FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR JULY 3, 2003
DESWELL INDUSTRIES, INC.
(Registrant's name in English)
Unit 516 517, Hong Leong Industrial Complex,
No. 4 Wang Kwong Road, Kowloon Bay,
Kowloon, Hong Kong
(Address of principal executive offices)
DESWELL [LOGO]
CONTACT:
John G. Nesbett/David K. Waldman
Lippert/Heilshorn & Associates
212-838-3777, ext. 6631
e-mail: jnesbett@lhai.com
DESWELL INDUSTRIES INC. EXPECTS FISCAL 2003 REVENUE GROWTH TO
EXCEED EIGHT PERCENT
- EXPANDED PLASTIC INJECTION MOLDING FACILITY NOW OPERATIONAL -
- FOURTH QUARTER 2003 AND FIRST QUARTER 2004 RESULTS
TO BE ANNOUNCED ON OR BEFORE AUGUST 20 -
HONG KONG (July 3, 2003) - Deswell Industries, Inc. (Nasdaq: DSWL), today
announced it expects the revenue of fiscal 2003 to exceed eight percent growth
as compared with fiscal 2002. The Company also expects that first quarter of
fiscal 2004 revenues will exceed first quarter 2003 revenues.
The Company expects fourth quarter fiscal 2003 and first quarter fiscal 2004
results and dividend payments will be announced on or before August 20, 2003.
Mr. Lau, chairman and chief executive officer of Deswell, stated, "Our decision
to change auditors means that we will not be able to announce our audited fourth
quarter results until August. We appreciate our investors' patience in this
matter. We have always announced our results within a time frame consistent with
U.S. companies and will return to announcing our results in a timely fashion
with the second quarter of fiscal 2004."
The Company also announced that production commenced at its new
300,000-square-foot facility in mid June. Fifty-two of the 55 sets of
injection-molding machines have commenced operation. By the end of July, once
thorough testing is completed, the 35,000-square-foot clean room will also be
operational. Large-scale injection molding machines will be installed in the new
plant during September and should be operational by November.
Mr. Lau continued, "Both our plastics and electronics division grew during the
year and the growth should continue into the first quarter. We are particularly
enthusiastic about our new manufacturing facility, which began operation in
June. The combination of this facility's state-of-the art machinery and lower
labor costs should help us build revenues with existing and new customers while
reducing expenses."
Deswell manufactures injection-molded plastic parts and components, electronic
products and subassemblies, and metallic products for original equipment
manufacturers ("OEMs") and contract manufacturers at its factories in the
People's Republic of China. The Company produces a wide variety of plastic parts
and components used in the manufacture of consumer and industrial products;
printed circuit board assemblies using surface mount technologies ("SMT"); and
finished products such as telephones, telephone answering machines,
sophisticated studio-quality audio equipment and computer peripherals. The
Company's customers include Kyocera Mita Industrial Co. (H.K.) Limited, Epson
Precision (H.K.) Ltd., Inter-Tel Incorporated, Digidesign, Inc., Vtech
Telecommunications Ltd., Peavey Electronics Corporation and Emerson.
To learn more about Deswell Industries, Inc., please visit the company's web
site at www.deswell.com.
SAFE HARBOR STATEMENT
CERTAIN STATEMENTS ARE INCLUDED IN THIS NEWS RELEASE WHICH ARE NOT HISTORICAL
AND ARE "FORWARD-LOOKING," SUCH FORWARD-LOOKING STATEMENTS INCLUDE RISKS
DETAILED FROM TIME TO TIME IN DESWELL'S FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION. THESE RISKS AND UNCERTAINTIES COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM RESULTS EXPRESSED OR IMPLIED BY FORWARD-LOOKING STATEMENTS
CONTAINED IN THIS DOCUMENT. THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF
THE DATE OF THIS DOCUMENT.
# # #
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
For and on behalf of
Deswell Industries, Inc.
By: /s/ RICHARD LAU
-----------
Richard Lau
Chief Executive Officer
Date: July 9, 2003