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Bonso Reports Half Year Results

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Bonso Electronics International, Inc.
·5 min read
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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