HONG KONG, March 31, 2021 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2020.
Bonso reported net income for the six-month period ended September 30, 2020, of $0.20 million, or $0.04 basic and diluted income per share, as compared to a net loss of $0.59 million, or $0.13 basic loss per share, posted during the six-month period ended September 30, 2019. Net revenue for the six-month period ended September 30, 2020, increased 84.3% to $8.1 million from $4.4 million for the six-month period ended September 30, 2019. The increased net income resulted principally from the increase in revenue related to the Company’s pet electronic products for the six-month period ended September 30, 2020.
Mr. Andrew So, President and CEO stated: “Our net revenue during the six-month period ended September 30, 2020 increased as a result of increased sales of pet electronic products mainly through online sales channels. We are delighted to achieve growth from our online sales during the pandemic. However, growth of demand for our products may not sustain due to fierce competition and reduced consumer purchasing power. To continue the growth of our revenue, we have launched electronic bathroom scales and upgraded pet electronic products like ultrasonic dog trainers and nail grinders to be sold online.”
Further, Mr. Andrew So stated: “The Company and its development partner are working closely with the government to obtain the remaining governmental approvals for the redevelopment of the Shenzhen factory. However, there were changes in the local district planning and regulations, and we estimate that it will require approximately another twelve months to obtain the necessary approvals. In the meantime, we have signed a short term lease agreement to lease out part of the existing Shenzhen factory to a third party to gain extra rental income.”
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, weighing instruments and pet electronics 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. Bonso rents factory space and equipment to third parties and is also continuing the process to obtain the necessary approvals to redevelop the land upon which its Shenzhen factory is located. 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," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to the redevelopment of our old Shenzhen factory 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.
For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
SOURCE Bonso Electronics
-- Tables to Follow –
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| March 31, | September 30, | ||
| 2020 | 2020 | ||
| $ in thousands | $ in thousands | ||
| (Audited) | (Unaudited) | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 9,111 | 9,634 | |
| Trade receivables, net | 811 | 925 | |
| Other receivables, deposits and prepayments | 692 | 326 | |
| Inventories, net | 1,178 | 1,019 | |
| Income tax recoverable | 5 | 5 | |
| Financial instruments at fair value | 54 | 132 | |
| Total current assets | 11,851 | 12,041 | |
| Investment in life settlement contracts | 158 | 160 | |
| Financial instruments at amortized cost | 523 | 523 | |
| Other intangible assets | 1,930 | 1,878 | |
| Right-of-use assets | 300 | 266 | |
| Property, plant and equipment, net | 9,439 | 9,500 | |
| Total assets | 24,201 | 24,368 | |
| Liabilities and stockholders’ equity | |||
| Current liabilities | |||
| Bank loans - secured | 1,937 | 1,202 | |
| Accounts payable | 775 | 656 | |
| Contract liabilities | 12 | 0 | |
| Accrued charges and deposits | 3,174 | 3,098 | |
| Refund liabilities | 69 | 69 | |
| Payable to affiliated party | 80 | 0 | |
| Lease liabilities | 92 | 98 | |
| Total current liabilities | 6,139 | 5,123 | |
| Lease liabilities, non-current | 213 | 173 | |
| Long-term deposit received | 647 | 674 | |
| Long-term loan | 2,438 | 2,604 | |
| Total liabilities | 9,437 | 8,574 | |
| Stockholders’ equity | |||
| Common stock par value $0.003 per share | |||
| - authorized shares - 23,333,334 | |||
| - issued shares: Mar 31, 2020 - 5,828,205; Sep 30, 2020 - 5,828,205 | 17 | 17 | |
| outstanding shares: Mar 31, 2020 - 4,906,466; Sep 30, 2020 - 4,892,899 | |||
| Additional paid-in capital | 22,795 | 22,795 | |
| Treasury stock at cost: Mar 31, 2020 - 921,739; Sep 30, 2020 - 935,306 | -2,892 | -2,922 | |
| Accumulated deficit | -6,094 | -5,893 | |
| Accumulated other comprehensive income | 938 | 1,797 | |
| 14,764 | 15,794 | ||
| Total liabilities and stockholders’ equity | 24,201 | 24,368 | |
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(Expressed in United States Dollars)
| Six months ended September 30, 2019 | Six months ended September 30, 2020 | ||
| $ in thousands | $ in thousands | ||
| (unaudited) | (unaudited) | ||
| Net revenue | 4,409 | 8,124 | |
| Cost of revenue | -3,448 | -3,054 | |
| Gross profit | 961 | 5,070 | |
| Selling, general and administrative expenses | -2,058 | -4,592 | |
| Other income, net | 82 | 40 | |
| (Loss) / income from operations | -1,015 | 518 | |
| Non-operating income / (expenses), net | 427 | -317 | |
| (Loss) / income before income taxes | -588 | 201 | |
| Income tax expense | 0 | 0 | |
| Net (loss) / income | -588 | 201 | |
| Other comprehensive loss, net of tax: | |||
| Foreign currency translation adjustments, net of tax | -1,166 | 859 | |
| Comprehensive (loss) / income | -1,754 | 1,060 | |
| (Loss) / earnings per share | |||
| Weighted average number of shares outstanding | 4,644,920 | 4,896,845 | |
| Diluted weighted average number of shares outstanding | 4,644,920 | 5,091,440 | |
| (Loss) / earnings per common share (in U.S.Dollars) | -0.13 | 0.04 | |
| (Loss) / earnings per common share (in U.S.Dollars) - assuming dilution | -0.13 | 0.04 | |