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Deswell Announces Second Quarter Results

For further information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” section of Company’s Annual Report on Form 20-F, copies of which may be obtained from the Website maintained by the Securities and Exchange Commission at http://www.sec.gov.

All information in this release is made as of the date of this press release. Deswell undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Deswell’s expectations.
     
DESWELL INDUSTRIES, INC.
 
CONSOLIDATED BALANCE SHEET
( U.S. dollars in thousands)
September 30, March 31,

2010

2010
ASSETS (Unaudited) (Audited)
 
Current assets :
Cash and cash equivalents $ 32,596 $ 35,120
Marketable securities - 5,673
Accounts receivable, net 21,878 14,399
Inventories (note 2) 20,605 15,808
Prepaid expenses and other current assets   3,003   1,844
Total current assets 78,082 72,844
Property, plant and equipment - net 57,623 60,705
Deferred income tax assets - 70
Goodwill   392   392
Total assets $ 136,097 $ 134,011
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities
Accounts payable $ 12,107 $ 7,298
Accrued payroll and employee benefits 3,930 2,570
Customer deposits 1,755 883
Other accrued liabilities 1,633 1,905
Income taxes payable - -
Deferred income tax liabilities   339   340
Total current liabilities   19,764   12,996
 
Shareholders' equity
Common shares nil par value
- authorized 30,000,000 shares; issued and outstanding
16,193,810 shares at September 30, 2010 and
16,191,810 shares at March 31, 2010, respectively 50,807 50,803
Additional paid-in capital 7,719 7,719
Accumulated other comprehensive income 5,316 5,316
Retained earnings   52,491   57,177
Total shareholders' equity   116,333   121,015
Total liabilities and shareholders' equity $ 136,097 $ 134,011
             
DESWELL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
( U.S. dollars in thousands, except per share data )
 
Quarter ended Year ended
September 30, September 30,

2010

2009

2010

2009
(Unaudited) (Unaudited)
Net sales $ 24,023 $ 20,852 $ 44,510 $ 43,590
Cost of sales   21,129     17,945     40,716     37,080
Gross profit 2,894 2,907 3,794 6,510
Selling, general and administrative expenses 3,835 3,867 7,658 7,783
Other income (expenses), net   (773 )   3,898     (529 )   3,939
Operating income (loss) (note 3) (1,714 ) 2,938 (4,393 ) 2,666
Interest expense - - - -
Non-operating income, net   184     150     581     205
Income (loss) before income taxes (1,530 ) 3,088 (3,812 ) 2,871
Income taxes   67     (36 )   65     1
Net income (loss) $ (1,597 ) $ 3,124   $ (3,877 ) $ 2,870
 
 
Net income per share (note 4)
Basic:
Net income per share $ (0.10 ) $ 0.20   $ (0.24 ) $ 0.18
Weighted average number of shares
outstanding (in thousands)   16,194     15,880     16,194     15,836
 
Diluted:
Net income per share $ (0.10 ) $ 0.20   $ (0.24 ) $ 0.18
Weighted average number of shares
outstanding (in thousands)   16,205     16,016     16,200     15,902

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