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 the month of July, 1999
Bonso Electronics International Inc.
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(Translation of Registrant's name into English)
Flat A-D, 8th Floor, Universal Industrial Centre, 23-25 Shan Mei Street,
Fo Tan, Shatin, N.T., 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
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BONSO ELECTRONICS INTERNATIONAL INC. NEWS RELEASE
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Flat A-D, 8/Floor, Universal Industrial Centre North America Company Contact:
23-25, Shan Mei Street George O'Leary
Fo Tan, Shatin, N.T. 1919 Yacht Loinia
Hong Kong Newport Beach, CA 92660 USA
Telephone: (949) 760-9611
Facsimile: (949) 760-9607
BONSO ELECTRONICS INTERNATIONAL INC.
ANNOUNCES FISCAL YEAR END RESULTS
HONG KONG .... July 23, 1999. Bonso Electronics International Inc. (the
"Company") (NASDAQ: BNSO and BNSOW) announced that it has scheduled two analyst
trips to its facilities in Hong Kong and China.
The first trip is scheduled for July 26 through July 28; the second will take
place in mid-August. Any analyst or investor who is interested in touring the
Company's manufacturing facilities in Shenzhen, China, and its executive offices
in Hong Kong should contact the Company at 852/2605-5822 for further details.
Bonso Electronics designs, develops, manufactures and sells a comprehensive line
of electronic scales and weighing instruments and electronic consumer and health
products. The Company manufactures all of its products in the People's Republic
of China. The Company's electronic scales include bathroom, kitchen, office,
jewelry, laboratory, pocket, postal, industrial and parcel scales that are used
in consumer, commercial and industrial applications. The Company's electronic
consumer and health products include electronic thermometers and blood pressure
meters.
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BONSO ELECTRONICS INTERNATIONAL INC. NEWS RELEASE
- --------------------------------------------------------------------------------
Flat A-D, 8/Floor, Universal Industrial Centre North America Company Contact:
23-25, Shan Mei Street George O'Leary
Fo Tan, Shatin, N.T. 1919 Yacht Loinia
Hong Kong Newport Beach, CA 92660 USA
Email address: [email protected] Telephone: (714) 760-9611
Facsimile: (714) 760-9607
BONSO ELECTRONICS INTERNATIONAL INC.
ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
HONG KONG ....July 27, 1999. Bonso Electronics International Inc. (the
"Company") (NASDAQ: BNSO and BNSOW) reports that revenue for the first quarter
ended June 30, 1999, increased 2.7% to $4,340K as compared to revenue of $4,226K
in the corresponding quarter of the last fiscal year. Operating income increased
78.3% for the first quarter ended June 30, 1999 to $428K compared to $240K for
the corresponding quarter in the previous year. Net income for the first
quarter, ended June 30, 1999, was $386K, up 145.9% compared to net income of
$157K for the first quarter ended June 30, 1998. Basic earnings per share were
$0.12 for the first quarter ended June 30, 1999, an increase of 130.8% compared
to earnings of $0.052 in the first quarter ended June 30, 1998.
Mr. Anthony So, Chairman and Chief Executive Officer of the Company, stated "I
am pleased to report that the Company has rebounded from the bottom as a result
of applying "Just In Time" inventory control procedures in the manufacturing
process, the tight control of expenditures, the launch of new products and an
increased customer base. We are optimistic that we will be able to continue to
secure additional new contracts for both our old and new product lines,
including our new glass body scales, kitchen scales, pocket scales and
laboratory scales. Also, we are close to finalizing contract negotiations with
several customers."
Mr. So added, "Today, Bonso is aggressively pursuing opportunities to enhance
value in the Company. For example, Bonso has developed a unique bathroom scale
that offers significant value advantages to its OEM customers. Further, the
Company is in discussions with a number of significant scale companies that have
expressed interest in this product. We are very excited about this opportunity,
because we believe it represents a significant market opportunity."
Bonso Electronics designs, develops, manufactures and sells a comprehensive line
of electronic scales and weighing instruments and electronic consumer and health
care products. The Company manufactures all of its products in the People's
Republic of China. The Company's electronic scales include bathroom, kitchen,
office, jewelry, laboratory, pocket, postal, industrial and parcel scales that
are used in consumer, commercial and industrial applications. The Company's
electronic consumer and health products include electronic thermometers and
blood pressure meters.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The statements which are not historical facts contained in this press
release are forward-looking statements that involve certain risks and
uncertainties including, but not limited to, risks associated with the
uncertainty of future financial results, additional financing requirements,
development of new products, government approval processes, the impact of
competitive products or pricing, technological changes, the effect of economic
conditions and other uncertainties detailed in the Company's filings with the
Securities and Exchange Commission.
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FINANCIAL HIGHLIGHTS--TO FOLLOW
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BONSO ELECTRONICS INTERNATIONAL INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Expressed in United States Dollars)
June 30 March 31
1999 1999
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(Unaudited) (Audited)
ASSETS
Current Assets:
<S> <C> <C>
Cash and cash equivalents $ 326,851 $ 271,447
Restricted cash deposits 1,025,153 1,011,688
Trade receivables, net 540,997 362,236
Inventories, net 3,979,103 4,697,928
Notes receivable 188,100 690,449
Deferred income tax assets - current 31,251 31,251
Other receivables, deposits and prepayments 290,801 243,231
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Total current assets $ 6,382,256 $ 7,308,230
Deferred income tax assets - non current 93,017 81,223
Net property, plant and equipment 11,778,080 11,270,831
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Total assets $ 18,253,353 $ 18,660,284
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Bank overdrafts $ 119,820 $ 643,278
Notes payable 956,462 581,349
Accounts payable 1,079,383 1,135,910
Accrued charges and deposits 681,815 516,458
Income taxes payable 23,402 11,667
Short-term loans -- 720,129
Current portion of long-term debt and
capital lease obligations 198,422 383,409
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Total Current Liabilities $ 3,059,304 $ 3,992,200
Long-term debt and capital lease obligations, net
of current maturities 179,487 42,397
Shareholders' equity
Common stock, par value $0.003 per share,
- authorized shares - 23,333,334,
- issued and outstanding shares - 2,919,159 8,753 8,753
Additional paid-in capital 8,935,705 8,935,705
Promissory note receivable from shareholder (1,430,000) (1,430,000)
Common stock subscribed 1,350,000 1,350,000
Retained earnings 5,911,728 5,525,958
Accumulated other comprehensive income 238,376 235,271
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$ 15,014,562 $ 14,625,687
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,253,353 $ 18,660,284
============ ============
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BONSO ELECTRONICS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Unaudited
Three months ended
June 30
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1999 1998
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Sales $ 4,340 $ 4,226
Cost of Sales (2,994) (3,119)
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Gross Profits 1,346 1,107
Operating Expenses
Selling expenses 52 52
Salaries and related costs 495 470
Research and development expenses 7 6
Administration and general expenses 364 339
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Income from Operations 428 240
Other income 30 30
Foreign exchange (losses)/gains (7) 22
Interest expenses (65) (135)
Net income 386 157
Per share amounts (in dollars):
Earnings per share
Basic $ 0.12 $ 0.052
Diluted $ 0.12 $ 0.047
Weighted average shares outstanding 3,119,159 3,033,904
Incremental shares from assumed
Exercise of warrants and stock options 141,408 280,156
Adjusted weighted average shares 3,260,567 3,314,060
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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: August 3, 1999 By: /s/ Henry F. Schlueter
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Henry F. Schlueter, Assistant Secretary
