Business Services Industry
Man Sang Holdings, Inc. Announces Financial Results for the Nine-month Period Ended December 31, 2004
Business Wire, Feb 7, 2005
Source:
Man Sang Holding Inc.
Mr. Sonny Hung
(852) 2317-9369
E-mail: sonnyh@man-sang.com
Citigate Financial Intelligence
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (Unaudited)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31
(Amounts expressed in thousands except share data)
Three Months Ended December 31,
--------------------------------
2004 2003
--------------------- ----------
US$ HK$ HK$
Net sales 13,984 109,074 106,540
Cost of goods sold (10,343) (80,674) (82,713)
---------- ---------- ----------
Gross profit 3,641 28,400 23,827
Rental income, gross 107 831 1,690
---------- ---------- ----------
3,748 29,231 25,517
Selling, general and administrative
expenses
- Pearls (2,647) (20,649) (17,288)
- Real estate investment (447) (3,489) (1,986)
---------- ---------- ----------
Operating income 654 5,093 6,243
Non-operating items
- Interest expense (3) (22) (63)
- Interest income 37 286 46
- Gain on sales of a real estate
investment 0 0 0
- Other income 39 307 1,682
- Other than temporary decline in
fair value of marketable
securities 0 0 (2,474)
---------- ---------- ----------
Income before income taxes and
minority interests 727 5,664 5,434
Income taxes (235) (1,833) (3,773)
---------- ---------- ----------
Income before minority interests 492 3,831 1,661
Minority interests (322) (2,509) (2,379)
---------- ---------- ----------
Net income (loss) 170 1,322 (718)
Other comprehensive income, net of
taxes and minority interests
- Foreign currency translation
adjustments (2) (13) 40
- Unrealized holding gain on
marketable securities 63 493 527
- Reclassification adjustment for
other than temporary decline in
fair value of marketable securities
included in net income (loss)
for the period - - 1,222
---------- ---------- ----------
Other comprehensive income, net of
taxes and minority interests 61 480 1,789
---------- ---------- ----------
Comprehensive income 231 1,802 1,071
========== ========== ==========
Basic earnings (loss) per common share 0.04 0.29 (0.16)
========== ========== ==========
Diluted earnings (loss) per common
share 0.03 0.26 (0.16)
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings (loss) per
share 4,405,960 4,405,960 4,405,960
========== ========== ==========
- for diluted earnings (loss) per
share 4,988,798 4,988,798 4,405,960
========== ========== ==========
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (Unaudited)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31
(Amounts expressed in thousands except share data)
Nine Months Ended December 31,
--------------------------------
2004 2003
--------------------- ----------
US$ HK$ HK$
Net sales 40,530 316,135 274,936
Cost of goods sold (29,278) (228,365) (205,992)
---------- ---------- ----------
Gross profit 11,252 87,770 68,944
Rental income, gross 476 3,710 4,565
---------- ---------- ----------
11,728 91,480 73,509
Selling, general and administrative
expenses
- Pearls (8,070) (62,948) (51,720)
- Real estate investment (1,131) (8,828) (8,834)
---------- ---------- ----------
Operating income 2,527 19,704 12,955
Non-operating items
- Interest expense (13) (100) (337)
- Interest income 58 455 205
- Gain on sales of a real estate
investment 4,391 34,248 0
- Other income 146 1,142 2,740
- Other than temporary decline in
fair value of marketable
securities 0 0 (2,474)
---------- ---------- ----------
Income before income taxes and
minority interests 7,109 55,449 13,089
Income taxes (791) (6,173) (7,106)
---------- ---------- ----------
Income before minority interests 6,318 49,276 5,983
Minority interests (3,451) (26,921) (5,647)
---------- ---------- ----------
Net income (loss) 2,867 22,355 336
Other comprehensive income, net of
taxes and
minority interests
- Foreign currency translation
adjustments 2 16 6
- Unrealized holding gain on
marketable securities 71 550 1,678
- Reclassification adjustment for
other than temporary decline in
fair value of marketable securities
included in net income (loss)
for the period - - 1,222
---------- ---------- ----------
Other comprehensive income, net of
taxes and minority interests 73 566 2,906
---------- ---------- ----------
Comprehensive income 2,940 22,921 3,242
========== ========== ==========
Basic earnings (loss) per common share 0.64 4.96 0.07
========== ========== ==========
Diluted earnings (loss) per common
share 0.56 4.40 0.07
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings (loss) per
share 4,405,960 4,405,960 4,467,087
========== ========== ==========
- for diluted earnings (loss) per
share 4,970,678 4,970,678 4,742,564
========== ========== ==========
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands except share data)
March 31,
December 31, 2004 2004
------------------- ----------
US$ HK$ HK$
(Unaudited)
ASSETS
----------------------------------------
Current assets:
Cash and cash equivalents 25,917 202,151 104,907
Marketable securities 1,140 8,890 7,776
Accounts receivable, net of
allowance for doubtful accounts of 6,931 54,060 62,993
HK$23,108 as of December 31, 2004
and HK$14,728 as of March 31, 2004
Inventories :
Raw materials 3,722 29,029 14,676
Work in progress 746 5,821 19,659
Finished goods 10,017 78,131 80,962
--------- --------- ----------
14,485 112,981 115,297
Prepaid expenses 565 4,410 3,169
Deposits and other receivables, net 323 2,519 7,840
of allowance for doubtful accounts
of HK$3,617 as of December 31,
2004 and HK$2,769 as of March 31,
2004
Other current assets 452 3,518 8,937
Income tax receivable 70 549 461
--------- --------- ----------
Total current assets 49,883 389,078 311,380
Deferred tax assets 0 0 174
Property, plant and equipment 20,949 163,402 157,528
Accumulated depreciation and
impairment loss (5,999) (46,792) (41,737)
--------- --------- ----------
14,950 116,610 115,791
Real estate investment 7,870 61,386 99,608
Accumulated depreciation (1,465) (11,429) (10,935)
--------- --------- ----------
6,405 49,957 88,673
Long-term investments 0 0 856
--------- --------- ----------
Total assets 71,238 555,645 516,874
========= ========= ==========
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - continued
(Amounts expressed in thousands except share data)
March 31,
December 31, 2004 2004
------------------- ----------
US$ HK$ HK$
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------
Current liabilities:
Current portion of long-term debts:
Secured bank loans - - 5,575
Accounts payable 1,361 10,617 13,234
Accrued payroll and employee
benefits 1,454 11,343 8,523
Other accrued liabilities 1,353 10,555 9,979
Deposit on sale of real estate
investment - - 7,160
Income taxes payable 1,390 10,841 4,264
--------- --------- ----------
Total current liabilities 5,558 43,356 48,735
Long-term debts :
Secured bank loans - - 6,016
Deferred tax liabilities 61 475 821
Minority interests 32,300 251,938 224,437
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 4 34 34
- authorized: 25,000,000 shares;
issued and outstanding:
4,405,960 shares as of
December 31, 2004 and March
31, 2004
Additional paid-in capital 7,839 61,141 61,051
Retained earnings 25,025 195,191 172,836
Accumulated other comprehensive income 451 3,509 2,943
--------- --------- ----------
Total stockholders' equity 33,319 259,876 236,865
--------- --------- ----------
Total liabilities and
stockholders' equity 71,238 555,645 516,874
========= ========= ==========
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