Business Services Industry
Man Sang Holdings, Inc. Announces Financial Results for the Year Ended March 31, 2004
Business Wire, June 29, 2004
MAN SANG HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollars in thousands except share data)
Year ended March 31,
----------------------------------------------
2004 2004 2003 2002
US$ HK$ HK$ HK$
Net sales 48,990 382,123 323,082 282,715
Cost of sales (35,638) (277,976) (233,160) (186,276)
---------- ---------- ---------- ----------
Gross profit 13,352 104,147 89,922 96,439
Rental income, gross 798 6,220 7,455 7,526
---------- ---------- ---------- ----------
14,150 110,367 97,377 103,965
Selling, general and
administrative expenses:
Pearls (10,235) (79,838) (65,079) (65,901)
Real estate investment (1,226) (9,558) (7,280) (6,129)
---------- ---------- ---------- ----------
Operating income 2,689 20,971 25,018 31,935
Interest expenses (49) (380) (1,629) (4,886)
Interest income 36 279 690 2,785
Equity in loss of an
affiliate - - (60) -
Other income 370 2,889 4,485 1,870
Other than temporary
decline in fair value of
marketable securities (317) (2,474) (5,921) -
---------- ---------- ---------- ----------
Income before income
taxes and minority
interests 2,729 21,285 22,583 31,704
Income tax expenses (901) (7,027) (3,719) (1,206)
Minority interests (1,444) (11,266) (9,943) (14,189)
---------- ---------- ---------- ----------
Net income 384 2,992 8,921 16,309
---------- ---------- ---------- ----------
Other comprehensive income
(loss), net of taxes:
Foreign currency
translation adjustments 4 29 536 719
Unrealized holding gain
(loss) on marketable
securities arising
during the year 193 1,507 (2,043) (1,363)
Reclassification
adjustment for other
than temporary decline
in fair value of
marketable securities
included in net income
for the year 157 1,222 3,355 -
---------- ---------- ---------- ----------
Other comprehensive income
(loss), net of taxes 354 2,758 1,848 (644)
---------- ---------- ---------- ----------
Comprehensive income 738 5,750 10,769 15,665
========== ========== ========== ==========
Basic earnings per
common share $0.09 $0.67 $1.88 $3.70
========== ========== ========== ==========
Diluted earnings per
common share $0.08 $0.62 $1.88 $3.70
========== ========== ========== ==========
Weighted average number
of shares of common
stock outstanding:
- basic earnings
per share 4,451,889 4,451,889 4,740,700 4,405,960
========== ========== ========== ==========
- diluted earnings
per share 4,855,699 4,855,699 4,740,700 4,405,960
========== ========== ========== ==========
MAN SANG HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
ASSETS
March 31,
---------------------------------
2004 2004 2003
US$ HK$ HK$
Current assets:
Cash and cash equivalents 13,450 104,907 83,766
Marketable securities 997 7,776 9,978
Accounts receivable, net of
allowance for doubtful
accounts of HK$14,728
and HK$9,216 in 2004 and
2003, respectively 8,076 62,993 69,840
Inventories 14,782 115,297 134,210
Prepaid expenses 406 3,169 6,340
Deposits and other
receivables, net of
allowance for doubtful
accounts of HK$2,769 in
2004 1,005 7,840 5,109
Other current assets 1,146 8,937 8,732
Income taxes receivable 59 461 458
------- ------- -------
Total current assets 39,921 311,380 318,433
Property, plant and
equipment, net 14,845 115,791 66,278
Real estate investment, net 11,368 88,673 96,447
Long-term investments 110 856 2,586
Deferred tax assets 22 174 -
------- ------- -------
Total assets 66,266 516,874 483,744
======= ======= =======
MAN SANG HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - continued
(Dollars in thousands except share data)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31,
---------------------------------
2004 2004 2003
US$ HK$ HK$
Current liabilities:
Current portion of
long-term debts 715 5,575 5,575
Accounts payable 1,697 13,234 5,554
Accrued payroll and
employee benefits 1,093 8,523 7,188
Other accrued liabilities 1,279 9,979 9,577
Deposit on sale of real
estate investment 918 7,160 -
Income taxes payable 547 4,264 2,224
------- ------- -------
Total current liabilities 6,249 48,735 30,118
------- ------- -------
Long-term debts 771 6,016 16,435
------- ------- -------
Deferred tax liabilities 105 821 -
------- ------- -------
Minority interests 28,774 224,437 179,844
------- ------- -------
Commitments and
contingencies (note 12)
Stockholders' equity:
Series A preferred stock
US$0.001 par value
- authorized, issued and
outstanding 100,000
shares in 2004 and 2003
(entitled in liquidation
to US$2,500 (HK$19,500)) - 1 1
Series B preferred stock
US$0.001 par value
- authorized 100,000 shares;
no shares outstanding - - -
Common stock of par value
US$0.001
- authorized 25,000,000
shares; issued and
outstanding, 4,405,960
shares and 4,815,960
shares in 2004 and 2003,
respectively 4 34 37
Additional paid-in capital 7,827 61,051 60,633
Retained earnings 22,158 172,836 196,491
Accumulated other
comprehensive income 378 2,943 185
------- ------- -------
Total stockholders' equity 30,367 236,865 257,347
------- ------- -------
Total liabilities and
stockholders' equity 66,266 516,874 483,744
======= ======= =======
COPYRIGHT 2004 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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