This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Deswell Announces Third 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)
December 31, March 31,
2010 2010
ASSETS (Unaudited) (Audited)
 
Current assets :
Cash and cash equivalents $ 34,837 $ 35,120
Marketable securities - 5,673
Accounts receivable, net 20,152 14,399

Inventories
19,777 15,808
Prepaid expenses and other current assets   2,396   1,844
Total current assets 77,162 72,844
Property, plant and equipment - net 52,484 60,705
Deferred income tax assets - 70
Goodwill   392   392
Total assets $ 130,038 $ 134,011
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
Current liabilities
Accounts payable $ 9,455 $ 7,298
Accrued payroll and employee benefits 3,773 2,570
Customer deposits 2,013 883
Other accrued liabilities 1,664 1,905
Deferred income tax liabilities   383   340
Total current liabilities   17,288   12,996
 
Shareholders' equity
Common shares nil par value
- authorized 30,000,000 shares; issued and outstanding
16,194,810 shares at December 31, 2010 and
16,191,810 shares at March 31, 2010, respectively 50,809 50,803
Additional paid-in capital 7,719 7,719
Accumulated other comprehensive income 5,316 5,316
Retained earnings   48,906   57,177
Total shareholders' equity   112,750   121,015
Total liabilities and shareholders' equity $ 130,038 $ 134,011
DESWELL INDUSTRIES, INC.  
 
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
( U.S. dollars in thousands, except per share data )
 
 
 
Quarter ended Nine months ended
December 31, December 31,
2010   2009   2010   2009
(Unaudited) (Unaudited)
Net sales $ 23,534 $ 21,358 $ 68,043 $ 64,947
Cost of sales   20,220     17,308     60,935     54,388
Gross profit 3,314 4,050 7,108 10,559
Selling, general and administrative expenses 3,496 3,897 11,154 11,680
Other income (expenses), net   (3,849 )   143     (4,378 )   4,083

Operating income (loss)
(4,031 ) 296 (8,424 ) 2,962
Interest expense - - - -
Non-operating income, net   486     171     1,067     376
Income (loss) before income taxes (3,545 ) 467 (7,357 ) 3,338
Income taxes   40     904     105     904
Net income (loss) $ (3,585 ) $ (437 ) $ (7,462 ) $ 2,434
 
 

Net income per share
Basic:
Net income per share $ (0.22 ) $ (0.03 ) $ (0.46 ) $ 0.15
Weighted average number of shares
outstanding (in thousands)   16,195     16,003     16,193     15,892
 
Diluted:
Net income per share $ (0.22 ) $ (0.03 ) $ (0.46 ) $ 0.15
Weighted average number of shares
outstanding (in thousands)   16,203     16,017     16,201     15,962

4 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,546.55 -143.31 -0.81%
S&P 500 2,089.49 -14.35 -0.68%
NASDAQ 5,097.6990 -30.5820 -0.60%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs