SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the months of July, 1999 Bonso Electronics International Inc. ------------------------------------ (Translation of Registrant's name into English) Flat A-D, 8th Floor, Universal Industrial Centre, 23-25 Shan Mei Street, Fo Tan, Shatin, N.T., Hong Kong ------------------------------- (Address of principal executive offices) [Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.] Form 20-F X Form 40-F [Indicate by check mark whether the Registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.] Yes No X BONSO ELECTRONICS INTERNATIONAL INC. NEWS RELEASE - ------------------------------------ ------------ Flat A-D, 8/Floor, Universal Industrial Centre North America Company Contact: 23-25, Shan Mei Street George O'Leary Fo Tan, Shatin, N.T. 1919 Yacht Loinia Hong Kong Newport Beach, CA 92660 USA Telephone: (949) 760-9611 Facsimile: (949) 760-9607 BONSO ELECTRONICS INTERNATIONAL INC. ANNOUNCES FISCAL YEAR END RESULTS HONG KONG ....July 7, 1999. Bonso Electronics International Inc. (the "Company") (NASDAQ: BNSO and BNSOW) reports that revenue for the fiscal year ended March 31, 1999, decreased 45% to $13,046K as compared to revenue of $23,716K in the previous fiscal year. Operating income after charging research and development expenses in connection with a telephone project of $392K was $244K for the year ended March 31, 1999, a decrease of 90% compared to $2,354K in operating income for the year ended March 31, 1998. Net income dropped 99% to $14K or $0.0045 basic earnings per share, for the current reporting period over net income of $2,275K, or $0.8 basic earnings per share, reported for the fiscal year ended March 31, 1998.. Mr. Anthony So, Chairman and Chief Executive Officer of the Company, stated "although we suffered financially in this fiscal year because of reduced orders from two major customers and the research and development costs incurred for a telephone project, I am pleased to report that we have successfully negotiated with several new customers for diversified contract manufacturing services. One of them is a well known United States laboratory scale producer, and shipments commenced in late March 1999". Continuing, Mr. So added, "we are optimistic that we will be able to secure additional new contracts for both our old and new product lines, including our new glass body scales, kitchen scales, pocket scales, and laboratory scales. We also recognize that our customer base must be broadly diversified so that we can avoid reductions to our revenue and earnings, in the event that a major client reduces or stops doing business with the Company. Bonso Electronics' primary goal is to become a manufacturing resource for major OEM producers, who will come to rely on Bonso's state-of-the-art and cost-efficient manufacturing abilities. In order to facilitate this, the Company is introducing "just-in-time" manufacturing total quality management and performance management systems to enhance its manufacturing efficiencies and minimize production costs. Mr. So said that he is optimistic that these measures will result in increased revenue and earnings to the Company in the coming year. Today, Bonso is aggressively pursuing opportunities to enhance value in the Company. For example, Bonso has developed a unique bathroom scale that offers significant value advantages to its OEM customers. Further, the Company is in discussions with a number of significant scale companies that have expressed interest in this product. Our revolutionary new four load cell design provides the accuracy of a strain gauge scale at approximately the same cost of the old fashioned pulse count scale. We are very excited about this opportunity, because we believe it represents a significant market opportunity. Bonso Electronics designs, develops, manufactures and sells a comprehensive line of electronic scales and weighing instruments and electronic consumer and health products. The Company manufactures all of its products in the People's Republic of China. The Company's electronic scales include bathroom, kitchen, office, jewelry, laboratory, pocket, postal, industrial and parcel scales that are used in consumer, commercial and industrial applications. The Company's electronic consumer and health products include electronic thermometers and blood pressure meters. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. ### FINANCIAL HIGHLIGHTS--TO FOLLOW BONSO ELECTRONICS INTERNATIONAL INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Expressed in United States Dollars) audited March 31 -------------------------- 1998 1999 ---- ---- $ $ ASSETS Current Assets: Cash and cash equivalents 448,454 271,447 Restricted cash deposits 952,267 1,011,688 Trade receivables, net 964,958 362,236 Inventories, net 5,966,700 4,697,928 Notes receivable 340,518 690,449 Deferred income tax assets - current 35,088 31,251 Other receivables, deposits and prepayments 400,924 243,231 ----------- ----------- Total current assets 9,108,909 7,308,230 Deposits 447,735 -- Deferred income tax assets - note current 38,430 81,223 Property, plant & equipment Leasehold land and buildings 7,259,414 8,997,073 Construction in progress 785,364 -- Plant and machinery 3,385,846 3,495,632 Molds 2,108,967 2,112,608 Furniture, fixtures and equipment 2,122,805 2,661,718 Motor vehicles 306,946 306,979 ----------- ----------- 15,969,342 17,574,010 Less accumulated depreciation and amortization (4,917,853) (6,303,179) ----------- ----------- Net property, plant and equipment 11,051,489 11,270,831 ----------- ----------- Total assets 20,646,563 18,660,284 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Bank overdrafts 600,721 643,278 Notes payable 2,260,384 581,349 Accounts payable 1,560,954 1,135,910 Accrued charges and deposits 482,222 516,458 Income taxes payable 30,000 11,667 Short-term loans 338,632 720,129 Current portion of long-term debt and capital lease obligations 652,041 383,409 ----------- ----------- Total Current Liabilities 5,924,954 3,992,200 Long-term debt and capital lease obligations, net of current maturities 242,889 42,397 Commitments and contingencies Shareholders' equity Common stock, par value $0.003 per share, - authorized shares - 23,333,334, - issued and outstanding shares - 2,919,159 8,485 8,753 Additional paid-in capital 8,724,503 8,935,705 Promissory note receivable from shareholder (1,350,000) (1,430,000) Common stock subscribed 1,350,000 1,350,000 Retained earnings 5,512,204 5,525,958 Accumulated other comprehensive income 233,528 235,271 ----------- ----------- 14,478,720 14,625,687 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20,646,563 18,660,284 =========== =========== BONSO ELECTRONICS INTERNATIONAL, INC. CONSOLIDATED INCOME STATEMENT (In Thousands of U.S. Dollars) audited Year Ended March 31, ----------------------------------------- 1997 1998 1999 ---- ---- ---- Sales $ 16,989 $ 23,716 $ 13,046 Cost of Sales (12,096) (17,072) (8,812) ----------- ----------- ----------- Gross Profits 4,893 6,644 4,234 Operating Expenses: Selling expenses 433 420 197 Salaries and related costs 1,973 1,897 1,626 Research and development expenses 122 159 566 Administration and general expenses 1,609 1,814 1,601 Net gain on liquidation of a joint venture company (160) ----------- ----------- ----------- Income from Operations 916 2,354 244 Interest Income 64 74 64 Other income 102 243 53 Foreign exchange (losses)/gains (136) 35 38 Interest expenses (532) (504) (446) Less: Interest capitalized 61 46 25 ----------- ----------- ----------- Income/(loss) before income taxes 475 2,248 (22) Income Tax Benefit 71 27 36 ----------- ----------- ----------- Net income 546 2,275 14 Other Comprehensive Income, net of tax Foreign currency translation adjustments 163 43 2 ----------- ----------- ----------- Comprehensive income 709 2,318 16 =========== =========== =========== Per share amounts (in dollars): Earnings per share Basic $ 0.1934 $ 0.8039 $ 0.0045 Diluted 0.1921 0.7257 0.0037 Weighted average shares outstanding 2,825,949 2,829,448 3,079,219 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BONSO ELECTRONICS INTERNATIONAL INC. (Registrant) Date: July 19, 1999 By: /s/ Henry F. Schlueter ------------- ---------------------- Henry F. Schlueter, Assistant Secretary