- Third quarter 2011 revenue increased 17% year-over-year
- Small and medium-sized panel drivers increased 47.3%
year-over-year in the third quarter 2011, accounted for 49.2% of
total revenues, reaching another record level
- Expect fourth quarter 2011 revenues to remain flat or slightly
up with gross margin improving to over 20%
- Sales of cell phone application more than doubled
year-over-year, expect strong smartphone growth momentum to
continue in the fourth quarter 2011
Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today
reported financial results for the third quarter ended September
30, 2011.
For the third quarter of 2011, Himax reported net revenues of
$162.1 million, representing a 17.2% increase from $138.3 million
in the third quarter of 2010, and a 1.0% increase from $160.6
million in the second quarter of 2011. Gross margin was 18.5% in
the third quarter of 2011, down 440 basis points year-over-year and
down 10 basis points, sequentially. Operating loss in the third
quarter was $0.5 million, compared to operating loss of $0.7
million for the same period last year and operating income of $3.4
million in the previous quarter.
Net income attributable to Himax stockholders for the third
quarter of 2011 was $0.6 million or $0.004 per diluted ADS, up from
$0.4 million or $0.003 per diluted ADS in the third quarter of
2010, and down from $3.6 million or $0.020 per diluted ADS in the
second quarter of 2011.
Excluding share-based compensation and acquisition-related
charges, non-GAAP operating income for the third quarter of 2011
was $4.5 million, down from $7.3 million in the same period last
year, and down from $5.1 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the
third quarter of 2011 was $4.8 million or $0.027 per diluted ADS,
down from $7.0 million or $0.040 per diluted ADS in the third
quarter of 2010, and down from $5.0 million or $0.028 per diluted
ADS in the second quarter of 2011.
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, "Our third quarter 2011 performance highlights strong
growth of display drivers for small and medium-sized applications.
However, overall market demand in large-sized applications remains
relatively weak amidst uncertainties in the global markets."
Mr. Wu continued, "In the third quarter 2011, revenues from
small and medium-sized applications were $79.7 million, up 47.2%
from the same period last year and up 28.1% sequentially and
accounted for 49.2% of total revenues. Based on the fast-growing
smartphone sector, our small and medium-sized driver reached
another record high in terms of units shipped, absolute value and
percentage of total revenue. The handset segment has become our
single largest revenue contributor, replacing what were
traditionally contributions from TV display drivers. In fact,
revenues from the handset segment alone are now comparable to those
from all large panel applications combined, including TV, monitor
and laptops."
"We are currently in a strong position in the smart phone sector
with leading technologies and competitive products. We carry a wide
range of smart phone products including hVGA, WVGA, nHD, qHD
resolution drivers for mainstream smartphones as well as the HD720
high resolution drivers of which we are one of the industry leaders
in shipping to first-tier smart phone brand customers. We are also
working with our panel partners in Taiwan, Japan, Korea and China
to supply drivers for numerous smart phone brand customers. The
growth momentum is expected to continue into the fourth quarter
2011 and beyond with strong demand from both Chinese and
international brand customers."
Mr. Wu added, "As for non-driver products, our touch panel
controller is expected to be the next bright spot. In the third
quarter we successfully mass-produced and shipped our multi-touch
capacitive touch controllers to a worldwide smartphone brand
leader. We expect this demand to grow further in the fourth quarter
and beyond. With our product quality and proven first-tier customer
shipping track record, we are confident that we will continue to
gain more new customers in the future.
LCOS in the third quarter 2011 maintained steady shipping rates.
We remain committed to the long term development of LCOS
microdisplay and its applications. In addition to pico projector,
which accounts for the bulk of our LCOS shipments, we are working
with customers on the development of brand new applications using
our LCOS panels, some of which we have received tooling fees for
the development of tailor-made products."
Mr. Wu continued, "Moving into the fourth quarter 2011, we are
pleased to see our continuous efforts on product mix improvement
and cost controls over the past few quarters come to fruition. We
expect to see improved gross margin and bottom line during the
fourth quarter 2011. Looking forward, gross margin improvement will
continue to be a key focus. We also expect strong demand for small
and medium panel drivers in the fourth quarter 2011. Although the
visibility for large-sized panel demand is still limited at the
moment, we are seeing a relatively low level of inventory on the
customers' side. We are well prepared for possible rush orders
coming from a sudden inventory replenishment needs. This is not
factored into our fourth quarter 2011guidance.
In the fourth quarter 2011, we expect our revenue to remain flat
to slightly up with gross margin improving to over 20%. We also
expect our profit to improve as a result of better product mix and
continuous cost controls. GAAP earnings attributable to
shareholders per ADS is expected to be in the range of $0.02 to
$0.04."
Investor Conference Call / Webcast Details
The Company's management will review detailed third quarter 2011
results on Tuesday, November 8, 2011 at 6:00 PM NYC (7:00 AM,
Wednesday, 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 Wednesday, November 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 381641.
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 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 September 30, |
Three
Months Ended June
30, |
|
2011 |
2010 |
2011 |
Revenues |
|
|
|
Revenues from third parties, net |
$98,404 |
$71,064 |
$92,450 |
Revenues from related parties,
net |
63,717 |
67,217 |
68,129 |
|
162,121 |
138,281 |
160,579 |
|
|
|
|
Costs and
expenses: |
|
|
|
Cost of
revenues |
132,134 |
106,602 |
130,682 |
Research and development |
21,292 |
23,267 |
19,294 |
General and
administrative |
5,146 |
4,948 |
3,745 |
Sales and marketing |
4,072 |
4,139 |
3,447 |
Total costs and
expenses |
162,644 |
138,956 |
157,168 |
|
|
|
|
Operating income
(loss) |
(523) |
(675) |
3,411 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
126 |
193 |
130 |
Equity in losses of equity method
investees |
(82) |
(99) |
(112) |
Foreign exchange gains (losses), net |
759 |
(345) |
(100) |
Interest expense |
(131) |
(71) |
(102) |
Other income (loss), net |
(271) |
173 |
478 |
|
401 |
(149) |
294 |
Earnings (loss) before income
taxes |
(122) |
(824) |
3,705 |
Income tax expense (benefit) |
(31) |
(149) |
926 |
Net income (loss) |
(91) |
(675) |
2,779 |
Net loss attributable to
noncontrolling interests |
733 |
1,122 |
845 |
Net income attributable to
Himax stockholders |
$642 |
$447 |
$3,624 |
|
|
|
|
Basic earnings per ordinary
share attributable to Himax stockholders |
$0.002 |
$0.001 |
$0.010 |
Diluted earnings per ordinary
share attributable to Himax stockholders |
$0.002 |
$0.001 |
$0.010 |
Basic earnings per ADS
attributable to Himax stockholders |
$0.004 |
$0.003 |
$0.020 |
Diluted earnings per ADS
attributable to Himax stockholders |
$0.004 |
$0.003 |
$0.020 |
|
|
|
|
Basic Weighted Average
Outstanding Ordinary Shares |
353,396 |
352,589 |
354,629 |
Diluted Weighted Average
Outstanding Ordinary Shares |
353,753 |
353,767 |
356,138 |
|
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, |
|
2011 |
2010 |
Revenues |
|
|
Revenues from
third parties, net |
$264,947 |
$236,943 |
Revenues from
related parties, net |
198,846 |
264,543 |
|
463,793 |
501,486 |
|
|
|
Costs and
expenses: |
|
|
Cost of revenues |
375,599 |
396,763 |
Research and development |
60,376 |
59,416 |
General and
administrative |
13,172 |
13,188 |
Sales and marketing |
9,216 |
9,640 |
Total costs and
expenses |
458,363 |
479,007 |
|
|
|
Operating income |
5,430 |
22,479 |
|
|
|
Non operating income
(loss): |
|
|
Interest income |
396 |
466 |
Equity in losses of equity method
investees |
(275) |
(264) |
Foreign exchange gains (loss), net |
776 |
(303) |
Interest expense |
(330) |
(76) |
Other income (loss), net |
(27) |
333 |
|
540 |
156 |
Earnings before income
taxes |
5,970 |
22,635 |
Income tax expense |
1,492 |
4,074 |
Net income |
4,478 |
18,561 |
Net loss attributable to the
noncontrolling interests |
2,511 |
2,992 |
Net income attributable to Himax
stockholders |
$6,989 |
$21,553 |
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.020 |
$0.061 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$0.020 |
$0.061 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.039 |
$0.121 |
Diluted earnings per ADS attributable
to Himax stockholders |
$0.039 |
$0.121 |
|
|
|
Basic Weighted Average Outstanding
Shares |
354,215 |
355,172 |
Diluted Weighted Average Outstanding
Shares |
354,393 |
355,775 |
|
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, |
|
2011 |
2010 |
2011 |
Share-based compensation |
|
|
|
Cost of revenues |
$96 |
$174 |
$11 |
Research and development |
3,139 |
5,275 |
866 |
General and administrative |
554 |
937 |
143 |
Sales and marketing |
684 |
1,040 |
139 |
Income tax benefit |
(744) |
(1,108) |
(177) |
Total |
$3,729 |
$6,318 |
$982 |
|
|
|
|
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 |
$258 |
Sales and marketing |
289 |
289 |
290 |
Income tax benefit |
(125) |
(264) |
(125) |
Total |
$423 |
$284 |
$423 |
|
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, |
|
2011 |
2010 |
Share-based compensation |
|
|
Cost of revenues |
$118 |
$217 |
Research and development |
4,874 |
8,024 |
General and administrative |
839 |
1,394 |
Sales and marketing |
963 |
1,476 |
Income tax benefit |
(1,099) |
(1,426) |
Total |
$5,695 |
$9,685 |
|
|
|
The amount of acquisition-related
charges included in applicable statements of income categories is
summarized as follows: |
|
|
|
|
|
Research and development |
$775 |
$776 |
Sales and marketing |
868 |
868 |
Income tax benefit |
(375) |
(603) |
Total |
$1,268 |
$1,041 |
|
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, |
|
2011 |
2011 |
2010 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$90,654 |
$103,887 |
$96,842 |
Restricted cash and cash equivalents |
84,700 |
57,500 |
58,500 |
Investments in marketable securities
available-for-sale |
164 |
174 |
8,632 |
Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
94,283 |
92,362 |
80,212 |
Accounts receivable from related parties,
less allowance for sales returns and discounts |
80,421 |
86,947 |
95,964 |
Inventories |
104,664 |
124,350 |
117,988 |
Deferred income taxes |
11,461 |
12,148 |
11,977 |
Prepaid expenses and other current
assets |
14,351 |
16,607 |
15,809 |
Total current
assets |
$480,698 |
$493,975 |
$485,924 |
|
|
|
|
Investment securities, including
securities measured at fair value |
24,447 |
24,706 |
24,622 |
Equity method
investments |
509 |
623 |
869 |
Property, plant and equipment,
net |
58,102 |
54,045 |
47,561 |
Deferred income
taxes |
23,634 |
25,077 |
24,729 |
Goodwill |
26,846 |
26,846 |
26,846 |
Intangible assets, net |
5,026 |
5,575 |
6,674 |
Other assets |
1,545 |
1,943 |
2,395 |
|
140,109 |
138,815 |
133,696 |
Total assets |
$620,807 |
$632,790 |
$619,620 |
|
|
|
|
Liabilities and Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$84,200 |
$57,000 |
$57,000 |
Accounts payable |
113,546 |
125,770 |
115,922 |
Income taxes payable |
2,842 |
5,264 |
9,125 |
Deferred income taxes |
85 |
100 |
96 |
Other accrued expenses and other current
liabilities |
25,253 |
47,088 |
23,605 |
Total current
liabilities |
$225,926 |
$235,222 |
$205,748 |
Other liabilities |
4,585 |
5,761 |
6,896 |
Total liabilities |
$230,511 |
$240,983 |
$212,644 |
|
|
|
|
Equity |
|
|
|
Himax stockholders'
equity: |
|
|
|
Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized; 353,999,418 shares,
353,781,070 shares, and 353,842,764 shares
issued and outstanding at September 30, 2011, June 30,
2011, and December 31, 2010, respectively |
$106,200 |
$106,134 |
$106,153 |
Additional paid-in capital |
99,432 |
101,422 |
100,291 |
Accumulated other comprehensive
income |
663 |
971 |
1,204 |
Unappropriated retained earnings |
183,995 |
183,350 |
198,230 |
Himax stockholders'
equity |
$390,290 |
$391,877 |
$405,878 |
Noncontrolling
interests |
6 |
(70) |
1,098 |
Total equity |
$390,296 |
$391,807 |
$406,976 |
Total liabilities and
equity |
$620,807 |
$632,790 |
$619,620 |
|
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, |
|
2011 |
2010 |
2011 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income (loss) |
($91) |
($675) |
$2,779 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
3,162 |
3,366 |
3,172 |
Share-based compensation expenses |
1,600 |
1,555 |
1,159 |
Loss on disposal of property, plant and
equipment |
114 |
34 |
------ |
Gain on disposal of equity method
investment |
------ |
------ |
(313) |
Loss (gain) on disposal of marketable
securities, net |
36 |
(21) |
(194) |
Unrealized loss (gain) on conversion
option |
298 |
(62) |
144 |
Interest income from amortization of
discount on investment in corporate bonds |
(41) |
(18) |
(41) |
Equity in losses of equity method
investees |
82 |
99 |
112 |
Deferred income tax expense
(benefit) |
2,020 |
(3,850) |
(983) |
Inventories write downs |
1,813 |
2,210 |
1,804 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
(1,921) |
12,696 |
(9,264) |
Accounts receivable from related
parties |
6,542 |
21,178 |
(3,244) |
Inventories |
17,873 |
(34,613) |
3,903 |
Prepaid expenses and other current
assets |
1,890 |
908 |
(100) |
Accounts payable |
(12,224) |
(27,918) |
1,704 |
Income taxes payable |
(2,431) |
4,045 |
(3,912) |
Other accrued expenses and other current
liabilities |
(316) |
829 |
683 |
Other liabilities |
(980) |
(34) |
(906) |
Net cash provided by (used in)
operating activities |
17,426 |
(20,271) |
(3,497) |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and equipment |
(7,128) |
(1,233) |
(8,674) |
Proceeds from disposal of property and
equipment |
7 |
------ |
------ |
Purchase of available-for-sale marketable
securities |
(5,193) |
(9,184) |
(2,840) |
Disposal of available-for-sale marketable
securities |
5,158 |
6,340 |
9,501 |
Proceeds from disposal of equity method
investment |
371 |
------ |
------ |
Purchase of investment securities |
------ |
(1,000) |
------ |
Decrease (increase) in other assets |
65 |
(677) |
(32) |
Net cash used in
investing activities |
(6,720) |
(5,754) |
(2,045) |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
|
|
|
|
Three
Months |
Three Months |
|
Ended September
30, |
Ended June 30, |
|
2011 |
2010 |
2011 |
Cash flows from financing
activities: |
|
|
|
Distribution of cash dividends |
($21,224) |
(44,097) |
------ |
Proceeds from issuance of new shares by
subsidiaries |
10 |
117 |
10 |
Payments to acquire ordinary shares for
retirement |
(2,062) |
(4,210) |
(67) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
------ |
364 |
------ |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
720 |
------ |
------ |
Purchase of subsidiary shares from
noncontrolling interests |
(1,383) |
------ |
(67) |
Pledge of restricted cash equivalents and
marketable securities |
(27,191) |
(44,004) |
(4) |
Proceeds from borrowing of short-term
debt |
27,200 |
44,000 |
------ |
Net cash used in financing
activities |
(23,930) |
(47,830) |
(128) |
Effect of foreign currency exchange
rate changes on cash and cash equivalents |
(9) |
27 |
38 |
Net decrease in cash and cash
equivalents |
(13,233) |
(73,828) |
(5,632) |
Cash and cash equivalents at
beginning of period |
103,887 |
153,967 |
109,519 |
Cash and cash equivalents at end of
period |
$90,654 |
$80,139 |
$103,887 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period for: |
|
|
|
Interest expense |
$188 |
$ ------ |
$79 |
Income taxes |
$95 |
$45 |
$5,979 |
Supplemental disclosures of non-cash
financing activities: |
|
|
|
Dividend Payable |
$ ------ |
$ ------ |
$21,227 |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
Nine
Months |
|
Ended September
30, |
|
2011 |
2010 |
|
|
|
Cash flows from operating
activities: |
|
|
Net income |
$4,478 |
$18,561 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and amortization |
9,613 |
10,351 |
Share-based compensation expenses |
3,921 |
5,240 |
Loss on disposal of property, plant and
equipment |
114 |
34 |
Gain on disposal of equity method
investment |
(313) |
------ |
Gain on disposal of marketable
securities, net |
(351) |
(99) |
Unrealized loss (gain) on conversion
option |
902 |
(62) |
Interest income from amortization of
discount on investment in corporate bonds |
(130) |
(18) |
Equity in losses of equity method
investees |
275 |
264 |
Deferred income tax expense
(benefit) |
1,279 |
(1,586) |
Inventories write downs |
6,381 |
6,445 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
(14,071) |
(19,373) |
Accounts receivable from related
parties |
15,587 |
39,661 |
Inventories |
6,943 |
(50,341) |
Prepaid expenses and other current
assets |
1,465 |
2,468 |
Accounts payable |
(2,376) |
18,271 |
Income taxes payable |
(6,291) |
(2,445) |
Other accrued expenses and other current
liabilities |
625 |
1,094 |
Other liabilities |
(1,897) |
(636) |
Net cash provided by operating
activities |
26,154 |
27,829 |
|
|
|
Cash flows from investing
activities: |
|
|
Purchase of property and equipment |
(17,653) |
(5,341) |
Proceeds from disposal of property and
equipment |
7 |
------ |
Purchase of available-for-sale marketable
securities |
(14,047) |
(19,018) |
Disposal of available-for-sale marketable
securities |
22,392 |
23,044 |
Proceeds from disposal of equity method
investment |
371 |
------ |
Purchase of investment securities |
------ |
(2,024) |
Purchase of equity method
investments |
------ |
(897) |
Decrease (increase) in other assets |
34 |
(474) |
Net cash used in investing
activities |
(8,896) |
(4,710) |
|
|
|
Himax Technologies,
Inc. |
UnauditedCondensed
Consolidated Statements of Cash Flows |
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
|
Nine
Months Ended September
30, |
|
2011 |
2010 |
Cash flows from financing
activities: |
|
|
Distribution of cash dividends |
$ (21,224) |
(44,097) |
Proceeds from issuance of new shares by
subsidiaries |
41 |
258 |
Payments to acquire ordinary shares for
retirement |
(2,129) |
(10,755) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
-- |
876 |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
720 |
-- |
Purchase of subsidiary shares from
noncontrolling interests |
(1,911) |
(147) |
Pledge of restricted cash equivalents and
marketable securities |
(26,193) |
(44,066) |
Proceeds from borrowing of short-term
debt |
27,200 |
204,000 |
Repayment of short-term debt |
-- |
(160,000) |
Net cash used
in financing activities |
(23,496) |
(53,931) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
50 |
27 |
Net
decrease in cash and cash
equivalents |
(6,188) |
(30,785) |
Cash and cash equivalents at
beginning of period |
96,842 |
110,924 |
Cash and cash equivalents at end of
period |
$ 90,654 |
$ 80,139 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Cash paid during the period
for: |
|
|
Interest expense |
$ 364 |
$ 5 |
Income taxes |
$ 6,280 |
$ 8,288 |
|
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, |
|
2011 |
2010 |
2011 |
Revenues |
$ 162,121 |
$ 138,281 |
$ 160,579 |
|
|
|
|
Gross profit |
29,987 |
31,679 |
29,897 |
Add: Share-based compensation – Cost of
revenues |
96 |
174 |
11 |
Gross profit excluding share-based
compensation |
30,083 |
31,853 |
29,908 |
Gross margin excluding share-based
compensation |
18.6% |
23.0% |
18.6% |
|
|
|
|
Operating income (loss) |
(523) |
(675) |
3,411 |
Add: Share-based compensation |
4,473 |
7,426 |
1,159 |
Operating income excluding share-based
compensation |
3,950 |
6,751 |
4,570 |
Add: Acquisition-related charges –Intangible
assets amortization |
548 |
548 |
548 |
Operating income excluding share-based
compensation and acquisition-related charges |
4,498 |
7,299 |
5,118 |
Operating margin excluding share-based
compensation and acquisition-related charges |
2.8% |
5.3% |
3.2% |
Net income attributable to Himax
stockholders |
642 |
447 |
3,624 |
Add: Share-based compensation, net of
tax |
3,729 |
6,318 |
982 |
Add: Acquisition-related charges, net of
tax |
423 |
284 |
423 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
4,794 |
7,049 |
5,029 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
3.0% |
5.1% |
3.1% |
|
*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 (loss) 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, |
|
2011 |
2010 |
Revenues |
$ 463,793 |
$501,486 |
|
|
|
Gross profit |
88,194 |
104,723 |
Add: Share-based compensation – Cost of
revenues |
118 |
217 |
Gross profit excluding share-based
compensation |
88,312 |
104,940 |
Gross margin excluding share-based
compensation |
19.0% |
20.9% |
|
|
|
|
|
Operating income |
5,430 |
22,479 |
Add: Share-based compensation |
6,794 |
11,111 |
Operating income excluding share-based
compensation |
12,224 |
33,590 |
Add: Acquisition-related charges –Intangible
assets amortization |
1,643 |
1,644 |
Operating income excluding share-based
compensation and acquisition-related charges |
13,867 |
35,234 |
Operating margin excluding share-based
compensation and acquisition-related charges |
3.0% |
7.0% |
Net income attributable to Himax
stockholders |
6,989 |
21,553 |
Add: Share-based compensation, net of
tax |
5,695 |
9,685 |
Add: Acquisition-related charges, net of
tax |
1,268 |
1,041 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
13,952 |
32,279 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
3.0% |
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 |
|
|
|
|
|
|
Diluted Earnings Per ADS
Attributable to Himax stockholders Excluding Share-based
Compensation and Acquisition-Related Charges:
|
|
Three Months Ended September
30, |
Nine Months Ended September
30, |
|
2011 |
2011 |
Diluted GAAP EPS attributable to Himax
stockholders |
$0.004 |
$0.039 |
Add: Share-based compensation per ADS |
$0.021 |
$0.032 |
Add: Acquisition-related charges per ADS |
$0.002 |
$0.007 |
|
|
|
Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.027 |
$0.079 |
|
|
|
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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