The Company's financial position remained strong at the end of the first quarter of fiscal year 2013, with $33.5 million in cash and cash equivalents at June 30, 2012, compared to $33.1 million at June 30, 2011. Working capital totaled $60.0 million as of June 30, 2012, versus $60.9 million as of June 30, 2011. Furthermore, the Company has no long-term or short-term borrowings at June 30, 2012.Mr. Franki Tse, Chief Executive Officer, commented, “We still face the softening demand which reduced our sales significantly in this quarter. Although the global economic situation is still one of our major business concerns, we have been taking many steps to secure our sales: developing new market segments, broadening product ranges and diversifying into new business areas. We believe we will be able to capitalize on some opportunities currently under development to drive improved revenue during the coming quarters. As our balance sheet remains particularly strong with cash and no long or short term debt, we anticipate dividends to be declared in each of the coming three quarters will be at least $0.05 per share.”
Deswell Announces First Quarter 2013 Results
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