- Q4 2011 revenue increased 19.8% year-over-year and 4.4%
quarter-over-quarter
- Small and medium-sized panel driver sales increased 40.2%
year-over-year in Q4 2011, representing 47.6% of total
revenues
- Q4 2011 gross margin increased 360 basis points to 22.1% from
18.5% in Q3 2011
- Q4 2011 non-GAAP pre-tax income increased 83.3% to $10.3
million from $5.6 million in Q3 2011
- FY 2011 non-GAAP adjusted pre-tax income of $25.7 million and
$0.145 per diluted ADS
- Positive 2012 outlook with strong growth in small/medium and
non-driver products
Himax Technologies, Inc. (Nasdaq:HIMX) ("Himax" or "Company"), a
leading supplier and fabless manufacturer of display drivers and
other semiconductor products, today announced financial results for
the fourth quarter and full year ended December 31, 2011.
SUMMARY FINANCIALS - YEAR OVER YEAR and QUARTER TO
QUARTER
Fourth Quarter 2011
Results compare to Fourth Quarter 2010 Results (USD)
(unaudited) |
|
|
Q4 2011 |
Q4 2010 |
CHANGE |
Net Revenues |
$169.2 million |
$141.2 million |
+19.8% |
Gross Profit |
$37.4 million |
$30.3 million |
+23.3% |
Gross Margin |
22.1% |
21.5% |
+0.6% |
GAAP Net Income Attributable to
Shareholders |
$3.7 million |
$11.7 million |
-68.1% |
Non-GAAP Adjusted Pre-tax Income Attributable
to Shareholders |
$10.3 million(1) |
$6.8 million(2) |
+51.5% |
GAAP EPS (Per Diluted ADS) |
$0.021 |
$0.066 |
-68.2% |
Non-GAAP Adjusted Pre-tax EPS (Per Diluted
ADS) |
$0.059(1) |
$0.038(2) |
+55.3% |
|
(1) Non-GAAP Adjusted pre-tax
income attributable to common shareholders and EPS excludes $0.3
million of share-based compensation expenses, $0.5 million non-cash
acquisition related charges, $2.5 million income taxes and $3.3
million non-cash tax credit provisions. |
(2) Non-GAAP Adjusted pre-tax
income attributable to common shareholders and EPS excludes $1.1
million of share-based compensation expenses, $0.5 million non-cash
acquisition related charge, $8.6 million bad debt collection and
$2.2 million income taxes. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter 2011
Results compare to Third Quarter 2011 Results (USD)
(unaudited) |
|
|
Q4 2011 |
Q3 2011 |
CHANGE |
Net Revenues |
$169.2 million |
$162.1 million |
+4.4% |
Gross Profit |
$37.4 million |
$30.0 million |
+24.6% |
Gross Margin |
22.1% |
18.5% |
+3.6% |
GAAP Net Income Attributable to
Shareholders |
$3.7 million |
$0.6 million |
+479.0% |
Non-GAAP Adjusted Pre-tax Income Attributable
to Shareholders |
$10.3 million(1) |
$5.6 million(2) |
+83.3% |
GAAP EPS (Per Diluted ADS) |
$0.021 |
$0.004 |
+425.0% |
Non-GAAP Adjusted Pre-tax EPS (Per Diluted
ADS) |
$0.059(1) |
$0.032(2) |
+84.4% |
|
(1) Non-GAAP Adjusted pre-tax
income attributable to common shareholders and EPS excludes $0.3
million of non-cash share-based compensation expenses, $0.5 million
non-cash acquisition related charges, $2.5million income taxes and
$3.3 million non-cash tax credit provisions. |
(2) Non-GAAP Adjusted pre-tax
income attributable to common shareholders and EPS excludes $4.5
million of share-based compensation expenses, $0.5 million non-cash
acquisition related charge and $0.0 million income taxes. |
"We finished 2011 with very solid results," explained Mr. Jordan
Wu, President and Chief Executive Officer of Himax. "We grew
revenues by almost 20%, the strongest year-over-year growth in the
last six quarters. This signifies solid execution of our growth
strategy and supports our focus on the small and medium-sized panel
market. Our ongoing investments in developing new products and
technologies continue to generate positive results for our
non-driver business lines as well. With orders up 18.1%
year-over-year in the fourth quarter and gross margins expanding by
60 basis points to 22.1%, we are confident in maintaining revenue
and earnings growth in 2012."
Fourth Quarter 2011 Financial Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
Q4 2011 |
% |
Q4 2010 |
% |
% Change |
Display drivers for large-size panels |
$67.0 |
39.6% |
$71.1 |
50.3% |
-5.8% |
Display drivers for small/medium sized
panels |
$80.6 |
47.6% |
$57.5 |
40.7% |
+40.2% |
Non-driver products |
$21.7 |
12.8% |
$12.7 |
9.0% |
+71.3% |
|
Q4 2011 |
% |
Q3
2011 |
% |
% Change |
Display drivers for large-size panels |
$67.0 |
39.6% |
$62.0 |
38.3% |
+8.0% |
Display drivers for small/medium sized
panels |
$80.6 |
47.6% |
$79.7 |
49.2% |
+1.1% |
Non-driver products |
$21.7 |
12.8% |
$20.4 |
12.5% |
+6.4% |
Revenues for the fourth quarter of 2011 increased 19.8% to
$169.2 million year-over-year and increased 4.4%
sequentially. Himax's small and medium-sized drivers increased
40.2% in the fourth quarter on a year-over-year basis and were up
1.1% sequentially, mostly due to strong demand of smartphones which
nearly tripled year-over-year and doubled sequentially. Driver IC
for small and medium-sized applications accounted for 47.6% of
total revenues for the fourth quarter, as compared to 40.7% for the
same period last year, and 49.2% in the previous quarter. Sales for
cell phone applications, in particular, produced very strong 53.0%
growth in the fourth quarter on a year-over-year basis and
increased 2.5% sequentially due to strong demand of smartphones
which nearly tripled year-over-year and doubled sequentially.
Revenues from large panel display drivers were $67.0 million,
down 5.8% from a year ago but grew 8.0% sequentially. The
quarter-over-quarter increase was mainly attributed to strong
"rush" orders from the TV segment as many Chinese customers pulled
their demands into Q4 to make up for the loss of working days
during the Chinese New Year holidays in January. Large panel
drivers accounted for 39.6% of total revenues for the fourth
quarter compared to 50.3% a year ago and 38.3% in the third
quarter.
Revenues from Himax's non-driver businesses, which include CMOS
image sensors and wafer optics, LCOS micro image projectors, touch
panel controllers and timing controllers were $21.7 million, an
increase of 71.3% from the same period last year and an increase of
6.4% sequentially. Non-driver products accounted for 12.8% of total
revenues in the fourth quarter, as compared to 9.0% a year ago and
12.5% in the previous quarter.
With double-digit sales growth to many Himax customers, revenue
from related parties remained below 40% at 35.1% of total sales in
Q4 last year, compared to 52.5% a year ago and 39.3% in the
previous quarter. The Company believes it has
successfully transformed its product mix and developed new products
for new customer segments successfully. A more diversified customer
base reduces Himax's dependence on any one single customer and
helps minimize our business risk. Management is confident that
the strong momentum will continue into 2012 and beyond.
Total cost of sales for the fourth quarter of 2011 was $131.9
million compared to $110.9 million for the same period in 2010 and
$132.1 million in the third quarter. Gross profit was $37.4 million
for the fourth quarter of 2011, representing gross margin of 22.1%,
compared to $30.3 million and a gross margin of 21.5% in the fourth
quarter of 2010 and $30.0 million and 18.5% in the third quarter.
The primary influence of the year-over-year and
quarter-over-quarter increases in gross margin was the shift of the
Company's product mix. Smartphone and non-driver segments were the
major contributors to the improvement of gross margin in Q4T. The
Company believes that as non-driver product sales increase, Himax
will be able to maintain and improve gross margin from its current
levels.
Fourth quarter 2011 GAAP operating expenses were $26.2 million,
up 50.2% from $17.4 million a year ago and down 14.1% from $30.5
million in the previous quarter. The significant increase from last
year was largely due to a bad debt collection of $8.6 million from
SVA-NEC in Q4 2010 which was an offset against the sales expenses.
Whereas, the significant sequential decrease was primarily due to
the charges of the 2011 RSU granted in the third quarter. Ignoring
the bad debt collection of Q4, 2010 and the higher RSU charges of
Q3, 2011, Q4 operating expenses actually remained stable
compared to the previous quarter and the same period last year.
Non-GAAP adjusted pre-tax income for the fourth quarter was
$10.3 million, or $0.059 per diluted ADS, up 51.5% compared to $6.8
million, or $0.038 per diluted ADS during the same period last
year, and up 83.3% from $5.6 million, or $0.032 per diluted
ADS. Earnings per diluted ADS are based on 176.2 million,
177.5 million and 176.9 million weighted average outstanding ADS
for the period, respectively. The non-GAAP adjusted pre-tax income
does not take into account RSU expenses, acquisition-related
charges, bad debt collections, income taxes and tax credit
provisions which are one-off in nature.
The Q4 2011 income tax expenses were affected by two issues,
including the effective tax rate and a non-cash tax credit
provisions. First, the effective tax rate on consolidated basis was
artificially high. While the Company's subsidiaries are
losing money, their losses could not be used to offset against the
profit made by the parent companies. This will start to reverse as
the subsidiaries turn profitable. The subsidiaries' early profit
will be offset by historical losses that can be carried forward for
tax purposes.
Another major issue that led to the higher effective tax rate
was related to the New Taiwan ("NT") dollar depreciation against
the US dollar for the whole year last year. There are two areas of
impact. Firstly, as the Company's reporting currency is the US
dollar, the majority of taxes are incurred in NT dollars, which is
the required currency from the Taiwan tax authority's point of
view. The NT dollar depreciation resulted in a significant foreign
exchange gain for the Company's US dollar assets and therefore
higher tax payable in Taiwan. The second impact was related to
provisions of deferred tax asset, which naturally is NT
dollar-based. The total additional income tax for the reason of NT
dollar depreciation amounted to $5.5 million in the fourth quarter
of 2011.
The second issue impacting fourth quarter 2011 taxes was a
non-cash tax credit provisions. As part of Himax's accounting
practices, Management reviewed its balance sheet in Q4 and decided
to make provisions of approximately $3.3 million of tax credits.
The Company applied for and was granted these tax credits in the
past years mainly out of R&D expenditure. The Company believes
this is a prudent approach given the uncertain global economic
outlook. While these tax credits have been written off from the
balance sheet, they remain effective from the local tax
authorities' point of view, meaning if the Company should make more
pre-tax profits than the Company currently anticipated for this
year, the Company will still be eligible to enjoy such tax
credits.
Excluding the aforementioned tax credit provisions, GAAP net
income for fourth quarter would be $6.7 million, or $0.038 per
ADS
GAAP net income attributable to Himax shareholders for the
fourth quarter was $3.7 million, or $0.021 per diluted ADS.
Full Year 2011 Financial Results
Twelve months 2011 Results
(USD) (unaudited) |
|
|
FY 2011 |
FY 2010 |
CHANGE |
Net Revenue |
$633.0 million |
$642.7 million |
-1.5% |
Gross Profit |
$125.6 million |
$135.0 million |
-7.0% |
Gross Margin |
19.8% |
21.0% |
-1.2% |
GAAP Net Income Attributable to
Shareholders |
$10.7 million |
$33.2 million |
-67.8% |
Non-GAAP Adjusted Pre-tax Income Attributable
to Shareholders |
$25.7(1) million |
$45.0(2) million |
-42.9% |
GAAP EPS (Per Diluted ADS) |
$0.061 |
$0.187 |
-67.4% |
Non-GAAP Adjusted Pre-tax EPS (Per Diluted
ADS) |
$0.145(1) |
$0.253(2) |
-42.7% |
|
(1) Non-GAAP Adjusted pre-tax
income attributable to common shareholders and EPS excludes $7.1
million of share-based compensation expenses, $2.2 million non-cash
acquisition related charges, $1.5 million bad debt collection, $4.0
million income taxes and $3.3 million non-cash tax credit
provisions. (2) Non-GAAPAdjusted pre-tax income attributable to
common shareholders and EPS excludes $12.2 million of share-based
compensation expenses, $2.2 million non-cash acquisition related
charges,$8.8 million bad debt collection, $5.1 million income tax
benefits and $11.3 million non-cash tax credit provisions.. |
Breakdown by Product Line (USD in
millions) (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
FY 2011 |
% |
FY 2010 |
% |
% Change |
Display drivers for large-size |
$270.4 |
42.7% |
$366.5 |
57.0% |
-26.2% |
Display drivers for small/medium sized
panels |
$282.1 |
44.6% |
$223.6 |
34.8% |
+26.2% |
Non-driver products |
$80.5 |
12.7% |
$52.6 |
8.2% |
+53.1% |
Revenues for the full year 2011 decreased 1.5% to $633.0 million
from 2010 due to the 26.2% year-over-year reduction of large-panel
drivers, which represented 42.7% of 2011 revenue, as compared to
57.0% in 2010. Management does not expect further
loss of market share for large-sized drivers with existing
customers in 2012. Himax is confident that they will gain
share in China where there is aggressive panel capacity expansion
plans underway, providing attractive new driver IC business
opportunities for this year, especially in the large panel
segment.
Small-and medium-sized drivers grew 26.2% year-over-year, and
represented 44.6% of total revenue, as compared to 34.8% a year
ago. This strong growth momentum in the small and medium drivers
will continue through 2012, due mainly to the fast-growing
smartphone demand. The increase in sales from the small-and-medium
sized drivers is also expected to improve gross margin this
year. Non-driver products grew 53.1% year over year,
representing 12.7% of total sales, as compared to 8.2% a year
ago. Himax achieved numerous milestones for non-driver
products in 2011. 2011 was the first year when they commenced mass
production for several new product areas, including touch
controller ICs, CMOS image sensors, wafer-level optics, wafer-level
camera modules, and 2D to 3D conversion solutions. Moreover,
Himax's LCOS micro-display solutions, power management ICs and WLED
drivers all delivered strong shipments in 2011. These
accomplishments are illustrations of the Company's strong R&D
capability and commitment to a more diversified product
portfolio. Himax's management team is confident that the
strong growth momentum from its non-driver products will continue
into 2012 and beyond.
Total cost of sales for 2011 was $507.4 million compared to
$507.6 million for the same period in 2010. Gross profit was $125.6
million for the fiscal year 2011, representing gross margin of
19.8%, compared to $135.0 million and a gross margin of 21.0% in
fiscal year 2010. Excluding the shared-based compensation and
acquisition-related charges, non-GAAP gross margin for the year
2011 was 19.9%, as compared to 21.0% last year.
GAAP operating expenses for the twelve months ended December 31,
2011 were approximately $109.0 million, up 9.3% from $99.7 million
for the period a year ago. The increase is mainly due to the bad
debt collection from SVA-NEC of $8.8 million in 2010. Excluding the
bad debt collection from SVA-NEC, GAAP operating expenses were
$110.5 million and $108.5 million for 2011 and 2010,
respectively
GAAP operating income for FY 2011 was $16.6 million, as compared
to $35.4 million in 2010. Excluding the bad debt collection from
SVA-NEC, GAAP operating income were $15.1 million and $26.6 million
for 2011 and 2010, respectively.
With total revenues staying literally unchanged from the
previous year, the operating income decline was primarily due to
the lower gross margin from 21.0% to 19.8%, or $9.6 million
reduction of gross profit, as well as $2.0 million of higher
operating expenses excluding the bad debt collection from
SVA-NEC.
GAAP net income attributable to shareholders was $10.7 million
and $33.2 million in the FY 2011 and 2010, respectively. GAAP net
income per diluted ADS was $0.061 in FY 2011 compared to $0.187 in
the same period in 2010, based on 176.9 million and 177.8 million
weighted average outstanding ADS, respectively.
Balance Sheet, Cash Flow and Share Buyback
The Company had $106.3 million in cash, cash equivalents and
marketable securities available-for-sale on December 31, 2011,
compared to $105.5 million on December 31, 2010. Inventory at the
end of December was $113.0 million compared to $118.0 million at
end of 2010.
Accounts receivable were approximately $181.1 million on
December 31, 2011 compared to $176.2 million on December 31, 2010.
Day sales outstanding ("DSO") was 104 days at end of 2011 versus
100 days in 2010.
Net cash inflow from operating activities for the fourth quarter
was $17.3 million, as compared to $29.8 million during the same
period last year and $17.4 million in the previous quarter.
Cumulative cash flows from operations in 2011 were $43.4 million
versus $57.6 million the year before.
Himax currently has a $25.0 million share buyback program in
place. Himax has purchased a total of $9.2 million, or
approximately 7.1 million ADS through February 10, 2012. The
Company will continue to execute the remaining share repurchase
program in accordance with Rule 10b-18.
"Our strong balance sheet and positive cash flows provide
us a lot of financial flexibility," stated Mr. Wu. "We will
continue to invest in our people, our technologies and customer
service. In addition, we remain committed to returning excess
capital to shareholders through a combination of share repurchases
and cash dividends."
Business Updates
Himax has successfully implemented a product diversification
strategy as by entering new markets and signing new customers. The
small-medium driver segment has become the Company's single largest
revenue contributor which also produce higher gross margins.
Revenues from the small-medium segment alone surpassed those from
all large panel applications combined, including TV, monitor and
laptops. The non-driver business has also grown quickly to become
over 10% of total revenue in 2011. 2011 has been marked
as a year of transition for success. Seeing the potential
upside potential, the Company remains optimistic it will generate
positive top line and bottom line growth in 2012.
"Entering into 2012, we are seeing strong fundamentals across
many of our businesses, including large panel driver business,
which we believe has stabilized. We are on track with new customer
additions in several regions. Equally important, we expect a more
balanced product portfolio to contribute to our overall business
improvement including better gross margin and more controlled
operating expenses. Our smartphone and non-driver products will
continue its strong growth to represent a larger part of our
overall sales." Concluded Mr. Wu.
Q1 2012 Guidance
In the first quarter, we expect a mid-single-digit decline in
our revenues compared to the last quarter with gross margin being
flat or down slightly. Given that the first quarter has fewer
working days due to Chinese New Year and that it is a cyclically
low season, we believe Q1 will be weakest of the quarters in terms
of sales. GAAP earnings attributable to shareholders per ADS are
expected to be in the range of 3 to 4 cents per ADS based on 172
million outstanding ADS. The guided EPS improvement against the
last quarter was mainly to reflect our expectation that the
effective income tax rate would be back to a more normal level
versus the unusually high level of the last quarter, as explained
earlier.
Conference Call
Himax Technologies, Inc. will hold a conference call with
investors and analysts today, Monday, February 13, 2012 at 6:00pm
US Eastern Standard Time to discuss the Company's fourth quarter
and full year 2011 financial results. Details of the call
follow below.
DATE: |
U.S. Monday, February
13, 2012 |
|
TAIWAN Tuesday,
February 14, 2012 |
TIME: |
6:00pm ET U.S. |
|
7:00am Taiwan |
DIAL IN: |
U.S. 1-877-407-4018 |
|
INTERNATIONAL
1-201-689-8471 |
CONFERECE ID: |
387248 |
WEBCAST: |
http://viavid.net/dce.aspx?sid=0000929E |
A replay of the call will be available beginning two hours after
the call through midnight ET February 20, 2012 (1 p.m. February 21,
Taiwan time) on www.himax.com.tw and by telephone at
+1-877-870-5176 (US Domestic) or +1-858-384-5517 (International).
The conference ID number is 387248. This call is being webcast
by ViaVid Broadcasting and can be accessed by clicking on this
http://viavid.net/dce.aspx?sid=0000929E or at ViaVid's website at
http://www.viavid.net, where the webcast can be accessed through
February 12, 2013.
About Himax Technologies, Inc.
Himax Technologies, Inc. (Nasdaq:HIMX - News) is a fabless
semiconductor solution provider dedicated to display imagine
processing technologies. Himax is a worldwide market leader in
display driver ICs and timing controllers used in TVs, laptops,
monitors, mobile phones, tablets, digital cameras, car navigation,
and many other consumer electronics devices. Additionally, Himax
designs and provides controllers for touch sensor displays, LCOS
micro-displays used in palm-size projectors and head-mount
displays, LED driver ICs, power management ICs, and chipsets for
TVs and monitors. The company also offers digital camera solutions,
including CMOS image sensors and wafer level optics, which are used
in a wide variety of applications such as mobile phone, tablet,
laptop, TV, PC camera, automobile, security and medical devices.
Founded in 2001 and headquartered in Tainan, Taiwan, Himax
currently employs 1,500 people from three Taiwan-based offices in
Tainan, Hsinchu and Taipei and country offices in China, Korea,
Japan and the US. With more than 1,200 patents in three continents
on its technologies, Himax has retained its position as the leading
display image processing semiconductor solution provider to
consumer electronics brands worldwide.
http://www.himax.com.tw
About Non-GAAP Financial Measures
To supplement the unaudited consolidated statement of income and
comprehensive income presented in accordance with GAAP, the Company
are also providing non-GAAP measures of income before income tax
expenses, net income, net income attributable to us and basic and
diluted earnings per share for the twelve months ended December 31,
2011 and 2010, which are adjusted from results based on GAAP to
exclude the non-cash transactions. The non-GAAP financial measures
are provided to enhance the investors' overall understanding of our
current performance in on-going core operations as the well as
prospects for the future. These measures should be considered in
addition to results prepared and presented in accordance with GAAP,
but should not be considered a substitute for or superior to GAAP
results. The Company use both GAAP and non-GAAP information in
evaluating our operating business results internally and therefore
deem it important to provide all of this information to investors.
The non-GAAP adjustments include share based compensations,
acquisition related charges, bad debt collections and its tax
charges and tax credit provisions.
Forward Looking Statements
Factors that could cause actual events or results to differ
materially include, but not limited to, general business and
economic conditions and the state of the semiconductor industry;
market acceptance and competitiveness of the driver and non-driver
products developed by the Company; demand for end-use applications
products; reliance on a small group of principal customers; the
uncertainty of continued success in technological innovations; our
ability to develop and protect our intellectual property; pricing
pressures including declines in average selling prices; changes in
customer order patterns; changes in estimated full-year effective
tax rate; shortages in supply of key components; changes in
environmental laws and regulations; exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries;
our ability to collect accounts receivable and manage inventory;
the uncertainty of success in our Taiwan listing plan which is
still under review by Taiwan regulatory authorities and subject to
change due to, among other things, changes in either Taiwan or U.S.
authorities' policies and Taiwan regulatory authorities' acceptance
of the Company's Taiwan listing application and other risks
described from time to time in the Company's SEC filings, including
those risks identified in the section entitled "Risk Factors" in
its Form 20-F for the year ended December 31, 2010 filed with the
SEC on May 20, 2011, as may be 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 |
Three Months |
|
Ended December
31, |
Ended September 30, |
|
2011 |
2010 |
2011 |
Revenues |
|
|
|
Revenues from
third parties, net |
$109,841 |
$67,125 |
$98,404 |
Revenues from
related parties, net |
59,387 |
74,081 |
63,717 |
|
169,228 |
141,206 |
162,121 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
131,850 |
110,884 |
132,134 |
Research and development |
18,666 |
17,010 |
21,292 |
General and
administrative |
3,923 |
5,582 |
5,146 |
Sales and marketing |
3,611 |
(5,149) |
4,072 |
Total costs and
expenses |
158,050 |
128,327 |
162,644 |
|
|
|
|
Operating income (loss) |
11,178 |
12,879 |
(523) |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
160 |
141 |
126 |
Equity in losses of equity method
investees |
(74) |
(146) |
(82) |
Foreign exchange gains (losses), net |
(310) |
(596) |
759 |
Interest expense |
(125) |
(106) |
(131) |
Other income (loss), net |
9 |
487 |
(271) |
|
(340) |
(220) |
401 |
Earnings (loss) before income
taxes |
10,838 |
12,659 |
(122) |
Income tax expense (benefit) |
5,809 |
2,154 |
(31) |
Net income (loss) |
5,029 |
10,505 |
(91) |
Net (income) loss attributable to
noncontrolling interests |
(1,312) |
1,148 |
733 |
Net income attributable to Himax
stockholders |
$3,717 |
$11,653 |
$642 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.011 |
$0.033 |
$0.002 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$0.011 |
$0.033 |
$0.002 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.021 |
$0.066 |
$0.004 |
Diluted earnings per ADS attributable
to Himax stockholders |
$0.021 |
$0.066 |
$0.004 |
|
|
|
|
Basic Weighted Average
Outstanding ADS |
176,227 |
177,317 |
176,698 |
Diluted Weighted Average
Outstanding ADS |
176,227 |
177,531 |
176,876 |
|
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Statements of Income |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
Twelve
Months Ended |
|
December
31, |
|
2011 |
|
2010 |
Revenues |
|
|
|
Revenues from
third parties, net |
$ 374,788 |
|
$ 304,068 |
Revenues from
related parties, net |
258,233 |
|
338,624 |
|
633,021 |
|
642,692 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
507,449 |
|
507,647 |
Research and development |
79,042 |
|
76,426 |
General and administrative |
17,095 |
|
18,770 |
Sales and marketing |
12,827 |
|
4,491 |
Total costs and
expenses |
616,413 |
|
607,334 |
|
|
|
|
Operating income |
16,608 |
|
35,358 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
556 |
|
607 |
Equity in losses of equity method
investees |
(349) |
|
(410) |
Foreign exchange gains (loss), net |
466 |
|
(899) |
Interest expense |
(455) |
|
(182) |
Other income (loss), net |
(18) |
|
820 |
|
200 |
|
(64) |
Earnings before
income taxes |
16,808 |
|
35,294 |
Income tax expense |
7,301 |
|
6,228 |
Net income |
9,507 |
|
29,066 |
Net loss attributable to the
noncontrolling interests |
1,199 |
|
4,140 |
Net income
attributable to Himax stockholders |
$ 10,706 |
|
$ 33,206 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.030 |
|
$ 0.094 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$ 0.030 |
|
$ 0.093 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.061 |
|
$ 0.187 |
Diluted earnings per
ADSattributable to Himax
stockholders |
$ 0.061 |
|
$ 0.187 |
|
|
|
|
Basic Weighted Average
Outstanding ADS |
176,886 |
|
177,518 |
Diluted Weighted Average
Outstanding ADS |
176,914 |
|
177,845 |
|
|
|
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, |
|
2011 |
2010 |
|
2011 |
Share-based compensation |
|
|
|
|
Cost of revenues |
$ 6 |
$ 23 |
|
$ 96 |
Research and development |
188 |
779 |
|
3,139 |
General and administrative |
33 |
131 |
|
554 |
Sales and marketing |
42 |
137 |
|
684 |
Income tax benefit |
(52) |
(177) |
|
(744) |
Total |
$ 217 |
$ 893 |
|
$ 3,729 |
|
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
|
Research and development |
$ 242 |
$ 259 |
|
$ 259 |
Sales and marketing |
289 |
289 |
|
289 |
Income tax benefit |
(125) |
(125) |
|
(125) |
Total |
$ 406 |
$ 423 |
|
$ 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: |
Twelve Months
Ended December
31, |
|
|
|
2011 |
|
2010 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
|
|
$ 124 |
|
$ 240 |
Research and development |
|
|
5,062 |
|
8,803 |
General and administrative |
|
|
872 |
|
1,525 |
Sales and marketing |
|
|
1,005 |
|
1,613 |
Income tax benefit |
|
|
(1,151) |
|
(1,603) |
Total |
|
|
$ 5,912 |
|
$ 10,578 |
|
|
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
$ 1,017 |
|
$ 1,035 |
Sales and marketing |
|
|
1,157 |
|
1,157 |
Income tax benefit |
|
|
(500) |
|
(728) |
Total |
|
|
$ 1,674 |
|
$ 1,464 |
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Balance
Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
December
31, |
|
September
30, |
December
31, |
|
|
2011 |
|
2011 |
2010 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 106,164 |
|
$ 90,654 |
$ 96,842 |
Restricted cash and cash equivalents |
|
84,200 |
|
84,700 |
58,500 |
Investments in marketable securities
available-for-sale |
|
165 |
|
164 |
8,632 |
Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
|
101,280 |
|
94,283 |
80,212 |
Accounts receivable from related parties,
less allowance for sales returns and discounts |
|
79,833 |
|
80,421 |
95,964 |
Inventories |
|
112,985 |
|
104,664 |
117,988 |
Deferred income taxes |
|
16,217 |
|
11,461 |
11,977 |
Prepaid expenses and other current
assets |
|
14,865 |
|
14,351 |
15,809 |
Total current
assets |
|
$ 515,709 |
|
$ 480,698 |
$ 485,924 |
|
|
|
|
|
|
Investment securities, including
securities measured at fair value |
|
24,506 |
|
24,447 |
24,622 |
Equity method
investments |
|
439 |
|
509 |
869 |
Property,
plant and equipment, net |
|
57,150 |
|
58,102 |
47,561 |
Deferred income taxes |
|
13,649 |
|
23,634 |
24,729 |
Goodwill |
|
26,846 |
|
26,846 |
26,846 |
Intangible assets, net |
|
4,494 |
|
5,026 |
6,674 |
Other assets |
|
2,185 |
|
1,545 |
2,395 |
|
|
129,269 |
|
140,109 |
133,696 |
Total assets |
|
$ 644,978 |
|
$ 620,807 |
$ 619,620 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term debt |
|
$ 84,200 |
|
$ 84,200 |
$ 57,000 |
Accounts payable |
|
134,353 |
|
113,546 |
115,922 |
Income taxes payable |
|
3,644 |
|
2,842 |
9,125 |
Deferred income taxes |
|
-- |
|
85 |
96 |
Other accrued expenses and other current
liabilities |
|
23,163 |
|
25,253 |
23,605 |
Total current
liabilities |
|
$ 245,360 |
|
$ 225,926 |
$ 205,748 |
Other liabilities |
|
4,560 |
|
4,585 |
6,896 |
Total liabilities |
|
$ 249,920 |
|
$ 230,511 |
$ 212,644 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Himax stockholders'
equity: |
|
|
|
|
|
Ordinary shares, US$0.3 par
value, 1,000,000,000 shares authorized; 349,279,556 shares,
353,999,418 shares, and 353,842,764 shares issued and outstanding
at December 31, 2011, September 30, 2011, and December 31, 2010,
respectively |
$ 104,784 |
|
$ 106,200 |
106,200 |
Additional paid-in capital |
|
100,775 |
|
99,432 |
100,291 |
Accumulated other comprehensive
income |
|
166 |
|
663 |
1,204 |
Unappropriated retained earnings |
|
187,712 |
|
183,995 |
198,230 |
Himax
stockholders' equity |
|
$ 393,437 |
|
$ 390,290 |
$ 405,878 |
Noncontrolling
interests |
|
1,621 |
|
6 |
1,098 |
Total
equity |
|
$ 395,058 |
|
$ 390,296 |
$ 406,976 |
Total liabilities and
equity |
|
$ 644,978 |
|
$ 620,807 |
$ 619,620 |
|
Himax Technologies,
Inc. |
UnauditedCondensed
Consolidated Statements of Cash Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
Three Months
Ended December 31, |
Three Months Ended
September 30, |
|
|
2011 |
|
2010 |
2011 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
Net income (loss) |
|
$ 5,029 |
|
10,505 |
(91) |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
3,182 |
|
3,275 |
3,162 |
Share-based compensation expenses |
|
269 |
|
1,071 |
1,600 |
Loss on disposal of property, plant and
equipment |
|
7 |
|
-- |
114 |
Loss (gain) on disposal of marketable
securities, net |
|
1 |
|
(197) |
36 |
Unrealized loss (gain) on conversion
option |
|
32 |
|
(258) |
298 |
Interest income from amortization of
discount on investment in corporate bonds |
|
(40) |
|
(34) |
(41) |
Equity in losses of equity method
investees |
|
74 |
|
146 |
82 |
Deferred income tax expense |
|
5,213 |
|
6,067 |
2,020 |
Inventories write downs |
|
2,757 |
|
4,112 |
1,813 |
Changes in operating assets and
liabilities: |
|
|
|
|
|
Accounts receivable |
|
(6,997) |
|
4,591 |
(1,921) |
Accounts receivable from related
parties |
|
594 |
|
1,645 |
6,542 |
Inventories |
|
(11,078) |
|
(10,436) |
17,873 |
Prepaid expenses and other current
assets |
|
(514) |
|
(4,058) |
1,890 |
Accounts payable |
|
20,807 |
|
9,572 |
(12,224) |
Income taxes payable |
|
675 |
|
(3,348) |
(2,431) |
Other accrued expenses and other current
liabilities |
|
(2,717) |
|
3,673 |
(316) |
Other liabilities |
|
-- |
|
3,476 |
(980) |
Net cash
provided by operating
activities |
|
17,294 |
|
29,802 |
17,426 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
Purchase of property and equipment |
|
(1,206) |
|
(1,831) |
(7,128) |
Proceeds from disposal of property and
equipment |
|
-- |
|
-- |
7 |
Purchase of available-for-sale marketable
securities |
|
(3,443) |
|
(15,958) |
(5,193) |
Disposal of available-for-sale marketable
securities |
|
3,442 |
|
10,399 |
5,158 |
Proceeds from disposal of equity method
investment |
|
-- |
|
-- |
371 |
Purchase of investment
securities |
-- |
|
(5,500) |
-- |
Purchase of equity method
investments |
-- |
|
(9) |
-- |
Release (pledge) of
restricted cash equivalents and marketable securities |
(1,101) |
|
(12) |
9 |
Decrease in other assets |
|
-- |
|
88 |
65 |
Net cash used in investing
activities |
|
(2,308) |
|
(12,823) |
(6,711) |
Himax Technologies,
Inc. |
UnauditedCondensed
Consolidated Statements of Cash Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
Three Months
Ended December
31, |
Three Months Ended
September
30, |
|
|
|
2011 |
|
2010 |
2011 |
Cash flows from financing
activities: |
|
|
|
|
|
Distribution of cash dividends |
|
$ -- |
|
-- |
(21,224) |
Proceeds from issuance of new shares by
subsidiaries |
|
12 |
|
95 |
10 |
Payments to acquire ordinary shares for
retirement |
|
(2,498) |
|
-- |
(2,062) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
|
-- |
|
135 |
-- |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
|
2,521 |
|
-- |
720 |
Purchase of subsidiary shares from
noncontrolling interests |
|
(47) |
|
(60) |
(1,383) |
Release (pledge)of restricted cash
equivalents and marketable securities |
|
500 |
|
(13,500) |
(27,200) |
Proceeds from borrowing of short-term
debt |
|
-- |
|
13,000 |
27,200 |
Net cash
provided by (used in) financing
activities |
|
488 |
|
(330) |
(23,939) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
|
36 |
|
54 |
(9) |
Net increase
(decrease) in cash and cash
equivalents |
|
15,510 |
|
16,703 |
(13,233) |
Cash and cash equivalents at
beginning of period |
|
90,654 |
|
80,139 |
103,887 |
Cash and cash equivalents at end of
period |
|
$ 106,164 |
|
$ 96,842 |
$ 90,654 |
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
Interest expense |
|
$ 126 |
|
$ 165 |
$ 188 |
Income taxes |
|
$ 46 |
|
$ 41 |
$ 95 |
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
Twelve
Months Ended December 31, |
|
|
2011 |
2010 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net income |
|
$ 9,507 |
29,066 |
|
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
12,795 |
13,626 |
|
Share-based compensation expenses |
|
4,190 |
6,311 |
|
Loss on disposal of property, plant and
equipment |
|
121 |
34 |
|
Gain on disposal of equity method
investment |
|
(313) |
-- |
|
Gain on disposal of marketable
securities, net |
|
(350) |
(296) |
|
Unrealized loss (gain) on conversion
option |
|
934 |
(320) |
|
Interest income from amortization of
discount on investment in corporate bonds |
|
(170) |
(52) |
|
Equity in losses of equity method
investees |
|
349 |
410 |
|
Deferred income tax expense
(benefit) |
|
6,492 |
4,481 |
|
Inventories write downs |
|
9,138 |
10,557 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
Accounts receivable |
|
(21,068) |
(14,782) |
|
Accounts receivable from related
parties |
|
16,181 |
41,306 |
|
Inventories |
|
(4,135) |
(60,777) |
|
Prepaid expenses and other current
assets |
|
951 |
(1,590) |
|
Accounts payable |
|
18,431 |
27,843 |
|
Income taxes payable |
|
(5,616) |
(5,793) |
|
Other accrued expenses and other current
liabilities |
|
(2,092) |
4,767 |
|
Other liabilities |
|
(1,897) |
2,840 |
|
Net cash
provided by operating
activities |
|
43,448 |
57,631 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Purchase of property and equipment |
|
(18,859) |
(7,172) |
|
Proceeds from disposal of property and
equipment |
|
7 |
-- |
|
Purchase of available-for-sale marketable
securities |
|
(17,490) |
(34,976) |
|
Disposal of available-for-sale marketable
securities |
|
25,834 |
33,443 |
|
Proceeds from disposal of equity method
investment |
|
371 |
-- |
|
Purchase of investment
securities |
-- |
(7,524) |
|
Purchase of equity method
investments |
-- |
(906) |
|
Pledge of restricted cash equivalents and
marketable securities |
|
(94) |
(78) |
|
Decrease (increase) in other assets |
|
34 |
(386) |
|
Net cash used in investing
activities |
|
(10,197) |
(17,599) |
|
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
Twelve
Months Ended December
31, |
|
|
|
2011 |
|
2010 |
|
Cash flows from financing
activities: |
|
|
|
|
|
Distribution of cash dividends |
|
$ (21,224) |
|
(44,097) |
|
Proceeds from issuance of new shares by
subsidiaries |
|
53 |
|
353 |
|
Payments to acquire ordinary shares for
retirement |
|
(4,627) |
|
(10,755) |
|
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
|
-- |
|
1,011 |
|
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
|
3,241 |
|
-- |
|
Purchase of subsidiary shares from
noncontrolling interests |
|
(1,958) |
|
(207) |
|
Pledge of restricted cash equivalents and
marketable securities |
|
(26,700) |
|
(57,500) |
|
Proceeds from borrowing of short-term
debt |
|
27,200 |
|
217,000 |
|
Repayment of short-term debt |
|
-- |
|
(160,000) |
|
Net cash used
in financing activities |
|
(24,015) |
|
(54,195) |
|
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
|
86 |
|
81 |
|
Net increase
(decrease) in cash and cash
equivalents |
|
9,322 |
|
(14,082) |
|
Cash and cash equivalents at
beginning of period |
|
96,842 |
|
110,924 |
|
Cash and cash equivalents at end of
period |
|
$ 106,164 |
|
$ 96,842 |
|
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
Interest expense |
|
$ 490 |
|
$ 170 |
|
Income taxes |
|
$ 6,326 |
|
$ 8,329 |
|
Himax Technologies,
Inc. |
Non-GAAP 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, |
|
2011 |
|
2010 |
|
2011 |
Revenues |
$ 169,228 |
|
$ 141,206 |
|
$ 162,121 |
|
|
|
|
|
|
Gross profit |
37,378 |
|
30,322 |
|
29,987 |
Add: Share-based compensation – Cost of
revenues |
6 |
|
23 |
|
96 |
Gross profit excluding share-based
compensation |
37,384 |
|
30,345 |
|
30,083 |
Gross margin excluding share-based
compensation |
22.1% |
|
21.5% |
|
18.6% |
|
|
|
|
|
|
Operating income (loss) |
11,178 |
|
12,879 |
|
(523) |
Add: Share-based compensation |
269 |
|
1,070 |
|
4,473 |
Operating income excluding share-based
compensation |
11,447 |
|
13,949 |
|
3,950 |
Add: Acquisition-related charges –Intangible
assets amortization |
531 |
|
548 |
|
548 |
Operating income excluding share-based
compensation and acquisition-related charges |
11,978 |
|
14,497 |
|
4,498 |
Operating margin excluding share-based
compensation and acquisition-related charges |
7.1% |
|
10.3% |
|
2.8% |
Net income attributable to Himax
stockholders |
3,717 |
|
11,653 |
|
642 |
Add: Share-based compensation, net of
tax |
217 |
|
893 |
|
3,729 |
Add: Acquisition-related charges, net of
tax |
406 |
|
423 |
|
423 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
4,340 |
|
12,969 |
|
4,794 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
2.6% |
|
9.2% |
|
3.0% |
|
|
|
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income (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. |
Non-GAAP 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, |
|
2011 |
|
2010 |
Revenues |
$ 633,021 |
|
$642,692 |
|
|
|
|
Gross profit |
125,572 |
|
135,045 |
Add: Share-based compensation – Cost of
revenues |
124 |
|
240 |
Gross profit excluding share-based
compensation |
125,696 |
|
135,285 |
Gross margin excluding share-based
compensation |
19.9% |
|
21.0% |
|
|
|
|
|
|
Operating income |
16,608 |
|
35,358 |
Add: Share-based compensation |
7,063 |
|
12,181 |
Operating income excluding share-based
compensation |
23,671 |
|
47,539 |
Add: Acquisition-related charges –Intangible
assets amortization |
2,174 |
|
2,192 |
Operating income excluding share-based
compensation and acquisition-related charges |
25,845 |
|
49,731 |
Operating margin excluding share-based
compensation and acquisition-related charges |
4.1% |
|
7.7% |
Net income attributable to Himax
stockholders |
10,706 |
|
33,206 |
Add: Share-based compensation, net of
tax |
5,912 |
|
10,578 |
Add: Acquisition-related charges, net of
tax |
1,674 |
|
1,464 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
18,292 |
|
45,248 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
2.9% |
|
7.0% |
|
|
|
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income excluding share-based compensation and
acquisition-related charges divided by revenues |
*Net margin attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges equals net income attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
|
Diluted Earnings Per ADS
Attributable to Himax stockholders Excluding Share-based
Compensation and Acquisition-Related Charges:
|
|
Three Months Ended December
31, |
|
Twelve Months Ended December
31, |
|
2011 |
|
2011 |
Diluted GAAP EPS attributable to Himax
stockholders |
$0.021 |
|
$0.061 |
Add: Share-based compensation per ADS |
$0.001 |
|
$0.033 |
Add: Acquisition-related charges per ADS |
$0.002 |
|
$0.009 |
|
|
|
|
Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.025 |
|
$0.103 |
|
|
|
|
Numbers do not add up due to
rounding |
|
Himax Technologies,
Inc. |
Non-GAAP and Adjusted
Unaudited Supplemental Data – Reconciliation Schedule |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
Gross Profit, Operating
Income and Pre-Tax Net Income Excluding Share-Based Compensation,
Acquisition-Related Charges and Bad Debt
Collection |
|
Three Months Ended
December 31, |
|
Three Months Ended September
30, |
|
2011 |
|
2010 |
|
2011 |
Revenues |
$ 169,228 |
|
$ 141,206 |
|
$ 162,121 |
|
|
|
|
|
|
GAAP Gross profit |
37,378 |
|
30,322 |
|
29,987 |
Add: Share-based compensation – Cost of
revenues |
6 |
|
23 |
|
96 |
Non-GAAP Gross profit excluding share-based
compensation |
37,384 |
|
30,345 |
|
30,083 |
|
|
|
|
|
|
I. GAAP operating
income (loss) |
11,178 |
|
12,879 |
|
(523) |
Add: Share-based compensation |
269 |
|
1,070 |
|
4,473 |
Add: Acquisition-related charges |
531 |
|
548 |
|
548 |
Deduct: Bad debt collection |
-- |
|
( 8,609) |
|
-- |
Non-GAAP adjusted Operating income
excluding share-based compensation, acquisition-related charges and
bad debt collection |
11,978 |
|
5,888 |
|
4,498 |
|
|
|
|
|
|
II. GAAP net
income attributable to Himax
stockholders |
3,717 |
|
11,653 |
|
642 |
Add: Share-based compensation |
269 |
|
1,070 |
|
4,473 |
Add: Acquisition-related charges |
531 |
|
548 |
|
548 |
Deduct: Bad debt collection |
-- |
|
(8,609) |
|
-- |
Add: Income tax expenses (benefit) |
2,473 |
|
(9,183) |
|
(31) |
Add: Tax credit provisions |
3,336 |
|
11,337 |
|
-- |
Non-GAAP adjusted pre-tax
net income attributable to Himax
stockholders excluding share-based
compensation, acquisition-related
charges and bad debt collection |
10,326 |
|
6,816 |
|
5,632 |
Non-GAAP adjusted pre-tax net income
attributable to Himax stockholders excluding share-based
compensation, acquisition-related charges and bad debt collection
per diluted ADS |
0.059 |
|
0.038 |
|
0.032 |
Diluted Weighted Average Outstanding ADS |
176,227 |
|
177,531 |
|
176,876 |
|
Himax Technologies,
Inc. |
Non-GAAP and Adjusted
Unaudited Supplemental Data – Reconciliation Schedule |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
Gross Profit, Operating
Income and Pre-Tax Net Income Excluding Share-Based Compensation,
Acquisition-Related Charges and Bad Debt
Collection |
|
Twelve Months Ended
December 31, |
|
2011 |
|
2010 |
Revenues |
$ 633,021 |
|
$642,692 |
|
|
|
|
GAAP Gross profit |
125,572 |
|
135,045 |
Add: Share-based compensation – Cost of
revenues |
124 |
|
240 |
Non-GAAP Gross profit excluding share-based
compensation |
125.696 |
|
135,285 |
|
|
|
|
I. GAAP operating
income |
16.608 |
|
35,358 |
Add: Share-based compensation |
7.063 |
|
12,181 |
Add: Acquisition-related charges |
2.174 |
|
2,192 |
Deduct: Bad debt collection |
(1,540) |
|
(8,789) |
Non-GAAP adjusted Operating income
excluding share-based compensation, acquisition-related charges and
bad debt collection |
24,305 |
|
40,942 |
|
|
|
|
II.GAAP net
income attributable to Himax
stockholders |
10,706 |
|
33,206 |
Add: Share-based compensation |
7,063 |
|
12,181 |
Add: Acquisition-related charges |
2,174 |
|
2,192 |
Deduct: Bad debt collection |
(1,540) |
|
(8,789) |
Add: Income tax expenses (benefit) |
3,965 |
|
(5,109) |
Add: Tax credit provisions |
3,336 |
|
11,337 |
Non-GAAP adjusted pre-tax
net income attributable to Himax
stockholders excluding share-based
compensation, acquisition-related
charges and bad debt collection |
25,704 |
|
45,018 |
Non-GAAP adjusted pre-tax net income
attributable to Himax stockholders excluding share-based
compensation, acquisition-related charges and bad debt collection
per diluted ADS |
0.145 |
|
0.253 |
Diluted Weighted Average Outstanding ADS |
176,914 |
|
177,845 |
CONTACT: Himax Technologies, Inc.
Jackie Chang, CFO
Himax Technologies, Inc.
Tel: 886-2-2370-3999 Ext.22300
Fax: 886-2-2314-0877
Email: jackie_chang@himax.com.tw
www.himax.com.tw.
Investor Relations
MZ North America
John Mattio, SVP
Tel: +1-212-301-7130
Email: john.mattio@hcinternational.net
www.mz-ir.com
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