Himax Reiterates Second Quarter Guidance and Announces Share Buyback
20 Juni 2011 - 1:20PM
Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reiterated its second quarter guidance and announced a $25 million
share buyback program. Himax Board of Directors today approved a
share buyback program that authorizes the Company to repurchase up
to $25 million of the Company's American Depository Shares ("ADSs")
in the open market or through privately negotiated transactions.
The program does not obligate Himax to acquire any particular
amount of ADSs and may be modified or suspended at any time at the
Company's sole discretion.
Jordan Wu, President and Chief Executive Officer of Himax,
commented, "As of today, we expect our second quarter revenues to
go up 10% to 15%, in line with the guidance we previously provided
in our last earnings call on May 9, 2011. While we reiterate the
second quarter guidance, the actual results remain subject to
market changes and other future events that may occur before the
quarter end."
Mr. Wu continued, "We remain firmly confident in our long-term
business outlook. Our ADSs are undervalued, currently trading below
book value of approximately US$2.3 per ADS as of May 31, 2011. We
believe a share buyback program demonstrates the strong commitment
from the Board and the management team to enhance shareholder
value."
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 tablet PCs, 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, 2010 filed with the
SEC on May 20, 2011, as may be amended.
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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