- Second quarter 2011 revenues in-line with guidance with gross
margin of 18.6%
- Expects third quarter revenues to remain flat or to decline
slightly with gross margin to remain at the current level
- Expects smartphone display drivers and CMOS image sensors to
further grow in the third quarter
Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reported financial results for the second quarter ended June 30,
2011.
For the second quarter of 2011, Himax reported net revenues of
$160.6 million, representing a 14.5% decrease from $187.7 million
in the second quarter of 2010, and a 13.8% increase from $141.1
million in the first quarter of 2011. Gross margin was 18.6% in the
second quarter of 2011, down 180 basis points year-over-year and
down 150 basis points, sequentially. Operating income in the second
quarter was $3.4 million, compared to $13.0 million for the same
period last year and $2.5 million in the previous quarter.
Net income attributable to Himax stockholders for the second
quarter of 2011 was $3.6 million or $0.02 per diluted ADS, down
from $12.0 million or $0.07 per diluted ADS in the second quarter
of 2010, and up from $2.7 million or $0.02 per diluted ADS in the
first quarter of 2011.
Excluding share-based compensation and acquisition-related
charges, non-GAAP operating income for the second quarter of 2011
was $5.1 million, down from $15.4 million in the same period last
year, and up from $4.3 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the
second quarter of 2011 was $5.0 million or $0.03 per diluted ADS,
down from $14.0 million or $0.08 per diluted ADS in the second
quarter of 2010, and up from $4.1 million or $0.02 per diluted ADS
in the first quarter of 2011.
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.
Jordan Wu, President and Chief Executive Officer of Himax,
commented, "For large panel display drivers, the 17.7% quarterly
revenue growth in the second quarter was primarily the result of
orders coming from one of our customers in China which was ramping
up its new capacity. The third quarter outlook however, appears
sluggish for large panel drivers. We are seeing reduced demand for
all applications and many of our customers have responded to the
uncertain global economic conditions by lowering capacity
utilization for large panel products."
Mr. Wu continued, "The quarterly revenue growth for small and
medium size display drivers was 4.3% in the second quarter,
primarily a consequence of the weak feature phone demand
particularly in China's white box market. However, we are seeing
robust third quarter customer forecasts for the smart phone market
from both our world-leading and Chinese brands. We remain the
leading player in high-end panel drivers for smart phone
applications. Our industry-leading HD720 high-resolution cellphone
panel driver has been adopted by first-tier smart phone brands with
shipments expected to commence at the end of the third quarter. The
driver IC offers an unrivaled color and brightness enhancement
feature which is very popular among our customers."
Mr. Wu continued, "We have seen significant progress in
diversification of our revenue stream, with small and medium panel
business expected to replace large panel to become our largest
revenue contributor in the third quarter. Our non-driver segment
continued to contribute positively to our top line growth,
particularly the CMOS image sensor and LCOS micro-display products.
Starting from the second quarter, the wafer shortage situation for
CMOS image sensor has been gradually alleviated and we have been
able to fulfill more customer orders. We expect the capacity
shortage to further loosen going forward. We are also seeing an
increase in demand for our LCOS pico-projector products,
particularly for cellphone embedded applications targeting emerging
markets.
Looking into the third quarter, the TFT-LCD industry is
suffering from weak end market demand and general concerns for the
outlook of the global economy. The market and economic conditions
have reduced our visibility for orders and forecasts provided to us
by our customers."
Mr. Wu added, "For the third quarter, we expect revenues to
remain flat or to decline slightly with gross margin to remain at
the current level. Taking into account our 2011 grant of restricted
share units, or RSUs, at the end of September, our GAAP loss per
ADS is expected to be in the range of 2 to 0 cents.
Excluding share-based compensation and acquisition-related charges,
our non-GAAP earnings per ADS is expected to be in the range
of 0 to 2 cents. Our 2011 RSUs, subject to Himax's Board
approval, is projected to be valued in the range of $3 million to
$4 million, representing a 56% to 67% decline year over year.
Almost all of the 2011 RSU is expected to be vested and expensed
immediately on the grant date."
Investor Conference Call / Webcast Details
The Company's management will review detailed second quarter
2011 results on Tuesday, August 9, 2011 at 7:00 PM NYC (7:00 AM,
Wednesday, 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 12:00 PM
Taiwan time on Tuesday, August 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 375533.
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 are 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, 2010 filed with SEC
on dated May 20, 2011, as amended.
– Tables Attached
–
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, |
|
2011 |
|
2010 |
|
2011 |
Revenues |
|
|
|
|
|
Revenues from third parties,
net |
$ 92,450 |
|
$ 94,939 |
|
$ 74,093 |
Revenues from related parties,
net |
68,129 |
|
92,768 |
|
67,000 |
|
160,579 |
|
187,707 |
|
141,093 |
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
130,682 |
|
149,388 |
|
112,783 |
Research and development |
19,294 |
|
18,341 |
|
19,790 |
General and administrative |
3,745 |
|
4,197 |
|
4,281 |
Sales and marketing |
3,447 |
|
2,752 |
|
1,697 |
Total costs and
expenses |
157,168 |
|
174,678 |
|
138,551 |
|
|
|
|
|
|
Operating income |
3,411 |
|
13,029 |
|
2,542 |
|
|
|
|
|
|
Non operating income
(loss): |
|
|
|
|
|
Interest income |
130 |
|
169 |
|
140 |
Equity in losses of equity method
investees |
(112) |
|
(106) |
|
(81) |
Foreign exchange gains (losses), net |
(100) |
|
53 |
|
117 |
Interest expense |
(102) |
|
(5) |
|
(97) |
Other income (loss), net |
478 |
|
72 |
|
(234) |
|
294 |
|
183 |
|
(155) |
Earnings before
income taxes |
3,705 |
|
13,212 |
|
2,387 |
Income tax expense |
926 |
|
2,174 |
|
597 |
Net income |
2,779 |
|
11,038 |
|
1,790 |
Net loss attributable to
noncontrolling interests |
845 |
|
930 |
|
933 |
Net income
attributable to Himax stockholders |
$ 3,624 |
|
$ 11,968 |
|
$ 2,723 |
|
|
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.01 |
|
$ 0.03 |
|
$ 0.01 |
Diluted earningsper
ordinary shareattributable to Himax
stockholders |
$ 0.01 |
|
$ 0.03 |
|
$ 0.01 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.02 |
|
$ 0.07 |
|
$ 0.02 |
Diluted earnings per
ADSattributable to Himax
stockholders |
$ 0.02 |
|
$ 0.07 |
|
$ 0.02 |
|
|
|
|
|
|
Basic Weighted Average
Outstanding Ordinary
Shares |
354,629 |
|
355,426 |
|
354,633 |
Diluted Weighted Average
Outstanding Ordinary
Shares |
356,138 |
|
358,011 |
|
355,833 |
|
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, |
|
2011 |
|
2010 |
Revenues |
|
|
|
Revenues from third parties,
net |
$ 166,543 |
|
$ 165,879 |
Revenues from related parties,
net |
135,129 |
|
197,326 |
|
301,672 |
|
363,205 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
243,465 |
|
290,161 |
Research and development |
39,084 |
|
36,149 |
General and administrative |
8,026 |
|
8,240 |
Sales and marketing |
5,144 |
|
5,501 |
Total costs and
expenses |
295,719 |
|
340,051 |
|
|
|
|
Operating income |
5,953 |
|
23,154 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
270 |
|
273 |
Equity in losses of equity method
investees |
(193) |
|
(165) |
Foreign exchange gains, net |
17 |
|
42 |
Interest expense |
(199) |
|
(5) |
Other income, net |
244 |
|
160 |
|
139 |
|
305 |
Earnings before
income taxes |
6,092 |
|
23,459 |
Income tax expense |
1,523 |
|
4,223 |
Net income |
4,569 |
|
19,236 |
Net loss attributable to the
noncontrolling interests |
1,778 |
|
1,870 |
Net income
attributable to Himax stockholders |
$ 6,347 |
|
$ 21,106 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.02 |
|
$ 0.06 |
Diluted earningsper
ordinary shareattributable to Himax
stockholders |
$ 0.02 |
|
$ 0.06 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.04 |
|
$ 0.12 |
Diluted earnings per
ADSattributable to Himax
stockholders |
$ 0.04 |
|
$ 0.12 |
|
|
|
|
Basic Weighted Average Outstanding
Shares |
354,631 |
|
356,486 |
Diluted Weighted Average Outstanding
Shares |
356,000 |
|
358,517 |
|
|
|
|
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, |
|
2011 |
|
2010 |
|
2011 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
$ 11 |
|
$ 21 |
|
$ 11 |
Research and development |
866 |
|
1,375 |
|
869 |
General and administrative |
143 |
|
228 |
|
142 |
Sales and marketing |
139 |
|
218 |
|
140 |
Income tax benefit |
(177) |
|
(131) |
|
(178) |
Total |
$ 982 |
|
$ 1,711 |
|
$ 984 |
|
|
|
|
|
|
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 |
|
$ 258 |
Sales and marketing |
290 |
|
290 |
|
289 |
Income tax benefit |
(125) |
|
(200) |
|
(125) |
Total |
$ 423 |
|
$ 348 |
|
$ 422 |
|
|
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, |
|
|
|
2011 |
|
2010 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
|
|
$ 22 |
|
$ 43 |
Research and development |
|
|
1,735 |
|
2,749 |
General and administrative |
|
|
285 |
|
457 |
Sales and marketing |
|
|
279 |
|
436 |
Income tax benefit |
|
|
(355) |
|
(318) |
Total |
|
|
$ 1,966 |
|
$ 3,367 |
|
|
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
$ 516 |
|
$ 517 |
Sales and marketing |
|
|
579 |
|
579 |
Income tax benefit |
|
|
(250) |
|
(339) |
Total |
|
|
$ 845 |
|
$ 757 |
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Balance
Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
June
30, |
|
March
31, |
|
December
31, |
|
|
2011 |
|
2011 |
|
2010 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ 103,887 |
|
$ 109,519 |
|
$ 96,842 |
Investments in marketable
securities available-for-sale |
|
174 |
|
6,834 |
|
8,632 |
Accounts
receivable, less allowance for doubtful accounts, sales returns and
discounts |
92,362 |
|
83,098 |
|
80,212 |
Accounts receivable from
related parties, less allowance for sales returns and
discounts |
|
86,947 |
|
83,690 |
|
95,964 |
Inventories |
|
124,350 |
|
130,057 |
|
117,988 |
Deferred income taxes |
|
12,148 |
|
11,871 |
|
11,977 |
Restricted cash and cash
equivalents |
|
57,500 |
|
57,500 |
|
58,500 |
Prepaid expenses and other
current assets |
|
16,607 |
|
16,136 |
|
15,809 |
Total current
assets |
|
$ 493,975 |
|
$ 498,705 |
|
$ 485,924 |
|
|
|
|
|
|
|
Investment securities, including
securities measured at fair value |
|
24,706 |
|
24,568 |
|
24,622 |
Equity method
investments |
|
623 |
|
781 |
|
869 |
Property,
plant and equipment, net |
|
54,045 |
|
48,658 |
|
47,561 |
Deferred income taxes |
|
25,077 |
|
24,502 |
|
24,729 |
Goodwill |
|
26,846 |
|
26,846 |
|
26,846 |
Intangible assets, net |
|
5,575 |
|
6,125 |
|
6,674 |
Other assets |
|
1,943 |
|
2,043 |
|
2,395 |
|
|
138,815 |
|
133,523 |
|
133,696 |
Total
assets |
|
$ 632,790 |
|
$ 632,228 |
|
$ 619,620 |
|
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term debt |
|
$ 57,000 |
|
$ 57,000 |
|
$ 57,000 |
Accounts payable |
|
125,770 |
|
124,066 |
|
115,922 |
Income taxes payable |
|
5,264 |
|
9,182 |
|
9,125 |
Deferred income taxes |
|
100 |
|
94 |
|
96 |
Other accrued
expenses and other current liabilities |
47,088 |
|
25,843 |
|
23,605 |
Total current
liabilities |
|
$ 235,222 |
|
$ 216,185 |
|
$ 205,748 |
Other liabilities |
|
5,761 |
|
6,786 |
|
6,896 |
Total
liabilities |
|
$ 240,983 |
|
$ 222,971 |
|
$ 212,644 |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Himax stockholders'
equity: |
|
|
|
|
|
|
Ordinary shares,
US$0.3 par value, 1,000,000,000 shares authorized; 353,781,070
shares, 353,842,764 shares, and 353,842,764 shares issued and
outstanding at June 30, 2011, March 31, 2011, and December 31,
2010, respectively |
$ 106,134 |
|
$ 106,153 |
|
$ 106,153 |
Additional paid-in capital |
|
101,422 |
|
100,824 |
|
100,291 |
Accumulated other comprehensive
income |
|
971 |
|
994 |
|
1,204 |
Unappropriated retained
earnings |
|
183,350 |
|
200,953 |
|
198,230 |
Himax
stockholders' equity |
|
$ 391,877 |
|
$ 408,924 |
|
$ 405,878 |
Noncontrolling
interests |
|
(70) |
|
333 |
|
1,098 |
Total
equity |
|
$ 391,807 |
|
$ 409,257 |
|
$ 406,976 |
Total liabilities and
equity |
|
$ 632,790 |
|
$ 632,228 |
|
$ 619,620 |
|
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, |
|
|
2011 |
|
2010 |
|
2011 |
|
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
Net income |
|
$ 2,779 |
|
$ 11,038 |
|
$ 1,790 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
3,172 |
|
3,463 |
|
3,279 |
Share-based compensation
expenses |
|
1,159 |
|
1,842 |
|
1,162 |
Equity in losses of equity
method investees |
|
112 |
|
106 |
|
81 |
Gain on disposal of marketable
securities, net |
|
(194) |
|
(19) |
|
(193) |
Gain on disposal of equity
method investment |
|
(313) |
|
-- |
|
-- |
Unrealized loss on conversion
option |
|
144 |
|
-- |
|
460 |
Interest income from
amortization of discount on investment in corporate bonds |
|
(41) |
|
-- |
|
(48) |
Deferred income tax expense
(benefit) |
|
(983) |
|
2,639 |
|
242 |
Inventories write downs |
|
1,804 |
|
1,371 |
|
2,764 |
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
(9,264) |
|
(25,211) |
|
(2,886) |
Accounts receivable from
related parties |
|
(3,244) |
|
9,827 |
|
12,289 |
Inventories |
|
3,903 |
|
(15,230) |
|
(14,833) |
Prepaid expenses and other
current assets |
|
(100) |
|
1,098 |
|
(325) |
Accounts payable |
|
1,704 |
|
18,352 |
|
8,144 |
Income taxes payable |
|
(3,912) |
|
(8,844) |
|
52 |
Other accrued expenses and
other current liabilities |
|
683 |
|
2,464 |
|
258 |
Other liabilities |
|
(906) |
|
(602) |
|
(11) |
Net cash
provided by (used
in) operating
activities |
|
(3,497) |
|
2,294 |
|
12,225 |
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
Purchase of property and
equipment |
|
(8,674) |
|
(1,720) |
|
(1,851) |
Purchase of available-for-sale
marketable securities |
|
(2,840) |
|
(4,257) |
|
(6,014) |
Disposal of available-for-sale
marketable securities |
|
9,501 |
|
5,514 |
|
7,733 |
Purchase of
investment securities |
-- |
|
(1,024) |
|
-- |
Release (pledge) of
restricted cash equivalents and marketable securities |
(4) |
|
(62) |
|
1,002 |
Decrease (increase) in other
assets |
|
(32) |
|
134 |
|
1 |
Net cash
provided by (used
in) investing
activities |
|
(2,049) |
|
(1,415) |
|
871 |
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, |
|
|
2011 |
|
2010 |
|
2011 |
Cash flows from financing
activities: |
|
|
|
|
|
|
Proceeds from issuance of new
shares by subsidiaries |
|
$ 10 |
|
76 |
|
21 |
Payments to acquire ordinary
shares for retirement |
|
(67) |
|
(2,903) |
|
-- |
Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax Technologies
Limited |
|
-- |
|
94 |
|
-- |
Purchase of subsidiary shares
from noncontrolling interests |
|
(67) |
|
(109) |
|
(461) |
Proceeds from borrowing of
short-term debt |
|
-- |
|
160,000 |
|
-- |
Repayment of short-term
debt |
|
-- |
|
(160,000) |
|
-- |
Net cash
used in financing activities |
|
(124) |
|
(2,842) |
|
(440) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
|
38 |
|
(2) |
|
21 |
Net increase
(decrease) in cash and cash
equivalents |
|
(5,632) |
|
(1,965) |
|
12,677 |
Cash and cash equivalents at
beginning of period |
|
109,519 |
|
155,932 |
|
96,842 |
Cash and cash equivalents at end of
period |
|
$ 103,887 |
|
$ 153,967 |
|
$ 109,519 |
|
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
|
Interest expense |
|
$ 79 |
|
$ 5 |
|
$ 97 |
Income taxes |
|
$ 5,979 |
|
$ 8,196 |
|
$ 206 |
Supplemental disclosures of non-cash
financing activities: |
|
|
|
|
|
|
Dividend Payable |
|
$ 21,227 |
|
$ 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, |
|
2011 |
|
2010 |
|
2011 |
Revenues |
$ 160,579 |
|
$ 187,707 |
|
$ 141,093 |
|
|
|
|
|
|
Gross profit |
29,897 |
|
38,319 |
|
28,310 |
Add: Share-based compensation – Cost of
revenues |
11 |
|
21 |
|
11 |
Gross profit excluding share-based
compensation |
29,908 |
|
38,340 |
|
28,321 |
Gross margin excluding share-based
compensation |
18.6% |
|
20.4% |
|
20.1% |
|
|
|
|
|
|
Operating income |
3,411 |
|
13,029 |
|
2,542 |
Add: Share-based compensation |
1,159 |
|
1,842 |
|
1,162 |
Operating income excluding share-based
compensation |
4,570 |
|
14,871 |
|
3,704 |
Add: Acquisition-related charges – Intangible
assets amortization |
548 |
|
548 |
|
547 |
Operating income excluding share-based
compensation and acquisition-related charges |
5,118 |
|
15,419 |
|
4,251 |
Operating margin excluding share-based
compensation and acquisition-related charges |
3.2% |
|
8.2% |
|
3.0% |
Net income attributable to Himax
stockholders |
3,624 |
|
11,968 |
|
2,723 |
Add: Share-based compensation, net of
tax |
982 |
|
1,711 |
|
984 |
Add: Acquisition-related charges, net of
tax |
423 |
|
348 |
|
422 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
5,029 |
|
14,027 |
|
4,129 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
3.1% |
|
7.5% |
|
2.9% |
|
|
|
|
|
|
*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, |
|
2011 |
|
2010 |
Revenues |
$ 301,672 |
|
$ 363,205 |
|
|
|
|
Gross profit |
58,207 |
|
73,044 |
Add: Share-based compensation – Cost of
revenues |
22 |
|
43 |
Gross profit excluding share-based
compensation |
58,229 |
|
73,087 |
Gross margin excluding share-based
compensation |
19.3% |
|
20.1% |
|
|
|
|
|
|
Operating income |
5,953 |
|
23,154 |
Add: Share-based compensation |
2,321 |
|
3,685 |
Operating income excluding share-based
compensation |
8,274 |
|
26,839 |
Add: Acquisition-related charges – Intangible
assets amortization |
1,095 |
|
1,096 |
Operating income excluding share-based
compensation and acquisition-related charges |
9,369 |
|
27,935 |
Operating margin excluding share-based
compensation and acquisition-related charges |
3.1% |
|
7.7% |
Net income attributable to Himax
stockholders |
6,347 |
|
21,106 |
Add: Share-based compensation, net of
tax |
1,966 |
|
3,367 |
Add: Acquisition-related charges, net of
tax |
845 |
|
757 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
9,158 |
|
25,230 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
3.0% |
|
6.9% |
|
|
|
|
|
|
*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, |
|
Six Months Ended June
30, |
|
2011 |
|
2011 |
Diluted GAAP EPS attributable to Himax
stockholders |
$0.01 |
|
$0.02 |
Add: Share-based compensation per diluted
share |
$0.01 |
|
$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 |
$0.01 |
|
$0.03 |
|
|
|
|
Numbers do not add up due to
rounding |
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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