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Deswell Announces First Quarter 2013 Results

Stocks in this article: DSWL

Deswell Industries, Inc. (Nasdaq: DSWL) today announced its financial results for the fiscal first quarter ended June 30, 2012.

Net sales for the first quarter ended June 30, 2012 were $14.5 million, a decrease of 20.9% compared to net sales of $18.3 million for the same quarter ended June 30, 2011. Net sales decreased by 15.6% to $7.1 million in the Company’s plastic segment and by 25.5% to $7.4 million in the electronic and metallic segment. The operating loss in the first quarter was $0.3 million, compared to an operating income of $0.1 million for the same quarter of fiscal 2011.

Total gross margin decreased to 15.4% in the first quarter ended June 30, 2012 compared to 17.3% in the same quarter last year. Gross profit margin in the plastic segment decreased to 19.1% of net sales for the first quarter of fiscal 2013 compared to 22.8% of net sales for the same quarter of last fiscal year. The decrease of gross profit and margin in the plastic segment was mainly due to increases in raw materials cost and factory overheads as a percentage of net sales. Gross profit margin in the electronic and metallic segment decreased to 12.0% of net sales for the first quarter ended June 30, 2012 compared to 12.6% of net sales for the year-ago quarter. The decrease in gross profit and margin in the electronic and metallic segment was mainly attributed to increases in labor cost as well as in factory overheads, offsetting a decrease in raw materials cost as a percentage of net sales.

The Company reported net income of $0.04 million for the first quarter ended June 30, 2012 compared to net income of $0.08 million for the quarter ended June 30, 2011. Deswell reported a basic and diluted income per share of $0.0025 for the first quarter of fiscal 2013, (based on 16,203,000 and 16,207,000 weighted average shares outstanding, respectively) compared to a basic and diluted income per share of $0.0046, (based on 16,197,000 and 16,204,000 weighted average shares outstanding, respectively) for the same quarter ended June 30, 2011.

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