- Q1 2012 revenue increased 18.1% year-over-year to
$166.7 million
- Small and medium-sized panel driver sales
increased 21.4% year-over-year,
representing 43.4% of total
revenues for the
quarter
- Gross margin increased 280
basis points to 22.9% from 20.1% in Q1 2011
and increased 80 basis points from 22.1% in Q4
2011
- Q1 2012 GAAP
net income increased
315.5% to $11.3
million from $2.7 million
in Q1 2011 and increased 204.4% from $3.7 million
in Q4 2011
- Project
15% to
20% sequential revenue growth in Q2 2012;
gross margin to be slightly up from the first
quarter of 2012; and 8
to 10cents
earnings per diluted
ADS
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 first quarter ended March 31, 2012.
SUMMARY FINANCIALS
First Quarter 2012
Results Compared to First Quarter 2011 Results
(USD) (unaudited) |
|
|
Q1 2012 |
Q1 2011 |
CHANGE |
|
Net Revenues |
$166.7 million |
$141.1 million |
+18.1% |
|
Gross Profit |
$38.1 million |
$28.3 million |
+34.6% |
|
Gross Margin |
22.9% |
20.1% |
+2.8% |
|
GAAP Net Income Attributable to
Shareholders |
$11.3 million |
$2.7 million |
+315.5% |
|
Non-GAAP Net Income Attributable to
Shareholders Non-GAAP Adjusted Pre-Tax Income Attributable to
Shareholders |
$12.1 million(1) $15.6
million(3) |
$4.1 million(2) $3.5
million(4) |
+194.2% +346.2% |
|
GAAP EPS (Per Diluted ADS) |
$0.066 |
$0.015 |
+340.0% |
|
Non-GAAP EPS (Per Diluted ADS) Non-GAAP
Adjusted Pre-Tax EPS (Per Diluted ADS) |
$0.071(1) $0.090(3) |
$0.023(2) $0.020(4) |
+208.7% +350.0% |
|
|
(1) Non-GAAP Net income
attributable to common shareholders and EPS exclude $0.4 million of
share-based compensation expenses, net of tax and $0.4 million
non-cash acquisition related charges, net of tax.
(2) Non-GAAP Net income attributable to common shareholders and
EPS exclude $1.0 million of share-based compensation expenses, net
of tax and $0.4 million non-cash acquisition related charge, net of
tax.
(3) Non-GAAP Adjusted pre-tax income attributable to common
shareholders and EPS exclude $0.5 million of share-based
compensation expenses, $0.6 million non-cash acquisition related
charges and $3.2 million income taxes.
(4) Non-GAAP Adjusted pre-tax income attributable to common
shareholders and EPS exclude $1.2 million of share-based
compensation expenses, $0.5 million non-cash acquisition related
charge, $1.5 million bad debt collection and $0.6 million income
taxes.
|
|
First Quarter 2012
Results Compared to Fourth Quarter 2011 Results
(USD) (unaudited) |
|
|
Q1 2012 |
Q4
2011 |
CHANGE |
Net Revenues |
$166.7 million |
$169.2 million |
-1.5% |
Gross Profit |
$38.1 million |
$37.4 million |
+2.0% |
Gross Margin |
22.9% |
22.1% |
+0.8% |
GAAP Net Income Attributable to
Shareholders |
$11.3 million |
$3.7 million |
+204.4% |
Non-GAAP Net Income Attributable to
Shareholders Non-GAAP Adjusted Pre-Tax Income Attributable to
Shareholders |
$12.1 million(1) $15.6
million(3) |
$4.3 million(2) $10.3
million(4) |
+179.9% +50.7% |
GAAP EPS (Per Diluted ADS) |
$0.066 |
$0.021 |
+214.3% |
Non-GAAP EPS (Per Diluted ADS) Non-GAAP
Adjusted Pre-Tax EPS (Per Diluted ADS) |
$0.071(1) $0.090(3) |
$0.025(2) $0.059(4) |
+184.0% +52.5% |
|
|
(1) Non-GAAP Net income
attributable to common shareholders and EPS exclude $0.4 million of
share-based compensation expenses, net of tax and $0.4 million
non-cash acquisition related charges, net of tax.
(2) Non-GAAP Net income attributable to common shareholders and
EPS exclude $0.2 million of non-cash share-based compensation
expenses, net of tax and $0.4 million non-cash acquisition related
charges, net of tax.
(3) Non-GAAP Adjusted pre-tax income attributable to common
shareholders and EPS exclude $0.5 million of share-based
compensation expenses, $0.6 million non-cash acquisition related
charges and $3.2 million income taxes.
(4) Non-GAAP Adjusted pre-tax income attributable to common
shareholders and EPS exclude $0.3 million of share-based
compensation expenses, $0.5 million non-cash acquisition related
charge, $2.5million income taxes and $3.3 million non-cash tax
credit provisions.
|
|
"We revised our first quarter guidance on April 5, raising our
forecast revenues to $166.7 million, gross margin to 22.9% and GAAP
earnings per ADS to 6.6 cents. All these numbers exceeded the
initial guidance we provided on February 13. I am pleased to report
that the actual first quarter results all met our revised guidance
numbers," stated Mr. Jordan Wu, President and Chief Executive
Officer of Himax. First quarter 2012 Financial
Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
Q1 2012 |
% |
Q1 2011 |
% |
% Change |
Display drivers for large-size panels |
$71.4 |
42.8% |
$64.9 |
46.0% |
+9.9% |
Display drivers for small/medium sized
panels |
$72.4 |
43.4% |
$59.6 |
42.3% |
+21.4% |
Non-driver products |
$22.9 |
13.8% |
$16.6 |
11.7% |
+38.8% |
|
Q1 2012 |
% |
Q4
2011 |
% |
% Change |
Display drivers for large-size panels |
$71.4 |
42.8% |
$67.0 |
39.6% |
+6.6% |
Display drivers for small/medium sized
panels |
$72.4 |
43.4% |
$80.5 |
47.6% |
-10.1% |
Non-driver products |
$22.9 |
13.8% |
$21.7 |
12.8% |
+5.6% |
Revenues for the first quarter of 2012 increased 18.1% to $166.7
million year over year. On a sequential quarter basis, sales
declined 1.5% from the fourth quarter of 2011 due to natural
seasonality and the holiday season in China. Sales of small and
medium-sized drivers increased 21.4% in the first quarter from same
period 2011 and down 10.1% from the previous quarter.
Revenues from large panel display drivers were $71.4 million, up
9.9% from a year ago and 6.6% from the fourth quarter of 2011.
Himax continued to gain market share, particularly with Chinese TV
panel manufacturers and the success of its drivers for newly
launched TV models in China.
Revenues from Himax's non-driver businesses, which include CMOS
image sensors, LCOS micro displays, wafer level optics, touch panel
controllers, power management ICs, LED driver ICs, timing
controllers, ASIC services and IP licensing, were $22.9 million, an
increase of 38.8% from the same period last year and 5.6% higher
than the fourth quarter of 2011.
Gross profit was 22.9%, compared to 20.1% in the first quarter
of 2011 and 22.1% in the fourth quarter of 2011. The 280 and 80
basis point improvement in gross margin, respectively, was a result
of higher sales contribution from better product mix, especially
from high margin non-driver products.
First quarter 2012 GAAP operating expenses were $23.7 million,
down 8.2% from $25.8 million a year ago and down 9.7% from $26.2
million in the previous quarter. GAAP operating income was $14.5
million in the first quarter of 2012 compared to $2.5 million in
the first quarter of 2011 and $11.2 million in the fourth quarter
of 2011 respectively.
Reported GAAP net income and earnings per diluted ADS was $11.3
million, or 6.6 cents per ADS, for the first quarter of 2012
compared to $2.7 million, or 1.5 cents per ADS, in the
corresponding quarter a year ago, and up from $3.7 million, or 2.1
cents per ADS, in the previous quarter. GAAP Net Income improved
315.5% compared to first quarter 2011 and improved 204.4% versus
fourth quarter 2011.
Himax reported non-GAAP adjusted pre-tax income in the fourth
quarter of 2011, which, the Company believed could best
reflect its financial performance for the period. In calculating
the non-GAAP adjusted pre-tax income, HImax excluded one-off
charges such as bad debt collections and year-end tax charge-offs.
On a comparable basis, the Company's non-GAAP adjusted pre-tax
income for the first quarter 2012 was $15.6 million, or $0.090 per
diluted ADS, up 346.2% as compared to $3.5 million, or $0.020 per
diluted ADS, during the same period 2011 and up 50.7% from $10.3
million, or $0.059 per diluted ADS, in the previous quarter.
Balance Sheet and Cash Flow
The Company had $101.9 million in cash and cash equivalents on
March 31, 2012, compared to $106.2 million on December 31, 2011.
The decrease was due to $6.5 million in share buybacks in the first
quarter of 2012.
Accounts receivable were $189.0 million on March 31, 2012
compared to $181.1 million on December 31, 2011. Day Sales
Outstanding ("DSO") was 103 days at end of first quarter 2012
versus 104 days in the fourth quarter of 2011.
Inventories at the end of March, 2012 were $118.5 million, down
from $130.1 million a year ago and slightly up from $113.0 million
a quarter ago.
Net cash inflow from operating activities for the first quarter
was $3.6 million which consist of net income before depreciation
and amortization of $14.4 million, offset by increase in
receivables and inventory.
Share Buyback Update
With regards to the Company's $25.0 million dollars share
buyback program, Himax has purchased a total of $11.2 million, or
approximately 8.3 million ADSs through March 31, 2012. Himax
purchased approximately $6.5 million or 4.5 million ADSs in the
three months ended March 31, 2012. As of March 31, 2012, Himax had
170.1 million outstanding equivalent ADSs.Himax management has
stated they will continue to execute the remaining share repurchase
program in accordance with Rule 10b-18.
Business Updates
Himax continues to sign new customers and increase its business
from existing customers across each of its major product segments.
In large panel drivers, the Company has captured more market share
by penetrating new Chinese large panel manufacturers and servicing
the demand for TV sets in China. Large panel display driver remains
one of Himax's long-term focuses, over which the Company has
continued to commit to R&D activities.
With leading market share and product roadmap in smartphone
driver, Himax has introduced new products that position the Company
for growth with multiple tier-1 smartphone customers. Beyond
smartphones, the Company is also working closely with numerous
panel makers on other small and medium-sized applications,
including automotive and tablets among others, which all show
strong signs of growth.
In the non-driver IC business, Himax forecasts order growth in
its touch panel controllers, CMOS image sensors, power management
ICs and WLED drivers. Based on these positive developments, the
Company sees its sales growth momentum in non-driver segments
continuing through 2012.
Management is particularly excited about some recent progress
the Company has made with its LCOS products. Himax is working with
a number of top-tier customers to develop certain new applications
using its LCOS panels and has also signed major contracts with
tier-1 customers to provide IP licensing and ASIC services, some of
which involve the same customers using the Company's LCOS panels
for their new products. This is an illustration of not just its
strong R&D capability, but also the synergy of product and
knowhow that the Company can bring to its customers. While
these will not bring in immediate financial contribution, the
Company believes these products can facilitate its long term
growth.
Q2 2012 Guidance
For the three months ending June 30, 2012, the Company is
projecting the following:
Net Revenues: 15% to 20% sequential growth
Gross Margin: To be slightly up from the first quarter of
2012
GAAP Net Income: To be in the range of 8 to 10 cents per diluted
ADS
Diluted ADS Shares Outstanding: 170 million shares
Conference Call
Himax Technologies, Inc. will hold a conference call with
investors and analysts tomorrow, Wednesday May 9, 2012 at 8:00 am
US Eastern Standard Time to discuss the Company's first quarter
2012 financial results. Details of the call follow below.
DATE: |
Wednesday, May 9, 2012 |
TIME: |
U.S. 8:00am
ET |
|
TAIWAN 8:00pm |
DIAL
IN: |
U.S. 1-877-407-4018 |
INTERNATIONAL |
1-201-689-8471 |
CONFERENCE
ID: |
392552 |
WEBCAST: |
http://viavid.net/dce.aspx?sid=00009628 |
A replay of the call will be available beginning two hours after
the call through midnight May 16, 2012 (12 p.m. May 17, 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 392552. This call is being webcast by ViaVid Broadcasting
and can be accessed by clicking on this
http://viavid.net/dce.aspx?sid=00009628 or at ViaVid's website at
http://www.viavid.net, where the webcast can be accessed through
May 9, 2013.
May 2012 Investor Conference Participation
Himax will attend two separate investor conferences in San
Francisco and New York City in May and also host meetings with
interested investors in California and New York in the days after
each conference. Information about the conferences and Himax's
participation follows.
Securities Research Associates 8th Annual Spring Growth
Stock Conference May 14 & 15, 2012 Le Meridien
Hotel, San Francisco Ms. Jackie Chang, CFO for Himax
Technologies, will present for the Company and also host 1-1
meetings with conference attendees on Tuesday, May 15 from 8:00am
to 5:00pm PT. Investors interested to schedule a 1-1 meeting with
the Company should contact their SRA representative or Himax
contacts listed below.
MACQUARIE 2012 TAIWAN & KOREA CORPORATE CONFERENCE
May 21 & 22, 2012 Sofitel Hotel - New York City, New
York Jackie Chang will also meet with investors at the
Macquarie Taiwan and Korea Corporate Conference in New York City on
Monday and Tuesday, May 21 and 22. Investors interested to schedule
a 1-1 meeting or small group session with the Company should
contact their Macquarie representative or Himax.
AboutHimax Technologies,
Inc.
Himax Technologies, Inc. (Nasdaq:HIMX) 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 around 1,400 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 three months ended March 31,
2012 and 2011, 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 uses both GAAP and non-GAAP information in
evaluating our operating business results internally and therefore
deems 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 write-offs.
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, 2011 filed with the
SEC, as may be amended.
– FINANCIAL TABLES –
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 March 31, |
Three Months Ended December
31, |
|
|
2012 |
|
2011 |
2011 |
Revenues |
|
|
|
|
Revenues
from third parties, net |
$ 103,473 |
|
$ 74,093 |
$ 109,841 |
Revenues
from related parties, net |
63,220 |
|
67,000 |
59,387 |
|
166,693 |
|
141,093 |
169,228 |
|
|
|
|
|
Costs and expenses: |
|
|
|
|
Cost of revenues |
128,577 |
|
112,783 |
131,850 |
Research and
development |
16,699 |
|
19,790 |
18,666 |
General and
administrative |
3,689 |
|
4,281 |
3,923 |
Sales and marketing |
3,264 |
|
1,697 |
3,611 |
Total costs and
expenses |
152,229 |
|
138,551 |
158,050 |
|
|
|
|
|
Operating income |
14,464 |
|
2,542 |
11,178 |
|
|
|
|
|
Non operating income
(loss): |
|
|
|
|
Interest income |
85 |
|
140 |
160 |
Equity in losses of equity method
investees |
(72) |
|
(81) |
(74) |
Foreign exchange gains (losses), net |
(341) |
|
117 |
(310) |
Interest expense |
(99) |
|
(97) |
(125) |
Other income (loss), net |
209 |
|
(234) |
9 |
|
(218) |
|
(155) |
(340) |
Earnings before
income taxes |
14,246 |
|
2,387 |
10,838 |
Income tax expense |
3,205 |
|
597 |
5,809 |
Net income |
11,041 |
|
1,790 |
5,029 |
Net loss (income) attributable to
noncontrolling interests |
272 |
|
933 |
(1,312) |
Net income
attributable to Himax stockholders |
$ 11,313 |
|
$ 2,723 |
$ 3,717 |
|
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.033 |
|
$ 0.008 |
$ 0.011 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$ 0.033 |
|
$ 0.008 |
$ 0.011 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.066 |
|
$ 0.015 |
$ 0.021 |
Diluted earnings per
ADSattributable to Himax
stockholders |
$ 0.066 |
|
$ 0.015 |
$ 0.021 |
|
|
|
|
|
Basic Weighted Average
Outstanding ADS |
172,017 |
|
177,317 |
176,227 |
Diluted Weighted Average
Outstanding ADS |
172,017 |
|
177,917 |
176,227 |
|
|
|
|
|
|
|
|
|
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
March 31, |
Three Months Ended December
31, |
|
2012 |
2011 |
2011 |
Share-based compensation |
|
|
|
Cost of revenues |
$ 5 |
$ 11 |
$ 6 |
Research and
development |
373 |
869 |
188 |
General and
administrative |
62 |
142 |
33 |
Sales and marketing |
77 |
140 |
42 |
Income tax benefit |
(86) |
(178) |
(52) |
Total |
$ 431 |
$ 984 |
$ 217 |
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
Research and
development |
$ 241 |
$ 258 |
$ 242 |
Sales and
marketing |
289 |
289 |
289 |
Income tax
benefit |
(125) |
(125) |
(125) |
Total |
$ 405 |
$ 422 |
$ 406 |
|
|
|
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Balance
Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
March
31, |
|
December
31, |
March
31, |
|
|
2012 |
|
2011 |
2011 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ 101,912 |
|
$ 106,164 |
$ 109,519 |
Restricted cash and cash
equivalents |
|
84,200 |
|
84,200 |
57,500 |
Investments in marketable
securities available-for- sale |
|
169 |
|
165 |
6,834 |
Accounts receivable, less
allowance for doubtful accounts, sales returns and
discounts |
|
103,089 |
|
101,280 |
83,098 |
Accounts receivable from
related parties, less allowance for sales returns and
discounts |
|
85,916 |
|
79,833 |
83,690 |
Inventories |
|
118,515 |
|
112,985 |
130,057 |
Deferred income taxes |
|
16,638 |
|
16,217 |
11,871 |
Prepaid expenses and other
current assets |
|
15,535 |
|
14,865 |
16,136 |
Total current assets |
|
$ 525,974 |
|
$ 515,709 |
$ 498,705 |
|
|
|
|
|
|
Investment securities, including
securities measured at fair value |
|
$ 24,658 |
|
$ 24,506 |
$ 24,568 |
Equity method
investments |
|
378 |
|
439 |
781 |
Property,
plant and equipment, net |
|
55,873 |
|
57,150 |
48,658 |
Deferred income taxes |
|
14,003 |
|
13,649 |
24,502 |
Goodwill |
|
26,846 |
|
26,846 |
26,846 |
Intangible assets, net |
|
3,962 |
|
4,494 |
6,125 |
Other assets |
|
2,371 |
|
2,185 |
2,043 |
|
|
128,091 |
|
129,269 |
133,523 |
Total
assets |
|
$ 654,065 |
|
$ 644,978 |
$ 632,228 |
|
|
|
|
|
|
Liabilities and
Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
Short-term debt |
|
$ 84,200 |
|
$ 84,200 |
$ 57,000 |
Accounts payable |
|
134,931 |
|
134,353 |
124,066 |
Income taxes payable |
|
7,786 |
|
3,644 |
9,182 |
Deferred income taxes |
|
-------- |
|
-------- |
94 |
Other accrued expenses and
other current liabilities |
|
21,547 |
|
23,163 |
25,843 |
Total current
liabilities |
|
$ 248,464 |
|
$ 245,360 |
$ 216,185 |
Other liabilities |
|
5,112 |
|
4,560 |
6,786 |
Total liabilities |
|
$ 253,576 |
|
$ 249,920 |
$ 222,971 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Himax stockholders'
equity: |
|
|
|
|
|
Ordinary shares,
US$0.3 par value, 1,000,000,000 shares authorized;
356,699,482 shares, 356,699,482 shares and 353,842,764
shares issued and 340,255,988, 349,279,556 and 353,842,764
outstanding at March 31, 2012, December 31, 2011, and
March 31, 2011, respectively |
$ 107,010 |
|
$ 107,010 |
104,784 |
Additional paid-in capital |
|
103,971 |
|
103,051 |
100,824 |
Treasury shares, at cost
(16,443,494 ordinary shares, 7,419,926 ordinary shares and
nil at March 31, 2012, December 31, 2011, and March 31, 2011,
respectively) |
|
(11,066) |
|
(4,502) |
---- |
Accumulated other comprehensive
income |
|
276 |
|
166 |
994 |
Unappropriated retained
earnings |
|
199,025 |
|
187,712 |
200,953 |
Himax
stockholders' equity |
|
$ 399,216 |
|
$ 393,437 |
$ 408,924 |
Noncontrolling
interests |
|
1,273 |
|
1,621 |
333 |
Total
equity |
|
$ 400,489 |
|
$ 395,058 |
$ 409,257 |
Total liabilities
and equity |
|
$ 654,065 |
|
$ 644,978 |
$ 632,228 |
|
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
Three Months
Ended March 31, |
Three Months Ended
December 31, |
|
|
2012 |
|
2011 |
2011 |
|
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
|
Net income |
|
$ 11,041 |
|
1,790 |
5,029 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
|
|
|
Depreciation and
amortization |
|
3,313 |
|
3,279 |
3,182 |
Share-based compensation
expenses |
|
517 |
|
1,162 |
269 |
Loss on disposal of property,
plant and equipment |
|
------ |
|
------ |
7 |
Loss (gain) on disposal of
marketable securities, net |
|
(7) |
|
(193) |
1 |
Unrealized loss (gain) on
conversion option |
|
(152) |
|
460 |
32 |
Interest income from
amortization of discount on investment in corporate
bonds |
|
(42) |
|
(48) |
(40) |
Equity in losses of equity
method investees |
|
72 |
|
81 |
74 |
Deferred income tax
expense |
|
(906) |
|
242 |
5,213 |
Inventories write downs |
|
2,617 |
|
2,764 |
2,757 |
Changes in operating assets and
liabilities: |
|
|
|
|
|
Accounts receivable |
|
(1,809) |
|
(2,886) |
(6,997) |
Accounts receivable from
related parties |
|
(6,079) |
|
12,289 |
594 |
Inventories |
|
(8,147) |
|
(14,833) |
(11,078) |
Prepaid expenses and other
current assets |
|
(670) |
|
(325) |
(514) |
Accounts payable |
|
578 |
|
8,144 |
20,807 |
Income taxes payable |
|
4,142 |
|
52 |
675 |
Other accrued expenses and
other current liabilities |
|
(1,531) |
|
258 |
(2,717) |
Other liabilities |
|
669 |
|
(11) |
------ |
Net cash
provided by operating
activities |
|
3,606 |
|
12,225 |
17,294 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
Purchase of property and
equipment |
|
(1,606) |
|
(1,851) |
(1,206) |
Purchase of available-for-sale
marketable securities |
|
(6,247) |
|
(6,014) |
(3,443) |
Disposal of available-for-sale
marketable securities |
|
6,254 |
|
7,733 |
3,442 |
Purchase of
investment securities |
(3) |
|
------ |
------ |
|
Release (pledge)of
restricted cash equivalents and marketable securities |
(4) |
|
1,002 |
(1,101) |
|
Decrease (increase) in other
assets |
|
(24) |
|
1 |
------ |
Net cash
provided by (used
in) investing
activities |
|
(1,630) |
|
871 |
(2,308) |
|
|
|
|
|
|
|
|
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.Dollars) |
|
|
|
Three Months
Ended March
31, |
Three Months Ended
December
31, |
|
|
2012 |
|
2011 |
2011 |
Cash flows from financing
activities: |
|
|
|
|
|
Proceeds from issuance of new
shares by subsidiaries |
|
$ (3) |
|
21 |
12 |
Payments to repurchase ordinary
shares |
|
(6,564) |
|
------ |
(2,498) |
Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax
Technologies Limited |
|
------ |
|
------ |
17 |
Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax
Imaging, Inc. |
|
332 |
|
------ |
2,504 |
Purchase of subsidiary shares
from noncontrolling interests |
|
(1) |
|
(461) |
(47) |
Release of restricted cash
equivalents and marketable securities (for borrowing of
short-term debt) |
|
------ |
|
------ |
500 |
Proceeds from borrowing of
short-term debt |
|
------ |
|
------ |
250,000 |
Repayment of short-term
debt |
|
------ |
|
------ |
(250,000) |
Net cash
provided by (used in) financing
activities |
|
(6,236) |
|
(440) |
488 |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
|
8 |
|
21 |
36 |
Net increase
(decrease) in cash and cash
equivalents |
|
(4,252) |
|
12,677 |
15,510 |
Cash and cash equivalents at
beginning of period |
|
106,164 |
|
96,842 |
90,654 |
Cash and cash equivalents at end of
period |
|
$ 101,912 |
|
$ 109,519 |
$ 106,164 |
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
Cash paid during the
period for: |
|
|
|
|
|
Interest expense |
|
$ 99 |
|
$ 97 |
$ 126 |
Income taxes |
|
$ 63 |
|
$ 206 |
$ 46 |
|
|
|
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
March 31, |
Three Months Ended December
31, |
|
2012 |
|
2011 |
2011 |
Revenues |
$ 166,693 |
|
$ 141,093 |
$ 169,228 |
|
|
|
|
|
Gross profit |
38,116 |
|
28,310 |
37,378 |
Add: Share-based compensation – Cost of
revenues |
5 |
|
11 |
6 |
Gross profit excluding share-based
compensation |
38,121 |
|
28,321 |
37,384 |
Gross margin excluding share-based
compensation |
22.9% |
|
20.1% |
22.1% |
|
|
|
|
|
Operating income |
14,464 |
|
2,542 |
11,178 |
Add: Share-based compensation |
517 |
|
1,162 |
269 |
Operating income excluding share-based
compensation |
14,981 |
|
3,704 |
11,447 |
Add: Acquisition-related charges –Intangible
assets amortization |
530 |
|
547 |
531 |
Operating income excluding share-based
compensation and acquisition-related charges |
15,511 |
|
4,251 |
11,978 |
Operating margin excluding share-based
compensation and acquisition-related charges |
9.3% |
|
3.0% |
7.1% |
Net income attributable to Himax
stockholders |
11,313 |
|
2,723 |
3,717 |
Add: Share-based compensation, net of
tax |
431 |
|
984 |
217 |
Add: Acquisition-related charges, net of
tax |
405 |
|
422 |
406 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
12,149 |
|
4,129 |
4,340 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
7.3% |
|
2.9% |
2.6% |
|
|
|
|
|
*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 March
31, |
|
|
2012 |
|
Diluted GAAP EPS attributable to Himax
stockholders |
$0.066 |
|
Add: Share-based compensation per ADS |
$0.003 |
|
Add: Acquisition-related charges per ADS |
$0.002 |
|
|
|
|
Diluted non GAAP EPS attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges |
$0.071 |
|
|
|
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
March 31, |
|
Three Months Ended December
31, |
|
2012 |
|
2011 |
|
2011 |
Revenues |
$ 166,693 |
|
$ 141,093 |
|
$ 169,228 |
|
|
|
|
|
|
GAAP Gross profit |
38,116 |
|
28,310 |
|
37,378 |
Add: Share-based compensation – Cost of
revenues |
5 |
|
11 |
|
6 |
Non-GAAP Gross profit excluding share-based
compensation |
38,121 |
|
28,321 |
|
37,384 |
|
|
|
|
|
|
I. GAAP operating
income |
14,464 |
|
2,542 |
|
11,178 |
Add: Share-based compensation |
517 |
|
1,162 |
|
269 |
Add: Acquisition-related charges |
530 |
|
547 |
|
531 |
Deduct: Bad debt collection |
------ |
|
( 1,541) |
|
------ |
Non-GAAP adjusted Operating income
excluding share-based compensation, acquisition-related
charges and bad debt collection |
15,511 |
|
2,710 |
|
11,978 |
|
|
|
|
|
|
II. GAAP net
income attributable to Himax
stockholders |
11,313 |
|
2,723 |
|
3,717 |
Add: Share-based compensation |
517 |
|
1,162 |
|
269 |
Add: Acquisition-related charges |
530 |
|
547 |
|
531 |
Deduct: Bad debt collection |
------ |
|
( 1,541) |
|
------ |
Add: Income tax expenses |
3,205 |
|
597 |
|
2,473 |
Add: Tax credit provisions |
------ |
|
------ |
|
3,336 |
Non-GAAP adjusted pre-tax
net income attributable to
Himax stockholders excluding share-based
compensation, acquisition-related
charges and bad debt
collection |
15,565 |
|
3,488 |
|
10,326 |
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 |
0.090 |
|
0.020 |
|
0.059 |
Diluted Weighted Average Outstanding ADS |
172,017 |
|
177,917 |
|
176,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT: Contact for the Company
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
Penny Lin, Investor Relations
Himax Technologies, Inc.
Tel: 886-2-2370-3999 Ext.22320
Fax: 886-2-2314-0877
Email: penny_lin@himax.com.tw
www.himax.com.tw
Investor Relations-US Representative
MZ North America
John Mattio, SVP
Tel: +1-212-301-7130
Email: john.mattio@mzgroup.us
www.mz-ir.com
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