Company Exceeds Q1
Revenues, Gross Margin and EPS
Guidance
- Total revenues increased by 5.4% year-over-year to
$175.7 million
- Small and medium-sized panel driver sales increased by
26.1% year-over-year, representing 51.9% of total revenues
in Q1 2013
- Q1 2013 gross margin reached 24.6% from 22.9% in Q1
2012 and 23.3% in Q4 2012
- Q1 2013 GAAP net income increased by 24.0% to $14.0
million from $11.3 million in Q1 2012. GAAP earnings per diluted
ADS grew by 24.2% to 8.2 cents from 6.6 cents in Q1
2012
- Q1 2013 Non-GAAP net income increased by 23.6% to $15.0
million from $12.1 million in Q1 2012. Non-GAAP earnings per
diluted ADS grew by 23.9% to 8.8 cents from 7.1 cents in Q1
2012
- Positive 2013 outlook with strong growth in small and
medium-sized driver and non-driver
products
TAINAN, Taiwan, May 6, 2013 (GLOBE NEWSWIRE) --
Himax
Technologies, Inc.
(Nasdaq:HIMX) ("Himax" or
"Company"), a supplier and fabless manufacturer of
advanced display drivers and other semiconductor products, today
announced financial results for the first quarter ended March 31,
2013.
SUMMARY
FINANCIALS |
|
First Quarter 2013
Results Compared to First Quarter 2012 Results (USD in millions)
(unaudited) |
|
|
|
|
|
Q1 2013 |
Q1 2012 |
CHANGE |
Total Revenues |
$175.7 million |
$166.7 million |
+5.4% |
Gross Profit (Total Revenues minus Cost of
Revenues) |
$43.2 million |
$38.1 million |
+13.3% |
Gross Margin (Gross Profit / Total
Revenues) |
24.6% |
22.9% |
+1.7% |
GAAP Net Income Attributable to
Shareholders |
$14.0 million |
$11.3 million |
+24.0% |
Non-GAAP Net Income Attributable to
Shareholders |
$15.0 million (1) |
$12.1 million(2) |
+23.6% |
GAAP EPS (Per Diluted ADS, USD) |
$0.082 |
$0.066 |
+24.2% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.088 (1) |
$0.071(2) |
+23.9% |
|
|
|
|
(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 $0.4
million of share-based compensation expenses, net of tax and $0.4
million non-cash acquisition related charge, net of tax. |
|
First Quarter 2013
Results Compared to Fourth Quarter 2012 Results
(USD in millions)
(unaudited) |
|
|
Q1 2013 |
Q4 2012 |
CHANGE |
Total Revenues |
$175.7 million |
$190.6 million |
-7.8% |
Gross Profit (Total Revenues minus Cost of
Revenues) |
$43.2 million |
$44.4 million |
-2.8% |
Gross Margin (Gross Profit / Total
Revenues) |
24.6% |
23.3% |
+1.3% |
GAAP Net Income Attributable to
Shareholders |
$14.0 million |
$14.8 million |
-5.0% |
Non-GAAP Net Income Attributable to
Shareholders |
$15.0 million (1) |
$15.7 million (2) |
-4.4% |
GAAP EPS (Per Diluted ADS, USD) |
$0.082 |
$0.086 |
-4.7% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.088 (1) |
$0.092 (2) |
-4.3% |
|
(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 $0.4
million of share-based compensation expenses, net of tax and $0.5
million non-cash acquisition related charges, net of tax. |
"We had an extremely successful first quarter, with revenues,
gross margin and net income all exceeding the initial guidance we
provided on February 7, 2013," stated Mr. Jordan Wu, President and
Chief Executive Officer of Himax. "We are pleased with the top and
bottom line performance of the first quarter of 2013. Even during
this low season, we achieved improvements in both margins and
profitability. We will continue to execute our strategy by further
diversifying our product mix and expanding our customer base. We
are excited about future growth opportunities."
First
Quarter 2013 Financial Results Breakdown by Product Line (USD in
millions) (unaudited) |
|
|
Q1
2013 |
% |
Q1
2012 |
% |
%
Change |
Display drivers for large-size panels |
$60.1 |
34.2% |
$71.4 |
42.8% |
-15.8% |
Display drivers for small/medium-sized
panels |
$91.3 |
51.9% |
$72.4 |
43.4% |
+26.1% |
Non-driver products |
$24.3 |
13.9% |
$22.9 |
13.8% |
+6.2% |
|
|
|
|
|
|
|
Q1 2013 |
% |
Q4 2012 |
% |
% Change |
Display drivers for large-size panels |
$60.1 |
34.2% |
$77.5 |
40.7% |
-22.5% |
Display drivers for small/medium-sized
panels |
$91.3 |
51.9% |
$85.4 |
44.8% |
+6.9% |
Non-driver products |
$24.3 |
13.9% |
$27.7 |
14.5% |
-12.0% |
Total revenues of $175.7 million for the first quarter of 2013
represented a 5.4% increase from the first quarter of 2012 as a
result of robust growth in the small and medium-sized display
drivers, partially offset by lower sales of large panel display
drivers and a 7.8% decrease from the fourth quarter of 2012, as
expected due to fewer calendar days in the first quarter and
seasonality in the Company's business.
Revenues from large panel display drivers for the first quarter
of 2013 were $60.1 million, down 15.8% from the first quarter of
2012 and down 22.5% from the fourth quarter of 2012, accounting for
34.2% of total revenues for the first quarter of 2013. Lower demand
for monitors, higher customer inventory, fewer calendar days in the
first quarter, seasonal slow-downs and reduced sales to the
Company's related party customer were the primary drivers of lower
sales in the first quarter of 2013 compared to the fourth quarter
of 2012. China continued to show impressive growth year-over-year
in revenues for large-sized market panels.
Sales of small and medium-sized drivers remained solid, coming
in at $91.3 million for the first quarter of 2013, up 26.1% from
the first quarter of 2012 and up 6.9% from the fourth quarter of
2012, accounting for 51.9% of total revenues for the first quarter
of 2013. Small and medium-sized driver sales reached another record
high in terms of both absolute value and percentage of total
revenues, thanks mainly to the fast-growing smartphone sector that
has become the Company's single largest revenue contributor. Small
and medium-sized applications accounted for over half of total
revenues for the first time in the Company's history. Despite fewer
working days due to the Chinese New Year, the Company managed to
achieve a sequential increase mainly because of the strong sales to
first-tier international smartphone brands and the white box market
in China. The strong year-over-year growth is a result of the
robust sales of smartphone, tablet and automotive display
applications. In addition to volume growth, the Company is also
benefiting from the industry trend toward higher resolution as
mentioned in its last earnings call. Higher resolution is expected
to increase both the Company's revenue and gross margin.
Revenues from non-driver businesses, which include CMOS image
sensors, LCOS microdisplays, touch panel controllers, power
management ICs, LED divers, wafer level optics, timing controllers,
ASIC services and IP licensing, were $24.3 million for the first
quarter of 2013, an increase of 6.2% from the first quarter of 2012
and 12.0% lower than the fourth quarter of 2012, accounting for
13.9% of total revenues for the first quarter of 2013. The
sequential decline is mainly attributed to the weak sales of CMOS
image sensor, which the Company predicted in the last earnings
call. The first quarter non-driver businesses overall grew 6.2%
year-over-year. The Company believes the less-than-ideal growth of
non-driver products in the first quarter of 2013 was a temporary
setback. The Company is confident that its non-driver products will
resume their strong growth momentum during the second quarter of
2013 and throughout the rest of the year.
Revenues from related parties for the first quarter of 2013 were
down 30.4% from the first quarter of 2012 and down 27.4% from the
fourth quarter of 2012. While revenues from related parties
continued to decline, the Company saw strong growth from other
customers. In comparison, revenue contribution from non-related
parties increased by 1.3% quarter-over-quarter and 27.3%
year-over-year. Related-party sales accounted for 25.0% of total
sales in the first quarter of 2013, compared to 37.9% the first
quarter of 2012 and 31.8% in the fourth quarter of 2012. This
related-party customer remains the Company's single largest
customer. Sales made to them mainly comprised large panel
driver IC products. The Company will continue to provide them with
the best service in an effort to win the most possible business
from them.
Gross margins for the first quarter of 2013 was 24.6%, 170 basis
points greater than a gross margin of 22.9% for the first quarter
of 2012 and 130 basis points greater than the gross margin of the
fourth quarter of 2012. This is the sixth consecutive quarter of
gross margin improvement for the Company, representing the highest
quarterly gross margin for Himax since the third quarter of 2008.
The trend of margin expansion is a direct result of higher margin
products like those in the Company's non-driver categories and the
fast-growing small and medium-sized panel drivers trending toward
higher resolution. Gross margin improvement will continue to be one
of Himax's business goals going forward.
GAAP operating expenses for the first quarter of 2013 were $26.4
million, an increase of 11.8% from $23.7 million for the first
quarter of 2012 and 4.9% from $25.2 million for the fourth quarter
of 2012. The increase was primarily due to higher salaries for new
hires in the R&D department and higher new product development
expenses. GAAP operating income in the first quarter of 2013 was
$16.8 million, or 9.5% of sales, compared to $14.5 million, or 8.7%
of sales, in the first quarter of 2012, and $19.2 million, or 10.1%
of sales, for the fourth quarter of 2012.
Reported GAAP net income for the first quarter of 2013 was $14.0
million, or 8.2 cents per diluted ADS, compared to $11.3 million,
or 6.6 cents per diluted ADS, for the first quarter of 2012, and
$14.8 million, or 8.6 cents per diluted ADS, for the fourth quarter
of 2012. GAAP net income for the first quarter of 2013 improved
24.0% compared to first quarter 2012 mainly due to higher sales and
gross margins for the first quarter of 2013.
Non-GAAP net income in the first quarter of 2013 was $15.0
million, or 8.8 cents per diluted ADS, up from $12.1 million, or
7.1 cents per diluted ADS, for the first quarter of 2012, and down
slightly from $15.7 million, or 9.2 cents per diluted ADS, for the
fourth quarter of 2012. Non-GAAP net income represents a growth of
23.6% year-over-year and a decrease of 4.4% as compared to the
previous quarter.
Balance Sheet and Cash Flow
The Company had $158.9 million in cash, cash equivalents and
marketable securities available for sale as of March 31, 2013,
compared to $138.9 million on December 31, 2012 and $102.1 million
as of March 31, 2012. On top of the above cash position, restricted
cash, cash equivalents and marketable securities were $74.1
million on March 31, 2013, down from $84.2 million as of March 31,
2012 and no changes compared to December 31, 2012. The restricted
cash is used to guarantee the Company's short-term loans for the
same amount. The Company stresses that Himax is debt-free.
Inventories as of March 31, 2013 were $138.3 million, up from
$118.5 million as of March 31, 2012 and up from $116.7 million as
of December 31, 2012. The Company raised inventory levels during
the first quarter of 2013, as it expects an increase of shipments
during the second quarter of 2013. Accounts receivable were $189.9
million on March 31, 2013 as compared to $209.0 million on December
31, 2012 and $189.0 million as of March 31, 2012. Day Sales
Outstanding ("DSO") was 97 days at end of March 2013 as compared to
103 days both a year ago and at the end of the last quarter. The
97-day DSO signifies an improvement compared to the level of
between 103 and 109 days for each quarter for the year ended
December 31, 2012.
Net cash inflow from operating activities for the first quarter
of 2013 was $29.4 million as compared to $3.6 million for the first
quarter of 2012 and $52.4 million for the fourth quarter of
2012.
The Company invested $4.7 million on capital expenditures in the
first quarter of 2013, compared to $1.6 million in the first
quarter of 2012 and $2.2 million for the fourth quarter of 2012.
The capital expenditure was mainly for the purchase of some
in-house driver IC testers to cope with an anticipated increase in
demand due to strong smartphone and tablet driver sales. While the
Company outsources the majority of its driver IC testing, the
Company has always maintained a certain level of in-house testing
facility for the purpose of both R&D and mass production. The
Company paid an annual dividend of 6.3 cents in July 2012, which
equals to 100% of its net income for the year ended December 31,
2012. The board will decide on its 2013 dividend soon.
Share Buyback Update
Pursuant to the Company's $25 million dollars share buyback
program, it has purchased a total of $13.4 million, or
approximately 9.5 million ADS through March 31, 2013. It did not
repurchase any shares during the three months ended March 31, 2013
because its share price appreciated significantly in the quarter.
Out of the total share repurchase plan of $25 million announced in
June 2011, $11.6 million remains unused. The Company will continue
to execute the remaining share repurchase program in accordance
with Rule 10b-18 and in compliance with any other applicable legal,
regulatory and contractual restrictions.
May and June 2013 Investor Outreach and
Conferences
Ms. Jackie Chang, CFO, Ms. Penny Lin, IR Manager, and John
Mattio, US-Based IR from MZ Group, will host investor meetings in
the New York, Minneapolis, Laguna Niguel, San Francisco and also in
the Hong Kong area on select days between May 20 and June 14. If
you are interested in meeting with the Company's senior executives
in a one-on-one 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, May 7, 2013 at 8:00 a.m. US
Eastern Daylight Savings Time to discuss the Company's first
quarter financial results. Details of the call follow below.
DATE: |
Tuesday, May 7, 2013 |
TIME: |
U.S. 8:00 a.m. EDT |
|
TAIWAN 8:00 p.m. |
DIAL IN: |
U.S.
1-877-407-4018 |
|
INTERNATIONAL
1-201-689-8471 |
CONFERENCE ID: |
412584 |
WEBCAST: |
http://public.viavid.com/index.php?id=104295 |
A replay of the call will be available beginning two hours after
the call through midnight May 14, 2013 (12 p.m. May 15, 2013 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 412584. This call is being webcast by ViaVid Broadcasting
and can be accessed by clicking on this
http://public.viavid.com/index.php?id=104295 or at ViaVid's website
at http://www.viavid.net, where the webcast can be accessed through
May 6, 2014.
About Himax Technologies, Inc.
Himax Technologies, Inc. (HIMX) is a fabless semiconductor
solution provider dedicated to display imaging processing
technologies. Himax's main products include 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. Headquartered in Tainan,
Taiwan, the Company has offices in Hsinchu and Taipei, Taiwan and
in China, Korea, Japan and the US.
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 months ended
March 31, 2013 and 2012, 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 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
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Any statements in
this press release that are not historical facts are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks 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,
2012 filed with the SEC, as may be amended. The Company undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required by applicable law.
– 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, |
|
2013 |
2012 |
2012 |
Revenues |
|
|
|
Revenues
from third parties, net |
$131,717 |
$103,473 |
$129,973 |
Revenues
from related parties, net |
44,019 |
63,220 |
60,666 |
|
175,736 |
166,693 |
190,639 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
132,551 |
128,577 |
146,216 |
Research and
development |
18,894 |
16,699 |
17,003 |
General and
administrative |
3,929 |
3,689 |
4,328 |
Sales and marketing |
3,611 |
3,264 |
3,863 |
Total costs and
expenses |
158,985 |
152,229 |
171,410 |
|
|
|
|
Operating income |
16,751 |
14,464 |
19,229 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
14 |
85 |
74 |
Equity in losses of equity method
investees |
(127) |
(72) |
(14) |
Foreign exchange gains (losses), net |
198 |
(341) |
(233) |
Interest expense |
(80) |
(99) |
(79) |
Other income (loss), net |
14 |
209 |
(1,253) |
|
19 |
(218) |
(1,505) |
Earnings before income
taxes |
16,770 |
14,246 |
17,724 |
Income tax expense |
4,192 |
3,205 |
3,708 |
Net income |
12,578 |
11,041 |
14,016 |
Net loss attributable to
noncontrolling interests |
1,454 |
272 |
751 |
Net income attributable to Himax
stockholders |
$14,032 |
$11,313 |
$14,767 |
|
|
|
|
Basic earnings per ordinary share
attributable to Himax stockholders |
$0.041 |
$0.033 |
$0.043 |
Diluted earnings per ordinary share
attributable to Himax stockholders |
$0.041 |
$0.033 |
$0.043 |
Basic earnings per ADS attributable
to Himax stockholders |
$0.083 |
$0.066 |
$0.087 |
Diluted earnings per ADS attributable
to Himax stockholders |
$0.082 |
$0.066 |
$0.086 |
|
|
|
|
Basic Weighted Average
Outstanding ADS |
169,970 |
172,017 |
170,057 |
Diluted Weighted Average
Outstanding ADS |
171,537 |
172,017 |
170,868 |
|
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, |
|
2013 |
2012 |
2012 |
Share-based compensation |
|
|
|
Cost of revenues |
$15 |
$5 |
$15 |
Research and development |
312 |
373 |
316 |
General and administrative |
56 |
62 |
58 |
Sales and marketing |
73 |
77 |
73 |
Income tax benefit |
(76) |
(86) |
(76) |
Total |
$380 |
$431 |
$386 |
|
|
|
|
The amount of
acquisition-related charges included in applicable statements of
income categories is summarized as follows: |
|
|
|
|
Acquisition-related charges |
|
|
|
Research and development |
$440 |
$241 |
$559 |
Sales and marketing |
289 |
289 |
289 |
Income tax benefit |
(125) |
(125) |
(289) |
Total |
$604 |
$405 |
$559 |
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Balance Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
March 31, 2013 |
December 31,
2012 |
March 31, 2012 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$158,716 |
$138,737 |
$101,912 |
Restricted cash and cash
equivalents |
74,100 |
74,100 |
84,200 |
Investments in marketable
securities available-for-sale |
168 |
172 |
169 |
Accounts receivable, less
allowance for doubtful accounts, sales returns and
discounts |
136,647 |
135,747 |
103,089 |
Accounts receivable from
related parties, less allowance for sales returns and
discounts |
53,286 |
73,258 |
85,916 |
Inventories |
138,331 |
116,671 |
118,515 |
Deferred income
taxes |
13,662 |
15,374 |
16,638 |
Prepaid expenses and other
current assets |
13,047 |
13,029 |
15,535 |
Total current
assets |
$587,957 |
$567,088 |
$525,974 |
Investment securities, including
securities measured at fair value |
$17,877 |
$12,688 |
$24,658 |
Equity method
investments |
151 |
283 |
378 |
Property, plant and equipment,
net |
57,580 |
52,609 |
55,873 |
Deferred income
taxes |
4,190 |
4,303 |
14,003 |
Goodwill |
28,138 |
28,138 |
26,846 |
Other intangible assets,
net |
7,411 |
8,143 |
3,962 |
Other assets |
1,310 |
1,346 |
2,371 |
|
116,657 |
107,510 |
128,091 |
Total
assets |
$704,614 |
$674,598 |
$654,065 |
Liabilities and Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
$73,000 |
$73,000 |
$84,200 |
Accounts payable |
149,233 |
135,546 |
134,931 |
Income taxes payable |
11,867 |
9,766 |
7,786 |
Other accrued expenses and
other current liabilities |
25,726 |
23,805 |
21,547 |
Total current
liabilities |
$259,826 |
$242,117 |
$248,464 |
Other liabilities |
3,134 |
4,323 |
5,112 |
Total
liabilities |
$262,960 |
$246,440 |
$253,576 |
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, 339,149,508 and 340,255,988 outstanding at March
31, 2013, December 31, 2012, and March 31, 2012, respectively |
$107,010 |
$107,010 |
$107,010 |
Additional paid-in
capital |
104,320 |
104,911 |
103,971 |
Treasury shares, at cost
(17,549,974 ordinary shares, 17,549,974 ordinary shares and
16,443,494 ordinary shares at March 31, 2013, December 31, 2012,
and March 31, 2012, respectively) |
(12,469) |
(12,469) |
(11,066) |
Accumulated other comprehensive
income (loss) |
(184) |
(137) |
276 |
Unappropriated retained
earnings |
242,660 |
228,628 |
199,025 |
Himax stockholders'
equity |
$441,337 |
$427,943 |
$399,216 |
Noncontrolling
interests |
317 |
215 |
1,273 |
Total
equity |
$441,654 |
$428,158 |
$400,489 |
Total liabilities and
equity |
$704,614 |
$674,598 |
$654,065 |
|
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, |
|
2013 |
2012 |
2012 |
Cash flows from operating
activities: |
|
|
|
Net income |
$12,578 |
$11,041 |
$14,016 |
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
Depreciation and
amortization |
3,155 |
3,313 |
3,669 |
Share-based compensation
expenses |
456 |
517 |
458 |
Loss on disposal of property,
plant and equipment |
87 |
--- |
6 |
Loss (gain) on disposal of
marketable securities, net |
2 |
(7) |
(17) |
Unrealized gain on conversion
option |
--- |
(152) |
--- |
Interest income from
amortization of discount on investment in corporate bonds |
--- |
(42) |
--- |
Impairment loss on
investment |
--- |
--- |
1,299 |
Equity in losses of equity
method investees |
127 |
72 |
14 |
Deferred income tax
expense |
1,705 |
(906) |
1,913 |
Inventories write downs |
2,429 |
2,617 |
2,445 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
(900) |
(1,809) |
537 |
Accounts receivable from
related parties |
19,970 |
(6,079) |
8,782 |
Inventories |
(24,089) |
(8,147) |
9,222 |
Prepaid expenses and other
current assets |
104 |
(670) |
1,987 |
Accounts payable |
13,687 |
578 |
5,586 |
Income taxes payable |
2,099 |
4,142 |
1,669 |
Other accrued expenses and
other current liabilities |
(961) |
(1,531) |
857 |
Other liabilities |
(1,055) |
669 |
1 |
Net cash provided by
operating activities |
29,394 |
3,606 |
52,444 |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and
equipment |
(4,714) |
(1,606) |
(2,199) |
Proceeds from disposal of
property and equipment |
--- |
--- |
1 |
Purchase of available-for-sale
marketable securities |
(2,026) |
(6,247) |
(4,485) |
Disposal of available-for-sale
marketable securities |
2,024 |
6,254 |
5,290 |
Purchase of investment
securities |
(5,189) |
(3) |
--- |
Release (pledge) of restricted
cash equivalents and marketable securities |
4 |
(4) |
(2) |
Decrease (increase) in other
assets |
16 |
(24) |
(535) |
Net cash used in investing
activities |
(9,885) |
(1,630) |
(1,930) |
|
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, |
|
2013 |
2012 |
2012 |
Cash flows from financing
activities: |
|
|
|
Proceeds from issuance of new
shares by subsidiaries |
390 |
(3) |
--- |
Payments to repurchase ordinary
shares |
--- |
(6,564) |
(664) |
Proceeds from disposal of
subsidiary shares to noncontrolling interests by Himax Imaging,
Inc. |
78 |
332 |
25 |
Purchase of subsidiary shares
from noncontrolling interests |
--- |
(1) |
(1) |
Proceeds from borrowing of
short-term debt |
73,000 |
84,200 |
--- |
Repayment of short-term
debt |
(73,000) |
(84,200) |
--- |
Net cash provided by
(used in) financing activities |
468 |
(6,236) |
(640) |
Effect of foreign currency exchange
rate changes on cash and cash equivalents |
2 |
8 |
41 |
Net increase (decrease) in cash and
cash equivalents |
19,979 |
(4,252) |
49,915 |
Cash and cash equivalents at
beginning of period |
138,737 |
106,164 |
88,822 |
Cash and cash equivalents at end of
period |
$158,716 |
$101,912 |
$138,737 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period
for: |
|
|
|
Interest expense |
$80 |
$99 |
$79 |
Income taxes |
$108 |
$63 |
$96 |
|
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, |
|
2013 |
2012 |
2012 |
Revenues |
$175,736 |
$166,693 |
$190,639 |
|
|
|
|
Gross profit |
43,185 |
38,116 |
44,423 |
Add: Share-based compensation – Cost of
revenues |
15 |
5 |
15 |
Gross profit excluding share-based
compensation |
43,200 |
38,121 |
44,438 |
Gross margin excluding share-based
compensation |
24.6% |
22.9% |
23.3% |
|
|
|
|
Operating income |
16,751 |
14,464 |
19,229 |
Add: Share-based compensation |
456 |
517 |
462 |
Operating income excluding share-based
compensation |
17,207 |
14,981 |
19,691 |
Add: Acquisition-related charges –Intangible
assets amortization |
729 |
530 |
848 |
Operating income excluding share-based
compensation and acquisition-related charges |
17,936 |
15,511 |
20,539 |
Operating margin excluding share-based
compensation and acquisition-related charges |
10.2% |
9.3% |
10.8% |
Net income attributable to Himax
stockholders |
14,032 |
11,313 |
14,767 |
Add: Share-based compensation, net of
tax |
380 |
431 |
386 |
Add: Acquisition-related charges, net of
tax |
604 |
405 |
559 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
15,016 |
12,149 |
15,712 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
8.5% |
7.3% |
8.2% |
|
|
|
|
*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,
2013 |
|
|
Diluted GAAP earning per ADS attributable to
Himax stockholders |
$0.082 |
Add: Share-based compensation per ADS |
$0.002 |
Add: Acquisition-related charges per ADS |
$0.004 |
|
|
Diluted non-GAAP earning per ADS attributable
to Himax stockholders excluding share-based compensation and
acquisition-related charges |
$0.088 |
CONTACT: Company Contacts
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
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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