Deswell Industries, Inc. (Nasdaq: DSWL) today announced its financial results for the fiscal first quarter ended June 30, 2011.
Net sales for the first quarter ended June 30, 2011 were $18.3 million, a decrease of 10.6% compared to net sales of $20.5 million for the same quarter ended June 30, 2010. Net sales decreased by 21.8% to $8.4 million in the plastic segment offsetting the increase of 1.9% to $9.9 million in the Company’s electronic and metallic segment. The operating income in the first quarter was $0.1 million, compared to an operating loss of $2.7 million for the same quarter of fiscal 2011.
Total gross margin increased to 17.3% in the first quarter ended June 30, 2011 compared to 4.4% in the same quarter last year. Gross profit margin in the plastic segment increased to 22.8% of net sales for the first quarter of fiscal 2012 compared to 1.6% of net sales for the same quarter of last fiscal year. The increase of gross profit margin was mainly due to an increase in the selling price of products, cease of production of low profit margin items and improvement in operating efficiency. Gross profit margin in the electronic and metallic segment increased to 12.6% of net sales for the first quarter ended June 30, 2011 compared to 7.5% of net sales for the year-ago quarter. The increase in gross margin in the electronic and metallic segment was mainly attributable to an increase in the selling price of products as well as improvement in operating efficiency.
The Company reported net income of $0.08 million for the first quarter ended June 30, 2011 compared to a net loss of $2.3 million for the quarter ended June 30, 2010. Basic and diluted net income per share was $0.0046, (based on 16,197,000 and 16,204,000 weighted average shares outstanding, respectively) compared to basic and diluted net loss per share of ($0.14), (based on 16,192,000 and 16,205,000 weighted average shares outstanding, respectively) for the same quarter ended June 30, 2010.
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