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Page
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Consolidated Financial Statements
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Unaudited Consolidated Balance Sheets as of September 30, 2018 and
Audited Consolidated Balance Sheets as of March 31, 2018
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3
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Unaudited Consolidated Statements of Operations and Comprehensive Income for the
Six-Month Periods Ended September 30, 2018, and September 30, 2017
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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
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99.1 Press Release disclosing Results of Operations dated March 29, 2019.
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March 31,
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September 30,
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|||||||
2018
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2018
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|||||||
$ in thousands
|
$ in thousands
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
8,751
|
8,400
|
||||||
Trade receivables, net
|
794
|
1,216
|
||||||
Other receivables, deposits and prepayments
|
745
|
474
|
||||||
Inventories, net
|
1,012
|
681
|
||||||
Income tax recoverable
|
5
|
0
|
||||||
Financial instruments at fair value
|
78
|
0
|
||||||
Total current assets
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11,385
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10,771
|
||||||
Investment in life settlement contracts
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149
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151
|
||||||
Other intangible assets
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2,787
|
2,410
|
||||||
Property, plant and equipment, net
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10,434
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9,442
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||||||
Total assets
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24,755
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22,774
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||||||
Liabilities and stockholders’ equity
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||||||||
Current liabilities
|
||||||||
Notes payable - secured
|
99
|
130
|
||||||
Bank loans - secured
|
0
|
552
|
||||||
Accounts payable
|
924
|
582
|
||||||
Accrued charges and deposits
|
3,178
|
3,164
|
||||||
Payable to affiliated party
|
73
|
0
|
||||||
Current portion of capital lease obligations
|
28
|
28
|
||||||
Loan from affiliated party - current portion
|
67
|
0
|
||||||
Total current liabilities
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4,369
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4,456
|
||||||
Capital lease obligations, net of current portion
|
32
|
17
|
||||||
Long-term deposit received
|
738
|
738
|
||||||
Long-term loan
|
2,527
|
2,248
|
||||||
Total liabilities
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7,666
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7,459
|
||||||
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|||||||
Stockholders’ equity
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||||||||
Common stock par value $0.003 per share
|
||||||||
- authorized shares - 23,333,334
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||||||||
- issued shares: Mar 31, 2018 - 5,543,639; Sep 30, 2018 - 5,543,639
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17
|
17
|
||||||
outstanding shares: Mar 31, 2018 – 4,795,622; Sep 30, 2018 - 4,712,300
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||||||||
Additional paid-in capital
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22,474
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22,474
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||||||
Treasury stock at cost: Mar 31, 2018 - 748,017; Sep 30, 2018 - 831,339
|
(2,409
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) |
(2,671
|
) | ||||
Accumulated deficit
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(6,029
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) |
(6,117
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) | ||||
Accumulated other comprehensive income
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3,036
|
1,612
|
||||||
|
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|||||||
17,089
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15,315
|
|||||||
|
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|||||||
Total liabilities and stockholders’ equity
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24,755
|
22,774
|
||||||
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Six months ended
September 30, 2017
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Six months ended
September 30, 2018
|
|||||||
$ in thousands
|
$ in thousands
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net revenue
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7,210
|
5,631
|
||||||
Cost of revenue
|
(4,481
|
) |
(3,602
|
) | ||||
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|
|||||||
Gross profit
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2,729
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2,029
|
||||||
Selling, general and administrative expenses
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(2,062
|
) |
(2,099
|
) | ||||
Other income, net
|
148
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16
|
||||||
|
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|||||||
Income / (loss) from operations
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815
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(54
|
) | |||||
Non-operating (expenses) / income, net
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(127
|
) |
(34
|
) | ||||
|
|
|||||||
Income / (loss) before income taxes
|
688
|
(88
|
) | |||||
Income tax expense
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0
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0
|
||||||
|
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|||||||
Net income / (loss)
|
688
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(88
|
) | |||||
Other comprehensive loss, net of tax:
|
||||||||
Foreign currency translation adjustments, net of tax
|
455
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(1,424
|
) | |||||
|
|
|||||||
Comprehensive income
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1,143
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(1,512
|
) | |||||
Earnings / (loss) per share
|
||||||||
Weighted average number of shares outstanding
|
4,967,713
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4,715,384
|
||||||
Diluted weighted average number of shares outstanding
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5,300,353
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4,715,384
|
||||||
Earnings per common share (in U.S.Dollars)
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0.14
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(0.02
|
) | |||||
Earnings per common share (in U.S.Dollars) - assuming dilution
|
0.13
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(0.02
|
) | |||||
|
|
|||||||
Issuer Purchases of Equity Securities
|
||||||||||||||||
Period
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(a) Total Number of Shares (or Units) Purchased
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(b) Average Price Paid per Share (or Unit)
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(c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
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(d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
|
||||||||||||
April 1, 2018 to
April 30, 2018 |
77,931
|
$
|
3.14
|
77,931
|
$
|
3,254,202
|
||||||||||
May 1, 2018 to
May 31, 2018 |
2,800
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$
|
3.10
|
2,800
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$
|
3,245,522
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||||||||||
June 1, 2018 to
June 30, 2018 |
2,591
|
$
|
3.38
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2,591
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$
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3,236,776
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||||||||||
July 1, 2018 to
July 31, 2018 |
0
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0
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0
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$
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3,236,776
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|||||||||||
August 1, 2018 to
August 31, 2018 |
0
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0
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0
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$
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3,236,776
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|||||||||||
September 1, 2018 to
September 30, 2018 |
0
|
0
|
0
|
$
|
3,236,776
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|||||||||||
TOTAL
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83,322
|
$
|
3.15
|
83,322
|
BONSO ELECTRONICS INTERNATIONAL, INC.
(Registrant)
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|||
Date: March 29, 2019
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By:
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/s/ Albert So | |
Chief Financial Officer and Secretary | |||
March 31,
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September 30,
|
|||||||
2018
|
2018
|
|||||||
$ in thousands
|
$ in thousands
|
|||||||
(Audited)
|
(Unaudited)
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
8,751
|
8,400
|
||||||
Trade receivables, net
|
794
|
1,216
|
||||||
Other receivables, deposits and prepayments
|
745
|
474
|
||||||
Inventories, net
|
1,012
|
681
|
||||||
Income tax recoverable
|
5
|
0
|
||||||
Financial instruments at fair value
|
78
|
0
|
||||||
Total current assets
|
11,385
|
10,771
|
||||||
Investment in life settlement contracts
|
149
|
151
|
||||||
Other intangible assets
|
2,787
|
2,410
|
||||||
Property, plant and equipment, net
|
10,434
|
9,442
|
||||||
Total assets
|
24,755
|
22,774
|
||||||
Liabilities and stockholders’ equity
|
||||||||
Current liabilities
|
||||||||
Notes payable - secured
|
99
|
130
|
||||||
Bank loans - secured
|
0
|
552
|
||||||
Accounts payable
|
924
|
582
|
||||||
Accrued charges and deposits
|
3,178
|
3,164
|
||||||
Payable to affiliated party
|
73
|
0
|
||||||
Current portion of capital lease obligations
|
28
|
28
|
||||||
Loan from affiliated party - current portion
|
67
|
0
|
||||||
Total current liabilities
|
4,369
|
4,456
|
||||||
Capital lease obligations, net of current portion
|
32
|
17
|
||||||
Long-term deposit received
|
738
|
738
|
||||||
Long-term loan
|
2,527
|
2,248
|
||||||
Total liabilities
|
7,666
|
7,459
|
||||||
|
|
|||||||
Stockholders’ equity
|
||||||||
Common stock par value $0.003 per share
|
||||||||
- authorized shares - 23,333,334
|
||||||||
- issued shares: Mar 31, 2018 - 5,543,639; Sep 30, 2018 - 5,543,639
|
17
|
17
|
||||||
outstanding shares: Mar 31, 2018 – 4,795,622; Sep 30, 2018 - 4,712,300
|
||||||||
Additional paid-in capital
|
22,474
|
22,474
|
||||||
Treasury stock at cost: Mar 31, 2018 - 748,017; Sep 30, 2018 - 831,339
|
(2,409
|
) |
(2,671
|
) | ||||
Accumulated deficit
|
(6,029
|
) |
(6,117
|
) | ||||
Accumulated other comprehensive income
|
3,036
|
1,612
|
||||||
|
|
|||||||
17,089
|
15,315
|
|||||||
|
|
|||||||
Total liabilities and stockholders’ equity
|
24,755
|
22,774
|
||||||
|
|
Six months ended
September 30, 2017
|
Six months ended
September 30, 2018
|
|||||||
$ in thousands
|
$ in thousands
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net revenue
|
7,210
|
5,631
|
||||||
Cost of revenue
|
(4,481
|
) |
(3,602
|
) | ||||
|
|
|||||||
Gross profit
|
2,729
|
2,029
|
||||||
Selling, general and administrative expenses
|
(2,062
|
) |
(2,099
|
) | ||||
Other income, net
|
148
|
16
|
||||||
|
|
|||||||
Income / (loss) from operations
|
815
|
(54
|
) | |||||
Non-operating (expenses) / income, net
|
(127
|
) |
(34
|
) | ||||
|
|
|||||||
Income / (loss) before income taxes
|
688
|
(88
|
) | |||||
Income tax expense
|
0
|
0
|
||||||
|
|
|||||||
Net income / (loss)
|
688
|
(88
|
) | |||||
Other comprehensive loss, net of tax:
|
||||||||
Foreign currency translation adjustments, net of tax
|
455
|
(1,424
|
) | |||||
|
|
|||||||
Comprehensive income
|
1,143
|
(1,512
|
) | |||||
Earnings / (loss) per share
|
||||||||
Weighted average number of shares outstanding
|
4,967,713
|
4,715,384
|
||||||
Diluted weighted average number of shares outstanding
|
5,300,353
|
4,715,384
|
||||||
Earnings per common share (in U.S.Dollars)
|
0.14
|
(0.02
|
) | |||||
Earnings per common share (in U.S.Dollars) - assuming dilution
|
0.13
|
(0.02
|
) | |||||
|
|
|||||||