Le Lézard
Classified in: Business
Subjects: EARNINGS, Conference Call, Webcast

Plastec Technologies Reports Fiscal 2022 First Half Results; Announces Extension of Securities Repurchase Plan


Plastec Technologies, Ltd. (OTCBB: PLTYF) (the "Company") today reported unaudited financial results for the six months ended June 30, 2022. See financial tables at the end of this release in Hong Kong dollars (HKD). All other amounts in this press release are presented in U.S. dollars (USD) with a conversion rate of US$1.0: HK$7.8.

Current Balance Sheet Highlights

Update on Securities Repurchase Plan

The Company announced today that its Board of Directors has approved a further extension of its existing securities repurchase plan (as expanded and expiring on September 25, 2022) through September 25, 2023, allowing it to purchase up to $5 million of its securities in both open market and privately negotiated transactions at the discretion of the Company's management and as market conditions allow; which repurchase plan may be suspended, modified or discontinued without any notice at any time.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, "The Company continues to sustain its public company status while maintaining a lean expense structure and closely monitoring our cash position. In doing so, we believe we are well positioned to quickly act upon suitable opportunities that may arise in the marketplace."

Forward Looking Statements

This press release contains "forward-looking statements." These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements.

 

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

 

 

 

For the 6-month
period ended June 30,

 

 

 

 

 

2022

 

2021

 

 

 

 

 

HK$

 

HK$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

-

 

-

 

 

 

 

 

 

 

 

Operating expenses, net

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

(1,316)

 

(1,014)

Total operating expenses, net

 

 

 

 

(1,316)

 

(1,014)

 

 

 

 

 

 

 

 

Loss from operations

 

 

 

 

(1,316)

 

(1,014)

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

115

 

62

Loss before income tax expense

 

 

 

 

(1,201)

 

(952)

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

(420)

 

(390)

Net loss attributable to the Company's shareholders

 

 

 

 

(1,621)

 

(1,342)

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

 

 

-

 

-

Comprehensive loss attributable to the Company's shareholders

 

 

 

 

(1,621)

 

(1,342)

 

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED BALANCE SHEETS
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

(Unaudited)

June 30,

 

(Audited)

December 31,

 

 

 

2022

 

2021

 

 

 

HK$

 

HK$

 

ASSETS

 

Current assets

 

 

 

 

 

Cash and cash equivalents

 

 

97,372

 

98,732

Deposits, prepayment and other receivables

 

 

3,293

 

3,131

Total current assets

 

 

100,665

 

101,863

 

 

 

 

 

 

Property, plant and equipment, net

 

 

-

 

-

Intangible assets

 

 

438

 

438

Total assets

 

 

101,103

 

102,301

 
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
 

Current liabilities

 

 

 

 

 

Other payables and accruals

 

 

1,123

 

1,120

Tax payable

 

 

11,446

 

11,026

Total current liabilities

 

 

12,569

 

12,146

 

 

 

 

 

 

Total liabilities

 

 

12,569

 

12,146

 

 

 

 

 

 

Commitments and contingencies

 

 

-

 

-

 

 

 

 

 

 

Shareholders' equity

 

 

 

 

 

Ordinary shares (US$0.001 par value; 100,000,000 authorized 12,938,128 and 12,938,128 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

 

101

 

101

Additional paid-in capital

 

 

26,049

 

26,049

Accumulated other comprehensive income

 

 

(30)

 

(30)

Retained earnings

 

 

62,414

 

64,035

Total shareholders' equity

 

 

88,534

 

90,155

 

 

 

 

 

 

Total liabilities and shareholders' equity

 

 

101,103

 

102,301

 

PLASTEC TECHNOLOGIES, LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Hong Kong dollars in thousands, except number of shares, per share data and unless otherwise stated)

 

 

 

 

 

For the 6-month
period ended June 30,

 

 

 

 

 

2022

 

2021

 

 

 

 

 

HK$

 

HK$

Operating activities

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

(1,621)

 

 

(1,342)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

-

 

60

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

 

 

 

(162)

 

(421)

Other payables and accruals

 

 

 

 

3

 

(681)

Tax payables

 

 

 

 

420

 

390

Net cash used in operating activities

 

 

 

 

(1,360)

 

(1,994)

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

 

 

(1,360)

 

(1,994)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

 

 

98,732

 

182,697

Cash and cash equivalents, end of period

 

 

 

 

97,372

 

180,703

 

 

 

 

 

 

 

 

SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

Interest received, net

 

 

 

 

115

 

62

 


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