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Bonso Electronics International Announces March 31, 1997 Year End Financial Results.

HONG KONG--(BUSINESS WIRE)--Sept. 5, 1997--Bonso Electronics International Inc. (the "Company") (NASDAQ:BNSOF and BNSWF) announces audited results for the year ended March 31, 1997.

Sales for the year ended March 31, 1997, were $17 million, an increase of 19.2% compared to $14.2 million for the year ended March 31, 1996. Operating income was $924K for the year ended March 31, 1997, an increase of 4.5% compared to $885K in operating income for the year ended March 31, 1996.

Net income for the year ended March 31, 1997, was $547K, a decrease of 10% compared to net income of $608K for the year ended March 31, 1996. Earnings per share for the year ended March 31, 1997, were $0.19, a decrease of 9.5% compared to the $0.21 earnings per share for the year ended March 31, 1996.

Anthony So, chairman and chief executive officer of the company, stated: "The steady growth in sales that the company has experienced for the year ended March 31, 1997, 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 of US$131,515 in slow moving inventory. However, the company intends to make every effort to realize revenues from this inventory and will not simply let it sit idly in the warehouse.

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 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 instruments and electronic consumer and health products. The company manufactures all of its products in the People's Republic of China. The company's electronic scales include bathroom, kitchen, office, jewelry, laboratory, pocket, postal, industrial and parcel scales that are used in consumer, commercial and industrial applications. The company's electronic consumer and health products include electronic thermometers and blood pressure meters. -0-
 Bonso Electronics International Inc.
 Consolidated Balance Sheet
 (In Thousands of U.S. Dollars)

 March 31, March 31,
 1997 1996
 ---- ----
Current Assets:
 Cash and cash equivalents $ 89 $ 166
 Restricted cash deposits 886 1,551
 Trade receivables 970 1,412
 Inventories 6,142 6,515
 Notes receivable 768 232
 Income tax recoverable 34
 Deferred income tax assets - current 16
 Other receivables 345 1,118
 ----- ------
 Total current assets 9,250 10,994

 Deposits 462 2,398
 Property, plant & equipment (net) 10,804 7,308
 ------ ------
 Total Assets $20,516 $20,700

Current Liabilities:
 Bank overdrafts $ 781 $ 943
 Notes payable 1,993 2,822
 Accounts payable 1,746 1,272
 Accrued charges and deposits 1,382 619
 Income taxes payable 22
 Short-term loans 954 1,144
 Current portion of long-term debt and
 capital lease obligations 731 371
 ----- -----
 Total current liabilities 7,587 7,193

 Long-term debt and capital lease
 obligations, net of current maturities 787 744

 Deferred income tax liabilities 49

 Minority interests -- 1,282

Shareholders' equity:
 Common stock par value $0.003 per share
 authorized 23,222,224 shares
 issued and outstanding 2,825,949 shares 8 8
 Additional paid in capital 8,706 8,706
 Retained earnings 3,238 2,691
 Cumulative translation adjustments 190 27
 Shareholders' equity 12,142 11,432
 ------ ------
 Total Liabilities and Shareholders'
 Equity $20,516 $20,700

 Bonso Electronics International Inc.
 Consolidated Balance Sheet
 (In Thousands of U.S. Dollars)

 12 months ended
 March 31,
 1997 1996
 ---- ----
Sales $16,989 $14,248
Cost of sales 12,096 9,411
Gross profit 4,893 4,837
Operating expenses
 Selling, salaries, research and
 development, administrative and general (4,129) (3,800)
Provision for permanent diminution in value
 of investment in a joint venture company (152)
Net gain on liquidation of a joint venture
 company 160
Income from operations 924 885
Net gain/(loss) on disposal of property,
 plant and equipment (9) 106
Interest income 64 127
Other income 102 76
Foreign exchange gains/(losses) (136) (124)
Interest expenses (470) (549)
Income before income taxes 475 521
Income tax expenses 72 97
Income before minority interests 547 618
Minority interests -- (10)
Net income $547 $608
Per share amounts (in dollars):
 Earnings per share $0.19 $0.21
Weighted average number of shares 2,845,318 2,825,949

CONTACT: Bonso Electronics International Inc.,

Ray Mehra, 630/904-1630 (North America contact)

Fax: 630/904-1632
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Publication:Business Wire
Date:Sep 5, 1997
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