- Sales increased 12.7% year-over-year
to $190.6 million and increased 0.1%
sequentially. Full year 2012 revenues increased
16.5% year-over-year to $737.3 million
- Gross margin for the quarter increased 120 bps
year-over-year to 23.3%
and slightly higher than its most recent quarter Q3
2012
- Non-GAAP net income increased
252.2% to $15.3
million from $4.3 million
in Q4
2011. Non-GAAP earnings
per diluted ADS increased 256.0%
to $8.9 cents from $2.5 cents in Q4
2011
- GAAP net income increased
285.8% to $14.3
million from $3.7 million
in Q4
2011. GAAP earnings per
diluted ADS increased 300.0% to
$8.4 cents from $2.1 cents in Q4
2011
- FY 2012 GAAP net income
increased 377.9% to
$51.2 million from
$10.7 million in
FY 2011. GAAP earnings per diluted ADS increased 391.8% to
$30.0 cents from $6.1 cents in FY 2011
- Positive 2013 outlook with strong growth in small and
medium-sized driver 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, 2012.
SUMMARY FINANCIALS
Fourth Quarter 2012
Results Compared to Fourth Quarter 2011 Results
(USD in millions) (unaudited) |
|
|
Q4 2012 |
Q4 2011 |
CHANGE |
|
Net Revenues |
$190.6 million |
$169.2 million |
+12.7% |
|
Gross Profit |
$44.4 million |
$37.4 million |
+18.8% |
|
Gross Margin |
23.3% |
22.1% |
+1.2% |
|
GAAP Net Income Attributable to
Shareholders |
$14.3 million |
$3.7 million |
+285.8% |
|
Non-GAAP Net Income Attributable to
Shareholders |
$15.3 million (1) |
$4.3 million(2) |
+252.2% |
|
GAAP EPS (Per Diluted ADS, USD) |
$0.084 |
$0.021 |
+300.0% |
|
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.089 (1) |
$0.025(2) |
+256.0% |
|
|
|
(1) Non-GAAP net
income attributable to common shareholders and EPS excludes $0.4
million of share-based compensation expenses, net of tax and $0.6
million non-cash acquisition related charges, net of tax |
|
(2) Non-GAAP Net
income attributable to common shareholders and EPS excludes $0.2
million of share-based compensation expenses, net of tax and $0.4
million non-cash acquisition related charge, net of tax.
|
|
Fourth Quarter 2012
Results Compared to Third Quarter 2012 Results
(USD in millions) (unaudited) |
|
|
Q4 2012 |
Q3
2012 |
CHANGE |
Net Revenues |
$190.6 million |
$190.4 million |
+0.1% |
Gross Profit |
$44.4 million |
$44.3 million |
+0.3% |
Gross Margin |
23.3% |
23.3% |
---- |
GAAP Net Income Attributable to
Shareholders |
$14.3 million |
$10.4 million |
+37.7% |
Non-GAAP Net Income Attributable to
Shareholders |
$15.3 million (1) |
$16.5 million (2) |
-7.3% |
GAAP EPS (Per Diluted ADS, USD) |
$0.084 |
$0.061 |
+37.7% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.089 (1) |
$0.097(2) |
-8.2% |
|
(1) Non-GAAP net
income attributable to common shareholders and EPS excludes $0.4
million of share-based compensation expenses, net of tax and $0.6
million non-cash acquisition related charges, net of tax. |
(2) Non-GAAP net
income attributable to common shareholders and EPS excludes $5.6
million of share-based compensation expenses, net of tax and $0.5
million non-cash acquisition related charges, net of tax. |
"I am extremely proud of our excellent financial and operating
results we achieved in the quarter and for the entire year in
2012," began Mr. Jordan Wu, President and Chief Executive Officer
of Himax. "Since we successfully embarked on our business
transformation in the fourth quarter of 2011, we have increased our
market share and advanced our technology leadership across many of
our businesses. The overall margin improvement and broad-based
sales growth in our small and medium-sized driver and non-driver
product businesses is just two examples that our long-term strategy
is unfolding as we planned. With several recent design wins with
international brand and China customers and a robust new product
pipeline, we remain optimistic about our outlook for 2013."
Fourth Quarter 2012 Financial Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
Q4 2012 |
% |
Q4 2011 |
% |
% Change |
Display drivers for large-size panels |
$77.5 |
40.7% |
$67.0 |
39.6% |
+15.8% |
Display drivers for small/medium sized
panels |
$85.4 |
44.8% |
$80.6 |
47.6% |
+6.0% |
Non-driver products |
$27.7 |
14.5% |
$21.7 |
12.8% |
+27.6% |
|
|
|
|
|
|
|
Q4 2012 |
% |
Q3 2012 |
% |
% Change |
Display drivers for large-size panels |
$77.5 |
40.7% |
$76.5 |
40.2% |
+1.3% |
Display drivers for small/medium sized
panels |
$85.4 |
44.8% |
$87.3 |
45.8% |
-2.2% |
Non-driver products |
$27.7 |
14.5% |
$26.6 |
14.0% |
+4.2% |
Total revenues for the fourth quarter of 2012 increased 12.7%
year-over-year to $190.6 million and increased 0.1% sequentially.
The strong sales growth was a result of market share gains and new
products in all of the Company's products including large-sized and
small and medium-sized panel drivers and non-driver products.
Revenues from large panel display drivers were $77.5 million, up
15.8% from a year ago and up 1.3% from the third quarter of 2012,
and accounted for 40.7% of total revenues. The sequential increase
was attributed to strong TV demand arising from customers'
preparation for the Chinese New Year sales and China panel
customers' additional capacity ramp, offset by slower demand for
notebooks. Among all of Himax's large panel markets, China showed
the greatest growth year-over-year and sequentially.
Sales of small and medium-sized drivers remained solid for
Himax. The Company recorded $85.4 million in small and medium-sized
driver IC sales, up 6.0% from the same period in 2011 and down 2.2%
from the previous quarter, and accounted for 44.8% of total
revenues. The sequential decline was mainly due to the weak feature
phone demand as the Company switched its focus to smartphone.
China's white-box market for both smartphones and tablets also
experienced some correction toward the end of the fourth quarter.
Excluding feature phones, sales for small and medium-sized drivers,
especially those for smartphone, tablet and automotive display
applications, grew substantially for the fourth quarter 2012 from
the same period last year. The Company remains bullish on the
growth prospect of the small and medium-sized driver IC segment for
2013.
Revenues from Himax's non-driver businesses were $27.7 million,
an increase of 27.6% from the same period last year and up 4.2%
sequentially, and accounted for 14.5% of total revenues. CMOS image
sensor, power management ICs and IP licensing were among the
non-driver products which delivered sequential growth. Also adding
to this growth were pilot shipments of the Company's LCOS
microdisplays for the new and exciting head-mounted display
application. The Company's fourth quarter non-driver businesses
overall grew 27.6% year over year as many products experienced
double-digit growth. Such products include CMOS image sensor, touch
panel controller, power management IC, WLED driver, wafer level
optics, IP licensing and operational amplifiers. Himax believes
that its non-driver business will continue to account for an
increasing percentage of its sales over time and it provides the
most exciting long-term prospects for growth.
Revenues from related parties were down 6.3% from the previous
quarter and up 2.2% from the same period last year. In comparison,
revenues from other parties went up 3.4% quarter-over-quarter and
up 18.3% year-over-year. Related party sales accounted for 31.8% of
total sales in the fourth quarter, compared to 35.1% a year ago and
34.0% in the previous quarter. The related party sales as a
percentage of total revenue may continue to decline as other Himax
businesses lines are forecasted to outgrow the related party
business.
Gross margins were 23.3% for the three months ended December 31,
2012, up 120 basis points from 22.1% in the fourth quarter of 2011
and a slight improvement from the previous quarter. This is the
fifth consecutive quarter of gross margin improvement for the
Company, and represents the highest quarterly gross margin for
Himax since the fourth quarter of 2008. The trend in the Company's
margin expansion is a direct result of a richer mix of higher
margin products like those in its non-driver categories and the
fast-growing small and medium-sized panel drivers. Gross margin
improvement will continue to be one of Himax's key business goals
going forward.
Fourth quarter 2012 GAAP operating expenses were $25.2 million,
down 3.8% from $ 26.2 million a year ago and down 19.1% from $31.1
million in the previous quarter. The significant sequential
decrease was primarily the result of the difference in RSU charges.
The third quarter RSU expense was $6.3 million while it was just
$0.5 million in the fourth quarter. In accordance with its
protocol, the Company grants annual RSUs to its staff at the end of
September each year, which, given all other things equal, leads to
higher third quarter GAAP operating expenses compared to the other
quarters of the year. Discounting the higher RSU expenses in the
third quarter of 2012, the Company's Q4 operating expenses were
stable compared to the previous quarter and down $1.0 million from
the same quarter last year.
GAAP operating income for the fourth quarter of 2012 was $19.2
million, or 10.1% of sales, up $8.1 million, or 72.0%, compared to
the same period last year and up $6.1 million, or 46.1%, from $13.2
million, or 6.9% of sales, in the previous quarter. Excluding RSU
expenses, operating income for the fourth quarter remained around
flat compared to the previous quarter.
Reported GAAP net income was $14.3 million, or 8.4 cents per
diluted ADS, for the fourth quarter of 2012 compared to $3.7
million, or 2.1 cents per diluted ADS, in the corresponding quarter
a year ago, and $10.4 million, or 6.1 cents per diluted ADS, in the
previous quarter. GAAP net income improved 285.8% compared to
fourth quarter 2011 and 37.7% quarter-over-quarter. The sequential
net income growth was mainly a result of the difference in RSU
charges. The increase in net income of 285.8% year-over-year was
partly attributable to difference in income taxes and tax credit
provisions. Excluding share-based compensation, acquisition-related
charges, income tax and tax credit provisions, the Company's
non-GAAP adjusted pre-tax income for the fourth quarter was little
changed from the previous quarter; but it still grew 95.4% versus
prior year, reaching $20.2 million. The strong year-over-year
growth is a result of a combination of 12.7% top line growth, a 120
bps gross margin expansion and $1.0 million operating expenses
reduction. GAAP EPS per diluted ADS grew 300.0% from the same
period last year and 37.7% over the previous quarter.
Non-GAAP net income in the fourth quarter was $15.3 million, or
8.9 cents per diluted ADS, up from $4.3 million, or 2.5 cents per
diluted ADS, for the same period last year, and down from $16.5
million, or 9.7 cents per diluted ADS, in the previous quarter.
Non-GAAP net income for the fourth quarter 2012 grew 252.2% over
the same period last year.
Full Year 2012
Results (USD in millions)
(unaudited) |
|
|
FY 2012 |
FY 2011 |
CHANGE |
Net Revenues |
$737.3 million |
$633.0 million |
+16.5% |
Gross Profit |
$170.6 million |
$125.6 million |
+35.8% |
Gross Margin |
23.1% |
19.8% |
+3.3% |
GAAP Net Income Attributable to
Shareholders |
$51.2 million |
$10.7 million |
+377.9% |
Non-GAAP Net Income Attributable to
Shareholders |
$59.9 million (1) |
$18.3 million (2) |
+227.3% |
GAAP EPS (Per Diluted ADS, USD) |
$0.30 |
$0.061 |
+391.8% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.351 (1) |
$0.103 (2) |
+240.8% |
|
|
(1) Non-GAAP Net
income attributable to common shareholders and EPS excludes $6.9
million of share-based compensation expenses, net of tax and $1.8
million non-cash acquisition related charges, net of tax. |
(2) Non-GAAP Net
income attributable to common shareholders and EPS excludes $5.9
million of share-based compensation expenses, net of tax and $1.7
million non-cash acquisition related charges, net of tax. |
Full Year 2011 Financial Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
FY
2012 |
% |
FY
2011 |
% |
% Change |
Display drivers for large-size |
$305.2 |
41.4% |
$270.4 |
42.7% |
+12.9% |
Display drivers for small/medium sized
panels |
$328.9 |
44.6% |
$282.1 |
44.6% |
+16.6% |
Non-driver products |
$103.2 |
14.0% |
$80.5 |
12.7% |
+28.0% |
Himax believes that 2012 demonstrated a successful turnaround in
its business from the trough of 2011. Small and medium-sized driver
ICs replaced the large panel sector to become its largest source of
sales due to fast growth in the smartphone and tablet segments and
the Company's leading position therein. Large panel driver IC sales
also experienced double- digit growth last year, benefiting from
the growth in China market where mainland Chinese manufactures
continue to expand capacity. Himax's non-driver products delivered
the strongest growth last year due to new product launches and
project wins. The Company expects its non-driver products to
outgrow driver ICs in the years ahead.
Revenues totaled $737.3 million in 2012, representing a 16.5%
increase year over year. The growth was a result of increasing
sales in all product segments.
Small and medium-sized drivers grew 16.6% year over year,
representing 44.6% of total revenues. Himax sales into the feature
phone segment declined in 2012 as they switched their focus to
smartphone applications. Excluding feature phone sales, Himax's
small-and medium sized drivers grew over 50% year over year. The
performance in this area last year was the result of the Company
expanding its reach to end customers across China, Korea, and the
US. This growth momentum is expected to continue through 2013.
Revenues from large panel display drivers grew 12.9%
year-over-year, representing 41.4% of the Company's total revenues
as compared to 42.7% in 2011. The growth was mainly driven by the
sales to Chinese customers and led to a gain in market share in the
large panel segment.
Non-driver products grew 28.0% year over year, representing
14.0% of total sales for Himax, as compared to 12.7% a year ago.
The Company's timing controller IC, touch panel controller, power
management ICs, WLED drivers, ASIC service, IP licensing and wafer
level optics all delivered strong growth in 2012. The Company
believes that this result demonstrates its strong R&D
capability and its commitment to diversify its product
portfolio.
Revenues from related parties were down $6.3 million, or 2.4%,
from the previous year. In comparison and excluding related party
sales, revenues increased $110.5 million, or 29.5%, year-over-year.
Related party sales accounted for 34.2% of total sales in 2012,
compared to 40.8% a year ago.
Gross margin in 2012 was 23.1%, a 330 basis-point improvement,
from 19.8% in 2011. The significant margin improvement is a result
of the Company's product diversification and mix. Management
remains committed to drive margins higher.
GAAP operating expenses were $103.5 million for the twelve
months of 2012, down $5.5 million, or 5.0% from the same period
2011. Excluding the bad debt collection from SVA-NEC in 2011 and
higher restricted stock unit expenses in 2012, full year non-GAAP
operating expenses were $97.2 million, down $13.3 million, or 12.0%
from 2011. The significant reduction was due to a better overall
expense control and reduced ramp-up costs for the production of WLO
at the Company's in-house manufacturing facility.
Operating income was $67.1 million, or 9.1% of sales, as
compared to $16.6 million, or 2.6% of sales, for 2011, representing
303.8% increase year over year.
GAAP net income for the twelve months 2012 was $51.2 million, or
30 cents per diluted ADS, up from $10.7 million, or 6.1 cents per
diluted ADS, for the same period last year. The significant
improvement in GAAP net income was a result of its overall revenue
growth of 16.5%, gross margin improvement to 23.1% in 2012 from
19.8% in 2011 and operating expense reduction of $5.5 million. 2012
GAAP net income grew 377.9% and GAAP EPS per diluted ADS grew
391.8% year-over-year.
Non-GAAP net income for 2012 was $59.9 million, or 35.1 cents
per diluted ADS, up from $18.3 million, or 10.3 cents per diluted
ADS, for 2011. Non-GAAP net income for 2012 grew 227.3% and
non-GAAP EPS per diluted ADS grew 240.8% over 2011.
Balance Sheet and Cash Flow
The Company had $138.9 million in cash, cash equivalents and
marketable securities available for sale on December 31, 2012,
compared to $89.0 million on September 30, 2012 and $106.3 million
as of December 31, 2011. Additionally, restricted cash balance was
$73.0 million at the end of December 2012, as compared to $84.2
million at the end of December 2011. Inventories at the end of
December were $ 116.7 million, up from $113.0 million a year ago
and down from $128.3 million a quarter ago.
Accounts receivable were $209.0 million on December 31, 2012 as
compared to $218.3 million on September 30, 2012 and $181.1 million
a year ago. Day Sales Outstanding ("DSO") was 103 days at end of
2012 versus 104 days in 2011 and 109 days at end of the last
quarter.
Net cash inflow from operating activities for full year 2012 was
$52.2 million, an increase of 20.1% from $43.4 million in 2011. The
improvement in cash from operations was a result of higher net
income and better working capital management. Himax invested $6.6
million on capital expenditures in 2012, down substantially from
$18.9 million spent in 2011.
The Company paid an annual dividend of 6.3 cents per ADS in July
2012, equal to 100% of its 2011 net income. Himax remains committed
to paying annual dividends, the amount of which is referenced
primarily on prior year's profitability. The high payout ratio in
2012 is an illustration of our confidence for our profitability to
continue to improve.
Share Buyback Update
With regards to the Company's $25 million dollars share buyback
program, Himax has purchased a total of $13.4 million, or
approximately 9.5 million ADS, through December 31, 2012. Himax
purchased $0.7 million, or approximately 0.3 million ADS, in the
three months ended December 31, 2012. Himax management has stated
they will continue to execute the remaining share repurchase
program in accordance with Rule 10b-18.
February 2013 Non-Deal Road Show
Ms. Jackie Chang, CFO, Ms. Penny Lin, IR Manager, and John
Mattio, US-Based IR firm from MZ Group, will host investor meetings
in the San Francisco, New York Metro and Minneapolis area from
February 25th to March 5th, 2013. If you are interested in meeting
with the Company's senior executives in a 1-on-1 session or group
session, please contact Himax's US or Taiwan based investor
relations contact at the numbers below.
Conference Call
Himax Technologies, Inc. will hold a conference call with
investors and analysts tomorrow, February 7, 2013 at 8:00 a.m. US
Eastern Standard Time to discuss the Company's fourth quarter and
FY 2012 financial results. Details of the call follow below.
DATE: |
Thursday, February 7, 2012 |
|
|
TIME: |
U.S. 8:00 a.m.
EST |
|
TAIWAN 9:00 p.m. |
|
|
DIAL IN: |
U.S. 1-877-407-4018 |
|
INTERNATIONAL
1-201-689-8471 |
|
|
CONFERENCE ID: |
407795 |
|
|
WEBCAST: |
http://public.viavid.com/index.php?id=103201 |
A replay of the call will be available beginning two hours after
the call through midnight February 14, 2013 (1 p.m. February 15,
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 407795. This call is being webcast by
ViaVid Broadcasting and can be accessed by clicking on this
http://public.viavid.com/index.php?id=103201 or at ViaVid's website
at http://www.viavid.net, where the webcast can be accessed through
February 7, 2014.
About Himax Technologies, Inc.
Himax Technologies, Inc. (HIMX) is a fabless semiconductor
solution provider dedicated to display imaging 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-mounted displays, LED driver
ICs, power management ICs, scaler products for monitors and
projectors, tailor-made video processing IC solutions and silicon
IPs. 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. Himax has 1,762 patents granted and 1,397 patents pending
approval worldwide as of December 31, 2012. Himax has retained its
position as the leading display imaging 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
is 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 and twelve months ended
December 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 well as the 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 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 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
December 31, |
Three Months Ended September
30, |
|
2012 |
2011 |
2012 |
Revenues |
|
|
|
Revenues from
third parties, net |
$129,973 |
$109,841 |
$125,671 |
Revenues from
related parties, net |
60,666 |
59,387 |
64,742 |
|
190,639 |
169,228 |
190,413 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
146,216 |
131,850 |
146,113 |
Research and development |
17,003 |
18,666 |
21,494 |
General and
administrative |
4,328 |
3,923 |
5,056 |
Sales and marketing |
3,863 |
3,611 |
4,588 |
Total costs and
expenses |
171,410 |
158,050 |
177,251 |
|
|
|
|
Operating income |
19,229 |
11,178 |
13,162 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
74 |
160 |
58 |
Equity in losses of equity method
investees |
(14) |
(74) |
(30) |
Foreign exchange losses, net |
(233) |
(310) |
(63) |
Interest expense |
(79) |
(125) |
(77) |
Other income (loss), net |
(192) |
9 |
502 |
|
(444) |
(340) |
390 |
Earnings before income
taxes |
18,785 |
10,838 |
13,552 |
Income tax expense |
4,527 |
5,809 |
3,388 |
Net income |
14,258 |
5,029 |
10,164 |
Net loss (income) attributable to
noncontrolling interests |
82 |
(1,312) |
247 |
Net income attributable to Himax
stockholders |
$14,340 |
$3,717 |
$10,411 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$ 0.042 |
$ 0.011 |
$ 0.031 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$ 0.042 |
$ 0.011 |
$ 0.031 |
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.084 |
$ 0.021 |
$ 0.061 |
Diluted earnings per ADS attributable
to Himax stockholders |
$ 0.084 |
$ 0.021 |
$ 0.061 |
|
|
|
|
Basic Weighted Average
Outstanding ADS |
170,057 |
176,227 |
169,782 |
Diluted Weighted Average
Outstanding ADS |
170,868 |
176,227 |
169,929 |
|
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Income |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
Twelve Months Ended
December 31, |
|
2012 |
2011 |
Revenues |
|
|
Revenues from
third parties, net |
$485,281 |
$374,788 |
Revenues from
related parties, net |
251,974 |
258,233 |
|
737,255 |
633,021 |
|
|
|
Costs and expenses: |
|
|
Cost of revenues |
566,700 |
507,449 |
Research and development |
70,913 |
79,042 |
General and
administrative |
17,139 |
17,095 |
Sales and marketing |
15,443 |
12,827 |
Total costs and
expenses |
670,195 |
616,413 |
|
|
|
Operating income |
67,060 |
16,608 |
|
|
|
Non operating income
(loss): |
|
|
Interest income |
317 |
556 |
Equity in losses of equity method
investees |
(128) |
(349) |
Foreign exchange gains (losses), net |
(452) |
466 |
Interest expense |
(352) |
(455) |
Other income (loss), net |
502 |
(18) |
|
(113) |
200 |
Earnings before income
taxes |
66,947 |
16,808 |
Income tax expense |
16,567 |
7,301 |
Net income |
50,380 |
9,507 |
Net loss attributable to
noncontrolling interests |
789 |
1,199 |
Net income attributable to Himax
stockholders |
$51,169 |
$10,706 |
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.150 |
$0.030 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$0.150 |
$0.030 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.300 |
$0.061 |
Diluted earnings per ADS attributable
to Himax stockholders |
$0.300 |
$0.061 |
|
|
|
Basic Weighted Average
Outstanding ADS |
170,528 |
176,886 |
Diluted Weighted Average
Outstanding ADS |
170,762 |
176,914 |
|
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, |
|
2012 |
2011 |
2012 |
Share-based compensation |
|
|
|
Cost of revenues |
$15 |
$6 |
$150 |
Research and development |
316 |
188 |
4,570 |
General and administrative |
58 |
33 |
1,009 |
Sales and marketing |
73 |
42 |
1,004 |
Income tax benefit |
(76) |
(52) |
(1,118) |
Total |
$386 |
$217 |
$5,615 |
|
|
|
|
The amount of acquisition-related
charges included in applicable statements of income categories is
summarized as follows: |
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
Research and development |
$559 |
$242 |
$305 |
Sales and marketing |
289 |
289 |
289 |
Income tax benefit |
(289) |
(125) |
(125) |
Total |
$559 |
$406 |
$469 |
|
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, |
|
2012 |
2011 |
Share-based compensation |
|
|
Cost of revenues |
$176 |
$124 |
Research and development |
5,625 |
5,062 |
General and administrative |
1,191 |
872 |
Sales and marketing |
1,230 |
1,005 |
Income tax benefit |
(1,367) |
(1,151) |
Total |
$6,855 |
$5,912 |
|
|
|
The amount of acquisition-related
charges included in applicable statements of income categories is
summarized as follows: |
|
|
|
|
|
Acquisition-related charges |
|
|
Research and development |
$1,345 |
$1,017 |
Sales and marketing |
1,157 |
1,157 |
Income tax benefit |
(664) |
(500) |
Total |
$1,838 |
$1,674 |
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Balance Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
December 31,
2012 |
September 30,
2012 |
December
31, 2011 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$138,737 |
$88,822 |
$106,164 |
Restricted cash and cash equivalents |
73,000 |
73,000 |
84,200 |
Investments in marketable securities
available-for-sale |
172 |
171 |
165 |
Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
135,747 |
136,284 |
101,280 |
Accounts receivable from related parties,
less allowance for sales returns and discounts |
73,258 |
82,019 |
79,833 |
Inventories |
116,671 |
128,339 |
112,985 |
Deferred income taxes |
15,294 |
16,760 |
16,217 |
Prepaid expenses and other current
assets |
13,029 |
15,012 |
14,865 |
Total current
assets |
$565,908 |
$540,407 |
$515,709 |
|
|
|
|
Investment securities, including
securities measured at fair value |
$12,688 |
$12,926 |
$24,506 |
Equity method
investments |
283 |
295 |
439 |
Property, plant and equipment,
net |
52,609 |
53,119 |
57,150 |
Deferred income
taxes |
4,303 |
5,785 |
13,649 |
Goodwill |
30,786 |
30,923 |
26,846 |
Intangible assets, net |
8,025 |
6,557 |
4,494 |
Other assets |
2,445 |
2,427 |
2,185 |
|
111,139 |
112,032 |
129,269 |
Total assets |
$677,047 |
$652,439 |
$644,978 |
|
|
|
|
Liabilities and Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$73,000 |
$73,000 |
$84,200 |
Accounts payable |
135,546 |
129,959 |
134,353 |
Income taxes payable |
9,766 |
8,687 |
3,644 |
Other accrued expenses and other current
liabilities |
23,725 |
22,688 |
23,163 |
Total current
liabilities |
$242,037 |
$234,334 |
$245,360 |
Other liabilities |
6,745 |
3,860 |
4,560 |
Total liabilities |
$248,782 |
$238,194 |
$249,920 |
|
|
|
|
Equity |
|
|
|
Himax stockholders'
equity: |
|
|
|
Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized; 356,699,482 shares issued and
339,149,508, 339,834,778 and 349,279,556 outstanding at December
31, 2012, September 30, 2012, and December 31, 2011,
respectively |
$107,010 |
$107,010 |
$107,010 |
Additional paid-in capital |
104,776 |
104,700 |
103,051 |
Treasury shares, at cost (17,549,974
ordinary shares, 16,864,704 ordinary shares and 7,419,926 ordinary
shares at December 31, 2012, September 30, 2012, and December 31,
2011, respectively) |
(12,469) |
(11,805) |
(4,502) |
Accumulated other comprehensive
income |
(137) |
(488) |
166 |
Unappropriated retained earnings |
228,201 |
213,861 |
187,712 |
Himax stockholders'
equity |
$427,381 |
$413,278 |
$393,437 |
Noncontrolling
interests |
884 |
967 |
1,621 |
Total equity |
$428,265 |
$414,245 |
$395,058 |
Total liabilities and
equity |
$677,047 |
$652,439 |
$644,978 |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
|
|
|
|
Three Months Ended
December 31, |
Three Months Ended September
30, |
|
2012 |
2011 |
2012 |
|
|
|
|
Cash flows from operating
activities: |
|
|
|
Net income |
$14,258 |
$5,029 |
$10,164 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
3,669 |
3,182 |
3,152 |
Share-based compensation expenses |
458 |
269 |
451 |
Loss on disposal of property, plant and
equipment |
6 |
7 |
30 |
Loss (gain) on disposal of marketable
securities, net |
(17) |
1 |
(635) |
Unrealized loss on conversion option |
--- |
32 |
62 |
Interest income from amortization of
discount on investment in corporate bonds |
--- |
(40) |
(18) |
Impairment loss on investment in
non-marketable securities |
238 |
--- |
--- |
Equity in losses of equity method
investees |
14 |
74 |
30 |
Deferred income tax expense |
2,732 |
5,213 |
7,587 |
Inventories write downs |
2,445 |
2,757 |
3,241 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
537 |
(6,997) |
(7,239) |
Accounts receivable from related
parties |
8,782 |
594 |
1,811 |
Inventories |
9,222 |
(11,078) |
7,579 |
Prepaid expenses and other current
assets |
1,987 |
(514) |
(320) |
Accounts payable |
5,586 |
20,807 |
(29,448) |
Income taxes payable |
1,669 |
675 |
(4,067) |
Other accrued expenses and other current
liabilities |
857 |
(2,717) |
1,568 |
Other liabilities |
1 |
--- |
(1,039) |
Net cash provided by (used in)
operating activities |
52,444 |
17,294 |
(7,091) |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and equipment |
(2,199) |
(1,206) |
(1,746) |
Proceeds from disposal of property and
equipment |
1 |
--- |
--- |
Purchase of available-for-sale marketable
securities |
(4,485) |
(3,443) |
(3,351) |
Disposal of available-for-sale marketable
securities |
4,502 |
3,442 |
7,984 |
Cash acquired in acquisition |
---- |
--- |
546 |
Pledge of restricted cash equivalents and
marketable securities |
(2) |
(1,101) |
(3) |
Decrease in other assets |
253 |
--- |
585 |
Net cash provided by (used in)
investing activities |
(1,930) |
(2,308) |
4,015 |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
|
|
|
|
Three Months Ended
December 31, |
Three Months Ended September
30, |
|
2012 |
2011 |
2012 |
Cash flows from financing
activities: |
|
|
|
Distribution of cash dividends |
--- |
--- |
(10,680) |
Proceeds from issuance of new shares by
subsidiaries |
--- |
12 |
33 |
Payments to repurchase ordinary
shares |
(664) |
(2,498) |
(511) |
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. |
25 |
2,504 |
78 |
Purchase of subsidiary shares from
noncontrolling |
(1) |
(47) |
(9) |
interests |
|
|
|
Release (pledge) of restricted cash
equivalents and marketable securities (for borrowing of short-term
debt) |
--- |
500 |
(10,000) |
Proceeds from borrowing of short-term
debt |
--- |
250,000 |
73,000 |
Repayment of short-term debt |
--- |
(250,000) |
(63,000) |
Net cash provided by (used in)
financing activities |
(640) |
488 |
(11,089) |
Effect of foreign currency exchange
rate changes on cash and cash equivalents |
41 |
36 |
(5) |
Net increase (decrease) in cash and
cash equivalents |
49,915 |
15,510 |
(14,170) |
Cash and cash equivalents at
beginning of period |
88,822 |
90,654 |
102,992 |
Cash and cash equivalents at end of
period |
$138,737 |
$106,164 |
$88,822 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period
for: |
|
|
|
Interest expense |
$79 |
$126 |
$77 |
Income taxes |
$88 |
$46 |
$174 |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
|
|
|
|
|
|
Twelve Months Ended
December 31, |
|
2012 |
2011 |
|
|
|
Cash flows from operating
activities: |
|
|
Net income |
$50,380 |
$9,507 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and amortization |
13,299 |
12,795 |
Share-based compensation expenses |
1,936 |
4,190 |
Loss on disposal of property, plant and
equipment |
36 |
121 |
Gain on disposal of equity method
investment |
--- |
(313) |
Gain on disposal of marketable
securities, net |
(648) |
(350) |
Unrealized loss (gain) on conversion
option |
(28) |
934 |
Interest income from amortization of
discount on investment in corporate bonds |
(101) |
(170) |
Impairment loss on investment in
non-marketable securities |
238 |
--- |
Equity in losses of equity method
investees |
128 |
349 |
Deferred income tax expense |
9,670 |
6,492 |
Inventories write downs |
12,418 |
9,138 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
(34,467) |
(21,068) |
Accounts receivable from related
parties |
6,591 |
16,181 |
Inventories |
(16,104) |
(4,135) |
Prepaid expenses and other current
assets |
1,421 |
951 |
Accounts payable |
1,192 |
18,431 |
Income taxes payable |
6,711 |
(5,616) |
Other accrued expenses and other current
liabilities |
(172) |
(2,092) |
Other liabilities |
(333) |
(1,897) |
Net cash provided by operating
activities |
52,167 |
43,448 |
|
|
|
Cash flows from investing
activities: |
|
|
Purchase of property and equipment |
(6,560) |
(18,859) |
Proceeds from disposal of property and
equipment |
1 |
7 |
Purchase of available-for-sale marketable
securities |
(19,609) |
(17,490) |
Disposal of available-for-sale marketable
securities |
24,255 |
25,834 |
Proceeds from disposal of equity method
investment |
--- |
371 |
Purchase of investment securities |
(3) |
--- |
Cash acquired in acquisition |
546 |
--- |
Pledge of restricted cash equivalents and
marketable securities |
(7) |
(94) |
Decrease in other assets |
682 |
34 |
Net cash used in investing
activities |
(695) |
(10,197) |
|
Himax Technologies,
Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts in Thousands
of U.S. Dollars) |
|
|
|
|
|
|
|
Twelve Months Ended
December 31, |
|
2012 |
2011 |
Cash flows from financing
activities: |
|
|
Distribution of cash dividends |
$ (10,680) |
$ (21,224) |
Proceeds from issuance of new shares by
subsidiaries |
116 |
53 |
Payments to repurchase ordinary
shares |
(8,886) |
(4,627) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
97 |
17 |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
436 |
3,224 |
Purchase of subsidiary shares from
noncontrolling |
(14) |
(1,958) |
interests |
|
|
Release (pledge) of restricted cash
equivalents and marketable securities (for borrowing of short-term
debt) |
11,200 |
(26,700) |
Proceeds from borrowing of short-term
debt |
304,000 |
277,200 |
Repayment of short-term debt |
(315,200) |
(250,000) |
Net cash used in financing
activities |
(18,931) |
(24,015) |
Effect of foreign currency exchange
rate changes on cash and cash equivalents |
32 |
86 |
Net decrease in cash and cash
equivalents |
32,573 |
9,322 |
Cash and cash equivalents at
beginning of period |
106,164 |
96,842 |
Cash and cash equivalents at end of
period |
$138,737 |
$106,164 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Cash paid during the period
for: |
|
|
Interest expense |
$352 |
$490 |
Income taxes |
$448 |
$6,326 |
Supplemental disclosures of non-cash
investing activities: |
|
|
Fair value of ordinary shares issued by
Himax Display, Inc. in the acquisition of Spatial Photonics,
Inc. |
$135 |
$ --- |
|
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, |
|
2012 |
2011 |
2012 |
Revenues |
$190,639 |
$169,228 |
$190,413 |
|
|
|
|
Gross profit |
44,423 |
37,378 |
44,300 |
Add: Share-based compensation – Cost of
revenues |
15 |
6 |
150 |
Gross profit excluding share-based
compensation |
44,438 |
37,384 |
44,450 |
Gross margin excluding share-based
compensation |
23.3% |
22.1% |
23.3% |
|
|
|
|
Operating income |
19,229 |
11,178 |
13,162 |
Add: Share-based compensation |
462 |
269 |
6,733 |
Operating income excluding share-based
compensation |
19,691 |
11,447 |
19,895 |
Add: Acquisition-related charges –Intangible
assets amortization |
848 |
531 |
594 |
Operating income excluding share-based
compensation and acquisition-related charges |
20,539 |
11,978 |
20,489 |
Operating margin excluding share-based
compensation and acquisition-related charges |
10.8% |
7.1% |
10.8% |
Net income attributable to Himax
stockholders |
14,340 |
3,717 |
10,411 |
Add: Share-based compensation, net of
tax |
386 |
217 |
5,615 |
Add: Acquisition-related charges, net of
tax |
559 |
406 |
469 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
15,285 |
4,340 |
16,495 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
8.0% |
2.6% |
8.7% |
|
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income excluding share-based compensation and
acquisition-related charges divided by revenues |
*Net margin attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges equals net income attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
|
Himax Technologies,
Inc. |
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, |
|
2012 |
2011 |
Revenues |
$737,255 |
$633,021 |
|
|
|
Gross profit |
170,555 |
125,572 |
Add: Share-based compensation – Cost of
revenues |
176 |
124 |
Gross profit excluding share-based
compensation |
170,731 |
125,696 |
Gross margin excluding share-based
compensation |
23.2% |
19.9% |
|
|
|
Operating income |
67,060 |
16,608 |
Add: Share-based compensation |
8,222 |
7,063 |
Operating income excluding share-based
compensation |
75,282 |
23,671 |
Add: Acquisition-related charges –Intangible
assets amortization |
2,502 |
2,174 |
Operating income excluding share-based
compensation and acquisition-related charges |
77,784 |
25,845 |
Operating margin excluding share-based
compensation and acquisition-related charges |
10.6% |
4.1% |
Net income attributable to Himax
stockholders |
51,169 |
10,706 |
Add: Share-based compensation, net of
tax |
6,855 |
5,912 |
Add: Acquisition-related charges, net of
tax |
1,838 |
1,674 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
59,862 |
18,292 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
8.1% |
2.9% |
|
|
|
*Gross margin excluding
share-based compensation equals gross profit excluding share-based
compensation divided by revenues |
*Operating margin excluding
share-based compensation and acquisition-related charges equals
operating income excluding share-based compensation and
acquisition-related charges divided by revenues |
*Net margin attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges equals net income attributable to Himax
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
|
Diluted Earnings Per
ADS Attributable to Himax stockholders Excluding Share-based
Compensation and Acquisition-Related Charges: |
|
|
Three Months Ended December
31, 2012 |
Twelve Months Ended December
31, 2012 |
|
|
|
Diluted GAAP earning per ADS attributable to
Himax stockholders |
$ 0.084 |
$ 0.300 |
Add: Share-based compensation per ADS |
$ 0.002 |
$ 0.040 |
Add: Acquisition-related charges per ADS |
$ 0.003 |
$ 0.011 |
|
|
|
Diluted non-GAAP earning per ADS attributable
to Himax stockholders excluding share-based compensation and
acquisition-related charges |
$ 0.089 |
$ 0.351 |
|
|
|
Numbers do not add up due to
rounding |
CONTACT: For the Company
Jackie Chang, CFO
Himax Technologies, Inc.
Taiwan Tel: +886-2-2370-3999 Ext.22300, or
US Tel: +1-949-585-9838 Ext. 252
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.mzgroup.us
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