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CORRECTING and REPLACING Deswell Announces First Half 2023 Results
- Company Announces First Half Cash Dividend of $0.10 Per Share - MACAO--(BUSINESS WIRE)-- Please replace the release dated November 17, 2022 with the
About this update from Deswell Industries, Inc.
[{"type":"text","content":"\n- Company Announces First Half Cash Dividend of $0.10 Per Share -\n\n MACAO--(BUSINESS WIRE)--\nPlease replace the release dated November 17, 2022 with the following corrected version due to revisions to the first, third, and fourth paragraphs to update mentions of fiscal 2022 to fiscal 2023.\n\nThe updated release reads: \n\nDESWELL ANNOUNCES FIRST HALF 2023 RESULTS\n\n- Company Announces First Half Cash Dividend of $0.10 Per Share -\n\nDeswell Industries, Inc. (Nasdaq: DSWL) today announced its unaudited financial results for the first six months of fiscal 2023, ended September 30, 2022.\n\nNet sales for the six months ended September 30, 2022 were $44.4 million, an increase of 11.7% compared to net sales of $39.8 million for the six months ended September 30, 2021. Net sales increased by 20.9% to $36.1 million in the electronic segment but decreased by 15.9% to $8.3 million in the Company’s plastic segment.\n\nTotal gross margin slightly decreased to 16.0% of net sales during the six months ended September 30, 2022, as compared to 16.1% of net sales in the same period last year. Gross profit margin in the plastic segment increased to 13.2% of net sales for the first half of fiscal 2023, compared to 10.7% of net sales for the corresponding period of last fiscal year. The increase in gross profit and margin in the plastic segment was mainly due to decreases in raw materials cost, and in basic pay rate of labor costs due to lower headcount in the first six months of fiscal 2023. Gross profit margin in the electronic segment decreased to 16.7% of net sales for the first half of fiscal 2023, compared to 17.9% of net sales for the corresponding period of last fiscal year. The decrease in gross margin in the electronic segment was mainly attributable to increases in raw materials cost for semiconductor chips as a result of the continuing shortage in supply and pricing volatility for the first six months of fiscal 2023. Operating income in the first half of fiscal 2023 was $2.0 million, compared to operating income of $1.2 million for the same period of fiscal 2022.\n\nThe Company reported net loss of $0.6 million for the six months ended September 30, 2022, compared to net income of $4.3 million for the six months ended September 30, 2021. This was primarily due to a non-operating expense of $2.3 million for the six months ended S...