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Deswell Announces Second Quarter 2013 Results

Stocks in this article: DSWL

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)

  9/30/2012   3/31/2012
ASSETS (Unaudited) (Audited)
Current assets :
Cash and cash equivalents $ 26,749 $ 33,073
Fixed deposits maturing over three months 5,967 4,008

Marketable securities

2,082 -

Available-for-sale securities

8,194 7,630
Accounts receivable, net 14,559 12,476

Inventories

15,241 15,852
Prepaid expenses and other current assets   1,695   2,164
Total current assets 74,487 75,203
Property, plant and equipment - net 44,201 46,177
Deferred income tax assets 187 187
Goodwill   392   392
Total assets $ 119,267 $ 121,959
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 5,874 $ 5,741
Accrued payroll and employee benefits 3,655 3,778
Customer deposits 1,482 2,257
Other accrued liabilities 1,268 1,311
Income taxes payable 524 438
Deferred income tax liabilities 500 421
Dividend payable   -   324
Total current liabilities   13,303   14,270
Shareholders' equity

Common shares nil par value - authorized 30,000,000 shares, shares issued and outstanding September 30, 2012 - 16,635,101; March 31, 2012 - 16,196,810

52,443 50,816
Additional paid-in capital 7,478 8,265
Accumulated other comprehensive income 5,134 4,570
Retained earnings   40,909   44,038
Total shareholders' equity   105,964   107,689
Total liabilities and shareholders' equity $ 119,267 $ 121,959
 
       
DESWELL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS &
COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(U.S. dollars in thousands, except per share data)
Quarter ended Six months ended
September 30, September 30,
2012 2011 2012 2011
 
Net sales $ 16,303 $ 18,020 $ 30,791 $ 36,344
Cost of sales   13,678     15,492     25,928     30,655  
Gross profit 2,625 2,528 4,863 5,689
Selling, general and administrative expenses 2,767 3,145 5,346 6,240
Other income, net   67     392     89     440  
Operating loss (75 ) (225 ) (394 ) (111 )
Non-operating income (expenses), net   345     (370 )   788     (381 )
Income (Loss) before income taxes 270 (595 ) 394 (492 )
Income taxes   81     319     165     347  
Net income (loss) attributable to Deswell Industries, Inc. $ 189 $ (914 ) $ 229 $ (839 )
Other comprehensive loss
Unrealized gain (loss) on available-for-sale securities $ 613   $ (292 ) $ 564   $ (520 )
Comprehensive loss attributable to Deswell Industries, Inc. $ 802   $ (1,206 ) $ 793   $ (1,359 )

Net income (loss) per share attributable to Deswell Industries, Inc.

Basic:
Net income (loss) per share $ 0.011   $ (0.056 ) $ 0.014   $ (0.052 )

Weighted average common shares outstanding shares (in thousands)

  16,726     16,197     16,596     16,197  
Diluted:
Net income (loss) per share $ 0.011   $ (0.056 ) $ 0.014   $ (0.052 )

Weighted average number of shares outstanding (in thousands)

  16,749     16,199     16,654     16,201  




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