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Bonso Electronics Reports Year End and Fourth Quarter Result

编辑:AG88 日期:2018-10-17


HONG KONG, Aug. 8 /Xinhua-PRNewswire-FirstCall/ -- Bonso Electronics International, Inc (Nasdaq: BNSO) today reported net loss for the fiscal year ended March 31, 2007 was $1,371,000 or ($0.246) basic per share as compared to net income of $484,000 or $0.09 basic per share posted during the same period last year. Net sales for the year ended March 31, 2007 increased 3.0% to $66,491,000 from net sales of $64,543,000 for the year ended March 31, 2006.

The results for the fourth fiscal quarter ended March 31, 2007 was a net loss of $1,682,000 or ($0.302) basic per share on net sales of $10,789,000. This represented a decrease of 24.6% in sales as compared to $14,308,000 posted during the same period last year and an increase of 408.2% in net loss as compared to net loss of $331,000 or ($0.059) basic per share as posted during the same period last year.

Mr. Anthony So, President and CEO stated: "There are two primary factors which negatively impacted our earnings. One of the factors is due to the water damage approximately $701,000 of inventory at our warehouse in Germany. This was caused by the overflow of a river located near to our warehouse. We are now in the process of negotiating with our insurance carrier for compensation of our losses. The other factor is due to a large tax provision we made that results in the increase of the tax expense from $131,000 in prior year to $918,000 during the year ended March 31, 2007. The increase was primarily the result of assessing the impact of the new developments of tax rules in the various tax jurisdictions that the group's subsidiaries are operating. We have performed the assessment in pursuant to FASB No. 5 "Accounting for Contingencies" and made a provision of $737,000 in relation to this contingent liability."

Mr. So said further: "We still maintain a strong cash position -- which at the end of the year is $8.1 million ($1.46 per share). Undoubtedly, Bonso's profit performance was disappointing last year but we are operating in a challenging market notwithstanding, we remain optimistic in the growth plan and cost reduction program we are implementing."

About Bonso Electronics

Headquartered in Hong Kong, Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing instruments. Bonso products are manufactured in the People's Republic of China with 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. For further information, visit the company's website 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 "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "we believe," "future prospects," or similar expressions. The forward-looking statements above involve a number of risks and uncertainties. Factors that might cause actual results to differ include, but are not limited to conditions in the general economy and in the markets served by the Company; competitive factors, such as price pressures and the potential emergence of rival technologies; interruptions of suppliers' operations affecting availability of component materials at reasonable prices; timely development and market acceptance, and warranty performance of new products; changes in product mix, costs and yields, fluctuations in foreign currency exchange rates; uncertainties related to doing business in Hong Kong and China; and the risk factors listed from time to time in the Company's SEC reports. Forward-looking statements do not include the impact of acquisitions or dispositions of assets, which could affect results in the near term. Actual results may differ materially. The Company assumes no obligation to update the information in this issue.

-- Tables to Follow -

BONSO ELECTRONICS INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEET

(In U.S. Dollars)

31-Mar 31-Mar

2007 2006

(Unaudited) (Unaudited)

Assets

Current assets

Cash and cash equivalents 8,118,018 8,582,257

Trade receivables, net 6,739,567 6,740,229

Inventories, net 14,997,788 15,035,216

Tax recoverable 2,117 78,735

Investment 700,000 --

Other receivables, deposits and

prepayments 2,678,328 2,165,479

Total current assets 33,235,818 32,601,916

Deposits -- 90,711

Long term investment -- 500,000

Deferred income tax assets 87,369 82,529

Goodwill 842,821 842,821

Brand name and other intangible

assets, net 2,313,434 2,526,982

Property, plant and equipment, net 11,039,173 12,833,929

Total assets 47,518,615 49,478,888

Liabilities and shareholders' equity

Current liabilities

Bank overdraft 459,710 471,254

Notes payable 3,736,526 3,310,673

Accounts payable 5,354,326 6,288,213

Accrued charges and deposits 2,357,132 2,434,994

Income tax payable 814,374 --

Short-term loans 3,576,366 2,936,467

Current portion of long-term debts

and capital lease obligations 95,725 215,131

Total current liabilities 16,394,159 15,656,732

Capital lease obligations, net of

current maturities 59,258 --

Deferred income tax liabilities 13,901 19,863

Total Liabilities 16,467,318 15,676,595

Shareholders' equity

Preferred stock par value $0.01 per

share

-authorized shares - 10,000,000 -- --

-issued and outstanding shares :

March 2007 & 2006-nil

Common stock par value $0.003 per share

- authorized shares - 23,333,334 -- --

- issued and outstanding shares :

March 2007 & 2006 - 5,577,639 16,729 16,729

Additional paid-in capital 20,747,430 21,764,788

Retained earnings 9,273,761 11,234,006

Common stock held at treasury

(260,717 shares at par) (782) --

Accumulated other comprehensive

income 1,014,159 786,770

31,051,297 33,802,293

Total liabilities and shareholders'

equity 47,518,615 49,478,888

BONSO ELECTRONICS

INTERNATIONAL INC.

CONSOLIDATED INCOME STATEMENT

(In Thousands of U.S. Dollars)

Three months ended Twelve months ended

MAR 31 MAR 31

2007 2006 2007 2006

(Unaudited) (Unaudited)(Unaudited)(Unaudited)

Net sales 10,789 14,308 66,491 64,543

Cost of sales (7,873) (10,565) (53,946) (51,114)

Gross margin 2,916 3,743 12,545 13,429

Selling expenses 592 487 2,477 2,111

Salaries and related costs 1,186 1,433 5,438 5,681

Research and development

expenses 640 466 983 847

Administration and general

expenses 601 1,141 3,004 3,421

Amortization of brand name 50 50 200 200

Loss from water damage 701 -- 701 --

Impairment of goodwill -- 258 -- 258

(Loss)\Income from operations (854) (92) (258) 911

Interest income 120 42 313 202

Other income 136 17 302 190

Interest expenses (192) (134) (626) (504)

Foreign exchange loss (12) (68) (184) (184)

(Loss)\Income before income

taxes and minority interest (802) (235) (453) 615

Income tax expense (880) (96) (918) (131)

Net(loss)\ Income before

minority interest (1,682) (331) (1,371) 484

Minority interests -- -- -- --

Net (loss)\Income (1,682) (331) (1,371) 484

Earnings per share (in

U.S.Dollars per share)

Basic -0.302 -0.059 -0.246 0.090

Diluted -0.302 -0.059 -0.246 0.080

Weighted average shares

(Basic) 5,577,639 5,577,639 5,577,639 5,577,639

Weighted average shares

(Diluted) 5,577,639 5,577,639 5,577,639 5,937,644

The diluted net loss per share was the same as the basic net loss per

share for the year ended Mar 31, 2007 as all 305,009 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.

For more information about Bonso, please contact:

Henry Ma

Chief Financial Officer

Tel: +852-2605-5822

Fax: +852-2691-1724