Bonso Electronics Reports Half Year Results

HONG KONG, Jan. 27, 2010 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (Nasdaq:BNSO), a designer and manufacturer of sensor based and communications products, today announced financial results for the six-month period ended September 30, 2009.

The company reported that net sales for the six-month period ended September 30, 2009, decreased to $14.9 million as compared to $22.4 million during the same period last year.  Net loss was $0.97 million or $0.17 per share (diluted) as compared to an income of $0.44 million or $0.08 per share (diluted) during the same period last year.

Mr. Anthony So, Chairman and Chief Executive Officer of Bonso, stated, “Revenue for the first six months was low due to the worldwide financial crisis and general lack of demand for consumer products due to poor economic conditions. We expect that increased orders received during the second half of the year will offset some of the losses recorded in the first six months of the year.”

Mr. So further stated, “We expect the demand of our products will continue to increase during calendar 2010 as a result of the strengthening economy worldwide. We are well prepared for the increase in demand in production capacity in our current factory in Shenzhen, China. Further, our new factory in Xinxing, China will be complete in about two years. Our cash balance remains strong, with $10.7 million on hand (or $1.92 per share) on September 30, 2009.”

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

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.

                         (In U.S. Dollars)
                                               Sep 30,         Mar 31,
                                                 2009            2009
                                           (Unaudited)       (Audited)
    Current assets
     Cash and cash equivalents             10,710,000       8,043,535
     Trade receivables, net                 1,047,365       1,084,756
     Inventories, net                       5,952,225       6,284,293
     Income tax recoverable                 1,091,550         987,449
     Other receivables, deposits and
      prepayments                           1,705,548         837,191
     Held-to-maturity investments                   -       1,000,000
     Current assets of discontinued
      operations                              771,244       3,813,697
     Total current assets                  21,277,932      22,050,921
    Brand name and other intangible
     assets, net                            3,990,350       4,008,147
    Property, plant and equipment, net      2,304,789       3,374,253
    Non-current assets of discontinued
         operations                             6,310           5,704
     Total assets                          27,579,381      29,439,025
    Liabilities and shareholders' equity
    Current liabilities
     Bank overdraft - secured                      --         385,514
     Notes payable                          2,630,330       1,361,787
     Accounts payable                       4,201,029       3,103,502
     Accrued charges and deposits           2,097,775       2,004,841
     Income tax liabilities                    24,423           6,888
     Current portion of long-term debts
      and capital lease obligations           114,337         130,201
     Current liabilities of discontinued
      Operations                            3,307,414       5,787,099
     Total current liabilities             12,375,308      12,779,832
    Capital lease obligations, net
     of current portion                            --          51,971
    Income tax liabilities                  2,595,135       2,595,135
    Deferred income tax liabilities            14,162          14,162
    Total Liabilities                      14,984,605      15,441,100
    Shareholders’ equity
    Preferred stock par value $0.01 per
    -authorized shares - 10,000,000                --             --
    -issued and outstanding shares:
      September 30, 2008 and March
          31, 2008
    Common stock par value $0.003
      per share
       - authorized shares - 23,333,334            --             --
    - issued and outstanding shares:
      September 30, 2008 and March
          31, 2008 - 5,577,639                 16,729          16,729
    Additional paid-in capital             21,764,788      21,764,788
    Treasury stock                         (1,462,325)     (1,462,325)
    Retained earnings                      (9,687,721)     (8,714,233)
    Accumulated other comprehensive
     income                                 1,963,305       2,392,966
                                           12,594,776      13,997,925
    Total liabilities and shareholders’
     equity                                27,579,381      29,439,025

                                BONSO ELECTRONICS
                                INTERNATIONAL INC.
                          CONSOLIDATED INCOME STATEMENT
                          (In Thousands of U.S. Dollars)
                                                   Six months ended
                                                        SEP 30
                                                  2009          2009
                                            (Unaudited)   (Unaudited)
    Net sales                                   14,877        22,405
    Cost of sales                              (12,976)      (18,839)
    Gross margin                                 1,901         3,566
    Selling expenses                              (338)         (360)
    Salaries and related costs                  (1,237)       (1,279)
    Research and development
     expenses                                     (255)         (291)
    Administration and general
     expenses                                     (821)       (1,072)
    (Loss)/Income from operations                 (750)          564
    Interest income                                 97            62
    Other income                                    73            29
    Interest expenses                              (35)          (27)
    Foreign exchange gain/(loss)                   (51)          (55)
    (Loss)/Income before income taxes             (666)          573
    Income tax expense                              --            (3)
    Net (loss)/income from
     continuing operations                        (666)          570
    (Loss)/gain from discontinued
     operations, net of tax                       (307)         (126)
    Net (loss)/income                             (973)          444
    Earnings per share (in
     U.S. Dollars per share)
     Basic                                       (0.17)         0.08
     Diluted                                     (0.17)         0.08
    Weighted average shares
     (Basic)                                 5,577,639     5,577,639
    Weighted average shares
     (Diluted)                               5,577,639     5,577,639             
CONTACT:  Bonso Electronics International, Inc.
          Albert So, Chief Financial Officer and Secretary
          852 2605 5822
          Fax: 852 2691 1724
Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.