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Page
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Consolidated Financial Statements
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|
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Unaudited Consolidated Balance Sheet as of September 30, 2014 and
Audited Consolidated Balance Sheet as of March 31, 2014
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3
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Unaudited Consolidated Statements of Operations and
Comprehensive Loss for the Six-Month Periods
Ended September 30, 2014, and September 30, 2013
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4
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Management’s Discussion and Analysis of Financial Condition
and Results of Operations
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5
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Liquidity and Capital Resources
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7
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Stock Repurchase Program
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7
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Signature
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8
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Exhibits
|
8
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99.1 Press Release disclosing Results of Operations dated January 23, 2015.
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|
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September 30
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March 31
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||||||
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2014
|
2014
|
||||||
|
$ in thousands
|
$ in thousands
|
||||||
|
(unaudited)
|
(Audited)
|
||||||
Assets
|
||||||||
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
305
|
116
|
||||||
Fixed deposits maturing over three months
|
1,049
|
1,049
|
||||||
Trade receivables, net
|
3,163
|
2,480
|
||||||
Inventories
|
5,810
|
7,545
|
||||||
Income tax recoverable
|
2,162
|
1,739
|
||||||
Other receivables, deposits and prepayments
|
1,387
|
1,782
|
||||||
Receivable from affiliated party
|
-
|
166
|
||||||
|
|
|
||||||
Total current assets
|
13,876
|
14,877
|
||||||
|
|
|
||||||
|
||||||||
Investment in life settlement contracts
|
131
|
131
|
||||||
Other intangible assets
|
4,253
|
4,387
|
||||||
Other deposits - non current assets
|
293
|
293
|
||||||
Property, plant and equipment, net
|
11,121
|
12,452
|
||||||
|
|
|
||||||
Total assets
|
29,674
|
32,140
|
||||||
|
|
|
||||||
Liabilities and stockholders’ equity
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Bank overdrafts - secured
|
-
|
630
|
||||||
Notes payable
|
2,156
|
2,527
|
||||||
Accounts payable
|
8,412
|
10,413
|
||||||
Accrued charges and deposits
|
1,455
|
2,597
|
||||||
Income tax liabilities
|
7
|
7
|
||||||
Short-term bank loans
|
2,911
|
2,320
|
||||||
Payable to affiliated party
|
-
|
10
|
||||||
Current portion of long-term debt and capital lease obligations
|
22
|
23
|
||||||
Financial instruments at fair value
|
119
|
119
|
||||||
|
|
|
||||||
Total current liabilities
|
15,082
|
18,646
|
||||||
|
|
|
||||||
|
||||||||
Long-term bank loans
|
2,180
|
-
|
||||||
Financial instruments at fair value - non current portion
|
208
|
208
|
||||||
Capital lease obligations, net of current portion
|
58
|
69
|
||||||
Income tax liabilities
|
2,595
|
2,595
|
||||||
|
||||||||
Stockholders’ equity
|
||||||||
Common stock par value $0.003 per share
|
||||||||
- authorized shares - 23,333,334
|
||||||||
- issued shares: Sep 30, 2014 and Mar 31, 2014 - 5,577,639,
outstanding shares: Sep 30, 2014 and Mar 31, 2014 – 5,246,903 shares
|
17
|
17
|
||||||
Additional paid-in capital
|
21,765
|
21,765
|
||||||
Treasury stock at cost: Sep 30, 2014 and Mar 31, 2014 - 330,736 shares
|
(1,462
|
)
|
(1,462
|
)
|
||||
Accumulated deficit
|
(12,979
|
)
|
(12,809
|
)
|
||||
Accumulated other comprehensive income
|
2,210
|
3,111
|
||||||
|
|
|
||||||
|
9,551
|
10,622
|
||||||
|
|
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
29,674
|
32,140
|
||||||
|
|
|
|
Six months ended
September 30,
2014
|
Six months ended
September 30,
2013
|
||||||
|
$ in thousands
|
$ in thousands
|
||||||
|
(unaudited)
|
(unaudited)
|
||||||
|
||||||||
Net sales
|
14,579
|
15,374
|
||||||
Cost of sales
|
(12,243
|
)
|
(12,464
|
)
|
||||
|
|
|
||||||
Gross profit
|
2,336
|
2,910
|
||||||
|
||||||||
Selling expenses
|
(498
|
)
|
(190
|
)
|
||||
Salaries and related costs
|
(1,197
|
)
|
(1,477
|
)
|
||||
Research and development expenses
|
(201
|
)
|
(204
|
)
|
||||
Administration and general expenses
|
(1,131
|
)
|
(1,147
|
)
|
||||
Other income
|
616
|
16
|
||||||
|
|
|
||||||
Loss from operations
|
(75
|
)
|
(92
|
)
|
||||
Interest income
|
1
|
1
|
||||||
Interest expenses
|
(74
|
)
|
(43
|
)
|
||||
Foreign exchange loss
|
(22
|
)
|
(222
|
)
|
||||
|
|
|
||||||
Net loss
|
(170
|
)
|
(356
|
)
|
||||
|
||||||||
Other comprehensive loss, net of tax:
|
||||||||
Foreign currency translation adjustments, net of tax
|
(901
|
)
|
(349
|
)
|
||||
|
|
|
||||||
Comprehensive loss
|
(1,071
|
)
|
(705
|
)
|
||||
|
|
|
||||||
Loss per share
|
||||||||
|
||||||||
Weighted average number of shares outstanding
|
5,246,903
|
5,246,903
|
||||||
|
||||||||
Loss per share ( in U.S.Dollars per share)
|
||||||||
- basic and diluted
|
(0.03
|
)
|
(0.07
|
)
|
||||
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|
||||||
|
|
|
BONSO ELECTRONICS INTERNATIONAL, INC.
(Registrant)
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Date: January 23, 2015
|
|
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|
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By: |
Albert So
|
Albert So, Chief Financial Officer and Secretary
|
|
September 30
|
March 31
|
||||||
|
2014
|
2014
|
||||||
|
$ in thousands
|
$ in thousands
|
||||||
|
(unaudited)
|
(Audited)
|
||||||
Assets
|
||||||||
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
305
|
116
|
||||||
Fixed deposits maturing over three months
|
1,049
|
1,049
|
||||||
Trade receivables, net
|
3,163
|
2,480
|
||||||
Inventories
|
5,810
|
7,545
|
||||||
Income tax recoverable
|
2,162
|
1,739
|
||||||
Other receivables, deposits and prepayments
|
1,387
|
1,782
|
||||||
Receivable from affiliated party
|
-
|
166
|
||||||
|
|
|
||||||
Total current assets
|
13,876
|
14,877
|
||||||
|
|
|
||||||
|
||||||||
Investment in life settlement contracts
|
131
|
131
|
||||||
Other intangible assets
|
4,253
|
4,387
|
||||||
Other deposits - non current assets
|
293
|
293
|
||||||
Property, plant and equipment, net
|
11,121
|
12,452
|
||||||
|
|
|
||||||
Total assets
|
29,674
|
32,140
|
||||||
|
|
|
||||||
Liabilities and stockholders’ equity
|
||||||||
|
||||||||
Current liabilities
|
||||||||
Bank overdrafts - secured
|
-
|
630
|
||||||
Notes payable
|
2,156
|
2,527
|
||||||
Accounts payable
|
8,412
|
10,413
|
||||||
Accrued charges and deposits
|
1,455
|
2,597
|
||||||
Income tax liabilities
|
7
|
7
|
||||||
Short-term bank loans
|
2,911
|
2,320
|
||||||
Payable to affiliated party
|
-
|
10
|
||||||
Current portion of long-term debt and capital lease obligations
|
22
|
23
|
||||||
Financial instruments at fair value
|
119
|
119
|
||||||
|
|
|
||||||
Total current liabilities
|
15,082
|
18,646
|
||||||
|
|
|
||||||
|
||||||||
Long-term bank loans
|
2,180
|
-
|
||||||
Financial instruments at fair value - non current portion
|
208
|
208
|
||||||
Capital lease obligations, net of current portion
|
58
|
69
|
||||||
Income tax liabilities
|
2,595
|
2,595
|
||||||
|
||||||||
Stockholders’ equity
|
||||||||
Common stock par value $0.003 per share
|
||||||||
- authorized shares - 23,333,334
|
||||||||
- issued shares: Sep 30, 2014 and Mar 31, 2014 - 5,577,639,
outstanding shares: Sep 30, 2014 and Mar 31, 2014 – 5,246,903 shares
|
17
|
17
|
||||||
Additional paid-in capital
|
21,765
|
21,765
|
||||||
Treasury stock at cost: Sep 30, 2014 and Mar 31, 2014 - 330,736 shares
|
(1,462
|
)
|
(1,462
|
)
|
||||
Accumulated deficit
|
(12,979
|
)
|
(12,809
|
)
|
||||
Accumulated other comprehensive income
|
2,210
|
3,111
|
||||||
|
|
|
||||||
|
9,551
|
10,622
|
||||||
|
|
|
||||||
|
||||||||
Total liabilities and stockholders’ equity
|
29,674
|
32,140
|
||||||
|
|
|
|
Six months ended
September 30,
2014
|
Six months ended
September 30,
2013
|
||||||
|
$ in thousands
|
$ in thousands
|
||||||
|
(unaudited)
|
(unaudited)
|
||||||
|
||||||||
Net sales
|
14,579
|
15,374
|
||||||
Cost of sales
|
(12,243
|
)
|
(12,464
|
)
|
||||
|
|
|
||||||
Gross profit
|
2,336
|
2,910
|
||||||
|
||||||||
Selling expenses
|
(498
|
)
|
(190
|
)
|
||||
Salaries and related costs
|
(1,197
|
)
|
(1,477
|
)
|
||||
Research and development expenses
|
(201
|
)
|
(204
|
)
|
||||
Administration and general expenses
|
(1,131
|
)
|
(1,147
|
)
|
||||
Other income
|
616
|
16
|
||||||
|
|
|
||||||
Loss from operations
|
(75
|
)
|
(92
|
)
|
||||
Interest income
|
1
|
1
|
||||||
Interest expenses
|
(74
|
)
|
(43
|
)
|
||||
Foreign exchange loss
|
(22
|
)
|
(222
|
)
|
||||
|
|
|
||||||
Net loss
|
(170
|
)
|
(356
|
)
|
||||
|
||||||||
Other comprehensive loss, net of tax:
|
||||||||
Foreign currency translation adjustments, net of tax
|
(901
|
)
|
(349
|
)
|
||||
|
|
|
||||||
Comprehensive loss
|
(1,071
|
)
|
(705
|
)
|
||||
|
|
|
||||||
Loss per share
|
||||||||
|
||||||||
Weighted average number of shares outstanding
|
5,246,903
|
5,246,903
|
||||||
|
||||||||
Loss per share ( in U.S.Dollars per share)
|
||||||||
- basic and diluted
|
(0.03
|
)
|
(0.07
|
)
|
||||
|
|
|
||||||
|