MACAO – Deswell Industries reported net sales for the electronic segment for the six months ended Mar. 31 were $17 million, up 2% year-over-year. Total net sales were $27.7 million, down 13% year-over-year.

The company reported a net loss of $2.6 million for the fiscal second half of 2020, compared to net income of $1.5 million for the same period in 2019. Operating income was approximately flat at $300,000.

Net sales for the year ended Mar. 31 were $65.4 million, a decrease of 1.8% compared to fiscal 2019.

Net loss for fiscal 2020 was $1.3 million, compared to net income of $4.3 million last year. Operating income increased 180% year-over-year to $1.4 million.

As of Mar. 31, Deswell had $22.5 million in cash and cash equivalents and working capital of $51.1 million.

“We are pleased with our fiscal 2020 results, which included a strong increase in operating income despite challenges related to Covid-19 and trade conflicts,” said CEO Edward So. “Our first priority has been the safety of our employees, and to that end we delayed the reopening of our facilities following the Chinese New Year holiday, which resulted in lost production days. Supply chain interruptions also presented some headwinds, but we managed through those challenges and have been able to support our customers.

“While we continue to see demand negatively impacted by the international economic environment, we continue to nurture new customer relationships, which we are optimistic can develop into larger commitments. One of the many strengths of our company is our strong balance sheet, which enables us to weather challenging periods and stay focused on the long-term performance of the business. Finally, we brought expenses down in fiscal 2020 and will continue to proactively manage costs to maximize operating profitability for our shareholders.”

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