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 February 17, 2004 BONSO ELECTRONICS INTERNATIONAL INC. ------------------------------------ (Translation of Registrant's name into English) Unit 1106-1110, 11F, Star House 3 Salisbury Road, Tsimshatsui Kowloon, 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] THIRD QUARTER EARNINGS RELEASE Bonso Electronics Reports Record Sales for the First Nine Months with Earnings Up 103% HONG KONG, Feb 17/PRNewswire-FirstCall/- Bonso Electronics International, Inc (Nasdaq: BNSO) today reported net income of $2,105,000 or $0.37 per share (diluted) on revenues of $58,340,000 for the nine months ended 31 December 2003. This represents an increase of 103 percent in net income and 69 percent in revenues as compared to net income of $1,037,000 or $0.19 per share (diluted) and sales of $34,581,000 posted during the same period last year. Net income in the three months ended 31 December 2003 rose to $601,000 or $0.11 per share over $489,000 and $0.09 per share during the same period last year, representing an increase of 23%. Revenues increased to $17,260,000, a 25% increase over $13,853,000 during the same period last year. "I am pleased to report that our earnings and revenues are continuing to grow substantially in the nine month period as well as, in the current quarter. These sales improvements came from increases in both Telecom and Sensor based (scale) products," said Mr. Anthony So, Bonso Chairman, CEO and President. Mr. So stated, "I feel the nine month and quarterly results continue to represent a significant positive change in our business." "The nine months and quarterly results further demonstrate that we can significantly increase our sales volume while maintaining positive cash flow from operations thereby improving our cash and cash equivalents position to approximately $15,116,000 or $2.66 per share with little long term debt." About Bonso Electronics Headquartered in Hong Kong, Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of telecommunications products, electronic scales and weighing instruments. Bonso products are manufactured in the People's Republic of China with customers primarily located in North America and Europe. Company services include product design and prototyping, production tooling, procurement of components, total quality management, and just-in-time delivery. For further information, visit the company's website at http://www.bonso.com. The statements contained in this press release which are not historical fact are forward looking statements that involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of future financial results, seasonality of sales of certain products, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, currency fluctuations, estimates of market growth, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED BALANCE SHEET (In U.S. Dollars) Dec 31 March 31 2003 2003 ----------- ----------- (Unaudited) (Audited) Assets Current assets Cash and cash equivalents 15,116,595 3,633,528 Restricted cash deposits -- 4,104,168 Trade receivables, net 7,949,851 6,191,627 Inventories 7,599,281 12,656,518 Notes receivable -- 358,188 Tax recoverable 356,532 52,087 Deferred income tax assets - current -- 38,348 Other receivables, deposits and prepayments 1,086,086 1,166,234 ----------- ----------- Total current assets 32,108,345 28,200,698 ----------- ----------- Deposits 551,399 551,399 Deferred income tax assets - non current 82,210 128,887 Goodwill 1,089,258 1,100,962 Brand name, net 2,576,578 2,597,392 Property, plant and equipment Leasehold land and buildings 14,161,850 12,505,141 Plant and machinery 17,022,262 12,801,183 Furniture, fixtures and equipment 3,488,090 5,251,171 Motor vehicles 369,086 343,068 ----------- ----------- 35,041,288 30,900,563 Less: accumulated depreciation and amortization (17,894,857) (14,569,165) Net property, plant and equipment 17,146,431 16,331,398 ----------- ----------- Total assets 53,554,221 48,910,736 ----------- ----------- Liabilities and shareholders' equity Current liabilities Bank overdraft 239,864 216,410 Notes payable 8,057,368 4,818,971 Accounts payable 5,284,814 6,350,527 Accrued charges and deposits 1,846,163 1,827,286 Short-term loans 4,486,711 4,727,988 Current portion of long-term debt and capital lease obligations 537,796 482,940 ----------- ----------- Total current liabilities 20,452,716 18,424,122 ----------- ----------- Long-term debt and capital lease obligations, net of current maturities 1,434,286 606,488 Commitments and contingencies Minority Interests 100,370 55,275 Redeemable Common Stock Redeemable Common Stock par value $0.003 per share 1,445,808 1,445,808 - issued and outstanding shares: March & December 2003 - 180,726 Shareholders' equity Preferred stock par value $0.01 per share - authorized shares - 10,000,000 - issued and outstanding shares : March & December 2003 - 0 Common stock par value $0.003 per share 16,480 16,583 - authorized shares - 23,333,334 - issued and outstanding shares: March 31, 2003 - 5,529,133; December 31, 2003 - 5,494,844 Additional paid-in capital 21,394,136 21,458,376 Deferred consultancy fee Retained earnings 8,353,660 6,533,224 Accumulated other comprehensive income 356,765 409,692 Common stock held in treasury, at cost (38,832) ----------- ----------- 30,121,041 28,379,043 ----------- ----------- Total liabilities and shareholders' equity 53,554,221 48,910,736 ----------- ----------- BONSO ELECTRONICS INTERNATIONAL INC. CONSOLIDATED INCOME STATEMENT (In Thousands of U.S. Dollars) Unaudited Three months ended Dec. 31 Nine months ended Dec. 31 -------------------------- ------------------------- 2003 2002 2003 2002 ---------- ---------- ---------- ---------- Net sales 17,260 13,853 58,340 34,581 Cost of sales (13,234) (10,315) (46,485) (25,361) ---------- ---------- ---------- ---------- Gross margin 4,026 3,538 11,855 9,220 Selling expenses 635 564 2,117 1,566 Salaries and related costs 1,541 1,154 4,063 3,340 Research and development expenses 84 105 340 257 Administration and general expenses 1,067 922 2,781 2,399 Amortization of Brand Name 47 17 149 131 ---------- ---------- ---------- ---------- Income from operations 652 776 2,405 1,527 Interest Income 81 15 105 45 Other income 106 73 270 349 Interest Expenses (192) (172) (657) (487) Foreign exchange (loss)/ gains (35) (16) 45 -- Consultancy fee -- (95) -- (286) ---------- ---------- ---------- ---------- Income before income taxes and minority interest 612 581 2,168 1,148 Income tax benefit (3) (62) (18) (73) ---------- ---------- ---------- ---------- Net income before minority interest 609 519 2,150 1,075 Minority interests (8) (30) (45) (38) ---------- ---------- ---------- ---------- Net income 601 489 2,105 1,037 ---------- ---------- ---------- ---------- Earnings per share Basic & diluted 0.11 0.09 0.37 0.19 Weighted average shares Outstanding 5,675,570 5,529,133 5,675,570 5,529,133 For more information, please contact, In US - George OLeary, Tel: 1-949-760-9611 Fax: 1-949-760-9607 In Hong Kong - Cathy Pang Tel: +852-2605-5822 Fax: +852-2691-1724 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: February 17, 2004 By: /s/ Henry F. Schlueter ----------------------- -------------------------- Henry F. Schlueter, Assistant Secretary