-----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, IJOJ48a4ULNtMfaIC5NbfSKPDBRLKPfPjtOLnumz/3+sIEVfEjvHorYQhDwkKaT4 k/U8sPv/h5xaXxNn4PyOew== 0001157523-04-007656.txt : 20040812 0001157523-04-007656.hdr.sgml : 20040812 20040812120048 ACCESSION NUMBER: 0001157523-04-007656 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040810 FILED AS OF DATE: 20040812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DESWELL INDUSTRIES INC CENTRAL INDEX KEY: 0000946936 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26448 FILM NUMBER: 04969216 BUSINESS ADDRESS: STREET 1: UNIT 516-517 HONG LEONG INDUSTRIAL STREET 2: COMPLEX #4 WANG KWONG RD CITY: KOWLOON BAY KOWLOON STATE: K3 BUSINESS PHONE: 2127320030 MAIL ADDRESS: STREET 1: UNIT 516-517 HONG LEONG INDUSTRIAL STREET 2: COMPLEX #4 WANG KWONG ROAD CITY: KOWLOON BAY KOWLOON STATE: K3 ZIP: 00000 6-K 1 a4699490.txt DESWELL INDUSTRIES 6-K FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For August 10, 2004 DESWELL INDUSTRIES, INC. (Registrant's name in English) Unit 516 517, Hong Leong Industrial Complex, No. 4 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong (Address of principal executive offices) DESWELL INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (U.S. dollars in thousands, except per share data) Quarter ended June 30, 2004 2003 -------------------- Net sales $ 28,788 $ 26,075 Cost of sales 20,470 17,664 --------- --------- Gross profit 8,318 8,411 Selling, general and administrative expenses 3,506 3,765 --------- --------- Operating income 4,812 4,646 Interest expense - - Other income, net 30 562 --------- --------- Income before income taxes 4,842 5,208 Income taxes 131 291 --------- --------- Income before minority interests 4,711 4,917 Minority interests 716 563 --------- --------- Net income $ 3,995 $ 4,354 ========= ========= Basic: Net income per share $ 0.44 $ 0.48 ========= ========= Weighted average common shares 9,149 9,065 outstanding (in thousands) ========= ========= Diluted: Net income per share $ 0.42 $ 0.47 ========= ========= Weighted average common and potential 9,485 9,274 Common shares (in thousands) ========= ========= DESWELL INDUSTRIES, INC. CONSOLIDATED BALANCE SHEET (U.S. dollars in thousands) June 30, March 31, 2004 2004 ---- ---- (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 27,842 $ 30,193 Restricted cash 1,390 390 Accounts receivable, net 22,654 18,957 Inventories 21,935 16,174 Prepaid expenses and other current assets 3,721 2,952 Income taxes receivable 127 127 --------- --------- Total current assets 77,669 68,793 Property, plant and equipment - net 46,749 44,261 Investment in associates 2 2 Goodwill 478 478 --------- --------- Total assets $ 124,898 $ 113,534 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 16,876 $ 11,168 Customer deposits and accrued expenses 5,614 4,619 Income taxes payable 232 130 --------- --------- Total current liabilities 22,722 15,917 --------- --------- Deferred income tax 15 15 --------- --------- Minority interests 8,436 7,872 --------- --------- Shareholders' equity Common stock - authorized 30,000,000 shares; issued and outstanding 9,149,085 shares at June 30, 2004 and 9,149,085 at March 31, 2004 29,980 29,980 Additional paid-in capital 6,970 6,970 Retained earnings 56,775 52,780 --------- --------- Total shareholders' equity 93,725 89,730 --------- --------- Total liabilities and shareholders' equity $ 124,898 $ 113,534 ========= ========= DESWELL INDUSTRIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (U.S. dollars in thousands) Quarter ended June 30, -------- 2004 2003 ---- ---- Cash flows from operating activities: Net income $ 3,995 $ 4,354 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,121 1,000 Gain on sale of property, plant and equipment 9 74 Minority interests 716 563 Changes in current assets and liabilities: Accounts receivable (3,697) (2,906) Marketable securities - (4,712) Inventories (5,761) 841 Prepaid expenses and other current assets (769) (3,618) Income taxes receivable - - Accounts payable 5,708 1,099 Customer deposits and accrued expenses 995 897 In income taxes payable 102 80 --------- --------- Net cash provided by operating activities 2,419 7,096 --------- --------- Cash flows from investing activities Purchase of property, plant and equipment (3,624) (2,520) Proceeds from disposal of property, plant and equipment 6 6 --------- --------- Net cash used in investing activities (3,618) (2,514) --------- --------- Cash flows from financing activities Common stock issued - 819 Dividends paid to minority shareholders of a subsidiary (126) - Contribution from minority shareholders of a subsidiary (26) - Increase in restricted cash (1,000) (1) --------- --------- Net cash (used in)/provided by financing activities (1,152) 818 --------- --------- Net (decrease)/increase in cash and cash equivalents (2,351) 5,400 Cash and cash equivalents, at beginning of period 30,193 34,400 --------- --------- Cash and cash equivalents, at end of period 27,842 39,800 ========= ========= Supplementary disclosures of cashflow information: Cash paid during the period for: Interest - - Income taxes 29 212 ========= ========= 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. For and on behalf of Deswell Industries, Inc. By: /s/ Richard Lau ------------------------- Richard Lau Chief Executive Officer Date: August 10, 2004 -----END PRIVACY-ENHANCED MESSAGE-----