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Plastec Technologies Reports Fiscal 2023 First Half Results, Provides Update on Its Securities Repurchase Plan

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HONG KONG--(BUSINESS WIRE)--Plastec Technologies, Ltd. (OTCBB: PLTYF) (the “Company”) today reported unaudited financial results for the six months ended June 30, 2023. 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

  • $11.1 million in working capital at June 30, 2023, no change from December 31, 2022.
  • Book value per share was $0.86 at June 30, 2023, compared to $0.86 at December 31, 2022.

Update on Securities Repurchase Plan

In August 2022, the Company’s Board of Directors approved an additional extension of its securities repurchase plan through September 25, 2023, allowing the Company 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. No shares have been purchased by the Company as part of this plan thus far.

Management Comments

Mr. Kin Sun Sze-To, Chairman of the Company, stated, “The Company continues to be in a strong financial position as we maintain a lean operating and expense structure. We believe we remain well positioned to pursue compelling business opportunities that may present themselves.”

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,

 

 

 

 

 

2023

 

2022

 

 

 

 

 

HK$

 

HK$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

-

 

-

 

 

 

 

 

 

 

 

Operating expenses, net

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

 

 

(1,337)

 

(1,316)

Total operating expenses, net

 

 

 

 

(1,337)

 

(1,316)

 

 

 

 

 

 

 

 

Loss from operations

 

 

 

 

(1,337)

 

(1,316)

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

1,825

 

115

Income (loss) before income tax expense

 

 

 

 

488

 

(1,201)

 

 

 

 

 

 

 

 

Income tax expense

 

 

 

 

(453)

 

(420)

Net income (loss) attributable to the Company’s

 

 

 

 

35

 

(1,621)

shareholders

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

 

 

-

 

-

Comprehensive income (loss) attributable to

 

 

 

 

 

 

 

the Company’s shareholders

35

(1,621)

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

Weighted average number of ordinary shares

12,938,128

 12,938,128

 

Weighted average number of diluted ordinary shares

12,938,128

 12,938,128

 

Basic net income (loss) per share attributable

 

to the Company’s shareholders

0.003

(0.13)

 

Diluted net income (loss) per share attributable

 
to the Company’s shareholders

0.003

(0.13)

 

 PLASTEC TECHNOLOGIES, LTD.

 

 CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 (Audited)

 

June 30,

 December 31,

2023

2022

ASSETS

Current assets

 

 

 

 

 

Cash and cash equivalents

 

 

95,438

 

95,646

Deposits, prepayment and other receivables

 

 

4,097

 

3,554

Total current assets

 

 

99,535

 

99,200

 

 

 

 

 

 

Property, plant and equipment, net

 

 

-

 

-

Intangible assets

 

 

438

 

438

Total assets

 

 

99,973

 

99,638

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

 

Other payables and accruals

622

775

Tax payable

12,386

11,933

Total current liabilities

13,008

 12,708

 

Total liabilities

13,008

 12,708

 

Commitments and contingencies

-

 -

 

Shareholders’ equity

 

Ordinary shares (US$0.001 par value; 100,000,000

101

 101

authorized 12,938,128 and 12,938,128 shares issued and

outstanding as of June 30, 2023 and December 31, 2022,

respectively)

 

Additional paid-in capital

26,049

26,049

Accumulated other comprehensive income

(30)

(30)

Retained earnings

60,845

 60,810

Total shareholders’ equity

86,965

86,930

 
Total liabilities and shareholders’ equity

99,973

 99,638

 

 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,

 

 

 

 

 

2023

 

2022

 

 

 

 

 

HK$

 

HK$

Operating activities

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

35

 

(1,621)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income (loss) to net cash

 

 

 

 

 

 

 

provided by operating activities:

 

 

Depreciation and amortization

 

 

 

 

-

 

-

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Deposits, prepayment and other receivables

 

 

 

 

(543)

 

(162)

Other payables and accruals

 

 

 

 

(153)

 

3

Tax payables

 

 

 

 

453

 

420

Net cash used in operating activities

 

 

 

 

(208)

 

(1,360)

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

 

 

(208)

 

(1,360)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

 

 

 

95,646

 

98,732

Cash and cash equivalents, end of period

 

 

 

 

95,438

 

97,372

 

 

 

 

 

 

 

 

SUPPLEMENTARY DISCLOSURES OF CASH FLOW

INFORMATION:

 

 

 

 

 

 

 

Interest received, net

 

 

 

 

1,825

 

115

 

Contacts

Plastec Technologies, Ltd.

HL Ning, Chief Financial Officer

[email protected]

INVESTOR RELATIONS:
The Equity Group Inc.

Alice Zhang, Associate

(212) 836-9610

[email protected]

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