U.S. markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.33%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • GBP/USD

    1.2274
    +0.0013 (+0.11%)
     
  • USD/JPY

    135.1600
    +0.2270 (+0.17%)
     
  • BTC-USD

    21,165.93
    +224.80 (+1.07%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Bonso Reports Half Year Results

  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

HONG KONG, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2021.

Bonso reported a net loss for the six-month period ended September 30, 2021, of $2.10 million, or $0.44 basic loss per share, as compared to net income of $0.20 million, or $0.04 basic and diluted earnings per share, posted during the six-month period ended September 30, 2020. Net revenue for the six-month period ended September 30, 2021, decreased 26.1% to $6.0 million from $8.1 million for the six-month period ended September 30, 2020. The decreased net income resulted principally from the decrease in revenue related to the Company’s pet electronic products for the six-month period ended September 30, 2021.

Mr. Andrew So, President and CEO stated: “Our net revenue during the six-month period ended September 30, 2021, decreased as a result of decreased sales of pet electronic products through online sales channels. Due to competition from other similar products, both selling price and sales volume decreased. We continue to manufacture new pet electronic products and purchase other related products to increase our sales and market share.”

Furthermore, Mr. So stated: “The required government approvals for the redevelopment of our old factory site in Shenzhen have been delayed due to the pandemic. Further, we believe the recent liquidity problems of several of China’s largest property developers have contributed to governmental delays across the property development sector. We are working with our development partner to obtain the remaining governmental approvals for the redevelopment of the Shenzhen factory. The redevelopment project has been delayed, and this will affect the timing on completion of the project.”

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.

-- Tables to Follow –

Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

March 31,

September 30,

2021

2021

$ in thousands

$ in thousands

(Audited)

(Unaudited)

Assets

Current assets

Cash and cash equivalents

10,060

7,575

Trade receivables, net

1,279

1,665

Other receivables, deposits and prepayments

466

883

Inventories, net

1,097

1,959

Income tax recoverable

5

5

Financial instruments at fair value

504

608

Total current assets

13,411

12,695

Investment in life settlement contracts

163

165

Financial instruments at amortized cost

523

-

Other intangible assets

1,813

1,674

Deferred tax asset

779

779

Right-of-use assets

232

179

Property, plant and equipment, net

9,500

9,421

Total assets

26,421

24,913

Liabilities and stockholders’ equity

Current liabilities

Notes payable - secured

25

62

Bank loans - secured

967

524

Accounts payable

572

1,806

Contract liabilities

317

317

Accrued charges and deposits

3,165

3,292

Refund liabilities

29

29

Payable to affiliated party

79

-

Income tax payable

165

165

Lease liabilities

105

106

Total current liabilities

5,424

6,301

Lease liabilities, non-current

127

73

Long-term deposit received

701

701

Long-term loan

2,773

2,841

Total liabilities

9,025

9,916

Stockholders’ equity

Common stock par value $0.003 per share

- authorized shares - 23,333,334

- issued shares: Mar 31, 2021 - 5,828,205; Sep 30, 2021 - 5,828,205

17

17

outstanding shares: Mar 31, 2021 - 4,857,187; Sep 30, 2021 - 4,857,187

Additional paid-in capital

22,795

22,795

Treasury stock at cost: Mar 31, 2021 - 971,018; Sep 30, 2021 - 971,018

(3,082

)

(3,082

)

Accumulated deficit

(4,323

)

(6,437

)

Accumulated other comprehensive income

1,989

1,704

17,396

14,997

Total liabilities and stockholders’ equity

26,421

24,913

Unaudited Consolidated Statements of Operations and Comprehensive Loss

(Expressed in United States Dollars)

Six months ended
September 30, 2020

Six months ended
September 30, 2021

$ in thousands

$ in thousands

(unaudited)

(unaudited)

Net revenue

8,124

6,006

Cost of revenue

(3,054

)

(3,353

)

Gross profit

5,070

2,653

Selling, general and administrative expenses

(4,592

)

(4,736

)

Other income, net

40

151

Income / (loss) from operations

518

(1,932

)

Non-operating expenses, net

(317

)

(182

)

Income / (loss) before income taxes

201

(2,114

)

Income tax expense

-

-

Net income / (loss)

201

(2,114

)

Other comprehensive income / (loss), net of tax:

Foreign currency translation adjustments, net of tax

859

(285

)

Comprehensive income / (loss)

1,060

(2,399

)

Earnings / (loss) per share

Weighted average number of shares outstanding

4,896,845

4,857,187

Diluted weighted average number of shares outstanding

5,091,440

4,857,187

Earnings / (loss) per common share (in U.S.Dollars)

0.04

(0.44

)

Earnings / (loss) per common share (in U.S.Dollars) - assuming dilution

0.04

(0.44

)

CONTACT: For more information please contact: Albert So Chief Financial Officer and Secretary Tel: 852 2605 5822 Fax: 852 2691 1724 SOURCE Bonso Electronics