- 2010 Earnings per ADS of 19 cents
- Positive on 2011 outlook with strong growth in small/medium and
non-driver products
- Expects to commence the planned TDR listing in 2011
Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reported financial results for the fourth quarter and full year
ended December 31, 2010.
For the fourth quarter of 2010, Himax reported net revenues of
$141.2 million, representing a 21.0% decrease from $178.7 million
in the fourth quarter of 2009, and a 2.1% increase from $138.3
million in the third quarter of 2010. Gross margin was 21.5% in the
fourth quarter of 2010, up 150 basis points year-over-year and down
140 basis points, sequentially. Operating income in the fourth
quarter was $12.9 million, compared to $13.1 million for the same
period last year and operating loss of $0.7 million in the previous
quarter.
Net income attributable to Himax stockholders for the fourth
quarter of 2010 was $11.7 million or $0.066 per diluted ADS, up
from $11.0 million or $0.061 per diluted ADS in the fourth quarter
of 2009, and up from $0.4 million or $0.003 per diluted ADS in the
third quarter of 2010.
Excluding share-based compensation and acquisition-related
charges, non-GAAP operating income for the fourth quarter of 2010
was $14.5 million, down from $15.4 million in the same period last
year, and up from $7.3 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the
fourth quarter of 2010 was $13.0 million or $0.073 per diluted ADS,
up from $12.6 million or $0.069 per diluted ADS in the fourth
quarter of 2009, and up from $7.0 million or $0.040 per diluted ADS
in the third 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, "2010 was a year full of both challenges and excitement.
While we lost share in large panel drivers, we also gained a lot of
ground in small and medium size panels. Also, we picked up strong
momentum in 2010 across all of our non-driver businesses, which we
have cultivated for a long time. We believe the strong momentum
will continue into this year and beyond."
Mr. Wu continued, "Our revenues totaled $642.7 million in 2010,
representing a 7.2% decline year-over-year. The decline was caused
by the 25.7% year over year reduction of large-panel drivers, which
represented 57.0% of 2010 revenue, as compared to 71.3% in 2009. We
don't expect further loss of market share for large-sized drivers
with our existing major customers for this year. Moreover, we are
confident that we will gain share in China where there are
aggressive panel capacity expansion plans offering attractive new
driver business opportunities in the near term, especially in the
large panel segment.
Small- and medium-sized drivers, on the other hand, grew 46.5%
year over year, representing 34.8% of our total revenue, as
compared to 22.0% a year ago. This strong growth momentum in the
small and medium drivers will continue into this year, thanks to
the expanding markets for several emerging product segments,
especially smart phones and tablet PCs.
Non-driver products grew 13.8% year over year, representing 8.2%
of our total sales, as compared to 6.7% a year ago. We achieved
numerous milestones for non-driver products in 2010. Firstly 2010
was the year when we commenced mass production for several new
product areas, including CMOS image sensors, wafer-level optics,
wafer-level camera modules, 2D to 3D conversion solutions and touch
controller ICs. These milestones are illustrations of our strong
R&D capability and our commitment to a more diversified product
portfolio. It has also paved the way for strong long term growth.
Moreover, our LCOS pico-projector solutions, power management ICs
and WLED drivers all showed significant year-over-year shipment and
revenue growth in 2010. We are confident that the strong momentum
will continue into 2011 and beyond for every non-driver product
segment.
Gross margin in 2010 was 21.0% compared to 20.5% in 2009. Our
net income was $33.2 million, or 19 cents per ADS, compared to
$39.7 million, or 21 cents per ADS in the previous year. We expect
to see contribution from our non-driver products to our gross
profit and bottom line this year, on top of their contributions to
the top line. Other than a short period of ramping time in the
initial stage of mass production, each of our non-driver products
exhibits higher gross margin than our driver products. We believe,
with further ramp-up in non-driver products, we will be able to
improve our gross margin from the current level."
Mr. Wu continued, "Entering into 2011, we are seeing encouraging
signs in literally all aspects of our businesses, including large
panel driver business where we suffered last year. We are therefore
optimistic that our business is bottoming out and we are on track
again to see top line and bottom line growth starting this year,
following three years of decline. Equally important, looking ahead,
we foresee a more balanced business portfolio with the large panel
driver business accounting for a smaller percentage of our total
sales. We also anticipate small panel drivers and non-drivers,
which do not rely on a small number of large customers, to
contribute significantly to our total sales.
2011 will be marked as a year of transition for us. Seeing the
exciting upside potential, we continue to invest heavily on
R&D, which will result in less than satisfactory first quarter
profitability, as will be provided by the guidance below.
Nevertheless, we believe we will be able to grow both our top and
bottom lines each quarter during 2011."
Mr. Wu continued, "Another important task for this year is the
listing of our planned Taiwan Depositary Receipts, or TDR. The
filing, however, can only be made after the publication of the 2010
full year US GAAP audited financial reports, which is scheduled for
the end of April. Prior year audited financial report is one of the
essential documents required for official TDR application with the
Taiwan Stock Exchange. We expect the issuance of TDR will provide a
more convenient platform for our Asia-based investors and would
help better reflect our corporate value through increased
liquidity. We will provide application updates along the way."
Mr. Wu added, "Moving to our first quarter 2011 guidance, we
expect revenues to remain flat or go up slightly, with our
non-driver products to account for over 10% of the total sales, the
first time in our history. However, we expect gross margin to
decline within 1 percentage point. The decline in gross margin is
primarily due to certain ramping-up expenses involved in non-driver
products in their early stage of mass production. With further
shipment ramp-up, we do expect non-driver products to contribute
positively to our overall gross margin soon after this quarter. As
mentioned earlier, R&D expenses are projected to increase from
last quarter. Finally, our GAAP earnings per ADS is expected to be
in the range of 1-2 cents."
Investor Conference Call / Webcast Details
The Company's management will review detailed fourth quarter
2010 results on Wednesday, February 9, 2011 at 6:00 PM NYC (7:00
AM, Thursday, February 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 1:00 PM Taiwan time on Wednesday, February 16, 2011
(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 364670.
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, touch controller ICs, 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
December 31, |
Three Months Ended September
30, |
| |
2010 |
2009 |
2010 |
| Revenues |
|
|
|
| Revenues
from third parties, net |
$ 67,125 |
$ 59,421 |
$ 71,064 |
| Revenues
from related parties, net |
74,081 |
119,255 |
67,217 |
| |
141,206 |
178,676 |
138,281 |
| |
|
|
|
| Costs and expenses: |
|
|
|
| Cost of revenues |
110,884 |
142,889 |
106,602 |
| Research and
development |
17,010 |
16,767 |
23,267 |
| General and
administrative |
5,582 |
3,882 |
4,948 |
| Sales and marketing |
(5,149) |
2,047 |
4,139 |
| Total costs and
expenses |
128,327 |
165,585 |
138,956 |
| |
|
|
|
| Operating income
(loss) |
12,879 |
13,091 |
(675) |
| |
|
|
|
| Non operating income
(loss): |
|
|
|
| Interest income |
141 |
90 |
193 |
| Equity in losses of equity method
investees |
(146) |
(48) |
(99) |
| Foreign exchange losses, net |
(433) |
(108) |
(345) |
| Interest expense |
(106) |
-- |
(71) |
| Other income, net |
487 |
79 |
173 |
| |
(57) |
13 |
(149) |
| Earnings (loss)
before income taxes |
12,822 |
13,104 |
(824) |
| Income tax expense
(benefit) |
2,317 |
3,016 |
(149) |
| Net income (loss) |
10,505 |
10,088 |
(675) |
| Net loss attributable to
noncontrolling interests |
1,148 |
949 |
1,122 |
| Net income
attributable to Himax stockholders |
$ 11,653 |
$ 11,037 |
$ 447 |
| |
|
|
|
| Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.033 |
$ 0.030 |
$ 0.001 |
| Diluted earnings per
ordinary share attributable to Himax
stockholders |
$ 0.033 |
$ 0.030 |
$ 0.001 |
| Basic earnings per ADS attributable
to Himax stockholders |
$ 0.066 |
$ 0.061 |
$ 0.003 |
| Diluted earnings per
ADS attributable to Himax
stockholders |
$ 0.066 |
$ 0.061 |
$ 0.003 |
| |
|
|
|
| Basic Weighted Average
Outstanding Ordinary
Shares |
354,633 |
362,034 |
352,589 |
| Diluted Weighted Average
Outstanding Ordinary
Shares |
355,061 |
362,579 |
353,767 |
| Himax Technologies,
Inc. |
| Unaudited Condensed
Consolidated Statements of Income |
| (Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
| |
|
|
| |
Twelve
Months Ended |
| |
December
31, |
| |
2010 |
2009 |
| Revenues |
|
|
| Revenues
from third parties, net |
$ 304,068 |
$ 245,075 |
| Revenues
from related parties, net |
338,624 |
447,306 |
| |
642,692 |
692,381 |
| |
|
|
| Costs and expenses: |
|
|
| Cost of revenues |
507,647 |
550,556 |
| Research and
development |
76,426 |
71,364 |
| General and
administrative |
18,770 |
16,346 |
| Sales and marketing |
4,491 |
10,578 |
| Total costs and
expenses |
607,334 |
648,844 |
| |
|
|
| Operating income |
35,358 |
43,537 |
| |
|
|
| Non operating income
(loss): |
|
|
| Interest income |
607 |
766 |
| Equity in losses of equity method
investees |
(410) |
(89) |
| Foreign exchange losses, net |
(736) |
(510) |
| Interest expense |
(182) |
(3) |
| Other income, net |
820 |
24 |
| |
99 |
188 |
| Earnings before
income taxes |
35,457 |
43,725 |
| Income tax expense |
6,391 |
7,915 |
| Net income |
29,066 |
35,810 |
| Net loss attributable to the
noncontrolling interests |
4,140 |
3,840 |
| Net income
attributable to Himax stockholders |
$ 33,206 |
$ 39,650 |
| |
|
|
| Basic earnings per ordinary share
attributable to Himax stockholders |
$0.094 |
$0.107 |
| Diluted earnings per
ordinary share attributable to Himax
stockholders |
$0.093 |
$0.107 |
| Basic earnings per ADS attributable
to Himax stockholders |
$0.187 |
$0.215 |
| Diluted earnings per
ADS attributable to Himax
stockholders |
$0.187 |
$0.214 |
| |
|
|
| Basic Weighted Average Outstanding
Shares |
355,037 |
369,652 |
| Diluted Weighted Average Outstanding
Shares |
355,690 |
370,229 |
| 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
December 31, |
Three Months Ended September
30, |
| |
2010 |
2009 |
2010 |
| Share-based compensation |
|
|
|
| Cost of revenues |
$ 23 |
$ 22 |
$ 174 |
| Research and
development |
779 |
1,306 |
5,275 |
| General and
administrative |
131 |
228 |
937 |
| Sales and marketing |
137 |
219 |
1,040 |
|
Income tax benefit |
(177) |
(233) |
(1,108) |
| Total |
$ 893 |
$ 1,542 |
$ 6,318 |
| |
|
|
|
| The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
| |
|
|
|
| Acquisition-related charges |
|
|
|
| Research and
development |
$ 259 |
$ 259 |
$ 259 |
| Sales
and marketing |
289 |
289 |
289 |
| Income
tax benefit |
(125) |
(546) |
(264) |
| Total |
$ 423 |
$ 2 |
$ 284 |
| |
|
|
|
| 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: |
|
|
| |
|
|
| |
Twelve
Months Ended
December
31, |
| |
2010 |
2009 |
| Share-based compensation |
|
|
| Cost of revenues |
$ 240 |
$ 264 |
| Research and
development |
8,803 |
10,936 |
| General and
administrative |
1,525 |
1,959 |
| Sales and marketing |
1,613 |
1,902 |
| Income tax benefit |
(1,603) |
(2,260) |
| Total |
$ 10,578 |
$ 12,801 |
| |
|
|
| The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
| |
|
|
| Research and
development |
$ 1,035 |
$ 1,035 |
| Sales
and marketing |
1,157 |
1,157 |
| Income
tax benefit |
(728) |
(1,032) |
| Total |
$ 1,464 |
$ 1,160 |
| |
|
|
| |
|
|
| |
|
|
|
| Himax Technologies,
Inc. |
| Unaudited Condensed
Consolidated Balance Sheets |
| (Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
| |
|
|
|
| |
December 31, |
September 30, |
December 31, |
| |
2010 |
2010 |
2009 |
| Assets |
|
|
|
| Current assets: |
|
|
|
| Cash and cash equivalents |
$96,842 |
$80,139 |
$110,924 |
| Investments in marketable securities
available-for-sale |
8,632 |
2,470 |
10,730 |
| Restricted cash equivalents |
58,500 |
44,000 |
-- |
| Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
80,212 |
84,803 |
64,496 |
| Accounts receivable from related parties,
less allowance for sales returns and discounts |
95,964 |
97,597 |
138,172 |
| Inventories |
117,988 |
111,664 |
67,768 |
| Deferred income taxes |
4,348 |
17,900 |
17,491 |
| Prepaid expenses and other current
assets |
15,810 |
11,749 |
14,216 |
| Total current
assets |
$478,296 |
$450,322 |
$423,797 |
| |
|
|
|
| Investment securities, including
securities measured at fair value |
25,626 |
19,135 |
11,619 |
| Equity method
investments |
869 |
1,231 |
586 |
| Property, plant and equipment,
net |
47,561 |
48,708 |
51,586 |
| Deferred income
taxes |
30,227 |
25,121 |
24,548 |
| Goodwill |
26,846 |
26,846 |
26,846 |
| Intangible assets, net |
6,674 |
7,223 |
8,872 |
| Other assets |
1,391 |
2,460 |
2,594 |
| |
139,194 |
130,724 |
126,651 |
| Total assets |
$617,490 |
$581,046 |
$550,448 |
| |
|
|
|
| Liabilities and Equity |
|
|
|
| Current liabilities: |
|
|
|
| Short-term debt |
$57,000 |
$44,000 |
$ -- |
| Accounts payable |
115,922 |
106,350 |
88,079 |
| Income taxes payable |
6,560 |
11,681 |
14,147 |
| Other accrued expenses and other current
liabilities |
23,605 |
20,041 |
18,425 |
| Total current
liabilities |
$203,087 |
$182,072 |
$120,651 |
| Other liabilities |
7,427 |
4,514 |
5,725 |
| Total liabilities |
$210,514 |
$186,586 |
$126,376 |
| |
|
|
|
| Equity |
|
|
|
| Himax stockholders'
equity: |
|
|
|
| Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized; 353,842,764 shares, 353,842,764
shares, and 358,012,184 shares issued and outstanding at December
31, 2010, September 30, 2010, and December 31, 2009,
respectively |
$106,153 |
$106,153 |
$107,404 |
| Additional paid-in capital |
100,291 |
99,154 |
102,924 |
| Accumulated other comprehensive
income |
1,204 |
454 |
4 |
| Unappropriated retained earnings |
198,230 |
186,577 |
209,121 |
| Himax stockholders'
equity |
$405,878 |
$392,338 |
$419,453 |
| Noncontrolling
interests |
1,098 |
2,122 |
4,619 |
| Total equity |
$406,976 |
$394,460 |
$424,072 |
| Total liabilities and
equity |
$617,490 |
$581,046 |
$550,448 |
| Himax Technologies,
Inc. |
| Unaudited
Condensed Consolidated Statements of Cash
Flows |
|
(Amounts in
Thousands of
U.S.Dollars) |
| |
|
|
|
| |
Three Months
Ended December 31, |
Three Months Ended
September 30, |
| |
2010 |
2009 |
2010 |
| |
|
|
|
| Cash flows from operating
activities: |
|
|
|
| Net income (loss) |
$ 10,505 |
$ 10,088 |
$ (675) |
| Adjustments to reconcile net income (loss) to
net cash provided by (used in) operating activities: |
|
|
|
| Depreciation and
amortization |
3,275 |
3,617 |
3,366 |
| Bad debt expenses |
-- |
(575) |
-- |
| Share-based compensation
expenses |
1,071 |
1,775 |
1,555 |
| Equity in losses of equity
method investees |
146 |
48 |
99 |
| Loss on disposal of property
and equipment |
-- |
2 |
34 |
| Gain on disposal of marketable
securities, net |
(197) |
(17) |
(21) |
| Valuation gain on investment
securities |
(258) |
-- |
(62) |
| Amortization of discount on
investment securities |
(34) |
-- |
(18) |
| Deferred income tax expense
(benefit) |
8,198 |
2,022 |
(3,850) |
| Inventories write downs |
4,112 |
3,774 |
2,210 |
| Changes in operating assets and
liabilities: |
|
|
|
| Accounts receivable |
4,591 |
12,110 |
12,696 |
| Accounts receivable from
related parties |
1,645 |
10,700 |
21,178 |
| Inventories |
(10,436) |
33,746 |
(34,613) |
| Prepaid expenses and other current
assets |
(4,059) |
(1,131) |
908 |
| Accounts payable |
9,572 |
(62,060) |
(27,918) |
| Income taxes payable |
(5,478) |
1,068 |
4,045 |
| Other accrued expenses and other current
liabilities |
3,673 |
2,159 |
829 |
| Other liabilities |
3,476 |
(697) |
(34) |
| Net cash
provided by (used in) operating
activities |
29,802 |
16,629 |
(20,271) |
| |
|
|
|
| Cash flows from investing
activities: |
|
|
|
| Purchase of property and
equipment |
(1,831) |
(2,260) |
(1,233) |
| Proceeds from disposal of
property and equipment |
-- |
15 |
-- |
| Purchase of available-for-sale
marketable securities |
(15,958) |
(13,653) |
(9,184) |
| Disposal of available-for-sale
marketable securities |
10,399 |
7,946 |
6,340 |
| Purchase of non-marketable
equity securities |
(5,500) |
-- |
(1,000) |
| Purchase of investment
securities |
-- |
-- |
(684) |
| Purchase of Equity method
investments |
(9) |
-- |
-- |
| Pledge of restricted cash
equivalents and marketable securities |
(13,512) |
(2,068) |
(44,004) |
| Decrease in other assets |
88 |
19 |
7 |
| Net cash used in investing
activities |
(26,323) |
(10,001) |
(49,758) |
| |
|
|
|
| Himax Technologies,
Inc. |
| Unaudited
Condensed Consolidated Statements of Cash
Flows |
|
(Amounts in
Thousands of
U.S.Dollars) |
| |
|
|
|
| |
Three Months
Ended December
31, |
Three Months Ended
September
30, |
| |
2010 |
2010 |
2010 |
| Cash flows from financing
activities: |
|
|
|
| Distribution of cash
dividends |
$ -- |
$ -- |
$ (44,097) |
| Proceeds from issuance of new
shares by subsidiaries |
95 |
805 |
117 |
| Payments to acquire ordinary
shares for retirement |
-- |
(11,043) |
(4,210) |
| Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax Technologies
Limited |
135 |
76 |
364 |
| Purchase of subsidiary shares
from noncontrolling interests |
(60) |
(99) |
-- |
| Proceeds from borrowing of
short-term debt |
13,000 |
-- |
44,000 |
| Net cash
provided by (used in) financing
activities |
13,170 |
(10,261) |
(3,826) |
| Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
54 |
(5) |
27 |
| Net increase
(decrease) in cash and cash
equivalents |
16,703 |
(3,638) |
(73,828) |
| Cash and cash equivalents at
beginning of period |
80,139 |
114,562 |
153,967 |
| Cash and cash equivalents at end of
period |
$ 96,842 |
$ 110,924 |
$ 80,139 |
| |
|
|
|
| Supplemental disclosures of cash flow
information: |
|
|
|
| Cash paid during the
period for: |
|
|
|
| Interest expense |
$ 165 |
$ -- |
$ -- |
| Income taxes |
$ 41 |
$ 13 |
$ 45 |
| Himax Technologies,
Inc. |
| Unaudited
Condensed Consolidated Statements of Cash
Flows |
|
(Amounts in
Thousands of
U.S.Dollars) |
| |
|
|
| |
Twelve
Months Ended December
31, |
| |
2010 |
2009 |
| |
|
|
| Cash flows from operating
activities: |
|
|
| |
|
|
| Net income |
$ 29,066 |
$ 35,810 |
| Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
| Depreciation and
amortization |
13,626 |
13,795 |
| Bad debt expenses |
-- |
218 |
| Share-based compensation
expenses |
6,311 |
8,553 |
| Equity in losses of equity
method investees |
410 |
89 |
| Loss on disposal of
property and equipment |
34 |
43 |
| Loss (gain) on sale of
marketable securities, net |
(296) |
87 |
| Valuation gain on investment
securities |
(320) |
-- |
| Amortization of discount on
investment securities |
(52) |
-- |
| Deferred income taxes
expense |
6,612 |
1,447 |
| Inventories write
downs |
10,557 |
13,622 |
| Changes in operating assets and
liabilities: |
|
|
| Accounts receivable |
(14,782) |
(13,686) |
| Accounts receivable from
related parties |
41,306 |
(33,685) |
| Inventories |
(60,777) |
14,401 |
| Prepaid expenses and
other current assets |
(1,591) |
(2,299) |
| Accounts payable |
27,843 |
34,360 |
| Income tax payable |
(7,923) |
(880) |
| Other accrued expenses
and other current liabilities |
4,767 |
2,452 |
| Other liabilities |
2,840 |
(697) |
| Net cash
provided by operating
activities |
57,631 |
73,630 |
| |
|
|
| Cash flows from investing
activities: |
|
|
| Purchase of property and
equipment |
(7,172) |
(10,592) |
| Proceeds from sale of property,
plant and equipment |
-- |
25 |
| Purchase of available-for-sales
marketable securities |
(34,976) |
(34,248) |
| Disposal of available-for-sale
marketable securities |
33,443 |
39,263 |
| Purchase of financial assets
carried at cost |
(7,524) |
-- |
| Purchase of equity-method
investments |
(906) |
(663) |
| Purchase of investment
securities |
(684) |
-- |
| Decrease (increase) in
refundable deposits |
298 |
(217) |
| Pledge of restricted cash
equivalents and marketable securities |
(57,578) |
(1,002) |
| Increase in other assets |
-- |
(107) |
| Net cash used in
investing activities |
(75,099) |
(7,541) |
| |
|
|
| |
|
|
| Himax Technologies,
Inc. |
| Unaudited
Condensed Consolidated Statements of Cash
Flows |
| (Figures in
Thousands of
U.S.Dollars) |
| |
|
|
| |
Twelve
Months Ended December
31, |
| |
|
|
| |
2010 |
2009 |
| |
|
|
| Cash flows from financing
activities: |
|
|
| Distribution of cash
dividends |
$ (44,097) |
$ (55,496) |
| Proceeds from issuance of new
shares by subsidiaries |
353 |
1,027 |
| Payments to acquire ordinary
shares for retirement |
(10,755) |
(36,596) |
| Proceeds from disposal of
subsidiary shares by Himax Technologies Limited |
1,011 |
529 |
| Purchase of subsidiary shares
from noncontrolling interest |
(207) |
(243) |
| Proceeds from short-term
debt |
217,000 |
80,000 |
| Repayment of short-term
debt |
(160,000) |
(80,000) |
| Net cash
provided by (used in) financing
activities |
3,305 |
(90,779) |
| Effect of exchange rate
change on cash and cash equivalents |
81 |
414 |
| Net
decrease in cash and cash
equivalents |
(14,082) |
(24,276) |
| Cash and cash equivalents at
beginning of year |
110,924 |
135,200 |
| Cash and cash equivalents at end of
year |
$ 96,842 |
$ 110,924 |
| |
|
|
| Supplemental disclosures of cash flow
information: |
|
|
| Cash paid during
the period for: |
|
|
| Interest |
$ 170 |
$ 3 |
|
Income taxes |
$ 8,329 |
$ 7,652 |
| |
|
|
|
|
|
| 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
December 31, |
Three Months Ended September
30, |
| |
2010 |
2009 |
2010 |
| |
|
|
|
| Revenues |
$ 141,206 |
$ 178,676 |
$ 138,281 |
| |
|
|
|
| Gross profit |
30,322 |
35,787 |
31,679 |
| Add: Share-based compensation – Cost of
revenues |
23 |
22 |
174 |
| Gross profit excluding share-based
compensation |
30,345 |
35,809 |
31,853 |
| Gross margin excluding share-based
compensation |
21.5% |
20.0% |
23.0% |
| |
|
|
|
| Operating income (loss) |
12,879 |
13,091 |
(675) |
| Add: Share-based compensation |
1,070 |
1,775 |
7,426 |
| Operating income excluding share-based
compensation |
13,949 |
14,866 |
6,751 |
| Add: Acquisition-related charges –Intangible
assets amortization |
548 |
548 |
548 |
| Operating income excluding share-based
compensation and acquisition-related charges |
14,497 |
15,414 |
7,299 |
| Operating margin excluding share-based
compensation and acquisition-related charges |
10.3% |
8.6% |
5.3% |
| Net income attributable to Himax
stockholders |
11,653 |
11,037 |
447 |
| Add: Share-based compensation, net of
tax |
893 |
1,542 |
6,318 |
| Add: Acquisition-related charges, net of
tax |
423 |
2 |
284 |
| Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
12,969 |
12,581 |
7,049 |
| Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
9.2% |
7.0% |
5.1% |
| *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: |
| |
|
|
| |
Twelve Months Ended
December 31, |
| |
2010 |
2009 |
| Revenues |
$642,692 |
$692,381 |
| |
|
|
| Gross profit |
135,045 |
141,825 |
| Add: Share-based compensation – Cost of
revenues |
240 |
264 |
| Gross profit excluding share-based
compensation |
135,285 |
142,089 |
| Gross margin excluding share-based
compensation |
21.0% |
20.5% |
| |
|
|
|
|
| Operating income |
35,358 |
43,537 |
| Add: Share-based compensation |
12,181 |
15,061 |
| Operating income excluding share-based
compensation |
47,539 |
58,598 |
| Add: Acquisition-related charges –Intangible
assets amortization |
2,192 |
2,192 |
| Operating income excluding share-based
compensation and acquisition-related charges |
49,731 |
60,790 |
| Operating margin excluding share-based
compensation and acquisition-related charges |
7.7% |
8.8% |
| Net income attributable to Himax
stockholders |
33,206 |
39,650 |
| Add: Share-based compensation, net of
tax |
10,578 |
12,801 |
| Add: Acquisition-related charges, net of
tax |
1,464 |
1,160 |
| Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
45,248 |
53,611 |
| Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
7.0% |
7.7% |
| *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 December
31, |
Twelve Months Ended December
31, |
| |
2010 |
2010 |
| Diluted GAAP EPS attributable to Himax
stockholders |
$0.033 |
$0.093 |
| Add: Share-based compensation per diluted
share |
$0.003 |
$0.030 |
| Add: Acquisition-related charges per diluted
share |
$0.001 |
$0.004 |
| |
|
|
| Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.037 |
$0.127 |
| |
|
|
CONTACT: Jessie Wang / Jessica Huang
Investor Relations
Himax Technologies, Inc.
+886-2-2370-3999 Ext. 22618 / 22513
jessie_wang@himax.com.tw
jessica_huang@himax.com.tw
In the U.S.
Joseph Villalta
The Ruth Group
+1-646-536-7003
jvillalta@theruthgroup.com
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