Bonso Reports Half Year Results
January 23 2015 - 8:30AM
Bonso Electronics International, Inc. (Nasdaq:BNSO) today announced
its unaudited results for the six-month period ended September 30,
2014.
Bonso reported a net loss for the six-month period ended
September 30, 2014 of $0.17 million or $0.03 basic and diluted loss
per share, as compared to a net loss of $0.36 million or $0.07
basic and diluted loss per share posted during the six-month period
ended September 30, 2013. Net sales for the six-month period ended
September 30, 2014 decreased 5.2% to $14.5 million from $15.3
million for the six-month period ended September 30, 2013.
Mr. Anthony So, President and Chief Executive Officer, stated
that in our last Annual Report on Form 20-F we advised that "in
seeking to return to profitability, we had analysed our product mix
and concluded that we were most likely to return to profitability
if we eliminated the production and sale of lower margin products
that required the employment of larger numbers of workers and the
commitment of substantial resources to carry or stock raw materials
and components inventory." We had discussions with our largest
customers for lower margin electronic scale products and advised
that without substantial price increases, we would not be in
position to continue manufacturing those products. The customers
did not agree to the price increases that we requested, and began
shifting this lower margin business to alternative suppliers. Mr.
So said "we believe that revenue will further decrease in the
future, and our profit margins will improve." Also, "management
believes that the Company will achieve higher return from
investment in the future as a result of this strategic decision
together with the extra rental income generated from the Shenzhen
factory."
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and
markets a comprehensive line of electronic scales, weighing
instruments, health care products and pet electronics products.
Bonso products are manufactured in the People's Republic of China
for customers primarily located in North America and Europe.
Company services include product design and prototyping, production
tooling, procurement 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
http://www.bonso.com.
This news release includes forward looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities and Exchange Act of 1934, as
amended. Forward looking statements may be identified by such words
or phrases as ''should,'' ''intends,'' ''is subject to,''
''expects,'' ''will,'' ''continue,'' ''anticipate,'' ''estimated,''
''projected,'' ''may,'' ''I or we believe,'' ''future prospects,''
"our strategy" or similar expressions. Forward-looking statements
made in this press release, which relate to the reduction of losses
and a positive impact upon our future operations as a result of the
sale of assets involve known and unknown risks and uncertainties
that may cause the actual results to differ materially from those
expected and stated in this announcement. We undertake no
obligation to update "forward-looking" statements.
The diluted net loss per share was the same as the basic net
loss per share for the six-month periods ended September 30, 2013
and 2014 as all potential ordinary shares including the stock
options and warrants are anti-dilutive and are therefore excluded
from the computation of diluted net loss per share.
-- Tables to Follow --
Consolidated Balance
Sheets |
(Expressed in United
States Dollars) |
|
|
|
|
September 30 |
March 31 |
|
2014 |
2014 |
|
$ in thousands |
$ in thousands |
|
(unaudited) |
(Audited) |
Assets |
|
|
|
|
|
Current assets |
|
|
Cash and cash equivalents |
305 |
116 |
Fixed deposits maturing over three
months |
1,049 |
1,049 |
Trade receivables, net |
3,163 |
2,480 |
Inventories |
5,810 |
7,545 |
Income tax recoverable |
2,162 |
1,739 |
Other receivables, deposits and
prepayments |
1,387 |
1,782 |
Receivable from affiliated party |
-- |
166 |
Total current assets |
13,876 |
14,877 |
|
|
|
Investment in life settlement contracts |
131 |
131 |
Other intangible assets |
4,253 |
4,387 |
Other deposits - non current assets |
293 |
293 |
Property, plant and equipment, net |
11,121 |
12,452 |
Total assets |
29,674 |
32,140 |
|
|
|
Liabilities and stockholders'
equity |
|
|
|
|
|
Current liabilities |
|
|
Bank overdrafts - secured |
-- |
630 |
Notes payable |
2,156 |
2,527 |
Accounts payable |
8,412 |
10,413 |
Accrued charges and deposits |
1,455 |
2,597 |
Income tax liabilities |
7 |
7 |
Short-term bank loans |
2,911 |
2,320 |
Payable to affiliated party |
-- |
10 |
Current portion of long-term debt and
capital lease obligations |
22 |
23 |
Financial instruments at fair value |
119 |
119 |
Total current liabilities |
15,082 |
18,646 |
|
|
|
Long-term bank loans |
2,180 |
-- |
Financial instruments at fair value - non
current portion |
208 |
208 |
Capital lease obligations, net of current
portion |
58 |
69 |
Income tax liabilities |
2,595 |
2,595 |
|
|
|
Stockholders' equity |
|
|
Common stock par value $0.003 per
share |
|
|
- authorized shares - 23,333,334 |
|
|
- issued shares: Sep 30, 2014 and Mar 31,
2014 - 5,577,639, outstanding shares: Sep 30, 2014 and Mar 31, 2014
– 5,246,903 shares |
17 |
17 |
Additional paid-in capital |
21,765 |
21,765 |
Treasury stock at cost: Sep 30, 2014 and
Mar 31, 2014 - 330,736 shares |
(1,462) |
(1,462) |
Accumulated deficit |
(12,979) |
(12,809) |
Accumulated other comprehensive
income |
2,210 |
3,111 |
|
9,551 |
10,622 |
|
|
|
Total liabilities and stockholders'
equity |
29,674 |
32,140 |
|
Consolidated Statements
of Operations and Comprehensive Loss |
(Expressed in United
States Dollars) |
|
|
|
|
Six months ended September 30,
2014 |
Six months ended September 30,
2013 |
|
$ in thousands |
$ in thousands |
|
(unaudited) |
(unaudited) |
|
|
|
Net sales |
14,579 |
15,374 |
Cost of sales |
(12,243) |
(12,464) |
Gross profit |
2,336 |
2,910 |
|
|
|
Selling expenses |
(498) |
(190) |
Salaries and related costs |
(1,197) |
(1,477) |
Research and development expenses |
(201) |
(204) |
Administration and general expenses |
(1,131) |
(1,147) |
Other income |
616 |
16 |
Loss from operations |
(75) |
(92) |
Interest income |
1 |
1 |
Interest expenses |
(74) |
(43) |
Foreign exchange loss |
(22) |
(222) |
Net loss |
(170) |
(356) |
|
|
|
Other comprehensive loss, net of tax: |
|
|
Foreign currency translation adjustments,
net of tax |
(901) |
(349) |
Comprehensive loss |
(1,071) |
(705) |
|
|
|
Loss per share |
|
|
|
|
|
Weighted average number of shares
outstanding |
5,246,903 |
5,246,903 |
|
|
|
Loss per share ( in U.S.Dollars per
share) |
|
|
- basic and diluted |
(0.03) |
(0.07) |
CONTACT: For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
Bonso Electronics (NASDAQ:BNSO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bonso Electronics (NASDAQ:BNSO)
Historical Stock Chart
From Jul 2023 to Jul 2024