GlobeNewswire Inc | Mar 31, 2021 08:40PM EDT

April 01, 2021

HONG KONG, March 31, 2021 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2020.

Bonso reported net income for the six-month period ended September 30, 2020, of $0.20 million, or $0.04 basic and diluted income per share, as compared to a net loss of $0.59 million, or $0.13 basic loss per share, posted during the six-month period ended September 30, 2019. Net revenue for the six-month period ended September 30, 2020, increased 84.3% to $8.1 million from $4.4 million for the six-month period ended September 30, 2019. The increased net income resulted principally from the increase in revenue related to the Companys pet electronic products for the six-month period ended September 30, 2020.

Mr. Andrew So, President and CEO stated: Our net revenue during the six-month period ended September 30, 2020 increased as a result of increased sales of pet electronic products mainly through online sales channels. We are delighted to achieve growth from our online sales during the pandemic. However, growth of demand for our products may not sustain due to fierce competition and reduced consumer purchasing power. To continue the growth of our revenue, we have launched electronic bathroom scales and upgraded pet electronic products like ultrasonic dog trainers and nail grinders to be sold online.

Further, Mr. Andrew So stated: The Company and its development partner are working closely with the government to obtain the remaining governmental approvals for the redevelopment of the Shenzhen factory. However, there were changes in the local district planning and regulations, and we estimate that it will require approximately another twelve months to obtain the necessary approvals. In the meantime, we have signed a short term lease agreement to lease out part of the existing Shenzhen factory to a third party to gain extra rental income.

About Bonso Electronics

Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, weighing instruments and pet electronics products. Bonso products are manufactured in the People's Republic of China for 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. Bonso also independently designs and develops electronic products for private label markets. Bonso rents factory space and equipment to third parties and is also continuing the process to obtain the necessary approvals to redevelop the land upon which its Shenzhen factory is located. For further information, visit the Company's web site 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 as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," "our strategy," or similar expressions. Forward-looking statements made in this press release that relate to the redevelopment of our old Shenzhen factory involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update "forward-looking" statements.

For more information please contact:

Albert SoChief Financial Officer and SecretaryTel: 852 2605 5822Fax: 852 2691 1724SOURCE Bonso Electronics

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Unaudited Consolidated Balance Sheets

(Expressed in United States Dollars)

March 31, September 30, 2020 2020 $ in $ in thousands thousands (Audited) (Unaudited)Assets Current assets Cash and cash equivalents 9,111 9,634Trade receivables, net 811 925Other receivables, deposits and prepayments 692 326Inventories, net 1,178 1,019Income tax recoverable 5 5Financial instruments at fair value 54 132Total current assets 11,851 12,041 Investment in life settlement contracts 158 160Financial instruments at amortized cost 523 523Other intangible assets 1,930 1,878Right-of-use assets 300 266Property, plant and equipment, net 9,439 9,500Total assets 24,201 24,368Liabilities and stockholders? equity Current liabilities Bank loans - secured 1,937 1,202Accounts payable 775 656Contract liabilities 12 0Accrued charges and deposits 3,174 3,098Refund liabilities 69 69Payable to affiliated party 80 0Lease liabilities 92 98Total current liabilities 6,139 5,123 Lease liabilities, non-current 213 173Long-term deposit received 647 674Long-term loan 2,438 2,604 Total liabilities 9,437 8,574Stockholders? equity Common stock par value $0.003 per share - authorized shares - 23,333,334 - issued shares: Mar 31, 2020 - 5,828,205; Sep 30, 17 172020 - 5,828,205outstanding shares: Mar 31, 2020 - 4,906,466; Sep 30, 2020 - 4,892,899Additional paid-in capital 22,795 22,795Treasury stock at cost: Mar 31, 2020 - 921,739; Sep -2,892 -2,92230, 2020 - 935,306Accumulated deficit -6,094 -5,893Accumulated other comprehensive income 938 1,797 14,764 15,794 Total liabilities and stockholders? equity 24,201 24,368

Unaudited Consolidated Statements of Operations and Comprehensive Loss

(Expressed in United States Dollars)

Six months Six months ended ended September 30, September 30, 2019 2020 $ in $ in thousands thousands (unaudited) (unaudited) Net revenue 4,409 8,124Cost of revenue -3,448 -3,054Gross profit 961 5,070 Selling, general and administrative expenses -2,058 -4,592Other income, net 82 40(Loss) / income from operations -1,015 518Non-operating income / (expenses), net 427 -317(Loss) / income before income taxes -588 201Income tax expense 0 0Net (loss) / income -588 201 Other comprehensive loss, net of tax: Foreign currency translation adjustments, net of -1,166 859taxComprehensive (loss) / income -1,754 1,060 (Loss) / earnings per share Weighted average number of shares outstanding 4,644,920 4,896,845Diluted weighted average number of shares 4,644,920 5,091,440outstanding (Loss) / earnings per common share (in -0.13 0.04U.S.Dollars)(Loss) / earnings per common share (in -0.13 0.04U.S.Dollars) - assuming dilution