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Deswell Announces Third 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)

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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