Deswell Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Second Half and Fiscal Year Ended March 31, 2018
June 12, 2018 at 08:30 am EDT
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Deswell Industries, Inc. announced unaudited consolidated earnings results for the second half and fiscal year ended March 31, 2018. Net sales for the six months ended March 31, 2018 were $30.908 million against $23.888 million a year ago. Net sales increased by 13.7% to $14.4 million in the plastic segment and increased by 47.2% to $16.5 million in the company’s electronic segment. Operating profit was $0.217 million against loss of $0.283 million a year ago. Income before income taxes was $2.482 million against $0.790 million a year ago. Net income attributable to the company was $2.521 million or $0.16 basic and diluted earnings per share against $0.667 million or $0.04 basic and diluted earnings per share a year ago.
Net sales for the year ended March 31, 2018 were $60.667 million against $44.522 million a year ago. Operating profit was $1.802 million against loss of $2.103 million a year ago. Income before income taxes was $6.197 million against $1.585 million a year ago. Net income attributable to the company was $6.190 million or $0.39 basic and diluted earnings per share against $1.387 million or $0.09 basic and diluted earnings per share a year ago. Net cash provided by operating activities was $5.699 million against net cash used in operating activities of $1.082 million a year ago. Purchase of property, plant and equipment was $1.707 million against $2.152 million a year ago. Purchase of marketable securities was $5.357 million against $3.159 million a year ago.
Deswell Industries, Inc. is engaged in the manufacturing and selling of injection-molded plastic parts and components. The Company also provides manufacturing services for electronic products and subassemblies, and manufactures metallic molds and accessory parts for original equipment manufacturers (OEMs) and contract manufacturers. Its segments include plastic injection molding and electronic products assembling. It produces a range of plastic parts and components that are used in the manufacture of consumer and industrial products, using various plastic injection technologies, such as film injection, integrated injection and insert injection. Its products include plastic components of electronic entertainment products; cases for flashlights, telephones, paging machines, projectors and alarm clocks; toner cartridges and cases for photocopy and printer machines; parts for electrical products, such as air-conditioning and ventilators; laser key caps, and automobile components.