omniture

Bonso Electronics Reports Results for the First Quarter

Bonso Electronics
2007-11-02 18:02 988

TORTOLA, British Virgin Island, Nov. 2 /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 first quarter ended 30 June 2007.

The company reported sales of $16,102,000 and net earnings of $243,000 or 4.3 cents per share (diluted) for the three months period ended 30 June 2007. This represents a decrease of 0.1 % in sales and a decrease of 46.9 % in net income as compared to sales of $16,121,000 and net income of $458,000 or 8.1 cents per share (diluted) posted during the same period last year.

Telecommunication product sales surpassed last year's volume but not enough to make up for the shortfall in Sensor based product sales. We are cautiously optimistic about future increases in sensor based product sales.

Anthony So, Bonso's Chairman said "Going forward, we intend to continue to focus on servicing our existing customer base while providing value added solutions to new potential customers in our niche markets of sensor based and telecommunication products."

"We intend to continue to make efforts to continue the progress we have made in strengthening our Balance Sheet. Our cash position at the end of the quarter is $8.8 million, or approximately $1.57 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.

-- Tables to follow -

BONSO ELECTRONICS INTERNATIONAL INC.

CONSOLIDATED INCOME STATEMENT

(In Thousands of U.S. Dollars)

Three months ended June 30

2007 2006

(Unaudited) (Unaudited)

Net sales 16,102 16,121

Cost of sales (13,025) (12,843)

Gross margin 3,077 3,278

Selling expenses 598 527

Salaries and related costs 1,426 1,319

Research and development expenses 105 111

Administration and general expenses 854 748

Amortization of brand name 50 50

Income from operations 44 523

Interest Income 31 48

Other income 92 56

Interest Expenses (134) (117)

Foreign exchange gains \(Loss) 211 (30)

Income/(loss) before income taxes 244 480

Income tax expense (1) (22)

Net income/(loss) before minority

interest 243 458

Net income/(loss) 243 458

Earnings per share ( in U.S. Dollars

per share)

Basic 0.044 0.082

Diluted 0.043 0.081

Weighted average shares (Basic) 5,577,639 5,577,639

Adjusted weighted average shares

(diluted) 5,646,810 5,667,085

BONSO ELECTRONICS INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEET

(In U.S. Dollars)

30-Jun 31-Mar

2007 2007

(Unaudited) (Unaudited)

Assets

Current assets

Cash and cash equivalents 8,779,578 8,118,018

Trade receivables, net 6,977,212 6,739,567

Inventories, net 15,850,748 14,997,788

Tax recoverable 193,806 2,117

Other receivables, deposits and

prepayments 3,706,768 2,678,328

Investment 700,000 700,000

Total current assets 36,208,112 33,235,818

Deferred income tax assets 87,369 87,369

Goodwill 842,821 842,821

Brand name and other intangible

asset, net 2,263,434 2,313,434

Property, plant and equipment, net 10,646,442 11,039,173

Total assets 50,048,178 47,518,615

Liabilities and shareholders' equity

Current liabilities

Bank overdraft 352,642 459,710

Notes payable 2,693,156 3,736,526

Accounts payable 8,677,694 5,354,326

Accrued charges and deposits 2,301,772 2,357,132

Short-term loans 4,056,729 3,576,366

Income tax liabilities 754,673 814,374

Current portion of capital lease

obligations 95,725 95,725

Total current liabilities 18,932,391 16,394,159

Capital lease obligations, net of

current portion 35,327 59,258

Deferred income tax liabilities 13,901 13,901

Total Liabilities 18,981,619 16,467,318

Shareholders' equity

Common stock par value $0.003 per

share

- authorized shares - 23,333,334

- issued and outstanding shares:

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

Additional paid-in capital 21,764,788 21,764,788

Retained earnings 9,827,186 9,584,181

Accumulated other comprehensive

income 786,416 1,014,159

Common stock held at treasury stock

(260,717 shares) (1,328,560) (1,328,560)

Total shareholders' equity 31,066,559 31,051,297

Total liabilities and shareholders'

equity 50,048,178 47,518,615

Source: Bonso Electronics
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