-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GZJEMgegE0nwmoYBbm2j6KnHldLByoN3Sd/Q/vlVobPWrhaoLrad/AxwaBNSiOMi R7lDibD3DW44Co2mLRjuLA== 0001000096-99-000133.txt : 19990316 0001000096-99-000133.hdr.sgml : 19990316 ACCESSION NUMBER: 0001000096-99-000133 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990310 FILED AS OF DATE: 19990315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONSO ELECTRONICS INTERNATIONAL INC CENTRAL INDEX KEY: 0000846546 STANDARD INDUSTRIAL CLASSIFICATION: MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT [3590] FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-17601 FILM NUMBER: 99565186 BUSINESS ADDRESS: STREET 1: FLAT AD 8TH FLR 23-25 SHAN MEI ST STREET 2: UNIVERSAL INDUSTL. CENTRE FO TAN SHA TIN CITY: NEW TERRITORIES HONG STATE: K3 BUSINESS PHONE: 011852260558224 MAIL ADDRESS: STREET 1: FLAT AD 8TH FLR 23-25 SHAN MEI ST STREET 2: UNIVERSAL INDUSTL CENTRE FO TAN SHA TIN CITY: NT HONG KONG STATE: K3 6-K 1 FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the months of February, 1999 Bonso Electronics International Inc. --------------------------------------------- (Translation of Registrant's name into English) Flat A-D, 8th Floor, Universal Industrial Centre, 23-25 Shan Mei Street, Fo Tan, Shatin, N.T., Hong Kong ------------------------------------------------------------------------- (Address of principal executive offices) [Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.] Form 20-F ___X__ Form 40-F ______ [Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes _____ No ___X__ BONSO ELECTRONICS INTERNATIONAL, INC. REPORTS THIRD QUARTER FINANCIAL RESULTS HONG KONG - (BUSINESS WIRE) - February 15, 1999 - Bonso Electronics International, Inc. (NASDAQ/NMS:BNSOF; BNSWF) today reported results for the third quarter, ended December 31, 1998. The Company announced that net sales for the nine month period ended December 31, 1998 were $9.7 million, a decrease of 48% compared to sales of $18.8 million for the nine month period ended December 31, 1997. For the three month period ended December 31, 1998, net sales were $2.8 million, a decrease of 66.6%, compared to sales of $8.3 million for the comparable period in 1997. Operating income was $373,000 for the current nine month period, a decrease of 73.2% compared to $1,394,000 for the corresponding period last year. For the three month period ended December 31, 1998, operating income was $111,000, a decrease of 75.6%, compared to $454,000 for the comparable period in 1997. Net income for the nine month period ended December 31, 1998 was $112,000, a decrease of 91.6% compared to $1,326,000 for the corresponding period in 1997. For the current three month period, net income was $2,000, a decrease of 99.6% compared to $470,000 for the comparable period last year. Per share earnings were $0.0369, a decrease of 92.1% compared to earnings per share of $0.466 in the nine month period ended December 31, 1998. For the three month period ended December 31, 1998, earnings per share were $0.0007 per share, a decrease of 99.6% compared to $0.165 per share for the comparable period in 1997. Anthony So, Chairman and CEO of Bonso, stated, "Although this quarter reflects less than satisfactory performance, our management team couldn't be more positive about Bonso's future outlook. Following our anticipated decline in sales due to reduced orders from two major customers, we have been actively negotiating with many new prospective clients for diversified contract manufacturing services. New orders from a well known United States scale dealer has been received and the first shipment is scheduled for mid-March, 1999. Also, we are close to finalizing contract negotiations with a customer in Germany for shipment commencing in late Fall. Management expects that this contract, if finalized, will result in significant sales." Continuing, So added, "We are optimistic that we will be able to secure additional new contracts for both our old and new product lines, including our new glass body scales, kitchen scales and parcel scales in which our new four load cells technology is incorporated. We understand that our customer base must be broadly diversified so that we can avoid taking significant hits to revenue and earnings in the event that a client reduces order flow or terminates our relationship altogether. Bonso's goal is to be a resource for literally dozens of major OEM producers who will come to rely on Bonso's state-of-the-art and cost-efficient manufacturing abilities. Besides, we are introducing "just-in-time" manufacturing, total quality management and performance management systems to increase our manufacturing efficiencies and to minimize production costs. We are confident that our sales will increase from present levels during the coming fiscal year." Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales and weighing instruments and electronic consumer and health care products. The Company manufactures all of its products in the People's Republic of China. The Company's scales include bathroom, kitchen, office, jewelry, laboratory, pocket, postal, industrial parcel and mechanical scales that are used in consumer, commercial and industrial applications. The Company's electronic consumer and health care products include joysticks, thermometers and blood pressure monitors. Headquartered in Hong Kong, Bonso Electronics markets its products to customers primarily in North America and Europe. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. - - CHARTS TO FOLLOW - BONSO ELECTRONICS INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEET (In Thousands of U.S. Dollars) Unaudited December 31 March 31 1998 1998 -------- -------- ASSETS Current Assets: Cash and cash equivalents $ 190 $ 448 Restricted cash deposits 914 952 Receivables, deposits and prepayment 947 1,707 Deferred income tax assets - current -- 35 Inventories 4,834 5,967 -------- -------- TOTAL CURRENT ASSETS $ 6,885 $ 9,109 Deferred income tax assets - non current -- 38 Deposits 279 448 Property, plant & equipment (net) 11,143 11,052 -------- -------- TOTAL ASSETS $ 18,307 $ 20,647 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Bank overdrafts 1,013 601 Notes payable 682 2,260 Accounts payable, accrued charges and deposits 1,058 2,043 Income taxes payable 22 30 Short term bank loans 410 339 Current portion of long-term debt and capital lease obligations 309 652 ------- ------ TOTAL CURRENT LIABILITIES 3,494 5,925 Long term debt and capital lease 82 243 Minority interests -- -- Shareholders' Equity: Common stock par value $0.003 per share authorized 23,222,224; shares issued and outstanding 2,893,562 shares 8 8 Additional paid in capital 8,837 8,725 Promissory note receivable from shareholder (1,350) (1,350) Common stock subscribed 1,350 1,350 Retained earnings 5,624 5,512 Cumulative translation adjustments 262 234 Shareholders' equity 14,731 14,479 ------ ------ TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 18,307 20,647 ====== ======
BONSO ELECTRONICS INTERNATIONAL, INC. CONSOLIDATED INCOME STATEMENT (In Thousands of U.S. Dollars) Unaudited Three months ended Nine months ended December 31, December 31, 1998 1997 1998 1997 ---- ---- ---- ---- Sales $ 2,777 $ 8,318 $ 9,723 $ 18,789 Cost of Sales (1,837) (6,487) (6,904) (14,164) Gross Profits 940 1,831 2,819 4,625 Operating Expenses 829 1,377 2,446 3,231 Selling, salaries, research and development, administrative and general Income from Operations 111 454 373 1,394 Other income 22 164 82 327 Foreign exchange gains (losses) (14) (1) 23 5 Interest expenses (117) (147) (366) (400) Income before income taxes (2) 470 112 1,326 Minority interests 0 0 0 0 Net income 2 470 112 1,326 Per share amounts (in dollars): Earnings per share Basic $ 0.0007 $ 0.1652 $ 0.0369 $ 0.4660 Diluted 0.0006 0.1556 0.0320 0.4390 Weighted average shares outstanding 3,034,439 2,845,318 3,034,439 2,845,318 Incremental shares from assumed exercise of: Warrants 177,727 -- 177,727 -- Stock Options 284,003 174,947 284,003 174,947 Dilutive potential common shares 461,730 174,947 461,730 174,947 Adjusted weighted average shares 3,496,169 3,020,265 3,496,169 3,020,265
For more information, please contact: Continental Capital & Equity Corporation Investor/Broker Relations: Patrick Shane, lazlo@insidewallstreet.com Media Relations: Susan Conner, susan@insidewallstreet.com 407-682-2001 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BONSO ELECTRONICS INTERNATIONAL INC. (Registrant) Date: March 10, 1999 By: /s/ Henry F. Schlueter -------------- ------------------------------- Henry F. Schlueter, Assistant Secretary -----END PRIVACY-ENHANCED MESSAGE-----