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 APRIL 22, 2002
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
Lippert/Heilshorn & Associates
212-838-3777, ext. 6631
e-mail: jnesbett@lhai.com
DESWELL INDUSTRIES, INC.
ANNOUNCES FACILITY EXPANSION AND
PROGRESS OF NEW PLASTIC INJECTION PLANT CONSTRUCTION
HONG KONG (April 22, 2002) - Deswell Industries, Inc. (Nasdaq: DSWL) today
announced that it has purchased 12 additional Mitsubishi and Chen Hsong
injection molding machines, with clamping force of 365 tons to 550 tons, for
further expansion of its injection operation in Dongguan, China. The machines,
which cost approximately $1.5 million, will be installed by July 2002. The
Company also announced that it has purchased and upgraded its tooling software
used in the mold-making process for enhanced precision and efficiency.
The Company also announced that construction of their new 550,000-square-foot
plastic-injection plant is progressing well and remains on schedule. With
construction expected to be complete by August 2002, the facility should be
operational by October 2002. This new facility will expand Deswell's plastics
division by approximately 40%. Moreover, the Company expects to build an
additional 150,000-square-foot facility, which should be operational by March
2003. These facilities are being built on the 1.3 million square feet of land
the Company leased in Dongguan to expand its plastic operations and to reduce
its annual rent and labor costs.
Deswell expects to announce its fourth-quarter and year-end results and a
dividend declaration in early June 2002.
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 ("SMT"), and pin-through
hole ("PHT") interconnection technologies; 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., Namtai Electronics
(Shenzhen) Co. Ltd., Inter-Tel Incorporated, Vtech Communications Ltd., Peavey
Electronics Corporation and Emerson.
To learn more about Deswell Industries, Inc., please visit the Company's web
site at www.deswell.com.
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: May 2, 2002