Deswell Industries, Inc. Announces Unaudited Consolidated Earnings Results for the Second Half and Fiscal Year Ended March 31, 2017
June 12, 2017 at 08:24 am EDT
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Deswell Industries, Inc. announced unaudited consolidated earnings results for the second half and fiscal year ended March 31, 2017. Net sales for the six months ended March 31, 2017 were $23.8 million, an increase of 14.2% compared to net sales of $20.9 million for the six months ended March 31, 2016. Operating loss for the second half of fiscal 2017 was significantly reduced to $0.3 million, as compared to an operating loss of $2.7 million for the same period of fiscal 2016. The company reported net income of $0.7 million for the six months ended March 31, 2017, as compared to a net loss of $1.5 million for the six months ended March 31, 2016. The company reported basic and diluted income per share of $0.04 for the second half of fiscal 2017 (based on 16,013,000 weighted average shares outstanding), as compared to basic and diluted loss per share of $0.09 (based on 16,056,000 weighted average shares outstanding), for the six months ended March 31, 2016. Income before income taxes was $790,000 against loss of $1,425,000 a year ago.
Net sales for the year ended March 31, 2017 were $44.5 million, consistent with the corresponding period in fiscal 2016. Operating loss for the year ended March 31, 2017 decreased to $2.1 million, as compared to operating loss of $5.3 million for fiscal 2016. The Company reported a net income of $1.4 million in fiscal 2017, as compared to net loss of $4.9 million for the year ended March 31, 2016. The company reported basic and diluted net income per share of $0.09 for fiscal 2017, (based on 16,035,000 weighted average share outstanding), as compared to basic and diluted loss per share of $0.31 (based on 16,056,000 weighted average shares outstanding), for the prior fiscal year. Income before income taxes was $1,585,000 against loss of $4,776,000 a year ago. Net cash used in operating activities was $1,128,000 compared to net cash provided by operating activities of $563,000 a year ago. Purchase of property, plant and equipment was $2,196,000 compared to $591,000 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.