Deswell Announces Third Quarter 2013 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,
		2012			2012
ASSETS		(Unaudited)			(Audited)
Current assets :
Cash and cash equivalents		$	28,464		$	33,073
Fixed deposits maturing over three months			6,869			4,008
Marketable securities (note 2)			3,498			-
Available-for-sale securities (note 2)			8,575			7,630
Accounts receivable, net			10,888			12,476
Inventories (note 4)			12,770			15,852
Prepaid expenses and other current assets			1,132			2,164
Total current assets			72,196			75,203
Property, plant and equipment - net			43,542			46,177
Deferred income tax assets			189			187
Goodwill			392			392
Total assets		$	116,319		$	121,959
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable		$	4,364		$	5,741
Accrued payroll and employee benefits			3,442			3,778
Customer deposits			1,297			2,257
Other accrued liabilities			1,368			1,311
Income taxes payable			572			438
Deferred income tax liabilities			519			421
Dividend payable			-			324
Total current liabilities			11,562			14,270
Shareholders' equity
Common shares nil par value - authorized 30,000,000 shares, shares issued and outstanding December 31, 2012 - 16,433,118 (note 6); March 31, 2012 - 16,196,810			52,443			50,816
Additional paid-in capital			6,949			8,265
Accumulated other comprehensive income			5,515			4,570
Retained earnings			39,850			44,038
Total shareholders' equity			104,757			107,689
Total liabilities and shareholders' equity		$	116,319		$	121,959

DESWELL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS &
COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(U.S. dollars in thousands, except per share data)
		Quarter ended								Nine months ended
		December 31,								December 31,
		2012				2011				2012				2011
Net sales		$	13,766			$	16,241			$	44,557			$	52,585
Cost of sales			12,150				13,874				38,078				44,529
Gross profit			1,616				2,367				6,479				8,056
Selling, general and administrative expenses			2,403				2,798				7,749				9,038
Other income, net			130				25				219				465
Operating loss			(657	)			(406	)			(1,051	)			(517	)
Non-operating income, net			496				589				1,284				208
Income (Loss) before income taxes			(161	)			183				233				(309	)
Income taxes			60				92				225				439
Net income (loss) attributable to Deswell Industries, Inc.		$	(221	)		$	91			$	8			$	(748	)
Other comprehensive loss
Unrealized gain (loss) on available-for-sale securities		$	381			$	(1,005	)		$	945			$	(1,525	)
Comprehensive income (loss) attributable to Deswell Industries, Inc.		$	160			$	(914	)		$	953			$	(2,273	)
Net income (loss) per share attributable to
Deswell Industries, Inc. (note 5)
Basic:
Net income (loss) per share		$	(0.013	)		$	0.006			$	0.0005			$	(0.05	)
Weighted average common shares outstanding shares in thousands)			16,698				16,197				16,482				16,197
Diluted:
Net income (loss) per share		$	(0.013	)		$	0.006			$	0.0005			$	(0.05	)
Weighted average number of shares outstanding (in thousands)			16,717				16,198				16,559				16,202

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