EX-99.2 3 ex99x2.htm EXHIBIT 99.2
Exhibit 99.2

PRESS RELEASE

Bonso Reports Half Year Results

HONG KONG, March 23, 2018 (Globe Newswire) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2017.

Bonso reported net income for the six-month period ended September 30, 2017 of $0.69 million, or $0.14 basic earnings per share, as compared to net income of $1.10 million, or $0.21 basic earnings per share, posted during the six-month period ended September 30, 2016.  Net sales for the six-month period ended September 30, 2017 decreased 38.8% to $6.2 million from $10.2 million for the six-month period ended September 30, 2016. The decreased net income resulted from the decline in revenue and the corresponding decline in income from the operations for the six-month period ended September 30, 2017.

Mr. Anthony So, Chairman and CEO stated: "Although our revenue decreased as compared with the same period in the previous year, we are pleased that our operations remained profitable."

Mr. So said further: "To cope with the decrease in demand for our products and the loss of significant customers, we will continue to invest in and develop new or upgraded products for our customers and target customers.  Also, we will be advertising our services and products through different platforms and trade exhibitions, which we hope will result in additional sales revenue for the Company. In addition, the Company will build more production facilities to generate additional rental income by leasing those facilities to third parties."

About Bonso Electronics

Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, weighing instruments, health care products 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. 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, which relate to the reduction of losses and a positive impact upon our future operations as a result of the sale of assets 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 So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
SOURCE Bonso Electronics

-- Tables to Follow –
 
 

 
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)
   
March 31,
   
September 30,
 
   
2017
   
2017
 
   
$ in thousands
   
$ in thousands
 
   
(Audited)
   
(unaudited)
 
Assets
           
             
Current assets
           
Cash and cash equivalents
   
3,745
     
7,044
 
Trade receivables, net
   
1,167
     
973
 
Inventories
   
1,018
     
200
 
Other receivables, deposits and prepayments
   
1,646
     
1,006
 
Financial instruments at fair value
   
167
     
0
 
   
 
   
 
 
Total current assets
   
7,743
     
9,223
 
     
 
     
 
 
                 
Investment in life settlement contracts
   
144
     
146
 
Other intangible assets
   
2,785
     
2,761
 
Property, plant and equipment, net
   
10,294
     
10,252
 
                 
Total assets
   
20,966
     
22,382
 
                 
Liabilities and stockholders' equity
               
                 
Current liabilities
               
Notes payable
   
134
     
119
 
Accounts payable
   
1,183
     
873
 
Accrued charges and deposits
   
3,018
     
4,651
 
Income tax liabilities
   
533
     
0
 
Short-term bank loans
   
143
     
35
 
Payable to affiliated party
   
54
     
0
 
Current portion of long-term debt and capital lease obligations
   
44
     
46
 
Loan from affiliated party - current portion
   
135
     
135
 
                 
Total current liabilities
   
5,244
     
5,859
 
                 
Capital lease obligations, net of current portion
   
60
     
34
 
Loan from affiliated party - non current portion
   
67
     
0
 
                 
Total liabilities
   
5,371
     
5,893
 
     
 
     
 
 
Stockholders' equity
               
  Common stock par value $0.003 per share
               
- authorized shares - 23,333,334
               
- issued shares: Mar 31, 2017 - 5,577,639; Sept 30, 2017 - 5,553,639
   
17
     
17
 
outstanding shares: Mar 31, 2017 – 5,009,120; Sept 30, 2017 - 4,903,686
               
  Additional paid-in capital
   
22,566
     
22,508
 
  Treasury stock at cost: Mar 31, 2017 - 568,519; Sept 30, 2017 - 649,953
   
-1,929
     
-2,120
 
  Accumulated deficit
   
-6,033
     
-5,345
 
  Accumulated other comprehensive income
   
974
     
1,429
 
   
 
   
 
 
     
15,595
     
16,489
 
     
 
     
 
 
                 
Total liabilities and stockholders' equity
   
20,966
     
22,382
 
   
 
   
 
 

 
 
3


 
Unaudited Consolidated Statements of Operations and Comprehensive Income
(Expressed in United States Dollars)


   
Six months ended September 30, 2016
   
Six months ended September 30, 2017
 
   
$ in thousands
   
$ in thousands
 
   
(unaudited)
   
(unaudited)
 
             
Net sales
   
10,163
     
6,217
 
Cost of sales
   
-7,006
     
-4,516
 
                 
Gross profit
   
3,157
     
1,701
 
                 
Selling expenses
   
-151
     
-125
 
Salaries and related costs
   
-1,179
     
-752
 
Research and development expenses
   
-103
     
-70
 
Administration and general expenses
   
-1,531
     
-1,080
 
Other income
   
821
     
1,141
 
                 
Income from operations
   
1,014
     
815
 
Interest income
   
4
     
15
 
Interest expenses
   
-24
     
-6
 
Foreign exchange gain / (loss)
   
150
     
-136
 
                 
Income before income taxes
   
1,144
     
688
 
Income tax expense
   
-46
     
0
 
                 
Net income
   
1,098
     
688
 
                 
Other comprehensive loss, net of tax:
               
Foreign currency translation adjustments, net of tax
   
-676
     
455
 
                 
Comprehensive income
   
422
     
1,143
 
                 
Earnings per share
               
                 
Weighted average number of shares outstanding
   
5,154,454
     
4,967,713
 
Diluted weighted average number of shares outstanding
   
5,204,981
     
5,300,353
 
                 
Earnings per common share ( in U.S.Dollars)
   
0.21
     
0.14
 
Earnings per common share ( in U.S.Dollars) - assuming dilution
   
0.21
     
0.13