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: November 21, 2008
BONSO ELECTRONICS INTERNATIONAL INC.
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(Translation of Registrant's name into English)
Unit 1915-1916, 19/F, Delta House
3 On Yiu Street, Shek Mun,
Shatin, Hong Kong
(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]
Bonso Electronics Reports Compliance with NASDAQ Continued Listing
Standards and Year End Results
HONG KONG, Nov. 21, 2008 /Globe Newswire/ -- Bonso Electronics International,
Inc (Nasdaq: BNSO) today reported that it had been notified by the NASDAQ Stock
Market (the "NASDAQ") that Bonso had demonstrated compliance with the with
NASDAQ's requirements for continued listing as set forth in Marketplace Rule
4320(e)(12), because the Company had filed its Annual Report on Form 20-F for
the fiscal year ended March 31, 2008, with the United States Securities &
Exchange Commission ("SEC"). NASDAQ confirmed that the listing review is now
closed and that Bonso's common stock will remain listed on The NASDAQ Global
Market.
Bonso reported a net loss for the fiscal year ended March 31, 2008 of $8,550,000
or ($1.53) basic and diluted earnings per share, as compared to a net loss of
$1,371,000 or ($0.25) basic and diluted earnings per share posted during the
same period in the prior year. Net sales for the year ended March 31, 2008
decreased 5.7% to $62,687,000 from net sales of $66,491,000 for the year ended
March 31, 2007.
Mr. Anthony So, President and CEO stated: "During the fiscal year ended March
31, 2008, we recognized impairment of $2.4 million for the goodwill and brand
name related to our subsidiaries in Germany and Canada, because of the
subsidiaries' continued poor operating performance. Also, we wrote off $2.5
million for obsolete inventory. While these factors negatively impacted our
reported earnings, they did not have any cash impact to the company." Mr. So
said that Bonso experienced higher materials costs during the year, and an
increase in administrative and general expenses as well, which contributed to
the net loss. In addition, we recorded a provision of approximately $2,164,000
in relation to uncertain tax positions as of April 1, 2007.
Mr. So said further: "We are taking steps to eliminate losing businesses from
the Group, and to minimize costs where possible. We maintain a strong cash
position, which was $10.2 million (or $1.83 per share) as of March 31, 2008, an
increase of 26% as compared to $8.1 million as of March 31, 2007. Being aware of
the global economic downturn in 2008, and its unpredictable impact and duration,
we intend to focus our efforts on cost reduction and product development, in an
effort to return to profitability and meet the requirements of our customers."
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/.
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 "should," "intends," "is subject to,"
"expects," "will," "continue," "anticipate," "estimated," "projected," "may,"
"we believe," "future prospects," or similar expressions. The forward-looking
statements above involve a number of risks and uncertainties. Factors that might
cause actual results to differ include, but are not limited to conditions in the
general economy and in the markets served by the Company; competitive factors,
such as price pressures and the potential emergence of rival technologies;
interruptions of suppliers' operations affecting availability of component
materials at reasonable prices; timely development and market acceptance, and
warranty performance of new products; changes in product mix, costs and yields,
fluctuations in foreign currency exchange rates; uncertainties related to doing
business in Hong Kong and China; and other risk factors listed from time to time
in the Company's SEC reports. Forward-looking statements do not include the
impact of acquisitions or dispositions of assets, which could affect results in
the near term. Actual results may differ materially. The Company assumes no
obligation to update the information in this issue.
-- Tables to Follow -
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
31-Mar 31-Mar
2008 2007
---- ----
Assets
Current assets
Cash and cash equivalents 10,195,362 8,118,018
Trade receivables, net 5,264,074 6,739,567
Inventories, net 11,391,318 14,997,788
Tax recoverable 2,117 2,117
Investment -- 700,000
Other receivables, deposits and
prepayments 4,144,676 2,678,328
Total current assets 30,997,547 33,235,818
Deferred income tax assets 191,618 87,369
Goodwill -- 842,821
Brand name and other intangible
assets, net 502,494 2,313,434
Other non-current assets 155,125 --
Property, plant and equipment, net 9,939,064 11,039,173
Total assets 41,785,848 47,518,615
Liabilities and shareholders' equity
Current liabilities
Bank overdraft 811,354 459,710
Notes payable 3,863,465 3,736,526
Accounts payable 5,985,403 5,354,326
Accrued charges and deposits 3,359,557 2,357,132
Income tax payable 6,888 814,374
Short-term loans 3,894,159 3,576,366
Current portion of long-term debts
and capital lease obligations 176,930 95,725
Total current liabilities 18,097,756 16,394,159
Capital lease obligations, net of
current maturities 183,761 59,258
Income tax liabilities 2,595,135 --
Deferred income tax liabilities 4,460 13,901
Total Liabilities 20,881,112 16,467,318
Shareholders' equity
Preferred stock par value $0.01 per
share
- authorized shares - 10,000,000 -- --
- issued and outstanding shares :
March 2007 & 2006-nil
Common stock par value $0.003 per share
- authorized shares - 23,333,334 -- --
- issued and outstanding shares :
March 2007 & 2006 - 5,577,639 16,729 16,729
Additional paid-in capital 21,764,788 21,764,788
Retained earnings (1,129,819) 9,584,181
Common stock held at treasury
(260,717 shares at par) (1,328,560) (1,328,560)
Accumulated other comprehensive
income 1,581,598 1,014,159
20,904,736 31,051,297
Total liabilities and shareholders'
equity 41,785,848 47,518,615
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Twelve months ended
MAR 31
2008 2007
---- ----
Net sales 62,687 66,491
Cost of sales (57,683) (53,946)
Gross margin 5,004 12,545
Selling expenses 2,480 2,477
Salaries and related costs 5,781 5,438
Research and development
expenses 883 983
Administration and general
expenses 4,638 3,004
Amortization of brand name 200 200
Loss from water damage -- 701
Impairment of goodwill 843 --
Impairment of brand name 1,597 --
Impairment of share
Investment 200 --
(Loss) from operations (11,618) (258)
Interest income 203 313
Other income 3,440 302
Interest expenses (693) (626)
Foreign exchange loss (216) (184)
(Loss)\Income before income
taxes and minority interest (8,884) (453)
Income tax expense 334 (918)
Net(loss)\ Income before
minority interest (8,550) (1,371)
Minority interests -- --
Net (loss)\Income (8,550) (1,371)
Earnings per share (in
U.S.Dollars per share)
Basic (1.53) (0.25)
Diluted (1.53) (0.25)
Weighted average shares
(Basic) 5,577,639 5,577,639
Weighted average shares
(Diluted) 5,577,639 5,577,639
The diluted net loss per share was the same as the basic net loss per share for
the year ended Mar 31, 2008 as all potential ordinary shares including the stock
options and warrants are anti-dilutive and are therefore excluded from the
computation of diluted net loss per share.
For more information about Bonso, please contact:
Albert So
Financial Controller
Tel: +852-2605-5822
Fax: +852-2691-1724
SIGNATURE
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: November 21, 2008 By: /s/ Albert So
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Albert So, Financial Controller