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Deswell Announces First Quarter 2014 Results

Deswell Industries, Inc. (Nasdaq: DSWL) today announced its financial results for the fiscal first quarter ended June 30, 2013.

Net sales for the first quarter ended June 30, 2013 were $11.1 million, a decrease of 23.2% compared to net sales of $14.5 million for the same quarter ended June 30, 2012. Net sales decreased by 18.2% to $5.8 million in the Company’s plastic segment and decreased by 28.1% to $5.3 million in the electronic and metallic segment. The operating loss in the first quarter was $1.4 million, compared to an operating loss of $0.3 million for the same quarter of fiscal 2013.

Total gross margin decreased to 7.0% in the first quarter ended June 30, 2013 compared to 15.4% in the same quarter last year. Gross profit margin in the plastic segment decreased to 8.7% of net sales for the first quarter of fiscal 2014 compared to 19.1% of net sales for the same quarter of last fiscal year. The decrease in gross profit and margin in the plastic segment was mainly due to increases in labor cost resulting from a raise in minimum wage rate, and in factory overheads as a percentage of sales. Gross profit margin in the electronic and metallic segment decreased to 5.0% of net sales for the first quarter ended June 30, 2013 compared to 12.0% 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 raw materials and labor costs as a percentage of sales, resulting from a higher labor rate.

The Company reported a net loss of $1.7 million for the first quarter ended June 30, 2013 compared to a net income of $0.04 million for the quarter ended June 30, 2012. Deswell reported a basic and diluted loss per share of ($0.11) for the first quarter of fiscal 2014, (based on 16,289,000 and 16,289,000 weighted average shares outstanding, respectively) compared to a basic and diluted income per share of $0.0025, (based on 16,203,000 and 16,207,000 weighted average shares outstanding, respectively) for the quarter ended June 30, 2012.

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