Deswell Industries Inc. Expects Fiscal 2003 Revenue Growth to Exceed Eight Percent; Expanded Plastic Injection Molding Facility Now Operational.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)--July 3, 2003 Fourth Quarter 2003 and First Quarter 2004 Results To Be Announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. On or Before August 20 Deswell Industries, Inc. (Nasdaq: DSWL), today announced it expects the revenue of fiscal 2003 to exceed eight percent growth as compared with fiscal 2002. The Company also expects that first quarter of fiscal 2004 revenues will exceed first quarter 2003 revenues. The Company expects fourth quarter fiscal 2003 and first quarter fiscal 2004 results and dividend payments will be announced on or before August 20, 2003. Mr. Lau, chairman and chief executive officer of Deswell, stated, "Our decision to change auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together means that we will not be able to announce our audited fourth quarter results until August. We appreciate our investors' patience in this matter. We have always announced our results within a time frame consistent with U.S. companies and will return to announcing our results in a timely fashion with the second quarter of fiscal 2004." The Company also announced that production commenced at its new 300,000-square-foot facility in mid June. Fifty-two of the 55 sets of injection-molding machines have commenced operation. By the end of July, once thorough testing is completed, the 35,000-square-foot clean room will also be operational. Large-scale injection molding machines Injection molding machine (also known as injection press) - a machine for making plastic parts. Manufacturing products by injection molding process. Consist of two main parts, an injection unit and a clamping unit. will be installed in the new plant during September and should be operational by November. Mr. Lau continued, "Both our plastics and electronics division grew during the year and the growth should continue into the first quarter. We are particularly enthusiastic about our new manufacturing facility, which began operation in June. The combination of this facility's state-of-the art machinery and lower labor costs should help us build revenues with existing and new customers while reducing expenses." Deswell manufactures injection-molded plastic parts and components, electronic products and subassemblies, and metallic products for original equipment manufacturers ("OEMs") and contract manufacturers at its factories in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The Company produces a wide variety of plastic parts and components used in the manufacture of consumer and industrial products; printed circuit board assemblies using surface mount technologies ("SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management "); and finished products such as telephones, telephone answering machines, sophisticated studio-quality audio equipment and computer peripherals. The Company's customers include Kyocera Mita Industrial Co. (H.K.) Limited, Epson Precision (H.K.) Ltd., Inter-Tel Incorporated, Digidesign, Inc., Vtech Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Ltd., Peavey Electronics Peavey Electronics Corporation is one of the largest audio equipment manufacturers in the world, headquartered in Meridian, Mississippi in the United States. History Hartley Peavey founded Peavey Electronics in 1965 after building his first amplifier in 1957. Corporation and Emerson. To learn more about Deswell Industries, Inc., please visit the company's web site at www.deswell.com. 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 Certain statements are included in this news release which are not historical and are "forward-looking," Such 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. include risks detailed from time to time in Deswell's filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by forward-looking statements contained in this document. These forward-looking statements speak only as of the date of this document. |
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