Business Services Industry
Man Sang Holdings, Inc. Announces Financial Results for the Six Months Ended September 30, 2004
Business Wire, Nov 12, 2004
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (Unaudited)
FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30
(Amounts expressed in thousands except share data)
Three Months Ended September 30,
--------------------------------
2004 2003
--------------------------------
US$ HK$ HK$
Net sales 13,844 107,983 101,508
Cost of goods sold (9,756) (76,098) (73,433)
---------- ---------- ----------
Gross profit 4,088 31,885 28,075
Rental income, gross 167 1,301 1,487
---------- ---------- ----------
4,255 33,186 29,562
Selling, general and administrative
expenses
- Pearls (3,210) (25,037) (17,625)
- Real estate investment (492) (3,836) (3,270)
---------- ---------- ----------
Operating income 553 4,313 8,667
Non-operating items
- Interest expense (5) (40) (141)
- Interest income 14 110 65
- Gain on sales of a real estate
investment 4,391 34,248 -
- Other income 24 188 397
---------- ---------- ----------
Income before income taxes and
minority interests 4,977 38,819 8,988
Income taxes (240) (1,873) (2,058)
---------- ---------- ----------
Income before minority interests 4,737 36,946 6,930
Minority interests (2,521) (19,666) (3,981)
---------- ---------- ----------
Net income 2,216 17,280 2,949
Other comprehensive income, net of
taxes and minority interests
- Foreign currency translation
adjustments (1) (6) (29)
- Unrealized holding gain on
marketable securities 34 265 760
---------- ---------- ----------
Other comprehensive income, net of
taxes and minority interests 33 259 731
---------- ---------- ----------
Comprehensive income 2,249 17,539 3,680
========== ========== ==========
Basic earnings per common share 0.49 3.83 0.65
========== ========== ==========
Diluted earnings per common share 0.45 3.49 0.61
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings per share 4,405,960 4,405,960 4,405,960
========== ========== ==========
- for diluted earnings per share 4,846,295 4,846,295 4,717,098
========== ========== ==========
Six Months Ended September 30,
--------------------------------
2004 2003
--------------------------------
US$ HK$ HK$
Net sales 26,546 207,061 168,396
Cost of goods sold (18,935) (147,691) (123,279)
---------- ---------- ----------
Gross profit 7,611 59,370 45,117
Rental income, gross 369 2,879 2,875
---------- ---------- ----------
7,980 62,249 47,992
Selling, general and administrative
expenses
- Pearls (5,424) (42,299) (34,432)
- Real estate investment (684) (5,339) (6,848)
---------- ---------- ----------
Operating income 1,872 14,611 6,712
Non-operating items
- Interest expense (10) (78) (274)
- Interest income 22 169 159
- Gain on sales of a real estate
investment 4,391 34,248 -
- Other income 107 835 1,058
---------- ---------- ----------
Income before income taxes and
minority interests 6,382 49,785 7,655
Income taxes (556) (4,340) (3,333)
---------- ---------- ----------
Income before minority interests 5,826 45,445 4,322
Minority interests (3,130) (24,412) (3,268)
---------- ---------- ----------
Net income 2,696 21,033 1,054
Other comprehensive income, net of
taxes and minority interests
- Foreign currency translation
adjustments 3 29 (34)
- Unrealized holding gain on
marketable securities 7 57 1,151
---------- ---------- ----------
Other comprehensive income, net of
taxes and minority interests 10 86 1,117
---------- ---------- ----------
Comprehensive income 2,706 21,119 2,171
========== ========== ==========
Basic earnings per common share 0.60 4.67 0.23
========== ========== ==========
Diluted earnings per common share 0.54 4.24 0.22
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings per share 4,405,960 4,405,960 4,500,058
========== ========== ==========
- for diluted earnings per share 4,846,922 4,846,922 4,787,439
========== ========== ==========
See accompanying notes to condensed consolidated financial statements
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands except share data)
Sept. 30, March 31,
2004 2004
-----------------------------
US$ HK$ HK$
(Unaudited)
ASSETS
------
Current assets:
Cash and cash equivalents 26,578 207,311 104,907
Marketable securities 1,012 7,892 7,776
Accounts receivable, net of
allowance for doubtful 8,159 63,642 62,993
accounts of HK$22,308 as of
September 30, 2004 and
HK$14,728 as of March 31, 2004
Inventories :
Raw materials 2,534 19,765 14,676
Work in progress 857 6,687 19,659
Finished goods 8,901 69,425 80,962
----------- -------- --------
12,292 95,877 115,297
Prepaid expenses 401 3,125 3,169
Deposits and other receivables, net
of allowance for doubtful accounts
of HK$2,769 as of September 30,
2004 and March 31, 2004 551 4,295 7,840
Other current assets 506 3,946 8,937
Income tax receivable 70 549 461
----------- -------- --------
Total current assets 49,569 386,637 311,380
Deferred tax assets - - 174
Property, plant and equipment 20,896 162,986 157,528
Accumulated depreciation (5,656) (44,109) (41,737)
----------- -------- --------
15,240 118,877 115,791
Real estate investment 7,870 61,386 99,608
Accumulated depreciation (1,425) (11,113) (10,935)
----------- -------- --------
6,445 50,273 88,673
Long-term investments - - 856
----------- -------- --------
Total assets 71,254 555,787 516,874
=========== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Current portion of long-term debts:
Secured bank loans 715 5,575 5,575
Accounts payable 1,237 9,649 13,234
Accrued payroll and employee
benefits 1,336 10,420 8,523
Other accrued liabilities 1,284 10,016 9,979
Deposit on sale of real estate
investment - - 7,160
Income taxes payable 1,227 9,573 4,264
----------- -------- --------
Total current liabilities 5,799 45,233 48,735
Long-term debts:
Secured bank loans 414 3,229 6,016
Deferred tax liabilities 43 338 821
Minority interests 31,915 248,937 224,437
Stockholders' equity:
Series A preferred stock, par value
US$0.001 - 1 1
- authorized, issued and
outstanding: 100,000 shares;
(entitled in liquidation to
US$2,500 (HK$19,500))
Series B convertible preferred stock,
par value US$0.001 - - -
- authorized: 100,000 shares; no
shares outstanding
Common stock, par value US$0.001 5 34 34
- authorized: 25,000,000 shares;
issued and outstanding:
4,405,960 shares as of
September 30, 2004 and March
31, 2004
Additional paid-in capital 7,835 61,117 61,051
Retained earnings 24,855 193,869 172,836
Accumulated other comprehensive income 388 3,029 2,943
----------- -------- --------
Total stockholders' equity 33,083 258,050 236,865
----------- -------- --------
Total liabilities and
stockholders' equity 71,254 555,787 516,874
=========== ======== ========
See accompanying notes to condensed consolidated financial statements
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