HONG KONG, March 30, 2023 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2022.
Bonso reported a net loss for the six-month period ended September 30, 2022, of $1.6 million, or $0.33 basic loss per share, as compared to a net loss of $2.1 million, or $0.44 basic loss per share, posted during the six-month period ended September 30, 2021. Net revenue for the six-month period ended September 30, 2022, decreased 10.5% to $5.4 million from $6.0 million for the six-month period ended September 30, 2021. The decrease in revenue resulted principally from the lower demand for the Company's pet electronic products for the six-month period ended September 30, 2022.
Mr. Andrew So, President and CEO stated: "Our net revenue during the six-month period ended September 30, 2022, decreased as a result of decreased demand for our products. We maintain a strong cash position which allows us to continue designing and manufacturing new electronic scales and pet electronic products. We are optimistic that we will be able to increase sales during the remainder of the year and improve our market share."
Furthermore, Mr. So stated: "We continue to work with our development partner to obtain the remaining governmental approvals required for the redevelopment of the Shenzhen factory. As the pandemic is over, we expect the redevelopment project will move forward."
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.
SOURCE Bonso Electronics
-- Tables to Follow -
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
| March 31, | September 30, | |
| 2022 | 2022 | |
| $ in thousands | $ in thousands | |
| (Audited) | (Unaudited) | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 6,740 | 5,544 |
| Trade receivables, net | 1,493 | 1,250 |
| Other receivables, deposits and prepayments | 762 | 893 |
| Inventories, net | 2,127 | 915 |
| Income tax recoverable | 5 | 5 |
| Financial instruments at fair value | 395 | 562 |
| ------- | ------- | |
| Total current assets | 11,522 | 9,169 |
| --------------- | --------------- | |
| Investment in life settlement contracts | 167 | 169 |
| Other intangible assets | 1,600 | 1,294 |
| Deferred tax asset | 333 | 333 |
| Right-of-use assets | 133 | 57 |
| Property, plant and equipment, net | 9,995 | 8,797 |
| ------- | ------- | |
| Total assets | 23,750 | 19,819 |
| ------- | ------- | |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Notes payable - secured | 74 | 27 |
| Bank loans - secured | 258 | 64 |
| Accounts payable | 531 | 455 |
| Contract liabilities | 320 | 320 |
| Accrued charges and deposits | 3,243 | 3,187 |
| Refund liabilities | 28 | 27 |
| Payable to affiliated party | 80 | 80 |
| Lease liabilities | 114 | 57 |
| ------- | ------- | |
| Total current liabilities | 4,648 | 4,217 |
| --------------- | --------------- | |
| Lease liabilities, non-current | 19 | 0 |
| Long-term deposit received | 818 | 818 |
| Long-term loan | 2,922 | 2,985 |
| ------- | ------- | |
| Total liabilities | 8,407 | 8,020 |
| --------------- | --------------- | |
| Stockholders' equity | ||
| Common stock par value $0.003 per share | ||
| - authorized shares - 23,333,334 | ||
| - issued shares: Mar 31, 2022 - 5,828,205; Sep 30, 2022 - 5,828,205 | 17 | 17 |
| outstanding shares: Mar 31, 2022 - 4,857,187; Sep 30, 2022 - 4,857,187 | ||
| Additional paid-in capital | 22,795 | 22,795 |
| Treasury stock at cost: Mar 31, 2022 - 971,018; Sep 30, 2022 - 971,018 | (3,082 | (3,082 |
| Accumulated deficit | (7,083 | (8,682 |
| Accumulated other comprehensive income | 2,696 | 751 |
| ------- | ------- | |
| 15,343 | 11,799 | |
| --------------- | --------------- | |
| Total liabilities and stockholders' equity | 23,750 | 19,819 |
| ------- | ------- |
Unaudited Consolidated Statements of Operations and Comprehensive Loss
(Expressed in United States Dollars)
| Six months ended September 30, 2021 | Six months ended September 30, 2022 | |
| $ in thousands | $ in thousands | |
| (unaudited) | (unaudited) | |
| Net revenue | 6,006 | 5,373 |
| Cost of revenue | (3,353) | (4,103) |
| ------- | ------- | |
| Gross profit | 2,653 | 1,270 |
| Selling, general and administrative expenses | (4,736) | (2,715) |
| Other income, net | 151 | 23 |
| ------- | ------- | |
| Loss from operations | (1,932) | (1,422) |
| Non-operating expenses, net | (182) | (177) |
| ------- | ------- | |
| Loss before income taxes | (2,114) | (1,599) |
| Income tax expense | - | - |
| ------- | ------- | |
| Net loss | (2,114) | (1,599) |
| Other comprehensive income / (loss), net of tax: | ||
| Foreign currency translation adjustments, net of tax | (285) | (1,945) |
| ------- | ------- | |
| Comprehensive loss | (2,399) | (3,544) |
| ------- | ------- | |
| Earnings / (loss) per share | ||
| Weighted average number of shares outstanding | 4,857,187 | 4,857,187 |
| Diluted weighted average number of shares outstanding | 4,857,187 | 4,857,187 |
| Loss per common share (in U.S.Dollars) | (0.44) | (0.33) |
| Loss per common share (in U.S.Dollars) - assuming dilution | (0.44) | (0.33) |
| ------- | ------- |
