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  • Nov 15, 2024

      Show headlines and story abstract
    • 9:20AM ET on Friday Nov 15, 2024 by Dow Jones
      Companies Mentioned: DSWL
      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 ============ ============
    • 9:20AM ET on Friday Nov 15, 2024 by Dow Jones
      Companies Mentioned: DSWL

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