Bonso Reports Half Year Results


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 equivalents10,060 7,575 
Trade receivables, net1,279 1,665 
Other receivables, deposits and prepayments466 883 
Inventories, net1,097 1,959 
Income tax recoverable5 5 
Financial instruments at fair value504 608 
Total current assets13,411 12,695 
   
Investment in life settlement contracts163 165 
Financial instruments at amortized cost523 - 
Other intangible assets1,813 1,674 
Deferred tax asset779 779 
Right-of-use assets232 179 
Property, plant and equipment, net9,500 9,421 
Total assets26,421 24,913 
Liabilities and stockholders’ equity  
   
Current liabilities  
Notes payable - secured25 62 
Bank loans - secured967 524 
Accounts payable572 1,806 
Contract liabilities317 317 
Accrued charges and deposits3,165 3,292 
Refund liabilities29 29 
Payable to affiliated party79 - 
Income tax payable165 165 
Lease liabilities105 106 
Total current liabilities5,424 6,301 
   
Lease liabilities, non-current127 73 
Long-term deposit received701 701 
Long-term loan2,773 2,841 
   
Total liabilities9,025 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 - 5,828,20517 17 
outstanding shares: Mar 31, 2021 - 4,857,187; Sep 30, 2021 - 4,857,187  
Additional paid-in capital22,795 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 income1,989 1,704 
 17,396 14,997 
   
Total liabilities and stockholders’ equity26,421 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 revenue8,124  6,006 
Cost of revenue(3,054) (3,353)
Gross profit5,070  2,653 
   
Selling, general and administrative expenses(4,592) (4,736)
Other income, net40  151 
Income / (loss) from operations518  (1,932)
Non-operating expenses, net(317) (182)
Income / (loss) before income taxes201  (2,114)
Income tax expense-  - 
Net income / (loss)201  (2,114)
   
Other comprehensive income / (loss), net of tax:  
Foreign currency translation adjustments, net of tax859  (285)
Comprehensive income / (loss)1,060  (2,399)
   
Earnings / (loss) per share  
   
Weighted average number of shares outstanding4,896,845  4,857,187 
Diluted weighted average number of shares outstanding5,091,440  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 dilution0.04  (0.44)
   
 

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