Bonso Electronics International Inc.

$BNSO - Nasdaq - Computers and Electronic Equipment
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Bonso Electronics Reports Half Year Results

HONG KONG, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (Nasdaq:BNSO) today reported its financial results for the six-month period ended September 30, 2012.

Bonso reported a net income for the six-month period ended September 30, 2012 of $0.13 million or $0.02 basic and diluted earnings per share, as compared to a net loss of $0.18 million or $0.03 basic and diluted loss per share posted during the six-month period ended September 30, 2011. Net sales for the six-month period ended September 30, 2012increased 16.5% to $16.3 million from $14.0 million for the six-month period ended September 30, 2011.

Mr. Anthony So, President and CEO stated: "Along with the $2.3 million increase in revenue, we are very pleased with the improvement in our gross profit margin from 16.1% for the six month period ended September 30, 2011 to 18.4% for the comparable period in 2012. We accomplished the improvement in our gross profit even though raw material costs and labor costs were higher. We expect the demand for our products will continue to increase in calendar year 2013."

About Bonso Electronics

Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, 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 as ``should,'' ``intends,'' ``is subject to,'' ``expects,'' ``will,'' ``continue,'' ``anticipate,'' ``estimated,'' ``projected,'' ``may,'' `` I or we believe,'' ``future prospects,'' or similar expressions. Forward-looking statements made in this press release, which relate to the the demand for our products, among other things,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.
 

-- Tables to Follow –

Consolidated Balance Sheets
(Expressed in United States Dollars)
     
  September 30 March 31
  2012 2012
  $ in thousands $ in thousands
  (unaudited) (Audited)
Assets    
     
Current assets    
Cash and cash equivalents 2,004 3,014
Trade receivables, net 2,494 2,081
Inventories 4,350 4,105
Income tax recoverable 2,043 1,903
Other receivables, deposits and prepayments  1,081 1,104
     
Total current assets 11,972 12,207
     
     
Brand name and other intangible assets, net  4,670 3,990
Property, plant and equipment, net 7,666 6,971
     
Total assets 24,308 23,168
     
Liabilities and stockholders' equity    
     
Current liabilities    
Notes payable  2,883 1,870
Accounts payable 5,572 5,032
Accrued charges and deposits 1,926 2,347
Income tax liabilities 26 44
     
Total current liabilities 10,407 9,293
     
     
Income tax liabilities 2,597 2,595
Deferred income tax liabilities -- 2
     
Stockholders' equity    
 Common stock par value $0.003 per share    
- authorized shares - 23,333,334    
- issued shares: Sep 30, 2012 and Mar 31, 2012 -- 5,577,639,  17 17
outstanding shares: Sep 30, 2012 and Mar 31, 2012 – 5,246,903 shares  
 Additional paid-in capital 21,765 21,765
 Treasury stock at cost: Sep 30, 2012 and Mar 31, 2012 - 330,736 shares  (1,462) (1,462)
 Accumulated deficit (11,708) (11,834)
 Accumulated other comprehensive income 2,692 2,792
     
  11,304 11,278
     
Total liabilities and stockholders' equity 24,308 23,168
     

  

 
Consolidated Statements of Operations and Comprehensive Loss
(Expressed in United States Dollars)
     
  Six months
ended 
September 30,
2012
Six months
ended
September 30,
2011
  $ in thousands $ in thousands
  (unaudited) (unaudited)
     
Net sales 16,276 13,975
Cost of sales (13,274) (11,730)
     
Gross profit 3,002 2,245
     
Selling expenses (347) (274)
Salaries and related costs (1,078) (991)
Research and development expenses (279) (228)
Administration and general expenses (1,165) (942)
     
Income / (loss) from operations 133 (190)
Interest income 3 2
Interest expenses (33) (18)
Foreign exchange loss (22) (9)
Other income 45 33
     
Net income / (loss) 126 (182)
     
Other comprehensive income, net of tax:  
Foreign currency translation adjustments, net of tax (100) 135
     
Comprehensive income / (loss) 26 (47)
     
Earnings / (loss) per share    
     
Weighted average number of shares outstanding 5,246,903 5,246,903
     
Earnings per share ( in U.S.Dollars per share)  
- basic and diluted 0.02 (0.03)

The diluted net loss per share was the same as the basic net loss per share for the six-month periods ended September 30, 2012 and September 30, 2011 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.

CONTACT: Albert So
         Chief Financial Officer and Secretary
         Tel: 852 2605 5822
         Fax: 852 2691 1724
Source: Bonso Electronics International, Inc.
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