Bonso Reports Half Year Results

March 31, 2021 8:40 PM EDT

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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 SoChief Financial Officer and SecretaryTel: 852 2605 5822Fax: 852 2691 1724SOURCE 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 equivalents9,111 9,634
Trade receivables, net811 925
Other receivables, deposits and prepayments692 326
Inventories, net1,178 1,019
Income tax recoverable5 5
Financial instruments at fair value54 132
Total current assets11,851 12,041
    
Investment in life settlement contracts158 160
Financial instruments at amortized cost523 523
Other intangible assets1,930 1,878
Right-of-use assets300 266
Property, plant and equipment, net9,439 9,500
Total assets24,201 24,368
Liabilities and stockholders’ equity   
    
Current liabilities   
Bank loans - secured1,937 1,202
Accounts payable775 656
Contract liabilities12 0
Accrued charges and deposits3,174 3,098
Refund liabilities69 69
Payable to affiliated party80 0
Lease liabilities92 98
Total current liabilities6,139 5,123
    
Lease liabilities, non-current213 173
Long-term deposit received647 674
Long-term loan2,438 2,604
    
Total liabilities9,437 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 - 5,828,20517 17
outstanding shares: Mar 31, 2020 - 4,906,466; Sep 30, 2020 - 4,892,899   
Additional paid-in capital22,795 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 income938 1,797
 14,764 15,794
    
Total liabilities and stockholders’ equity24,201 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 revenue4,409 8,124
Cost of revenue-3,448 -3,054
Gross profit961 5,070
    
Selling, general and administrative expenses-2,058 -4,592
Other income, net82 40
(Loss) / income from operations-1,015 518
Non-operating income / (expenses), net427 -317
(Loss) / income before income taxes-588 201
Income tax expense0 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 outstanding4,644,920 4,896,845
Diluted weighted average number of shares outstanding4,644,920 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
    
Source: Bonso Electronics International, Inc.


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