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Bonso Electronics Reports Half Year Results



Bonso Electronics Reports Half Year Results

HONG KONG, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Bonso Electronics International,
Inc. (Nasdaq:BNSO) today reported its financial results for the six-month
period ended September 30, 2012.

Bonso reported a net income for the six-month period ended September 30, 2012
of $0.13 million or $0.02 basic and diluted earnings per share, as compared to
a net loss of $0.18 million or $0.03 basic and diluted loss per share posted
during the six-month period ended September 30, 2011. Net sales for the
six-month period ended September 30, 2012increased 16.5% to $16.3 million from
$14.0 million for the six-month period ended September 30, 2011.

Mr. Anthony So, President and CEO stated: "Along with the $2.3 million
increase in revenue, we are very pleased with the improvement in our gross
profit margin from 16.1% for the six month period ended September 30, 2011 to
18.4% for the comparable period in 2012. We accomplished the improvement in
our gross profit even though raw material costs and labor costs were higher.
We expect the demand for our products will continue to increase in calendar
year 2013."

About Bonso Electronics

Bonso Electronics designs, develops, manufactures, assembles and markets a
comprehensive line of electronic scales, weighing instruments, and health care
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. 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,'' or similar expressions. Forward-looking statements made in this
press release, which relate to the the demand for our products, among other
things,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.
 

                            -- Tables to Follow –

Consolidated Balance Sheets
(Expressed in United States Dollars)
                                                                 
                                                 September 30   March 31
                                                 2012           2012
                                                 $ in thousands $ in thousands
                                                 (unaudited)    (Audited)
Assets                                                           
                                                                 
Current assets                                                   
Cash and cash equivalents                        2,004          3,014
Trade receivables, net                           2,494          2,081
Inventories                                      4,350          4,105
Income tax recoverable                           2,043          1,903
Other receivables, deposits and prepayments      1,081          1,104
                                                                 
Total current assets                             11,972         12,207
                                                                 
                                                                 
Brand name and other intangible assets, net      4,670          3,990
Property, plant and equipment, net               7,666          6,971
                                                                 
Total assets                                     24,308         23,168
                                                                 
Liabilities and stockholders' equity                             
                                                                 
Current liabilities                                              
Notes payable                                    2,883          1,870
Accounts payable                                 5,572          5,032
Accrued charges and deposits                     1,926          2,347
Income tax liabilities                           26             44
                                                                 
Total current liabilities                        10,407         9,293
                                                                 
                                                                 
Income tax liabilities                           2,597          2,595
Deferred income tax liabilities                  --             2
                                                                 
Stockholders' equity                                             
 Common stock par value $0.003 per share                         
- authorized shares - 23,333,334                                 
- issued shares: Sep 30, 2012 and Mar 31, 2012   17             17
-- 5,577,639, 
outstanding shares: Sep 30, 2012 and Mar 31, 2012 – 5,246,903    
shares
 Additional paid-in capital                      21,765         21,765
 Treasury stock at cost: Sep 30, 2012 and Mar    (1,462)        (1,462)
31, 2012 - 330,736 shares 
 Accumulated deficit                             (11,708)       (11,834)
 Accumulated other comprehensive income          2,692          2,792
                                                                 
                                                 11,304         11,278
                                                                 
Total liabilities and stockholders' equity       24,308         23,168
                                                                 

                                        

 
Consolidated Statements of Operations and Comprehensive Loss
(Expressed in United States Dollars)
                                                                 
                                                 Six months     Six months
                                                 ended          ended
                                                 September 30,  September 30,
                                                 2012           2011
                                                 $ in thousands $ in thousands
                                                 (unaudited)    (unaudited)
                                                                 
Net sales                                        16,276         13,975
Cost of sales                                    (13,274)       (11,730)
                                                                 
Gross profit                                     3,002          2,245
                                                                 
Selling expenses                                 (347)          (274)
Salaries and related costs                       (1,078)        (991)
Research and development expenses                (279)          (228)
Administration and general expenses              (1,165)        (942)
                                                                 
Income / (loss) from operations                  133            (190)
Interest income                                  3              2
Interest expenses                                (33)           (18)
Foreign exchange loss                            (22)           (9)
Other income                                     45             33
                                                                 
Net income / (loss)                              126            (182)
                                                                 
Other comprehensive income, net of tax:                          
Foreign currency translation adjustments, net of (100)          135
tax
                                                                 
Comprehensive income / (loss)                    26             (47)
                                                                 
Earnings / (loss) per share                                      
                                                                 
Weighted average number of shares outstanding    5,246,903      5,246,903
                                                                 
Earnings per share ( in U.S.Dollars per share)                   
- basic and diluted                              0.02           (0.03)

The diluted net loss per share was the same as the basic net loss per share
for the six-month periods ended September 30, 2012 and September 30, 2011 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.

CONTACT: Albert So
         Chief Financial Officer and Secretary
         Tel: 852 2605 5822
         Fax: 852 2691 1724
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