HONG KONG, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ: BNSO) today announced its unaudited results for the six-month period ended September 30, 2021.
Bonso reported a net loss for the six-month period ended September 30, 2021, of $2.10 million, or $0.44 basic loss per share, as compared to net income of $0.20 million, or $0.04 basic and diluted earnings per share, posted during the six-month period ended September 30, 2020. Net revenue for the six-month period ended September 30, 2021, decreased 26.1% to $6.0 million from $8.1 million for the six-month period ended September 30, 2020. The decreased net income resulted principally from the decrease in revenue related to the Company’s pet electronic products for the six-month period ended September 30, 2021.
Mr. Andrew So, President and CEO stated: “Our net revenue during the six-month period ended September 30, 2021, decreased as a result of decreased sales of pet electronic products through online sales channels. Due to competition from other similar products, both selling price and sales volume decreased. We continue to manufacture new pet electronic products and purchase other related products to increase our sales and market share.”
Furthermore, Mr. So stated: “The required government approvals for the redevelopment of our old factory site in Shenzhen have been delayed due to the pandemic. Further, we believe the recent liquidity problems of several of China’s largest property developers have contributed to governmental delays across the property development sector. We are working with our development partner to obtain the remaining governmental approvals for the redevelopment of the Shenzhen factory. The redevelopment project has been delayed, and this will affect the timing on completion of the project.”
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.
Bonso Electronics International Inc. designs, develops, produces and sells electronic sensor-based and wireless products for private label original equipment manufacturers (OEMs), original brand manufacturers (OBMs) and original design manufacturers (ODMs). The Company operates through three segments: Scales, Pet Electronics Products and Others. The Scales segment is engaged in the production and marketing of sensor-based scales products. These include office, jewelry, laboratory, postal and industrial scales that are used in consumer, commercial and industrial applications. The Pet Electronics Products segment is involved in the development and production of pet-related electronics products that are used in consumer applications. The Others segment is a residual, which includes the activities of tooling and mold charges for scales and pet electronics products, and sales of scrap materials. The Company sells its products primarily in the United States and Europe.