-----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, CDvhT9ObHfnrBnc8lgtONKqPAkX1aw45Soal8vcDrOPFQFL+BkPbV2oEi0oJXAn1 BxpYMsPzZzSDinSlia5h5Q== 0001050502-05-000440.txt : 20050901 0001050502-05-000440.hdr.sgml : 20050901 20050901122207 ACCESSION NUMBER: 0001050502-05-000440 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050901 FILED AS OF DATE: 20050901 DATE AS OF CHANGE: 20050901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONSO ELECTRONICS INTERNATIONAL INC CENTRAL INDEX KEY: 0000846546 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 000000000 STATE OF INCORPORATION: K3 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17601 FILM NUMBER: 051063864 BUSINESS ADDRESS: STREET 1: UNIT 1106-1110, STAR HOUSE, 3 SALISBURY STREET 2: ROAD, TSIMSHATSUI, KOWLOON CITY: HONG KONG STATE: K3 BUSINESS PHONE: 01185226055822 MAIL ADDRESS: STREET 1: UNIT 1106-1110, STAR HOUSE, 3 SALISBURY STREET 2: ROAD, TSIMSHATSUI, KOWLOON CITY: HONG KONG STATE: K3 6-K 1 bonso9-1.txt 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 September 1, 2005 - --------------------- BONSO ELECTRONICS INTERNATIONAL INC. ------------------------------------ (Translation of Registrant's name into English) Unit 1106-1110, 11/F., Star House 3 Salisbury Road, Tsimshatsui Kowloon, 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 Reports Mixed Results for the First Quarter HONG KONG, Aug. 22 /Xinhua-PRNewswire-FirstCall/ -- Bonso Electronics International Inc, (Nasdaq: BNSO - News) a designer and manufacturer of sensor based and communications products, today announced financial results for the first quarter ended 30 June 2005. The company reported sales of $18,150,000 and net earnings of $647,000 or 12 cents per share (diluted) for the three months period ended 30 June 2005. This represents an increase of 0.6 % in sales and a decrease of 6.6 % in net income as compared to sales of $18,041,000 and net income of $693,000 or 12 cents per share (diluted) posted during the same period last year. Sensor based product sales surpassed last year's volume but telecommunication product sales were down approximately 2% from last year's first quarter. We anticipate that telecommunications product sales will continue to be soft in the short-term future. Our gross profit margin reduced 0.3 percent based on increases in material and labor costs and operation expense levels increased approximately 4 percent primarily as a result of expansion of the branded sales operations in North America. The result was that net income dropped approximately $46,000 from last year's first quarter. George O'Leary, President and Chief Executive Officer said "Going forward, our primary focus will be on doing more for our existing customers and to show greater initiative in proposing solutions to new potential customers in our niche markets of sensor based and telecommunication products. We have developed several new sensor based products that are being well received by new potential OEM customers and have also expanded our branded product offerings in both North America and Europe "We intend to continue to make efforts to continue the progress we have made in strengthening our Balance Sheet. Our cash position at the end of the quarter was $9.7 million, or approximately $1.74 per share". On July 18, we announced a $0.10 per common share cash dividend. Based on the closing price on July 15 2005 ($5.67 per share), the forthcoming dividend would represent an annual yield of approximately 1.8 %. The Board of Directors feels this is an appropriate reward to loyal shareholders. I am pleased with our cash position and we believe our financial resources continue to permit the payment of dividends while meeting our other financial requirements. Mr. O'Leary further stated "As our first quarter results have demonstrated, we are committed to keeping one eye on the future and one eye on the bottom line; as we continue to pursue planned profitable growth". 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. For more information please contact: In US George O'Leary Tel: +1-949-760-9611 Fax: +1-949-760-9607 In Hong Kong Cathy Pang Tel: +852-2605-5822 Fax: +852-2691-1724 BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED INCOME STATEMENT (In Thousands of U.S. Dollars) Unaudited Three months ended June 30 2005 2004 ---------- ---------- Net sales 18,150 18,041 Cost of sales (14,540) (14,421) ---------- ---------- Gross margin 3,610 3,620 Selling expenses 615 699 Salaries and related costs 1,368 1,252 Research and development expenses 108 90 Administration and general expenses 740 673 Amortization of brand name and goodwill 50 53 ---------- ---------- Income from operations 728 854 Interest Income 55 43 Interest Expenses (137) (207) Foreign exchange gains/(losses) (37) (51) Other income 83 40 ---------- ---------- Income before income taxes & Minority Interest 692 679 Income tax benefit/(expense) (45) (10) Net Income before Minority Interest 647 669 Minority Interest -- 24 Net income 647 693 Earnings per share Diluted 0.12 0.12 Adjusted weighted average shares 5,577,639 5,825,287 BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED BALANCE SHEET (In U.S. Dollars) Unaudited June 30 March 31 2005 2005 ---------- ---------- Assets Current assets Cash and cash equivalents 9,731,619 9,707,588 Restricted cash deposits 4,785 4,848 Trade receivables, net 12,732,914 10,585,968 Inventories, net 14,214,064 11,402,239 Tax recoverable 578,941 486,618 Deferred income tax assets - current 52,057 52,057 Other receivables, deposits and prepayments 1,230,610 1,450,322 ---------- ---------- Total current assets 38,544,990 33,689,640 ---------- ---------- Deposits 72,789 72,789 Long term investment 500,000 500,000 Deferred income tax assets - non current 46,797 46,849 Goodwill 1,100,962 1,100,962 Brand name, net 2,147,392 2,197,392 Other intangible, net 539,751 543,138 Net property plant & equipment 13,539,269 14,311,986 Total assets 56,491,950 52,462,756 Liabilities and shareholders' equity Current liabilities Bank overdraft 236,619 281,085 Notes payable 3,898,921 3,744,726 Accounts payable 10,712,557 6,938,578 Accrued charges and deposits 1,972,042 1,978,222 Short-term loans 4,643,619 4,742,685 Current portion of long-term debt and capital lease obligations 425,748 425,748 ---------- ---------- Total current liabilities 21,889,506 18,111,044 ---------- ---------- Long-term debt and capital lease obligations net of current maturities 139,323 375,874 Deferred income tax 43,967 43,856 Shareholders' equity Common stock par value $0.003 per share - authorized shares - 23,333,334 - issued and outstanding shares: 2005-5,577,639; 30 June 2005-5,577,639 16,729 16,729 Additional paid-in capital 21,764,788 21,764,788 Retained earnings 11,954,391 11,307,642 Accumulated other comprehensive income 683,246 842,823 ---------- ---------- 34,419,154 33,931,982 ---------- ---------- Total liabilities and shareholders' equity 56,491,950 52,462,756 SIGNATURE 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. By: /s/ George O'Leary ---------------------- George O'Leary, President and Chief Executive Officer -----END PRIVACY-ENHANCED MESSAGE-----