Total shareholders' equity 98,761 94,170
---------- -------
Total liabilities and
shareholders' equity $ 120,476 $111,076
========== =======
DESWELL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS & COMPREHENSIVE INCOME
(UNAUDITED)
(U.S. dollars in thousands, except per share data)
Six months ended
September 30,
--------------------
2024 2023
----------- -------
Net sales $ 35,176 $37,730
Cost of sales 28,312 30,368
------- ------
Gross profit 6,864 7,362
Selling, general and administrative expenses 5,404 5,260
Other income, net 360 200
------- ------
Operating income 1,820 2,302
Non-operating income, net 4,646 1,424
------- ------
Income before income taxes 6,466 3,726
Income taxes 281 169
------- ------
Net income attributable to Deswell Industries,
Inc. $ 6,185 $ 3,557
Other comprehensive income $ - $ -
------- ------
Comprehensive income attributable to Deswell
Industries, Inc. $ 6,185 $ 3,557
======= ======
Net income per share attributable to
Deswell Industries, Inc. (note 4)
Basic:
Net income per share $ 0.39 $ 0.22
======= ======
Weighted average common shares outstanding
shares (in thousands) 15,935 15,935
======= ======
Diluted:
Net income per share $ 0.39 $ 0.22
======= ======
Weighted average number of shares
outstanding (in thousands) 15,935 15,973
======= ======
DESWELL INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)
(U.S. dollars in thousands)
Six months ended Six months ended
September 30, September 30,
-------------------- --------------------
2024 2023
------------ ------------
Cash flows from operating
activities:
Net income $ 6,185 $ 3,557
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation and
amortization 763 771
Provision for doubtful
accounts 44 -
Additional charges for
obsolescence allowance
of inventories, net 350 -
Gain on disposal of
property, plant and
equipment (8) (11)
Unrealized holding gain
on marketable
securities (2,961) (68)
Scrip dividend received (73) -
Deferred tax credit (22) (22)
Changes in operating
assets and
liabilities:
Accounts receivable (5,226) (1,095)
Inventories (5) 2,551
Prepaid expenses and
other current assets (169) (30)
Accounts payable 3,041 676
Accrued payroll and
employee benefits 493 (938)
Customer deposits 1,166 (162)
Other accrued
liabilities (86) (219)
Income taxes payable 217 (46)
------------ ------------
Net cash provided by
operating activities 3,709 4,964
------------ ------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (129) (141)
Proceeds from disposal
of property, plant
and equipment 25 126
Purchase of marketable
securities (1,275) (604)
Increase in fixed
deposits maturing
over three months (8,205) (3,372)
(Increase in) release
of fixed deposits
maturing over twelve
months - current (2,800) 768
Release of fixed
deposits maturing
over twelve months 2,799 166
Held-to-maturity
investment 5,157 (5,092)
------------ ------------
Net cash used in investing
activities (4,428) (8,149)
------------ ------------
Cash flows from financing
activities
Dividends paid (1,594) (1,594)
------------ ------------
Net cash used in financing
activities (1,594) (1,594)
------------ ------------
Net decrease in cash and
cash equivalents (2,312) (4,779)
Cash and cash equivalents,
at beginning of period 15,750 22,160
------------ ------------
Cash and cash equivalents,
at end of period 13,438 17,381
============ ============
Supplementary disclosures of
cashflow information:
Cash paid during the
period for:
Interest - -
Income taxes 126 267
============ ============
View source version on businesswire.com: https://www.businesswire.com/news/home/20241115687224/en/
CONTACT: Investor Relations Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
(END) Dow Jones Newswires
November 15, 2024 09:20 ET (14:20 GMT)
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