![]() |
September 30,
|
March 31,
|
||||||
2021
|
2021
|
||||||
ASSETS
|
(Unaudited)
|
(Audited)
|
|||||
Current assets :
|
|||||||
Cash and cash equivalents
|
$
|
17,379
|
$
|
20,223
|
|||
Fixed deposits maturing over three months
|
3,070
|
2,700
|
|||||
Time deposits maturing over twelve months - current portion
|
1,543
|
-
|
|||||
Marketable securities (note 3)
|
24,316
|
22,373
|
|||||
Accounts receivable, net
|
17,502
|
14,708
|
|||||
Inventories (note 2)
|
20,992
|
16,193
|
|||||
Prepaid expenses and other current assets
|
3,420
|
2,489
|
|||||
Total current assets
|
88,222
|
78,686
|
|||||
Property, plant and equipment - net
|
27,246
|
27,323
|
|||||
Time deposits maturing over twelve months
|
308
|
1,851
|
|||||
Total assets
|
$
|
115,776
|
$
|
107,860
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Current liabilities
|
|||||||
Accounts payable
|
$
|
12,157
|
$
|
9,522
|
|||
Accrued payroll and employee benefits
|
7,630
|
7,107
|
|||||
Customer deposits
|
3,156
|
1,683
|
|||||
Other accrued liabilities
|
2,409
|
2,016
|
|||||
Income taxes payable
|
1,063
|
886
|
|||||
Total current liabilities
|
26,415
|
21,214
|
|||||
Deferred income tax liabilities
|
923
|
957
|
|||||
Total liabilities
|
27,338
|
22,171
|
|||||
Shareholders' equity
|
|||||||
Common shares nil par value; authorized 30,000,000 shares; 17,061,810, and 17,081,810
|
|||||||
shares issued as of March 31, 2021 and September 30, 2021; 15,915,239 and
|
53,202
|
53,143
|
|||||
15,935,239 shares outstanding as of March 31, 2021 and September 30, 2021
|
|||||||
Treasury stock at cost; 1,146,571 and 1,146,571 shares as of
|
(2,821
|
)
|
(2,821
|
)
|
|||
March 31, 2021 and September 30, 2021
|
|||||||
Additional paid-in capital
|
7,973
|
7,989
|
|||||
Accumulated other comprehensive income
|
5,316
|
5,316
|
|||||
Retained earnings
|
24,768
|
22,062
|
|||||
Total shareholders' equity
|
88,438
|
85,689
|
|||||
Total liabilities and shareholders' equity
|
$
|
115,776
|
$
|
107,860
|
Six months ended
|
|||||||
September 30,
|
|||||||
2021
|
2020
|
||||||
Net sales
|
$
|
39,782
|
$
|
27,690
|
|||
Cost of sales
|
33,362
|
22,095
|
|||||
Gross profit
|
6,420
|
5,595
|
|||||
Selling, general and administrative expenses
|
5,348
|
4,720
|
|||||
Other income, net
|
111
|
84
|
|||||
Operating income
|
1,183
|
959
|
|||||
Non-operating income, net
|
3,288
|
804
|
|||||
Income before income taxes
|
4,471
|
1,763
|
|||||
Income taxes
|
173
|
231
|
|||||
Net income attributable to Deswell Industries, Inc.
|
$
|
4,298
|
$
|
1,532
|
|||
Other comprehensive income
|
$
|
-
|
$
|
-
|
|||
Comprehensive income attributable to Deswell Industries, Inc.
|
$
|
4,298
|
$
|
1,532
|
|||
Net income per share attributable to
|
|||||||
Deswell Industries, Inc. (note 4)
|
|||||||
Basic:
|
|||||||
Net income per share
|
$
|
0.27
|
$
|
0.10
|
|||
Weighted average common shares outstanding
|
|||||||
shares (in thousands)
|
15,923
|
15,915
|
|||||
Diluted:
|
|||||||
Net income per share
|
$
|
0.27
|
$
|
0.10
|
|||
Weighted average number of shares
|
|||||||
outstanding (in thousands)
|
16,041
|
15,959
|
( U.S. dollars in thousands )
|
Six months
ended
|
Six months
ended
|
|||||
September 30,
|
September 30,
|
||||||
2021
|
2020
|
||||||
Cash flows from operating activities :
|
|||||||
Net income
|
$
|
4,298
|
$
|
1,532
|
|||
Adjustments to reconcile net income to net cash
|
|||||||
provided by operating activities :
|
|||||||
Depreciation and amortization
|
883
|
895
|
|||||
(Reversal of) provision for doubtful accounts
|
(163
|
)
|
432
|
||||
(Reversal of) additional charges for obsolescence allowance of inventories, net
|
(293
|
)
|
132
|
||||
Loss on disposal of property, plant and equipment
|
-
|
10
|
|||||
Unrealized holding (gain) loss on marketable securities
|
(845
|
)
|
527
|
||||
Realized gain on disposal of marketable securities
|
(653
|
)
|
(54
|
)
|
|||
Scrip dividend received
|
-
|
(448
|
)
|
||||
Exchange loss from marketable securities
|
117
|
-
|
|||||
Deferred tax (credit) charge
|
(34
|
)
|
81
|
||||
Changes in operating assets and liabilities:
|
|||||||
Accounts receivable
|
(2,631
|
)
|
(2,148
|
)
|
|||
Inventories
|
(4,506
|
)
|
(1,718
|
)
|
|||
Prepaid expenses and other current assets
|
(931
|
)
|
144
|
||||
Accounts payable
|
2,635
|
3,603
|
|||||
Accrued payroll and employee benefits
|
523
|
338
|
|||||
Customer deposits
|
1,473
|
133
|
|||||
Other accrued liabilities
|
393
|
106
|
|||||
Income taxes payable
|
177
|
95
|
|||||
Net cash provided by operating activities
|
443
|
3,660
|
|||||
Cash flows from investing activities
|
|||||||
Purchase of property, plant and equipment
|
(822
|
)
|
(85
|
)
|
|||
Proceeds from disposal of property, plant and equipment,
|
16
|
-
|
|||||
Purchase of marketable securities
|
(7,301
|
)
|
(3,026
|
)
|
|||
Proceeds from disposal of marketable securities
|
6,739
|
541
|
|||||
Increase in fixed deposits maturing over three months
|
(370
|
)
|
(2,706
|
)
|
|||
Increase in fixed deposits maturing over twelve months
|
-
|
(27
|
)
|
||||
Net cash used in investing activities
|
(1,738
|
)
|
(5,303
|
)
|
|||
Cash flows from financing activities
|
|||||||
Dividends paid
|
(1,592
|
)
|
(1,432
|
)
|
|||
Exercise of stock options
|
43
|
-
|
|||||
Net cash used in financing activities
|
(1,549
|
)
|
(1,432
|
)
|
|||
Cash effect of exchange rate changes
|
|||||||
Net decrease in cash and cash equivalents
|
(2,844
|
)
|
(3,075
|
)
|
|||
Cash and cash equivalents, at beginning of period
|
20,223
|
22,514
|
|||||
Cash and cash equivalents, at end of period
|
17,379
|
19,439
|
|||||
Supplementary disclosures of cashflow information :
|
|||||||
Cash paid during the period for :
|
|||||||
Interest
|
-
|
-
|
|||||
Income taxes
|
89
|
78
|
March 31, 2021
|
|||||||||||
Cost
|
Gross
Unrealized
(loss)
|
Fair value
|
|||||||||
Marketable securities
|
|||||||||||
Equity securities
|
$
|
22,842
|
$
|
(469
|
)
|
$
|
22,373
|
||||
September 30, 2021
|
|||||||||||
Cost
|
Gross
Unrealized
gain
|
Fair value
|
|||||||||
Marketable securities
|
|||||||||||
Equity securities
|
$
|
23,940
|
$
|
376
|
$
|
24,316
|
September 30,
|
March 31,
|
|||||||
2021
|
2021
|
|||||||
Inventories by major categories :
|
||||||||
Raw materials
|
$
|
14,249
|
$
|
11,554
|
||||
Work in progress
|
4,535
|
2,646
|
||||||
Finished goods
|
2,208
|
1,993
|
||||||
$
|
20,992
|
$
|
16,193
|
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