Bonso Electronics (NASDAQ:BNSO)
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TORTOLA, British Virgin Island, Feb. 15 /Xinhua-PRNewswire-FirstCall/ -- Bonso Electronics International, Inc. (NASDAQ:BNSO) a designer and manufacturer of sensor based and communications products, today announced financial results for the three and nine month periods ended 31 December 2006.
For the third quarter ended 31 December 2006, Bonso's sales were approximately $18.9 million, or 17% above the same quarter in 2005. Despite the increase in turnover, the Company had a net loss of approximately $630,000 or $0.109 per share (diluted) as compared to a net loss of approximately $76,000 or $0.013 per share (diluted) posted for the same period last year.
Sales for the nine-month period ended 31 December 2006, were approximately $55.7 million, an increase of 11.0% compared to sales of approximately $50.2 million in the comparable period in 2005. Net income for the nine-month period ended 31 December 2006 was $311,000 or $0.054 per share (diluted), which is 62% below the net income of $815,000 or $0.139 reported for the same period last year.
Mr. Anthony So, President and CEO stated: 'There are two primary factors which negatively impacted our gross profit margin. We suffered water damage to approximately $678,000 of inventory at our Germany warehouse. The water damage resulted from a heavy rain which caused a river near where our warehouse is located to overflow. We are now in the process of negotiating with our insurance carrier for compensation of the loss. The other major factor is the loss of approximately $199,000 relating to the return of defective scales for repair. All of these defective scales will be repaired and shipped back to our customer in March 2007.'
Mr. So said further: 'We still maintain a strong cash position and our cash position at the end of the third quarter was approximately $13 million ($2.33 per share).'
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing instruments and health care 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 "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.
Attachments: 1. Balance Sheet 2. Income Statement
BONSO ELECTRONICS
INTERNATIONAL INC.
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Unaudited
Three months ended Nine months ended
December 31 December 31
2006 2005 2006 2005
Net sales 18,871 16,123 55,702 50,235
Cost of sales -16,207 -13,169 -46,073 -40,549
Gross profit margin 2,664 2,954 9,629 9,686
Selling expenses 629 517 1,885 1,624
Salaries and related costs 1,459 1,505 4,252 4,248
Research and development
expenses 107 109 343 381
Administration and general
expenses 939 664 2,403 2,280
Amortization of Brand Name 50 50 150 150
(Loss)/Income from operations -520 109 596 1,003
Interest Income 70 74 193 160
Other income 70 -82 166 173
Interest Expenses -163 -150 -434 -370
Foreign exchange gains (Loss) 71 3 -172 -116
-- 0 -- --
(Loss)/Income before income
taxes -614 -46 349 850
Income tax expense -16 -30 -38 -35
Net (Loss)/ income -630 -76 311 815
Earnings per share
Basic -0.113 -0.014 0.056 0.146
Diluted -0.109 -0.013 0.054 0.139
Weighted average shares 5,577,639 5,577,639 5,577,639 5,577,639
Adjusted weighted average
shares 5,795,249 5,843,949 5,795,249 5,843,949
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
31-Dec 31-Mar
2006 2006
(Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents 12,987,806 8,582,257
Trade receivables, net 6,576,460 6,740,229
Inventories, net 14,351,144 15,035,216
Tax recoverable 393,288 183,393
Other receivables, deposits and
prepayments 3,116,540 1,963,007
Total current assets 37,425,238 32,504,102
Deposits 190,013 188,525
Long term investment 947,285 500,000
Deferred income tax assets -
non current 95,917 82,529
Goodwill 842,821 842,821
Brand name,other intengible asset
net 2,365,974 2,526,982
Property, plant and equipment, net 11,560,242 12,833,929
Total assets 53,427,490 49,478,888
Current liabilities
Bank overdraft 467,691 471,254
Notes payable 7,521,471 3,310,673
Accounts payable 5,109,735 6,288,213
Accrued charges and deposits 2,215,843 2,434,994
Short-term loans 3,955,580 2,936,467
Current portion of long-term debt
and capital lease obligations 80,019 215,131
Total current liabilities 19,350,339 15,656,732
Deferred income tax 19,915 19,863
Total Liabilities 19,370,254 15,676,595
Shareholders' equity
Preferred stock par value $0.01 per
share
-authorized shares - 10,000,000
-issued and outstanding shares :
March 2006 & December 2006-nil -- --
Common stock par value $0.003 per
share
- authorized shares - 23,333,334
- issued and outstanding shares :
March 2006 & December 2006 -
5,577,639 16,729 16,729
Additional paid-in capital 21,764,788 21,764,788
Retained earnings 11,265,694 11,234,006
Treasury stock -11,955 --
Accumulated other comprehensive
income 1,021,980 786,770
34,057,236 33,802,293
Total liabilities and shareholders'
equity 53,427,490 49,478,888
-- --
DATASOURCE: Bonso Electronics International, Inc.
CONTACT: Cathy Pang, +852-2605-5822, or fax, +852-2691-1724, of Bonso
Electronics
Web site: http://www.bonso.com/