------
Comprehensive income 348,399 1,603,799
========== ==========
Per share amounts (in dollars):
Earnings per share
Basic 0.0989 0.2882
Diluted 0.0874 0.2824
Weighted average shares
outstanding 3,515,690 5,564,536
Incremental shares from
assumed exercise of
warrants and stock
options 462,389 115,375
Adjusted weighted average
shares outstanding 3,978,079 5,679,911
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