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March 31,
|
March 31,
|
||||||
2022
|
2021
|
||||||
ASSETS
|
(Unaudited)
|
(Audited)
|
|||||
Current assets :
|
|||||||
Cash and cash equivalents
|
$
|
13,465
|
$
|
20,223
|
|||
Time deposits maturing over three months
|
4,354
|
2,700
|
|||||
Time deposits maturing over twelve months-current
|
1,564
|
-
|
|||||
Marketable securities (note2)
|
24,499
|
22,373
|
|||||
Accounts receivable, net
|
18,195
|
14,708
|
|||||
Inventories (note 3)
|
23,819
|
16,193
|
|||||
Prepaid expenses and other current assets
|
2,054
|
2,489
|
|||||
Total current assets
|
87,950
|
78,686
|
|||||
Property, plant and equipment - net
|
27,017
|
27,323
|
|||||
Time deposits maturing over twelve months
|
313
|
1,851
|
|||||
Deferred income tax assets
|
259
|
-
|
|||||
Total assets
|
$
|
115,539
|
$
|
107,860
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|||||||
Current liabilities
|
|||||||
Accounts payable
|
$
|
9,838
|
$
|
9,522
|
|||
Accrued payroll and employee benefits
|
7,611
|
7,107
|
|||||
Customer deposits
|
2,343
|
1,683
|
|||||
Other accrued liabilities
|
2,950
|
2,016
|
|||||
Income taxes payable
|
1,232
|
886
|
|||||
Total current liabilities
|
23,974
|
21,214
|
|||||
Deferred income tax liabilities
|
659
|
957
|
|||||
Total liabilities
|
24,633
|
22,171
|
|||||
Shareholders' equity
|
|||||||
Common shares nil par value - authorized 30,000,000 shares,
|
|||||||
17,061,810 shares issued as of March 31, 2021 and,
17,081,810 shares issued as of March 31, 2022;
15,915,239 shares outstanding as of March 31, 2021 and,
|
|||||||
15,935,239 shares outstanding as of March 31, 2022
|
53,202
|
53,143
|
|||||
Treasury stock at cost; 1,146,571 shares as of
|
|||||||
March 31, 2021 and 2022
|
(2,821
|
)
|
(2,821
|
)
|
|||
Additional paid-in capital
|
7,973
|
7,989
|
|||||
Accumulated other comprehensive income
|
5,316
|
5,316
|
|||||
Retained earnings
|
27,236
|
22,062
|
|||||
Total shareholders' equity
|
90,906
|
85,689
|
|||||
Total liabilities and shareholders' equity
|
$
|
115,539
|
$
|
107,860
|
|||
Six months ended
|
Year ended
|
||||||||||||||
March 31,
|
March 31,
|
||||||||||||||
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net sales
|
$ |
45,708
|
$ |
37,196
|
$ |
85,490
|
$ |
64,886
|
|||||||
Cost of sales
|
38,176
|
29,625
|
71,538
|
51,720
|
|||||||||||
Gross profit
|
7,532
|
7,571
|
13,952
|
13,166
|
|||||||||||
Selling, general and administrative expenses
|
5,791
|
5,590
|
11,139
|
10,310
|
|||||||||||
Other income (expense), net
|
(37 | ) | 321 |
74 |
405
|
||||||||||
Operating income
|
1,704
|
2,302
|
2,887
|
3,261
|
|||||||||||
Non-operating income, net
|
2,020
|
4,641
|
5,308
|
5,445
|
|||||||||||
Income before income taxes
|
3,724
|
6,943
|
8,195
|
8,706
|
|||||||||||
Income tax (benefit) expense
|
(338
|
)
|
244 |
(165 | ) | 475 |
|||||||||
Net income attributable to Deswell Industries, Inc.
|
$ |
4,062
|
$ |
6,699
|
$ |
8,360
|
$ |
8,231
|
|||||||
Other comprehensive income
|
$ |
-
|
$ |
-
|
$ |
-
|
$ |
-
|
|||||||
Total comprehensive income attributable to Deswell
|
|||||||||||||||
Industries, Inc.
|
$ |
4,062
|
$ |
6,699
|
$ |
8,360
|
$ |
8,231
|
|||||||
Net income per share attributable to
|
|||||||||||||||
Deswell Industries, Inc. (note 4)
|
|||||||||||||||
Basic:
|
|||||||||||||||
Net income per share
|
$ |
0.25
|
$ |
0.42
|
$ |
0.52
|
$ |
0.52
|
|||||||
Weighted average common shares outstanding
|
|||||||||||||||
shares (in thousands)
|
15,935
|
15,915
|
15,929
|
15,915
|
|||||||||||
Diluted:
|
|||||||||||||||
Net income per share
|
$ |
0.25
|
$ |
0.42
|
$ |
0.52
|
$ |
0.51
|
|||||||
Weighted average common shares
|
|
||||||||||||||
outstanding (in thousands)
|
16,038
|
15,995
|
16,137
|
16,047
|
( U.S. dollars in thousands )
|
Year ended
|
||||||
March 31,
|
|||||||
2022
|
2021
|
||||||
Cash flows from operating activities :
|
|||||||
Net income
|
$
|
8,360
|
$
|
8,231
|
|||
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||
Depreciation and amortization
|
1,736
|
1,755
|
|||||
(Reversal of) provision for credit losses
|
(148
|
)
|
397
|
||||
Usage of obsolescence allowance of inventories, net
|
(25
|
)
|
-
|
||||
Loss (gain) on disposal of property, plant and
equipment
|
24
|
(22
|
)
|
||||
Unrealized holding gains on marketable
securities
|
(872
|
)
|
(2,010
|
)
|
|||
Gain on sales of marketable securities
|
(1,073
|
)
|
(333
|
)
|
|||
Scrip dividend received
|
-
|
(19
|
)
|
||||
Exchange loss (gain) from marketable securities
|
117
|
(661
|
)
|
||||
Deferred income tax (benefit) expense
|
(557
|
)
|
206
|
||||
Changes in operating assets and liabilities:
|
|||||||
Accounts receivable
|
(3,339
|
)
|
(2,804
|
)
|
|||
Inventories
|
(7,601
|
)
|
(7,615
|
)
|
|||
Prepaid expenses and other current assets
|
435
|
(737
|
)
|
||||
Accounts payable
|
316
|
4,918
|
|||||
Accrued payroll and employee benefits
|
504
|
1,030
|
|||||
Customer deposits
|
660
|
511
|
|||||
Other accrued liabilities
|
934
|
298
|
|||||
Income taxes payable
|
346
|
151
|
|||||
Net cash (used in) provided by operating activities
|
(183
|
)
|
3,296
|
||||
Cash flows from investing activities
|
|||||||
Purchase of property, plant and equipment
|
(1,504
|
)
|
(551
|
)
|
|||
Proceeds from disposal of property, plant and equipment
|
50
|
81
|
|||||
Purchase of marketable securities
|
(11,543
|
)
|
(6,059
|
)
|
|||
Proceeds from disposal of marketable securities
|
11,245
|
6,150
|
|||||
Increase in fixed deposits maturing over three months
|
(1,654
|
)
|
(1,917
|
)
|
|||
Increase in fixed deposits maturing over twelve months
|
(26
|
)
|
(427
|
)
|
|||
Net cash used in investing activities
|
(3,432
|
)
|
(2,723
|
)
|
|||
Cash flows from financing activities
Dividends paid
|
(3,186
|
)
|
(2,864
|
)
|
|||
Exercise of stock options
|
43
|
-
|
|||||
Net cash used in financing activities
|
(3,143
|
)
|
(2,864
|
)
|
|||
Net decrease in cash and cash equivalents
|
(6,758
|
)
|
(2,291
|
)
|
|||
Cash and cash equivalents, beginning of year
|
20,223
|
22,514
|
|||||
Cash and cash equivalents, end of year
|
13,465
|
20,223
|
|||||
Supplementary disclosures of cash flow information:
|
|||||||
Cash paid during the year for:
|
|||||||
Interest
|
-
|
-
|
|||||
Income taxes
|
68
|
236
|
March 31, 2022
|
||||||||
Cost
|
Gross
Unrealized
gain
|
Fair value
|
||||||
Marketable securities
|
||||||||
Equity securities
|
$24,096
|
$403
|
$24,499
|
March 31, 2021
|
||||||||
Cost
|
Gross
Unrealized
(loss)
|
Fair value
|
||||||
Marketable securities
|
||||||||
Equity securities
|
$22,842
|
$(469)
|
|
$22,373
|
March 31,
|
March 31,
|
|||||||
2022
|
2021
|
|||||||
Inventories by major categories :
|
||||||||
Raw materials
|
$ |
|
16,970
|
$
|
11,554
|
|||
Work in progress
|
3,904
|
2,646
|
||||||
Finished goods
|
2,945
|
1,993
|
||||||
$ |
|
23,819
|
$
|
16,193
|