Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reported financial results for the third quarter ended September
30, 2010.
For the third quarter of 2010, Himax reported net revenues of
$138.3 million, representing a 31.9% decrease from $203.1 million
in the third quarter of 2009, and a 26.3% decrease from $187.7
million in the second quarter of 2010. Gross margin was 22.9% in
the third quarter of 2010, up 250 basis points year-over-year and
sequentially. Operating loss in the third quarter was $0.7 million,
compared to operating income of $10.8 million for the same period
last year and $13.0 million in the previous quarter.
Net income attributable to Himax stockholders for the third
quarter of 2010 was $0.4 million or 0.3 cents per diluted ADS, down
from $8.8 million or $0.05 cents per diluted ADS in the third
quarter of 2009, and down from $12.0 million or $0.07 cents per
diluted ADS in the second quarter of 2010.
Excluding share-based compensation and acquisition-related
charges, non-GAAP operating income for the third quarter of 2010
was $7.3 million, down from $20.0 million in the same period last
year, and down from $15.4 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the
third quarter of 2010 was $7.0 million or $0.04 per diluted ADS,
down from $16.2 million or $0.09 per diluted ADS in the third
quarter of 2009, and down from $14.0 million or $0.08 per diluted
ADS in the second quarter of 2010.
Reconciliation of gross margin, operating margin (loss), 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 (loss), GAAP net margin and
diluted GAAP EPS, most comparable GAAP figure, is set out in the
attached reconciliation schedule.
Jordan Wu, President and Chief Executive Officer of Himax,
commented, "We believe we are bottoming out from the current trough
and our global driver IC market share is in a good position to grow
again next year. Our core competence in display drivers remains
strong as demonstrated by the steady year-over-year revenue growth
of our small and medium- sized panel drivers. Large-sized display
drivers remains a business we are fully committed to. Looking
ahead, China's aggressive capacity expansion plans have made it the
market segment with the highest growth potential over the next few
years. We are confident that we are in a strong position to capture
a major driver IC market share during this time of fast
expansion."
Mr. Wu continued, "The third quarter non-driver sales,
especially those from our LCOS product line, were lower than our
expectation. Many of our LCOS customers built significant inventory
during the second quarter, anticipating strong market demand over
certain new product designs. However, at the end of second quarter
2010, the Chinese government took measures to crack down on the
white-box handset market, which, at this stage, is a major end
market for our LCOS products. Facing a high inventory level, our
customers have slowed down placing new orders to us starting in the
third quarter and toward the beginning of the fourth quarter. We
are now seeing order flows returning towards normal levels as those
overbuilt inventories are gradually being consumed."
Mr. Wu continued, "An area to highlight is our 2D to 3D
conversion solutions, which have been embedded into a number of
worldwide first-tier TV brands particularly in Japan and China. We
continue to see enthusiastic adoption of our solutions from many
other customers covering TV and other applications. Capped by the
availability of 3D panels, however, our shipment this year has been
insignificant. Today 3D panels are offered only by a small number
of panel makers with a limited number of models. However, we are
seeing more display makers offering a wide variety of 3D panels to
the market, using different technologies. We expect our world
leading 2D to 3D conversion products to benefit strongly next year
with the increasing shipment and penetration of 3D panels."
Mr. Wu continued, "Revenues from CMOS image sensors and WLED
drivers each experienced over 100% quarter-over-quarter growth in
the third quarter. We expect both segments to carry strong momentum
into the fourth quarter and next year. Our new generation sensors,
in particular, are very competitive in cost and performance and are
being adopted by numerous handset, notebook and web camera
customers. We anticipate an explosive growth of our sensor sales
next year."
Mr. Wu added, "Looking forward to the fourth quarter of 2010, we
expect revenues to be approximately flat, gross margin to down by 1
to 2 percentage points, sequentially, and GAAP earnings per ADS to
be in the range of $0.04 to $0.06 cents."
Investor Conference Call / Webcast Details
The Company's management will review detailed third quarter 2010
results on Monday, November 8, 2010 at 6:00 PM NYC (7:00 AM,
Tuesday, November 9, 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 1:00 PM Taiwan
time on Tuesday, November 16, 2010 (midnight U.S. Eastern Standard
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 358070.
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 U.S.
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 U.S. GAAP because they omit all
interim disclosure required by U.S. GAAP) |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
Three Months Ended
September 30, |
Three Months Ended June
30, |
|
2010 |
2009 |
2010 |
Revenues |
|
|
|
Revenues from
third parties, net |
$ 71,064 |
$ 77,933 |
$ 94,939 |
Revenues from
related parties, net |
67,217 |
125,189 |
92,768 |
|
138,281 |
203,122 |
187,707 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
106,602 |
161,687 |
149,388 |
Research and development |
23,267 |
21,772 |
18,341 |
General and administrative |
4,948 |
4,985 |
4,197 |
Sales and marketing |
4,139 |
3,856 |
2,752 |
Total costs and
expenses |
138,956 |
192,300 |
174,678 |
|
|
|
|
Operating income
(loss) |
(675) |
10,822 |
13,029 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
193 |
110 |
169 |
Equity in losses of equity method
investees |
(99) |
(41) |
(106) |
Foreign exchange gains (losses), net |
(345) |
7 |
53 |
Interest expense |
(71) |
(3) |
(5) |
Other income, net |
173 |
66 |
72 |
|
(149) |
139 |
183 |
Earnings (loss)
before income taxes |
(824) |
10,961 |
13,212 |
Income tax expense (benefit) |
(149) |
2,933 |
2,174 |
Net income (loss) |
(675) |
8,028 |
11,038 |
Net loss attributable to
noncontrolling interests |
1,122 |
793 |
930 |
Net income
attributable to Himax stockholders |
$ 447 |
$ 8,821 |
$ 11,968 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.001 |
$ 0.024 |
$ 0.034 |
Diluted earnings per
ordinary share attributable to Himax
stockholders |
$ 0.001 |
$ 0.024 |
$ 0.033 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.003 |
$ 0.048 |
$ 0.067 |
Diluted earnings per
ADS attributable to Himax
stockholders |
$ 0.003 |
$ 0.048 |
$ 0.067 |
|
|
|
|
Basic Weighted Average
Outstanding Ordinary
Shares |
352,589 |
367,026 |
355,426 |
Diluted Weighted Average
Outstanding Ordinary
Shares |
353,767 |
368,905 |
358,011 |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Income |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
Nine
Months Ended |
|
September
30, |
|
2010 |
2009 |
Revenues |
|
|
Revenues from
third parties, net |
$ 236,943 |
$ 185,654 |
Revenues from
related parties, net |
264,543 |
328,051 |
|
501,486 |
513,705 |
|
|
|
Costs and expenses: |
|
|
Cost of revenues |
396,763 |
407,667 |
Research and development |
59,416 |
54,597 |
General and administrative |
13,188 |
12,464 |
Sales and marketing |
9,640 |
8,531 |
Total costs and
expenses |
479,007 |
483,259 |
|
|
|
Operating income |
22,479 |
30,446 |
|
|
|
Non operating income
(loss): |
|
|
Interest income |
466 |
676 |
Equity in losses of equity method
investees |
(264) |
(41) |
Foreign exchange losses, net |
(303) |
(402) |
Interest expense |
(76) |
(3) |
Other income (loss), net |
333 |
(55) |
|
156 |
175 |
Earnings before
income taxes |
22,635 |
30,621 |
Income tax expense |
4,074 |
4,899 |
Net income |
18,561 |
25,722 |
Net loss attributable to the
noncontrolling interests |
2,992 |
2,891 |
Net income
attributable to Himax stockholders |
$ 21,553 |
$ 28,613 |
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.061 |
$0.077 |
Diluted earnings per
ordinary share attributable to Himax
stockholders |
$0.061 |
$0.077 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.121 |
$0.154 |
Diluted earnings per
ADS attributable to Himax
stockholders |
$0.121 |
$0.154 |
|
|
|
Basic Weighted Average Outstanding
Shares |
355,172 |
372,219 |
Diluted Weighted Average Outstanding
Shares |
355,775 |
372,588 |
|
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
September 30, |
Three Months Ended June
30, |
|
2010 |
2009 |
2010 |
Share-based compensation |
|
|
|
Cost of revenues |
$ 174 |
$ 216 |
$ 21 |
Research and development |
5,275 |
6,040 |
1,375 |
General and administrative |
937 |
1,188 |
228 |
Sales and marketing |
1,040 |
1,149 |
218 |
Income tax benefit |
(1,108) |
(1,631) |
(131) |
Total |
$ 6,318 |
$ 6,962 |
$ 1,711 |
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
Research and development |
$ 259 |
$ 260 |
$ 258 |
Sales and marketing |
289 |
288 |
290 |
Income tax benefit |
(264) |
(162) |
(200) |
Total |
$ 284 |
$ 386 |
$ 348 |
|
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: |
Nine Months
Ended September
30, |
|
2010 |
2009 |
Share-based compensation |
|
|
Cost of revenues |
$ 217 |
$ 242 |
Research and development |
8,024 |
9,630 |
General and administrative |
1,394 |
1,731 |
Sales and marketing |
1,476 |
1,683 |
Income tax benefit |
(1,426) |
(2,027) |
Total |
$ 9,685 |
$ 11,259 |
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
Research and development |
$ 776 |
$ 776 |
Sales and marketing |
868 |
868 |
Income tax benefit |
(603) |
(486) |
Total |
$ 1,041 |
$ 1,158 |
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Balance
Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
September
30, |
June
30, |
December
31, |
|
2010 |
2010 |
2009 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 80,139 |
$ 153,967 |
$ 110,924 |
Investments in marketable securities
available-for-sale |
2,470 |
3,900 |
10,730 |
Restricted cash equivalents |
44,000 |
-- |
-- |
Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
84,803 |
97,499 |
64,496 |
Accounts receivable from related parties,
less allowance for sales returns and discounts |
97,597 |
118,746 |
138,172 |
Inventories |
111,664 |
79,261 |
67,768 |
Deferred income taxes |
17,900 |
15,873 |
17,491 |
Prepaid expenses and other current
assets |
11,749 |
12,657 |
14,216 |
Total current
assets |
$ 450,322 |
$ 481,903 |
$ 423,797 |
|
|
|
|
Investment securities, including
securities measured at fair value |
19,135 |
12,643 |
11,619 |
Equity method
investments |
1,231 |
1,318 |
586 |
Property,
plant and equipment, net |
48,708 |
50,544 |
51,586 |
Deferred income taxes |
25,121 |
23,426 |
24,548 |
Goodwill |
26,846 |
26,846 |
26,846 |
Intangible assets, net |
7,223 |
7,773 |
8,872 |
Other assets |
2,460 |
2,440 |
2,594 |
|
130,724 |
124,990 |
126,651 |
Total assets |
$ 581,046 |
$ 606,893 |
$ 550,448 |
|
|
|
|
Liabilities and
Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$ 44,000 |
$ -- |
$ -- |
Accounts payable |
106,350 |
134,266 |
88,079 |
Income taxes payable |
11,681 |
7,661 |
14,147 |
Dividend payable |
-- |
44,188 |
-- |
Other accrued expenses and other current
liabilities |
20,041 |
19,413 |
18,425 |
Total current
liabilities |
$ 182,072 |
$ 205,528 |
$ 120,651 |
Other liabilities |
4,514 |
4,642 |
5,725 |
Total liabilities |
$ 186,586 |
$ 210,170 |
$ 126,376 |
|
|
|
|
Equity |
|
|
|
Himax stockholders'
equity: |
|
|
|
Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized; 353,842,764 shares, 353,502,962
shares, and 358,012,184 shares issued and outstanding at September
30, 2010, June 30, 2010, and December 31, 2009, respectively |
$ 106,153 |
$ 106,051 |
$ 107,404 |
Additional paid-in capital |
99,154 |
101,623 |
102,924 |
Accumulated other comprehensive income
(loss) |
454 |
(32) |
4 |
Unappropriated retained earnings |
186,577 |
186,039 |
209,121 |
Himax
stockholders' equity |
$ 392,338 |
$ 393,681 |
$ 419,453 |
Noncontrolling
interests |
2,122 |
3,042 |
4,619 |
Total
equity |
$ 394,460 |
$ 396,723 |
$ 424,072 |
Total liabilities and
equity |
$ 581,046 |
$ 606,893 |
$ 550,448 |
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
|
Three Months
Ended September 30, |
Three Months Ended
June 30, |
|
2010 |
2009 |
2010 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
$ (675) |
$ 8,028 |
$ 11,038 |
Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
3,366 |
3,452 |
3,463 |
Bad debt expenses |
-- |
533 |
-- |
Share-based compensation expenses |
1,555 |
2,085 |
1,842 |
Equity in losses of equity method
investees |
99 |
41 |
106 |
Loss on disposal of property and
equipment |
34 |
34 |
-- |
Gain on disposal of marketable
securities, net |
(21) |
(52) |
(19) |
Valuation gain on trading securities |
(62) |
-- |
-- |
Amortization of discount on investment
securities |
(18) |
-- |
-- |
Deferred income tax expense
(benefit) |
(3,850) |
(263) |
2,639 |
Inventories write downs |
2,210 |
2,649 |
1,371 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
12,696 |
(11,308) |
(25,211) |
Accounts receivable from related
parties |
21,178 |
(6,797) |
9,827 |
Inventories |
(34,613) |
(25,612) |
(15,230) |
Prepaid expenses and other current
assets |
908 |
1,905 |
1,098 |
Accounts payable |
(27,918) |
13,590 |
18,352 |
Income taxes payable |
4,045 |
3,333 |
(8,844) |
Other accrued expenses and other current
liabilities |
829 |
1,363 |
2,464 |
Other liabilities |
(34) |
-- |
(602) |
Net cash
provided by (used in) operating
activities |
(20,271) |
(7,019) |
2,294 |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and equipment |
(1,233) |
(2,365) |
(1,720) |
Proceeds from disposal of property and
equipment |
-- |
9 |
-- |
Purchase of available-for-sale marketable
securities |
(9,184) |
(8,896) |
(4,257) |
Disposal of available-for-sale marketable
securities |
6,340 |
8,454 |
5,514 |
Purchase of non-marketable equity
securities |
(1,000) |
-- |
(1,024) |
Purchase of equity method
investments |
-- |
(312) |
-- |
Purchase of trading securities |
(684) |
-- |
-- |
Release (pledge) of restricted cash
equivalents and marketable securities |
(44,004) |
2,101 |
(62) |
Decrease (increase) in other assets |
7 |
(226) |
134 |
Net cash used in investing
activities |
(49,758) |
(1,235) |
(1,415) |
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
|
|
|
|
Three Months
Ended September
30, |
Three Months Ended
June
30, |
|
2010 |
2009 |
2010 |
Cash flows from financing
activities: |
|
|
|
Distribution of cash dividends |
$ (44,097) |
$ -- |
$ -- |
Proceeds from issuance of new shares by
subsidiaries |
117 |
120 |
76 |
Payments to acquire ordinary shares for
retirement |
(4,210) |
(14,023) |
(2,903) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
364 |
14 |
94 |
Purchase of subsidiary shares from
noncontrolling interests |
-- |
(61) |
(109) |
Proceeds from borrowing of short-term
debt |
44,000 |
80,000 |
160,000 |
Repayment of short-term debt |
-- |
(80,000) |
(160,000) |
Net cash used
in financing activities |
(3,826) |
(13,950) |
(2,842) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
27 |
6 |
(2) |
Net
decrease in cash and cash
equivalents |
(73,828) |
(22,198) |
(1,965) |
Cash and cash equivalents at
beginning of period |
153,967 |
136,760 |
155,932 |
Cash and cash equivalents at end of
period |
$ 80,139 |
$ 114,562 |
$ 153,967 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period for: |
|
|
|
Interest expense |
$ -- |
$ 3 |
$ 5 |
Income taxes |
$ 45 |
$ 5 |
$ 8,196 |
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
September 30, |
Three Months Ended June
30, |
|
2010 |
2009 |
2010 |
Revenues |
$ 138,281 |
$ 203,122 |
$ 187,707 |
|
|
|
|
Gross profit |
31,679 |
41,435 |
38,319 |
Add: Share-based compensation – Cost of
revenues |
174 |
216 |
21 |
Gross profit excluding share-based
compensation |
31,853 |
41,651 |
38,340 |
Gross margin excluding share-based
compensation |
23.0% |
20.5% |
20.4% |
|
|
|
|
Operating income (loss) |
(675) |
10,822 |
13,029 |
Add: Share-based compensation |
7,426 |
8,593 |
1,842 |
Operating income excluding share-based
compensation |
6,751 |
19,415 |
14,871 |
Add: Acquisition-related charges –Intangible
assets amortization |
548 |
548 |
548 |
Operating income excluding share-based
compensation and acquisition-related charges |
7,299 |
19,963 |
15,419 |
Operating margin excluding share-based
compensation and acquisition-related charges |
5.3% |
9.8% |
8.2% |
Net income attributable to Himax
stockholders |
447 |
8,821 |
11,968 |
Add: Share-based compensation, net of
tax |
6,318 |
6,962 |
1,711 |
Add: Acquisition-related charges, net of
tax |
284 |
386 |
348 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
7,049 |
16,169 |
14,027 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
5.1% |
8.0% |
7.5% |
|
|
|
|
*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: |
|
Nine Months Ended
September 30, |
|
2010 |
2009 |
Revenues |
$501,486 |
$513,705 |
|
|
|
Gross profit |
104,723 |
106,038 |
Add: Share-based compensation – Cost of
revenues |
217 |
242 |
Gross profit excluding share-based
compensation |
104,940 |
106,280 |
Gross margin excluding share-based
compensation |
20.9% |
20.7% |
|
|
|
|
|
Operating income |
22,479 |
30,446 |
Add: Share-based compensation |
11,111 |
13,286 |
Operating income excluding share-based
compensation |
33,590 |
43,732 |
Add: Acquisition-related charges –Intangible
assets amortization |
1,644 |
1,644 |
Operating income excluding share-based
compensation and acquisition-related charges |
35,234 |
45,376 |
Operating margin excluding share-based
compensation and acquisition-related charges |
7.0% |
8.8% |
Net income attributable to Himax
stockholders |
21,553 |
28,613 |
Add: Share-based compensation, net of
tax |
9,685 |
11,259 |
Add: Acquisition-related charges, net of
tax |
1,041 |
1,158 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
32,279 |
41,030 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
6.4% |
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 September
30, |
Nine Months Ended September
30, |
|
2010 |
2010 |
Diluted GAAP EPS attributable to Himax
stockholders |
$0.001 |
$0.061 |
Add: Share-based compensation per diluted
share |
$0.018 |
$0.027 |
Add: Acquisition-related charges per diluted
share |
$0.001 |
$0.003 |
|
|
|
Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.020 |
$0.091 |
|
|
|
Numbers do not add up due to
rounding |
CONTACT: Himax Technologies, Inc.
Investor Relations
Jessie Wang, Ext. 22618
jessie_wang@himax.com.tw
Jessica Huang, Ext. 22513
jessica_huang@himax.com.tw
+886-2-2370-3999
The Ruth Group
In the U.S.
Joseph Villalta
+1-646-536-7003
jvillalta@theruthgroup.com
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