$DSWL

DESWELL INDUSTRIES INC

CIK:0000946936|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Net sales	$ 61,332	$ 67,610	$ 69,368
Cost of sales	47,613	53,967	55,465
Gross profit	13,719	13,643	13,903
Selling, general and administrative expenses	11,554	11,280	10,501
Other income (expense), net (note 13)	(184)	951	383
Operating income	1,981	3,314	3,785
Non-operating income, net (note 14)	8,283	7,986	4,034
Income before income taxes	10,264	11,300	7,819
Income tax expense (income) (note 8)	(363)	162	110
Net income attribute to Deswell Industries, Inc.	10,627	11,138	7,709
Other comprehensive income
Total comprehensive income attributable to Deswell Industries, Inc.	$ 10,627	$ 11,138	$ 7,709
Basic:
Net income per share	$ 0.67	$ 0.7	$ 0.48
Weighted average common shares outstanding (shares in thousands)	15,922	15,935	15,935
Diluted:
Net income per share	$ 0.67	$ 0.7	$ 0.48
Weighted average common shares outstanding (shares in thousands)	15,922	15,953	15,999

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net income	$ 10,627	$ 11,138	$ 7,709
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,484	1,519	1,523
Provision for (reversal of) credit losses, net	(2)	(67)	76
Allowance for obsolete inventories, net	(657)	(54)	(24)
Loss (gain) on disposal of property, plant and equipment	(29)	(38)	74
Unrealized holding gain on marketable securities	(1,931)	(3,163)	(952)
Gain on sales of marketable securities	(3,574)	(1,470)
Deferred income tax benefit	(571)	(21)	(165)
Scrip dividend received		(73)
Exchange loss arising from marketable securities	113
Changes in operating assets and liabilities:
Accounts receivable	(1,517)	2,139	3,642
Inventories	(1,631)	2,721	5,220
Prepaid expenses and other current assets	237	(384)	(79)
Accounts payable	1,102	530	(1,739)
Accrued payroll and employee benefits	1,054	620	(784)
Customer deposits	585	346	(504)
Other accrued liabilities	2	(222)	(753)
Income taxes payable	(97)	13	(36)
Net cash (used in) provided by operating activities	5,195	13,534	13,208
Cash flows from investing activities
Purchase of property, plant and equipment	(481)	(332)	(381)
Proceeds from sale of property, plant and equipment, net of transaction costs	85	69	232
Purchase of marketable securities	(10,034)	(3,090)	(1,352)
Proceeds from sales of marketable securities	12,727	5,647
Increase of fixed deposits with original maturities over three months	(121)	(5,452)	(10,926)
Decrease of fixed deposits with original maturities over twelve months	2,761	38	1,154
(Increase) decrease in held-to-maturity investment	(11,846)	5,157	(5,157)
Net cash provided by investing activities	(6,909)	2,037	(16,430)
Cash flows from financing activities
Dividends paid	(3,188)	(3,188)	(3,188)
Repurchase of treasury stock	(169)
Net cash used in financing activities	(3,357)	(3,188)	(3,188)
Net (decrease) increase in cash and cash equivalents	(5,071)	12,383	(6,410)
Cash and cash equivalents, beginning of year	28,133	15,750	22,160
Cash and cash equivalents, end of year	23,062	28,133	15,750
Supplementary disclosures of cash flow information:
Interest
Income taxes	$ 339	$ 156	$ 227

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Current assets:
Cash and cash equivalents	$ 23,062	$ 28,133
Time deposits with original maturities over three months	19,552	19,431
Time deposit with original maturities over twelve months – current		2,761
Marketable securities	27,874	25,175
Held-to-maturity investment	11,846
Accounts receivable, less allowances for credit losses of $24 and $22 at March 31, 2025 and 2026, respectively	11,433	9,914
Inventories, net	11,750	9,462
Prepaid expenses and other current assets	1,375	1,612
Total current assets	106,892	96,488
Property, plant and equipment, net	22,326	23,385
Deferred tax assets	746	335
Total assets	129,964	120,208
Current liabilities:
Accounts payable	6,842	5,740
Accrued payroll and employee benefits	8,833	7,779
Customer deposits	2,643	2,058
Other accrued liabilities	1,016	1,014
Income taxes payable	1,029	1,126
Total current liabilities	20,363	17,717
Deferred income tax liabilities	211	371
Total liabilities	20,574	18,088
Commitments and contingencies
Shareholders’ equity:
Common shares nil par value; authorized 30,000,000 shares as of March 31, 2025 and 2026; 17,081,810 shares issued as of March 31, 2025 and 2026; 15,935,239 shares outstanding as of March 31, 2025 and 15,885,239 shares outstanding as of March 31,2026	53,202	53,202
Treasury stock at cost; 1,146,571 shares as of March 31, 2025 and 1,196,571 shares as of March 31, 2026	(2,990)	(2,821)
Additional paid-in capital	7,973	7,973
Accumulated other comprehensive income	5,316	5,316
Retained earnings	45,889	38,450
Total shareholders’ equity	109,390	102,120
Total liabilities and shareholders’ equity	$ 129,964	$ 120,208