HONG KONG, Nov. 5, 2010 (GLOBE NEWSWIRE) -- Bonso Electronics International Inc. (Nasdaq:BNSO) today reported its annual results for the fiscal year ended March 31, 2010.
Bonso reported a net loss for the fiscal year ended March 31, 2010 of $0.66 million or $0.13 basic and diluted loss per share, as compared to a net loss of $7.6 million or $1.45 basic and diluted loss per share posted during fiscal year ended March 31, 2009. Net sales for the fiscal year ended March 31, 2010 decreased 29% to $28.5 million from $40.4 million for the fiscal year ended March 31, 2009.
Mr. Anthony So, President and CEO stated: "The global economic downturn that began in 2008 continued to effect the demand for our products during the fiscal year ended March 31, 2010, as can be seen from the decrease in revenue compared to the fiscal year ended March 31, 2009. Although the overall market demand for the year was weak, our efforts in effecting tight cost control measures, the disposal of our unprofitable subsidiaries and the reduction of telecommunication products with lower margins, allowed us to reduce our net loss to $0.66 million for the fiscal year ended March 31, 2010. Also, I am pleased that we were able to achieve positive cash flow during the last fiscal year in spite of challenges we faced."Mr. So said further: "We are very optimistic about the future prospects for our company, and we believe our shares are undervalued in the market place. Therefore, we will continue to buy back our shares in the open market when we believe it is in the best interest of our shareholders to do so. Also, we maintain a strong cash position, which was $8.1 million (or $1.4 per share) as of March 31, 2010."