Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reported financial results for the second quarter ended June 30,
2010.
For the second quarter of 2010, Himax reported net revenues of
$187.7 million, representing a 1.5% increase from $184.9 million in
the second quarter of 2009, and a 7.0% increase from $175.5 million
in the first quarter of 2010. Gross margin was 20.4% in the second
quarter of 2010, down 40 basis points year-over-year, and up 60
basis points, sequentially. Operating income in the second quarter
was $13.0 million, compared to $14.8 million for the same period
last year and $10.1 million in the previous quarter.
Net income attributable to Himax stockholders for the second
quarter of 2010 was $12.0 million or $0.07 per diluted ADS, down
from $15.4 million or $0.08 per diluted ADS in the second quarter
of 2009, and up from $9.1 million or $0.05 per diluted ADS in the
first quarter of 2010.
Excluding share-based compensation and acquisition-related
charges, non-GAAP operating income for the second quarter of 2010
was $15.4 million, down from $17.7 million in the same period last
year, and up from $12.5 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the
second quarter of 2010 was $14.0 million or $0.08 per diluted ADS,
down from $17.9 million or $0.10 per diluted ADS in the second
quarter of 2009, and up from $11.2 million or $0.06 per diluted ADS
in the first quarter of 2010.
Reconciliation of gross margin, operating margin, net margin and
diluted EPS excluding share-based compensation and
acquisition-related charges, a non-GAAP financial measure, to GAAP
gross margin, GAAP operating margin, GAAP net margin and diluted
GAAP EPS, most comparable GAAP figure, is set out in the attached
reconciliation schedule.
Numbers for shares outstanding and relevant information in the
financial statements of the Company's common stocks are
retroactively adjusted for all periods presented to reflect the
effect of the recapitalization plan approved by the Company's
stockholders in the general meeting on August 6, 2009. The
recapitalization plan led to change in par value of the stock and
doubled the total share count, with ADS ratio changing to one ADS
representing two common stocks.
Jordan Wu, President and Chief Executive Officer of Himax,
commented, "Revenue from small- and medium-sized applications
experienced a record-level $65.7 million in the second quarter
2010, up 74.9% from the same period last year and up 42.0%,
sequentially. Most notably, our display driver revenue for handset
applications recorded 84.6% year-over-year growth. We believe our
strength in the market is primarily due to our complete product
lineup, coupled with our strategic marketing and solid execution.
We will continue to drive growth and increase our market
share."
Mr. Wu continued, "In the first half of 2010, we have already
shipped more LCOS panels than we delivered in the full year 2009.
We are confident that we are well positioned to capitalize on the
emerging pico-projector industry, which we believe is still in the
early stage of a long-term product life cycle. Moreover, thanks to
the ramp-up of WLED drivers for notebooks and TV applications,
revenues from our analog ICs line more than doubled in the first
half of 2010, both sequentially and year-over-year. We expect this
momentum to continue, with increased penetration of white LED
back-light in TFT-LCD panels and the growing adoption of our white
LED drivers."
Mr. Wu continued, "We achieved another important milestone in
July 2010 with the commencement of small-volume shipment of our 2D
to 3D chip to a major TV brand. Our real-time 2D to 3D conversion
solutions, suitable for all types of 3D displays, has received
overwhelming interest from customers since we introduced this
technology in February. Customers are keen to incorporate our
solutions into a number of 3D-ready displays to capitalize on the
early-adopter advantages in the 3D era. While our design-in and
sales activities have been intensive, our near-term shipments are
constrained by the limited availability of 3D panels. We expect the
supply shortage to ease in the next few quarters."
Mr. Wu continued, "In our CMOS image sensor product line, on top
of shipment for handsets, we started small volume shipments of
notebook PC applications to one of the world's top notebook brands.
The adoption by this world-class brand validates our product and
technology competitiveness. With the sampling of our next
generation CMOS image sensors, we are on track to be awarded with
more design-in projects for a wider range of customers."
Mr. Wu added, "We are seeing softening demand since June with
talks of end product sell-through noticeably slowing down and
customers getting cautious on inventory levels. Over the past ten
days, in particular, we have seen our customers significantly cut
back their forecasts for August and September. While we are
actively talking to our customers, we have not yet come to a
conclusion as to whether this is a short-term over-reaction or if
it has long-term implications. We are uncertain if this is specific
to Himax or this is an industry-wide phenomenon."
Mr. Wu continued, "Despite recent concerns over excess inventory
and weakening demand industry-wide, we have seen our gross margin
improve since the beginning of the year. We expect this trend to
continue due to better product mix, and solid execution of our
price strategies and cost reduction measures. In particular, we are
pleased to see improved gross margins for some of our major
non-driver products. Take our LCOS pico-projector product line for
example, with increased shipment and higher capacity utilization,
gross margin and gross profit continue to grow. We believe similar
economies of scale are taking place in some of our other non-driver
product lines, which will eventually be growth drivers of both our
top line revenue and bottom line profit in the not too distant
future."
Mr. Wu added, "For the third quarter 2010, we expect revenues to
decline by 13% to 18%, gross margin to increase by 1-2 percentage
points, and GAAP earnings per ADS to be in the range of $0-0.02.
Our third quarter GAAP earnings per ADS guidance takes into account
our 2010 grant of restricted share units, or RSUs, at the end of
September. The 2010 RSUs, subject to Himax' Board approval, is
assumed to be valued in the range of $9 to $10 million, of which
approximately 60% will be vested and expensed immediately on the
grant date. Excluding share-based compensation and
acquisition-related charges, our third quarter 2010 non-GAAP
earnings per ADS guidance is $0.04-0.06."
Investor Conference Call / Webcast Details
The Company's management will review detailed second quarter
2010 results on Monday, August 9, 2010 at 7:00 PM EDT (7:00 AM,
Tuesday, August 10, Taiwan time). The conference dial-in numbers
are +1-201-689-8471 (international) and +1-877-407-4018 (U.S.
domestic). A live webcast of the conference call will be available
on the Company's website at www.himax.com.tw. The playback will be
available beginning two hours after the call through noon Taiwan
time on Tuesday, August 17, 2010 (midnight U.S. Eastern Daylight
Time) at www.himax.com.tw and by telephone at +1 858-384-5517
(international) or +1-877-870-5176 (U.S. domestic). The conference
ID number is 353643.
About Himax Technologies, Inc.
Himax Technologies, Inc. designs, develops, and markets
semiconductors that are critical components of flat panel displays.
The Company's principal products are display drivers for
large-sized TFT-LCD panels, which are used in desktop monitors,
notebook computers and televisions, and display drivers for small-
and medium-sized TFT-LCD panels, which are used in mobile handsets
and consumer electronics products such as netbook computers,
digital cameras, mobile gaming devices, portable DVD players,
digital photo frame and car navigation displays. In addition, the
Company is expanding its product offerings to include timing
controllers, LCD TV and monitor chipset solutions, LCOS projector
solutions, power management ICs, CMOS Image Sensors, Infinitely
Color Technology and 2D to 3D conversion solutions. Based in
Tainan, Taiwan, the Company has regional offices in Hsinchu and
Taipei, Taiwan; Ninbo, Foshan, Fuqing, Beijing, Shanghai, Suzhou
and Shenzhen, China; Yokohama and Matsusaka, Japan; Cheonan-si,
Chungcheongnam-do, South Korea; and Irvine California, USA.
Forward-Looking Statements:
Factors that could cause actual events or results to differ
materially include, but not limited to, general business and
economic conditions and the state of the semiconductor industry;
market acceptance and competitiveness of the driver and non-driver
products developed by the Company; demand for end-use applications
products; reliance on a small group of principal customers; the
uncertainty of continued success in technological innovations; our
ability to develop and protect our intellectual property; pricing
pressures including declines in average selling prices; changes in
customer order patterns; changes in estimated full-year effective
tax rate; shortages in supply of key components; changes in
environmental laws and regulations; exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries;
our ability to collect accounts receivable and manage inventory;
the uncertainty of success in our Taiwan listing plan which is
still under review by Taiwan regulatory authorities and subject to
change due to, among other things, changes in either Taiwan or US
authorities' policies and Taiwan regulatory authorities' acceptance
of the Company's Taiwan listing application and other risks
described from time to time in the Company's SEC filings, including
those risks identified in the section entitled "Risk Factors" in
its Form 20-F for the year ended December 31, 2009 filed with SEC
on dated June 3, 2010, as amended.
Himax Technologies,
Inc. Unaudited Condensed Consolidated Statements
of Income (These interim financials do not fully
comply with US GAAP because they omit all interim disclosure
required by US GAAP) (Amounts in Thousands of U.S.
Dollars, Except Per Share Data) |
|
|
|
|
|
Three Months Ended June
30, |
Three Months Ended March
31, |
|
2010 |
2009 |
2010 |
Revenues |
|
|
|
Revenues from third parties,
net |
$ 94,939 |
$ 63,348 |
$ 70,940 |
Revenues from related parties,
net |
92,768 |
121,579 |
104,558 |
|
187,707 |
184,927 |
175,498 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
149,388 |
146,539 |
140,773 |
Research and development |
18,341 |
17,576 |
17,808 |
General and administrative |
4,197 |
3,885 |
4,043 |
Sales and marketing |
2,752 |
2,126 |
2,749 |
Total costs and
expenses |
174,678 |
170,126 |
165,373 |
|
|
|
|
Operating income |
13,029 |
14,801 |
10,125 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
169 |
284 |
104 |
Equity in losses of equity method
investees |
(106) |
-- |
(59) |
Foreign exchange gains (losses), net |
53 |
1,006 |
(11) |
Other income, net |
67 |
17 |
88 |
|
183 |
1,307 |
122 |
Earnings before
income taxes |
13,212 |
16,108 |
10,247 |
Income tax expense |
2,174 |
1,717 |
2,049 |
Net income |
11,038 |
14,391 |
8,198 |
Net loss attributable to
noncontrolling interests |
930 |
1,032 |
940 |
Net income
attributable to Himax stockholders |
$ 11,968 |
$ 15,423 |
$ 9,138 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.03 |
$ 0.04 |
$ 0.03 |
Diluted earnings per
ordinary share attributable to Himax
stockholders |
$ 0.03 |
$ 0.04 |
$ 0.03 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.07 |
$ 0.08 |
$ 0.05 |
Diluted earnings per
ADS attributable to Himax
stockholders |
$ 0.07 |
$ 0.08 |
$ 0.05 |
|
|
|
|
Basic Weighted Average
Outstanding Ordinary
Shares |
355,426 |
371,984 |
357,557 |
Diluted Weighted Average
Outstanding Ordinary
Shares |
358,011 |
373,602 |
359,102 |
|
Himax Technologies,
Inc. Unaudited Condensed Consolidated Statements of Income (Amounts
in Thousands of U.S. Dollars, Except Per Share Data) |
|
|
|
|
Six
Months Ended |
|
June
30, |
|
2010 |
2009 |
Revenues |
|
|
Revenues from third parties,
net |
$165,879 |
$107,721 |
Revenues from related parties,
net |
197,326 |
202,862 |
|
363,205 |
310,583 |
|
|
|
Costs and expenses: |
|
|
Cost of revenues |
290,161 |
245,980 |
Research and development |
36,149 |
32,825 |
General and administrative |
8,240 |
7,479 |
Sales and marketing |
5,501 |
4,675 |
Total costs and
expenses |
340,051 |
290,959 |
|
|
|
Operating income |
23,154 |
19,624 |
|
|
|
Non operating income
(loss): |
|
|
Interest income |
273 |
566 |
Equity in losses of equity method
investees |
(165) |
-- |
Foreign exchange gains (losses), net |
42 |
(409) |
Other income (loss), net |
155 |
(121) |
|
305 |
36 |
Earnings before
income taxes |
23,459 |
19,660 |
Income tax expense |
4,223 |
1,966 |
Net income |
19,236 |
17,694 |
Net loss attributable to the
noncontrolling interests |
1,870 |
2,098 |
Net income
attributable to Himax stockholders |
$21,106 |
$19,792 |
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.06 |
$0.05 |
Diluted earnings per
ordinary share attributable to Himax
stockholders |
$0.06 |
$0.05 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.12 |
$0.11 |
Diluted earnings per
ADS attributable to Himax
stockholders |
$0.12 |
$0.11 |
|
|
|
Basic Weighted Average Outstanding
Shares |
356,486 |
374,859 |
Diluted Weighted Average Outstanding
Shares |
358,517 |
375,139 |
|
Himax Technologies,
Inc. Unaudited Supplemental Financial Information (Amounts in
Thousands of U.S. Dollars) |
|
|
|
|
The amount of share-based
compensation included in applicable statements of
income categories is summarized as
follows: |
Three Months Ended June
30, |
Three Months Ended March
31, |
|
2010 |
2009 |
2010 |
Share-based compensation |
|
|
|
Cost of revenues |
$ 21 |
$ 13 |
$ 22 |
Research and development |
1,375 |
1,807 |
1,374 |
General and administrative |
228 |
271 |
229 |
Sales and marketing |
218 |
260 |
218 |
Income tax benefit |
(131) |
(295) |
(187) |
Total |
$ 1,711 |
$ 2,056 |
$ 1,656 |
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
Research and development |
$ 258 |
$ 258 |
$ 259 |
Sales and marketing |
290 |
290 |
289 |
Income tax benefit |
(200) |
(162) |
(139) |
Total |
$ 348 |
$ 386 |
$ 409 |
|
Himax Technologies,
Inc. Unaudited Supplemental Financial Information (Amounts in
Thousands of U.S. Dollars) |
|
|
|
The amount of share-based
compensation included in applicable statements of
income categories is summarized as
follows: |
Six
Months Ended
June
30, |
|
2010 |
2009 |
Share-based compensation |
|
|
Cost of revenues |
$ 43 |
$ 26 |
Research and development |
2,749 |
3,590 |
General and administrative |
457 |
543 |
Sales and marketing |
436 |
534 |
Income tax benefit |
(318) |
(396) |
Total |
$ 3,367 |
$ 4,297 |
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
Research and development |
$ 517 |
$ 516 |
Sales and marketing |
579 |
580 |
Income tax benefit |
(339) |
(324) |
Total |
$ 757 |
$ 772 |
|
Himax Technologies,
Inc. Unaudited Condensed Consolidated
Balance Sheets (Amounts in Thousands of
U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
June
30,
2010 |
March
31,
2010 |
December
31,
2009 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 153,967 |
$ 155,932 |
$ 110,924 |
Investments in marketable
securities available-for-sale |
3,900 |
5,198 |
10,730 |
Accounts receivable, less
allowance for doubtful accounts, sales returns and discounts |
97,499 |
71,354 |
64,496 |
Accounts receivable from
related parties, less allowance for sales returns and
discounts |
118,746 |
129,519 |
138,172 |
Inventories |
79,261 |
65,401 |
67,768 |
Deferred income taxes |
15,873 |
17,590 |
17,491 |
Prepaid expenses and other
current assets |
12,657 |
13,753 |
14,216 |
Total current
assets |
$ 481,903 |
$ 458,747 |
$ 423,797 |
|
|
|
|
Investments in non-marketable equity
securities |
12,643 |
11,619 |
11,619 |
Equity method
investments |
1,318 |
1,430 |
586 |
Property,
plant and equipment, net |
50,544 |
50,783 |
51,586 |
Deferred income taxes |
23,426 |
24,695 |
24,548 |
Goodwill |
26,846 |
26,846 |
26,846 |
Intangible assets, net |
7,773 |
8,322 |
8,872 |
Other assets |
2,440 |
2,541 |
2,594 |
|
124,990 |
126,236 |
126,651 |
Total
assets |
$ 606,893 |
$ 584,983 |
$ 550,448 |
|
|
|
|
Liabilities and
Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ 134,266 |
$ 115,916 |
$ 88,079 |
Income taxes payable |
7,661 |
16,495 |
14,147 |
Dividend payable |
44,188 |
-- |
-- |
Other accrued expenses and
other current liabilities |
19,413 |
16,017 |
18,425 |
Total current
liabilities |
$ 205,528 |
$ 148,428 |
$ 120,651 |
Other liabilities |
4,642 |
5,605 |
5,725 |
Total liabilities |
$ 210,170 |
$ 154,033 |
$ 126,376 |
|
|
|
|
Equity |
|
|
|
Himax stockholders'
equity: |
|
|
|
Ordinary shares, US$0.3 par
value, 1,000,000,000 shares authorized; 353,502,962 shares,
355,531,454 shares, and 358,012,184 shares issued and outstanding
at June 30, 2010, March 31, 2010, and December 31, 2009,
respectively |
$ 106,051 |
$ 106,659 |
$ 107,404 |
Additional paid-in capital |
101,623 |
102,123 |
102,924 |
Accumulated other comprehensive
income (loss) |
(32) |
35 |
4 |
Unappropriated retained
earnings |
186,039 |
218,259 |
209,121 |
Himax
stockholders' equity |
$ 393,681 |
$ 427,076 |
$ 419,453 |
Noncontrolling
interests |
3,042 |
3,874 |
4,619 |
Total
equity |
$ 396,723 |
$ 430,950 |
$ 424,072 |
Total liabilities and
equity |
$ 606,893 |
$ 584,983 |
$ 550,448 |
|
Himax Technologies,
Inc. Unaudited Condensed
Consolidated Statements of Cash Flows
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
|
|
|
Three Months
Ended June 30, |
Three Months Ended
March 31, |
|
2010 |
2009 |
2010 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income |
$ 11,038 |
$ 14,391 |
$ 8,198 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
Depreciation and
amortization |
3,463 |
3,530 |
3,522 |
Reversal for allowance for
doubtful accounts |
-- |
(129) |
-- |
Share-based compensation
expenses |
1,842 |
2,351 |
1,843 |
Equity in losses of equity
method investees |
106 |
-- |
59 |
Gain on disposal of property
and equipment |
-- |
(12) |
-- |
Gain on disposal of marketable
securities, net |
(19) |
-- |
(59) |
Deferred income tax expense
(benefit) |
2,639 |
(1,604) |
(375) |
Inventories write downs |
1,371 |
3,223 |
2,864 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
(25,211) |
(12,439) |
(6,858) |
Accounts receivable from
related parties |
9,827 |
(54,097) |
8,656 |
Inventories |
(15,230) |
(22,770) |
(498) |
Prepaid expenses and other
current assets |
1,098 |
(3,571) |
462 |
Accounts payable |
18,352 |
73,419 |
27,837 |
Income taxes payable |
(8,844) |
(5,166) |
2,354 |
Other accrued expenses and
other current liabilities |
2,464 |
2,263 |
(2,199) |
Other liabilities |
(602) |
-- |
-- |
Net cash
provided by (used in) operating
activities |
2,294 |
(611) |
45,806 |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and
equipment |
(1,720) |
(2,870) |
(2,388) |
Proceeds from disposal of
property and equipment |
-- |
1 |
-- |
Purchase of available-for-sale
marketable securities |
(4,257) |
(5,147) |
(5,577) |
Disposal of available-for-sale
marketable securities |
5,514 |
6,693 |
11,190 |
Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax Technologies
Limited |
94 |
333 |
418 |
Purchase of non-marketable
equity securities |
(1,024) |
-- |
-- |
Purchase of equity method
investments |
-- |
(351) |
(897) |
Purchase of subsidiary shares
from noncontrolling interests |
(109) |
(33) |
(38) |
Decrease (increase) in other
assets |
72 |
(38) |
69 |
Net cash
provided by(used
in) investing
activities |
(1,430) |
(1,412) |
2,777 |
|
Himax Technologies,
Inc. Unaudited Condensed
Consolidated Statements of Cash Flows
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
|
|
Three Months
Ended June
30, |
Three Months Ended
March
31, |
|
2010 |
2009 |
2010 |
Cash flows from financing
activities: |
|
|
|
Distribution of cash
dividends |
$ -- |
$ (55,496) |
$ --- |
Proceeds from issuance of new
shares by subsidiaries |
76 |
55 |
65 |
Payments to acquire ordinary
shares for retirement |
(2,903) |
(6,458) |
(3,642) |
Proceeds from borrowing of
short-term debt |
160,000 |
-- |
-- |
Repayment of short-term
debt |
(160,000) |
-- |
-- |
Net cash
used in financing activities |
(2,827) |
(61,899) |
(3,577) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
(2) |
4 |
2 |
Net increase
(decrease) in cash and cash
equivalents |
(1,965) |
(63,918) |
45,008 |
Cash and cash equivalents at
beginning of period |
155,932 |
200,678 |
110,924 |
Cash and cash equivalents at end of
period |
$ 153,967 |
$ 136,760 |
$ 155,932 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period
for: |
|
|
|
Interest expense |
$ 5 |
$ -- |
$ -- |
Income taxes |
$ 8,196 |
$ 7,608 |
$ 47 |
Supplemental disclosures of non-cash
financing activities: |
|
|
|
Dividend Payable |
$ 44,188 |
$ -- |
$ -- |
|
Himax Technologies,
Inc. Unaudited Supplemental Data – Reconciliation Schedule (Amounts
in Thousands of U.S. Dollars) |
|
|
|
|
Gross Margin, Operating
Margin and Net Margin Excluding Share-based Compensation and
Acquisition-Related Charges: |
|
|
|
|
|
Three Months Ended June
30, |
Three Months Ended March
31, |
|
2010 |
2009 |
2010 |
Revenues |
$ 187,707 |
$ 184,927 |
$ 175,498 |
|
|
|
|
Gross profit |
38,319 |
38,388 |
34,725 |
Add: Share-based compensation – Cost of
revenues |
21 |
13 |
22 |
Gross profit excluding share-based
compensation |
38,340 |
38,401 |
34,747 |
Gross margin excluding share-based
compensation |
20.4% |
20.8% |
19.8% |
|
|
|
|
Operating income |
13,029 |
14,801 |
10,125 |
Add: Share-based compensation |
1,842 |
2,351 |
1,843 |
Operating income excluding share-based
compensation |
14,871 |
17,152 |
11,968 |
Add: Acquisition-related charges –Intangible
assets amortization |
548 |
548 |
548 |
Operating income excluding share-based
compensation and acquisition-related charges |
15,419 |
17,700 |
12,516 |
Operating margin excluding share-based
compensation and acquisition-related charges |
8.2% |
9.6% |
7.1% |
Net income attributable to Himax
stockholders |
11,968 |
15,423 |
9,138 |
Add: Share-based compensation, net of
tax |
1,711 |
2,056 |
1,656 |
Add: Acquisition-related charges, net of
tax |
348 |
386 |
409 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
14,027 |
17,865 |
11,203 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
7.5% |
9.7% |
6.4% |
|
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income excluding share-based compensation and
acquisition-related charges divided by revenues |
*Net margin attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges equals net income attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
|
Himax Technologies,
Inc. Unaudited Supplemental Data – Reconciliation Schedule (Amounts
in Thousands of U.S. Dollars) |
|
|
|
Gross Margin, Operating
Margin and Net Margin Excluding Share-based Compensation and
Acquisition-Related Charges: |
|
|
|
|
Six Months Ended June
30, |
|
2010 |
2009 |
Revenues |
$363,205 |
$310,583 |
|
|
|
Gross profit |
73,044 |
64,603 |
Add: Share-based compensation – Cost of
revenues |
43 |
26 |
Gross profit excluding share-based
compensation |
73,087 |
64,629 |
Gross margin excluding share-based
compensation |
20.1% |
20.8% |
|
|
|
|
|
Operating income |
23,154 |
19,624 |
Add: Share-based compensation |
3,685 |
4,693 |
Operating income excluding share-based
compensation |
26,839 |
24,317 |
Add: Acquisition-related charges –Intangible
assets amortization |
1,096 |
1,096 |
Operating income excluding share-based
compensation and acquisition-related charges |
27,935 |
25,413 |
Operating margin excluding share-based
compensation and acquisition-related charges |
7.7% |
8.2% |
Net income attributable to Himax
stockholders |
21,106 |
19,792 |
Add: Share-based compensation, net of
tax |
3,367 |
4,297 |
Add: Acquisition-related charges, net of
tax |
757 |
772 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
25,230 |
24,861 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
6.9% |
8.0% |
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income excluding share-based compensation and
acquisition-related charges divided by revenues |
*Net margin attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges equals net income attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
|
Diluted Earnings Per
Ordinary Share Attributable to
Himax stockholders Excluding Share-based Compensation and
Acquisition-Related Charges: |
|
Three Months Ended June 30,
2010 |
Six Months Ended June 30,
2010 |
Diluted GAAP EPS attributable to Himax
stockholders |
$0.03 |
$0.06 |
Add: Share-based compensation per diluted
share |
$-- |
$0.01 |
Add: Acquisition-related charges per diluted
share |
$-- |
$-- |
|
|
|
Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.04 |
$0.07 |
|
|
|
Numbers do not add up due to
rounding |
CONTACT: Himax Technologies, Inc.
Max Chan, Chief Financial Officer
+886-2-2370-3999 Ext. 22300
max_chan@himax.com.tw
Investor Relations
Jessie Wang
+886-2-2370-3999 Ext. 22618
jessie_wang@himax.com.tw
Jessica Huang
+886-2-2370-3999 Ext. 22513
jessica_huang@himax.com.tw
The Ruth Group
In the U.S.
Joseph Villalta
+1-646-536-7003
jvillalta@theruthgroup.com
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