-----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, V0Me0o0K9ELZoLMHIRPIkxwSfm7/d8fpQMpMx81LVn5ymGwhNuDVRXvXWByWEMKG nTuRLzTrL9WY9Ns6U/AdlQ== /in/edgar/work/20000831/0001000096-00-000596/0001000096-00-000596.txt : 20000922 0001000096-00-000596.hdr.sgml : 20000922 ACCESSION NUMBER: 0001000096-00-000596 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000831 FILED AS OF DATE: 20000831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONSO ELECTRONICS INTERNATIONAL INC CENTRAL INDEX KEY: 0000846546 STANDARD INDUSTRIAL CLASSIFICATION: [3590 ] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: SEC FILE NUMBER: 000-17601 FILM NUMBER: 714441 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 0001.txt 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 month of August, 2000 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 August 21, 2000 Dear Shareholders: Bonso Electronics' achievements in the first quarter of fiscal 2001 are noteworthy for several reasons, including record quarterly sales and earnings, and steps taken to protect and enhance shareholder value such as stock buyback plan and the commencement of trading on NASDAQ of our new warrants. For the three months ended June 30, 2000, the company earned $1,186,000, equal to $0.21 cents per share, on revenues of $9, I X 1,000. This compares with net income of $386,000, or $0.12 cents per share, on revenues of $4,340,000 in the same period last year. Earnings per share in the 2000 period reflect a 72 percent increase in adjusted weighted average shares outstanding due to the exercise of warrants in January 2000, and options during the final quarter of the year, which added 2,334,297 additional shares outstanding over the quarter ended June 30, 1999. A threefold increase in profits against a doubling of revenues is an excellent measure for starting a new fiscal year and a new chapter in the history of Bonso. Approximately one third of revenues in the first quarter were from wireless communications products that did not exist in our manufacturing portfolio a year ago. Looking ahead, the two-way radio product line and cordless telephones now being manufactured by Bonso in large quantities represent an entry into one of the fastest growing segments of the consumer electronics industry & telecommunications. Meanwhile the electronics manufacturing services (EMS) industry increased its revenues 22 percent to $27.4 billion in 1999, according to a study reported in the March 2000 issue of Circuit Assembly magazine. This same source stated that the EMS market has grown at an annual rate of at least 20 percent since 1992, and forecasts a 25 percent growth in 2000. The gains from contracts to manufacture wireless products have not been at the expense of our traditional production lines. Shipments of electronic scales and health care products remain strong. Wireless product manufacturing is accommodated by factory expansion, charged against last year's income. In a more recent upgrading of facilities, we relocated our corporate offices in July to a building in Hong Kong's Kowloon district where many prominent foreign and domestic businesses make their headquarters. The company purchased the office space for its corporate offices. The new location creates a more efficient operating environment for our office staff and improves convenience to visiting customers. Also in July, the Board of Directors authorized expenditures of up to $1 million for open market purchases of Bonso's common stock because the Board believed that shares were undervalued in early July. Unit 1106 - 1110, Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong Tel: (852) 2605-5822 FAX: (852) 2691-1724 BONSO ELECTRONICS INTERNATIONAL INC. In another noteworthy recent event, Bonso warrants have commenced trading under the symbol BNSOZ on the NASDAQ national listings. The company issued 2,174,403 common stock purchase warrants on January 19, 2000 as a dividend to prior warrant holders. Each two warrants are exercisable to purchase one share of common stock at an exercise price of $17.50 per share. If all warrants are exercised prior to the December 31, 2001 expiration date, proceeds to the company will total $19,026,017.50. The issuance of warrants is management's way of planning for future capital requirements. Among the many business process improvements that we are addressing this year is more frequent shareholder communications. We sincerely appreciate your patience and support during this very exciting time of transition and growth. Best regards, Bonso Electronics' International, Inc. Anthony So Chairman, President and Chief Executive Officer U.S. contact: George O'Leary (949) 760-9611 Attachments: 1. Balance Sheet 2. Income Statement The statements contained in this letter which are not historical facts 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 financial requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the reflect of economic conditions and other uncertainties detailed in the companies filings with the Securities and Exchange Commission.
BONSO ELECTRONICS INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Expressed in United States Dollars) 2000 June 30 March 31 ------------- ------------- (unaudited) (audited) ASSETS Current Assets: Cash and cash equivalents $ 7,470,070 $ 7,959,404 Restricted cash deposits 2,099,685 2,071,952 Trade receivables, net 3,284,560 1,661,050 Inventories, net 5,545,411 6,192,611 Notes receivable 256,060 525,175 Income taxes recoverable -- 112 Deferred income tax assets - current 31,251 24,802 Other receivables, deposits and Prepayments 171,909 235,851 Total current assets 518,858,949 $ 18,670,957 Deposits 692,815 398,147 Deferred income tax assets -- non current 93,017 101,570 Net property, plant and equipment 16,043,121 14,622,042 ------------- ------------- Total assets $ 35,687,899 $ 33,792,760 ============= ============= Current liabilities: Bank overdrafts $ -- $ -- Notes payable 1,163,478 819,099 Account payable 3,943,959 3,028,023 Accrued charges and deposits 826,617 882,839 Short-term loans -- 622,229 Current portion of long-term debt & capital lease obligations 499,171 553,467 ------------- ------------- Total Current Liabilities $ 6,433,225 $ 5,905,657 Long term debt and capital lease Obligations, net of current maturities 765,956 864,798 Shareholders' equity: Common stock par value $0.003 per share - - authorized shares 23,333,334 issued and outstanding shares 5,569,633 16,639 17,133 Additional paid in capital 21,175,995 22,325,500 Promissory note receivable from Shareholder $ -- (1,430,000) Retained earnings 7,060,112 5,873,656 Accumulated other comprehensive income 235,972 235,972 ------------- ------------- $ 28,488,718 $ 27,022,261 ------------- ------------- Total Liabilities & Shareholders' equity $ 35,687,899 $ 33,792,716 ============= ============= BONSO ELECTRONICS INTERNATIONAL INC CONSOLIDATED INCOME STATEMENT (In Thousand of U.S. Dollars) (unaudited) Three months ended June 30 2000 1999 ------------- ------------- Sales $ 9,181 $ 4,340 Cost of Sales (6,723) (2,994) ------------- ------------- Gross Profits 2,458 1,346 Operating Expenses Selling Expense 134 52 Salaries & related cost 590 495 Research & development Expenses 29 7 General & administration expense 568 364 ------------- ------------- Income from operations 1,137 428 Other income 113 30 Foreign exchange (losses)/gains 39 (7) Interest Expenses (103) (65) ------------- ------------- Net income 1,186 386 Per share amounts (in dollars): earnings per share Basic $ 0.21 $ 0.12 Diluted $ 0.21 $ 0.12 Weighted average shares Outstanding 5,569,633 3,119,159 Incremental shares from assumed Exercise of warrants and Stock options 25,231 141,408 Adjusted weighted average shares 5,594,864 3,260,567
BONSO ELECTRONICS INTERNATIONAL INC. NEWS RELEASE - -------------------------------------------------------------------------------- Unit 1106-1110, 11/F., Star House North America Company Contact: 3 Salisbury Road, Tsimshatsui George O'Leary Kowloon, Hong Kong 1919 Yacht Colinia Email address : info@bonso.com Newport Beach, CA 92660 USA Telephone: (949) 760-9611 Facsimile: (949) 760-9607 BONSO ELECTRONICS PURCHASES OFFICE BUILDING TO HOUSE CORPORATE HEADQUARTERS STAFF HONG KONG, August 21, 2000 - Bonso Electronics International Inc. today announced completion of its corporate headquarters relocation to a newly purchased office facility closer to the mainstream of Hong Kong's international trade activity. The roughly 5,000 square foot office at 3 Salisbury Road, Kowloon, was purchased for approximately $2 million (US) in cash. "The new location is more convenient for international customers to reach, and it provides a future expansion capacity consistent with our expected growth," said Anthony So, Bonso president and CEO. Earlier this year, Bonso completed a $6 million expansion to its manufacturing facilities in the People's Republic of China to accommodate major production for scales and telecommunications product. Those contracts contributed to a doubling of revenues and a tripling of net income in the first fiscal quarter ended June 30, 2000. About Bonso Electronics Headquartered in Hong Kong, Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing instruments and health care products. Bonso products are manufactured in the People's Republic of China on behalf of 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. For further information, visit the company's web site at www.bonso.com. The statements contained in the press release which are not historical facts 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. 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: August 30, 2000 By: /s/ Henry F. Schlueter -------------------------------------- Henry F. Schlueter, Assistant Secretary -----END PRIVACY-ENHANCED MESSAGE-----