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 February 17, 2004
BONSO ELECTRONICS INTERNATIONAL INC.
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(Translation of Registrant's name into English)
Unit 1106-1110, 11F, Star House 3 Salisbury Road,
Tsimshatsui Kowloon, Hong Kong
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(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]
THIRD QUARTER EARNINGS RELEASE
Bonso Electronics Reports Record Sales for the First Nine Months with Earnings
Up 103%
HONG KONG, Feb 17/PRNewswire-FirstCall/- Bonso Electronics International, Inc
(Nasdaq: BNSO) today reported net income of $2,105,000 or $0.37 per share
(diluted) on revenues of $58,340,000 for the nine months ended 31 December 2003.
This represents an increase of 103 percent in net income and 69 percent in
revenues as compared to net income of $1,037,000 or $0.19 per share (diluted)
and sales of $34,581,000 posted during the same period last year.
Net income in the three months ended 31 December 2003 rose to $601,000 or $0.11
per share over $489,000 and $0.09 per share during the same period last year,
representing an increase of 23%. Revenues increased to $17,260,000, a 25%
increase over $13,853,000 during the same period last year.
"I am pleased to report that our earnings and revenues are continuing to grow
substantially in the nine month period as well as, in the current quarter. These
sales improvements came from increases in both Telecom and Sensor based (scale)
products," said Mr. Anthony So, Bonso Chairman, CEO and President. Mr. So
stated, "I feel the nine month and quarterly results continue to represent a
significant positive change in our business."
"The nine months and quarterly results further demonstrate that we can
significantly increase our sales volume while maintaining positive cash flow
from operations thereby improving our cash and cash equivalents position to
approximately $15,116,000 or $2.66 per share with little long term debt."
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. Bonso products are manufactured in
the People's Republic of China with 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. For further information, visit the company's website at
http://www.bonso.com.
The statements contained in this press release which are not historical fact are
forward looking statements that involve certain risks and uncertainties
including, but not limited to, risks associated with the uncertainty of future
financial results, seasonality of sales of certain products, additional
financing requirements, development of new products, government approval
processes, the impact of competitive products or pricing, technological changes,
currency fluctuations, estimates of market growth, the effect of economic
conditions and other uncertainties detailed in the company's filings with the
Securities and Exchange Commission.
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
Dec 31 March 31
2003 2003
----------- -----------
(Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents 15,116,595 3,633,528
Restricted cash deposits -- 4,104,168
Trade receivables, net 7,949,851 6,191,627
Inventories 7,599,281 12,656,518
Notes receivable -- 358,188
Tax recoverable 356,532 52,087
Deferred income tax assets - current -- 38,348
Other receivables, deposits and prepayments 1,086,086 1,166,234
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Total current assets 32,108,345 28,200,698
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Deposits 551,399 551,399
Deferred income tax assets - non current 82,210 128,887
Goodwill 1,089,258 1,100,962
Brand name, net 2,576,578 2,597,392
Property, plant and equipment
Leasehold land and buildings 14,161,850 12,505,141
Plant and machinery 17,022,262 12,801,183
Furniture, fixtures and equipment 3,488,090 5,251,171
Motor vehicles 369,086 343,068
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35,041,288 30,900,563
Less: accumulated depreciation and amortization (17,894,857) (14,569,165)
Net property, plant and equipment 17,146,431 16,331,398
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Total assets 53,554,221 48,910,736
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Liabilities and shareholders' equity
Current liabilities
Bank overdraft 239,864 216,410
Notes payable 8,057,368 4,818,971
Accounts payable 5,284,814 6,350,527
Accrued charges and deposits 1,846,163 1,827,286
Short-term loans 4,486,711 4,727,988
Current portion of long-term debt and capital
lease obligations 537,796 482,940
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Total current liabilities 20,452,716 18,424,122
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Long-term debt and capital lease obligations,
net of current maturities 1,434,286 606,488
Commitments and contingencies
Minority Interests 100,370 55,275
Redeemable Common Stock
Redeemable Common Stock par value $0.003 per share 1,445,808 1,445,808
- issued and outstanding shares: March &
December 2003 - 180,726
Shareholders' equity
Preferred stock par value $0.01 per share
- authorized shares - 10,000,000
- issued and outstanding shares : March &
December 2003 - 0
Common stock par value $0.003 per share 16,480 16,583
- authorized shares - 23,333,334
- issued and outstanding shares:
March 31, 2003 - 5,529,133;
December 31, 2003 - 5,494,844
Additional paid-in capital 21,394,136 21,458,376
Deferred consultancy fee
Retained earnings 8,353,660 6,533,224
Accumulated other comprehensive income 356,765 409,692
Common stock held in treasury, at cost (38,832)
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30,121,041 28,379,043
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Total liabilities and shareholders' equity 53,554,221 48,910,736
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BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Unaudited
Three months ended Dec. 31 Nine months ended Dec. 31
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2003 2002 2003 2002
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Net sales 17,260 13,853 58,340 34,581
Cost of sales (13,234) (10,315) (46,485) (25,361)
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Gross margin 4,026 3,538 11,855 9,220
Selling expenses 635 564 2,117 1,566
Salaries and related costs 1,541 1,154 4,063 3,340
Research and development expenses 84 105 340 257
Administration and general expenses 1,067 922 2,781 2,399
Amortization of Brand Name 47 17 149 131
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Income from operations 652 776 2,405 1,527
Interest Income 81 15 105 45
Other income 106 73 270 349
Interest Expenses (192) (172) (657) (487)
Foreign exchange (loss)/ gains (35) (16) 45 --
Consultancy fee -- (95) -- (286)
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Income before income taxes and minority interest 612 581 2,168 1,148
Income tax benefit (3) (62) (18) (73)
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Net income before minority interest 609 519 2,150 1,075
Minority interests (8) (30) (45) (38)
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Net income 601 489 2,105 1,037
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Earnings per share
Basic & diluted 0.11 0.09 0.37 0.19
Weighted average shares Outstanding 5,675,570 5,529,133 5,675,570 5,529,133
For more information, please contact,
In US - George OLeary,
Tel: 1-949-760-9611
Fax: 1-949-760-9607
In Hong Kong - Cathy Pang
Tel: +852-2605-5822
Fax: +852-2691-1724
SIGNATURES
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.
(Registrant)
Date: February 17, 2004 By: /s/ Henry F. Schlueter
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Henry F. Schlueter, Assistant Secretary