Himax Reports Fourth Quarter and Full Year 2009 Financial
Results
GlobeNewswire
2010-02-08
Highlights:
-- Market share expansion in small- and medium-sized display driver segment
in 2009, with handset display drivers shipment increasing more than 50%
year-over-year
-- Fourth quarter 2009 gross margin in-line, while revenues and EPS beat
prior guidance
-- First quarter 2010 guidance: revenues to remain flat or increase
slightly; gross margin to decline by less than one percentage point;
GAAP earnings per ADS to be in the range of 4-6 cents
TAINAN, Taiwan, Feb. 8, 2010 (GLOBE NEWSWIRE) -- Himax Technologies,
Inc. ("Himax" or "Company") (Nasdaq:HIMX) today reported financial
results for the fourth quarter and full year ended December 31, 2009.
For the fourth quarter of 2009, Himax reported net revenues of $178.7
million, representing a 43.8% increase from $124.3 million in the
fourth quarter of 2008, and a 12.0% decrease from $203.1 million in the
third quarter of 2009. Gross margin was 20.0% in the fourth quarter of
2009, down one percentage point year-over-year, and down 0.4 percentage
points, sequentially. Operating income in the fourth quarter was $13.1
million, as compared to operating loss of $21.3 million for the same
period last year, as compared to operating income of $10.8 million in
the previous quarter.
Net income attributable to Himax stockholders for the fourth quarter of
2009 was $11.0 million or $0.06 per diluted ADS, beating the Company's
previous guidance, up from net loss of $13.2 million or $0.07 per
diluted ADS in the fourth quarter of 2008, and up from $8.8 million or
$0.05 per diluted ADS in the third quarter of 2009.
Excluding share-based compensation and acquisition-related charges,
non-GAAP operating income for the fourth quarter of 2009 was $15.4
million, up from non-GAAP operating loss of $18.8 million in the same
period last year, and down from $20.0 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the fourth
quarter of 2009 was $12.6 million or $0.07 per diluted ADS, up from
non-GAAP net loss of $10.9 million or $0.06 per diluted ADS in the
fourth quarter of 2008, and down from $16.2 million or $0.09 per
diluted ADS in the third quarter of 2009.
Reconciliation of gross margin, operating margin, net margin and
diluted EPS excluding share-based compensation and acquisition-related
charges, a non-GAAP financial measure, to GAAP gross margin, GAAP
operating margin, GAAP net margin and diluted GAAP EPS, most comparable
GAAP figure, is set out in the accompanying reconciliation schedule.
Numbers for shares outstanding and relevant information in the
financial statements of the Company's common stocks are retroactively
adjusted for all periods presented to reflect the effect of the
recapitalization plan approved by the Company's stockholders in the
general meeting on August 6, 2009. The recapitalization plan led to
change in par value of the stock and doubled the total share count,
with ADS ratio changing to one ADS representing two common stocks.
Jordan Wu, President and Chief Executive Officer of Himax, commented,
"2009 was a dramatic while challenging year for the TFT-LCD industry
and us. Starting from the later part of 2008, the global financial
crisis had adversely impacted the demand of TFT-LCD panels. As a
result, the whole TFT-LCD industry suffered from over-supply and
experienced significant pricing pressure. This extremely tough
operating environment continued as we entered into 2009. To almost
everybody's surprise, demand of TFT-LCD panels rebounded strongly with
short notice. Ever since then, the main challenge of the entire supply
chain has been the ability for rush order fulfillment."
Mr. Wu continued, "Among our small-and-medium display drivers, share
gain in the worldwide handset display drivers was particularly
remarkable, with shipment growing more than 50% year-over-year, from
both the international brands and the Chinese brands. Our focus is to
continue to expand our market share in this strategic segment with our
competitive product offering and services. 2009 was also a remarkable
year for our non-driver products, we commenced shipments of our white
LED driver and CMOS image sensor product lines. Though both were in
small quantities initially, we believe the commercial shipment is
paving the way for us to tap the great market potential in these two
emerging segments.
"During the past year, we further strengthened our leadership in the
world's emerging pico-projector industry with a solid shipment record
and increasing new design-wins. Notably, our LCOS pico-projector
solutions enabled the world's first projector-embedded digital camera,
marking another milestone in the field of innovation. Recent customer
feedback and intensive design-in activities firmly support our belief
that 2010 will be a promising year for our LCOS pico-projector
solutions. As both orders and design-ins are picking up strongly, we
are planning to expand our in-house capacity to fulfill the increasing
demand for our LCOS panels. Looking into 2010 and beyond, we expect to
see increasing adoptions of our LCOS pico-projector solutions by our
customers in various applications.
"We are proud to announce that our TV and monitor chipset product line
multiplied in revenues during the past year. We also have been working
closely with our customers in commercializing our innovative
technologies, such as iCT, or infinite color technology, and our 2D to
3D conversion solution. We are extremely excited to see these
innovations adopted by customers to be key differentiators in their new
products, some of which could hit the market as early as the second
quarter of 2010. In addition, we made inroads into the leading-edge
wafer level optics, which are expected to replace the conventional
lens, starting with lower resolution camera modules. Currently, we
offer products with VGA and 2 mega pixel resolutions, mainly focusing
on cell phones and Notebook PCs. Our wafer level optics have been
well-received by a number of the world's first-tier CMOS image sensor
and camera module makers."
Mr. Wu continued, "In regards to our dual-listing plan on the main
board of the Taiwan Stock Exchange, we continued to make progress
during the past quarter. According to the Taiwan-listing requirements,
prospect issuers are required to submit 2009 full-year ROC GAAP audited
financials by the end of February 2010 in order to continue the review
process by the authorities, followed by the update of preliminary
prospectus, among other procedures. We now expect to receive the
Taiwan-listing approval in the second quarter of 2010, subject to
regulatory approvals."
Mr. Wu added, "In the near term, some TFT-LCD panel components are
currently experiencing a shortage in supply, as indicated by TFT-LCD
makers, which may be a factor leading to uncertainty in our first
quarter 2010 guidance. Furthermore, the capacity and equipment
tightness at certain of our subcontractors may potentially increase our
costs of revenue and negatively impact our gross margin. Moving to our
first quarter 2010 guidance, we are seeing rather healthy demand in a
traditionally low season. Compared to the previous quarter, we expect
revenues to remain flat or go up slightly with a slight gross margin
decline of less than one percentage point. GAAP earnings per ADS is
expected to be in the range of 4-6 cents."
Investor Conference Call / Webcast Details
The Company's management will review detailed fourth quarter 2009
results on Monday, February 8, 2010 at 6:00 PM EST (7:00 AM, Tuesday,
February 9, Taiwan time). The conference dial-in numbers are
+1-201-689-8470 (international) and +1-877-407-9039 (U.S. domestic). A
live webcast of the conference call will be available on the Company's
website at www.himax.com.tw. The playback will be available beginning
two hours after the call through 1:00pm Taiwan time on Monday, February
15, 2010 (midnight U.S. Eastern Standard Time) at www.himax.com.tw and
by telephone at +1-201-612-7415 (international) or +1-877-660-6853
(U.S. domestic). The account number to access the replay is 3055 and
the conference ID number is 342695.
About Himax Technologies, Inc.
Himax Technologies, Inc. designs, develops, and markets semiconductors
that are critical components of flat panel displays. The Company's
principal products are display drivers for large-sized TFT-LCD panels,
which are used in desktop monitors, notebook computers and televisions,
and display drivers for small- and medium-sized TFT-LCD panels, which
are used in mobile handsets and consumer electronics products such as
netbook computers, digital cameras, mobile gaming devices, portable DVD
players, digital photo frame and car navigation displays. In addition,
the Company is expanding its product offerings to include timing
controllers, LCD TV and monitor chipset solutions, LCOS projector
solutions, power management ICs and CMOS Image Sensors. Based in
Tainan, Taiwan, the Company has regional offices in Hsinchu and Taipei,
Taiwan; Ninbo, Foshan, Fuqing, Beijing, Shanghai, Suzhou and Shenzhen,
China; Yokohama and Matsusaka, Japan; Anyang-si Kyungki-do, and
Cheonan-si, Chungcheongnam-do, South Korea; and Irvine California, USA.
Forward-Looking Statements:
Factors that could cause actual results and the Taiwan listing plan to
differ include, but are 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; shareholders' support on the dual
listing plan, changes in either Taiwan or U.S. authorities' policies,
Taiwan Stock Exchange and Taiwan authority's acceptance of the
Company's Taiwan listing application, changes in capital market
conditions in either Taiwan or the U.S., capital market acceptance of
our share offering, the capability to maintain the full two-way
fungibility between the Company's ordinary shares and ADSs 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, 2008 filed with SEC on
May 15, 2009, as amended.
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Income
(These interim financials do not fully comply with US GAAP because they
omit all interim disclosure required by US GAAP)
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
Three
Months
Ended
Three Months September
Ended December 31, 30,
2009 2008 2009
-------- --------- ---------
Revenues
Revenues from third parties, net $59,421 $46,977 $77,933
Revenues from related parties, net 119,255 77,301 125,189
-------- --------- ---------
178,676 124,278 203,122
-------- --------- ---------
Costs and expenses:
Cost of revenues 142,889 98,186 161,687
Research and development 16,767 15,945 21,772
General and administrative 3,882 3,951 4,985
Bad debt expense (575) 25,297 533
Sales and marketing 2,622 2,179 3,323
-------- --------- ---------
Total costs and expenses 165,585 145,558 192,300
-------- --------- ---------
Operating income (loss) 13,091 (21,280) 10,822
-------- --------- ---------
Non operating income (loss):
Interest income 90 900 110
Foreign exchange gains (losses), net (108) (603) 7
Other income, net 31 186 22
-------- --------- ---------
13 483 139
-------- --------- ---------
Earnings (Loss) before income taxes 13,104 (20,797) 10,961
Income tax expense (benefit) 3,016 (6,992) 2,933
-------- --------- ---------
Net income (loss) 10,088 (13,805) 8,028
Net loss attributable to
noncontrolling interests 949 649 793
-------- --------- ---------
Net income (loss) attributable to
Himax stockholders $11,037 $(13,156) $8,821
======== ========= =========
Basic earnings (loss) per ordinary
share attributable to Himax
stockholders $0.03 $(0.03) $0.02
======== ========= =========
Diluted earnings (loss) per ordinary
share attributable to Himax
stockholders $0.03 $(0.03) $0.02
======== ========= =========
Basic earnings (loss) per ADS
attributable to Himax stockholders $0.06 $(0.07) $0.05
======== ========= =========
Diluted earnings (loss) per ADS
attributable to Himax stockholders $0.06 $(0.07) $0.05
======== ========= =========
Basic Weighted Average Outstanding
Ordinary Shares 362,034 384,610 367,026
Diluted Weighted Average Outstanding
Ordinary Shares 362,579 384,610 368,905
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,
2009 2008
-------- --------
Revenues
Revenues from third parties, net $245,075 $312,336
Revenues from related parties,
net 447,306 520,463
-------- --------
692,381 832,799
-------- --------
Costs and expenses:
Cost of revenues 550,556 628,693
Research and development 71,364 87,574
General and administrative 16,346 19,353
Bad debt expense 218 25,305
Sales and marketing 10,360 11,692
-------- --------
Total costs and expenses 648,844 772,617
-------- --------
Operating income 43,537 60,182
-------- --------
Non operating income (loss):
Interest income 766 3,315
Foreign exchange losses, net (510) (844)
Other income (loss), net (68) 1,382
-------- --------
188 3,853
-------- --------
Earnings before income taxes 43,725 64,035
Income tax expense (benefit) 7,915 (8,689)
-------- --------
Net income 35,810 72,724
Net loss attributable to
noncontrolling interests 3,840 3,657
-------- --------
Net income attributable to Himax
stockholders $39,650 $76,381
======== ========
Basic earnings per ordinary share
attributable to Himax
stockholders $0.11 $0.20
======== ========
Diluted earnings per ordinary
share attributable to Himax
stockholders $0.11 $0.20
======== ========
Basic earnings per ADS
attributable to Himax
stockholders $0.21 $0.40
======== ========
Diluted earnings per ADS
attributable to Himax
stockholders $0.21 $0.40
======== ========
Basic Weighted Average
Outstanding Ordinary Shares 369,652 383,229
Diluted Weighted Average
Outstanding Ordinary Shares 370,229 383,753
Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
The amount of share-based Three
compensation included in Months
applicable statements of Three Months Ended
income categories Ended September
is summarized as follows: December 31, 30,
2009 2008 2009
-------- -------- ---------
Share-based compensation
Cost of revenues $22 $14 $216
Research and development 1,306 1,496 6,040
General and administrative 228 207 1,188
Sales and marketing 219 208 1,149
Income tax benefit (233.00) (53.00) (1631.00)
-------- -------- ---------
Total $1,542 $1,872 $6,962
======== ======== =========
The amount of
acquisition-related charges
included
in applicable statements of
income categories
is summarized as follows:
Acquisition-related charges
Research and development $259 $239 $260
Sales and marketing 289 290 288
Income tax benefit (546.00) (162.00) (162.00)
-------- -------- ---------
Total $2 $367 $386
======== ======== =========
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 Twelve Months Ended
is summarized as follows: December 31,
2009 2008
------- -------
Share-based compensation
Cost of revenues $264 $435
Research and development 10,936 15,861
General and administrative 1,959 2,813
Sales and marketing 1,902 2,691
Income tax benefit (2,260) (687)
------- -------
Total $12,801 $21,113
======= =======
The amount of
acquisition-related charges
included in
applicable statements of
income categories
is summarized as follows:
Research and development $1,035 $957
Sales and marketing 1,157 1,158
Income tax benefit (1,032) (1,244)
------- -------
Total $1,160 $871
======= =======
Himax Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
December September
31, 30, December 31,
2009 2009 2008
-------- --------- --------------------------------
Assets
Current assets:
Cash and cash equivalents $110,924 $114,562 $135,200
Marketable securities
available-for-sale 10,730 2,909 13,870
Accounts receivable, less
allowance for doubtful
accounts, sales returns and
discounts 64,496 76,031 51,029
Accounts receivable from
related parties, less
allowance for sales returns
and discounts 138,172 148,870 104,477
Inventories 67,768 106,418 96,921
Deferred income taxes 17,472 21,078 21,446
Prepaid expenses and other
current assets 14,216 12,028 11,707
-------- --------- --------------------------------
Total current assets $423,778 $481,896 $434,650
-------- --------- --------------------------------
Equity-method investments 586 619 --
Financial assets carried at
cost 11,619 11,619 11,619
Property, plant and equipment,
net 51,458 52,346 55,111
Deferred income taxes 24,565 23,483 23,029
Goodwill 26,846 26,846 26,846
Intangible assets, net 8,872 9,421 10,965
Other assets 2,722 2,546 3,328
126,668 126,880 130,898
-------- --------- --------------------------------
Total assets $550,446 $608,776 $565,548
======== ========= ================================
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $88,079 $150,139 $53,720
Income tax payable 14,257 13,498 15,455
Other accrued expenses and other
current liabilities 18,425 19,206 22,455
-------- --------- --------------------------------
Total current liabilities $120,761 $182,843 $91,630
Other liabilities 5,613 3,683 3,912
Total liabilities $126,374 $186,526 $95,542
-------- --------- --------------------------------
Himax stockholders' equity:
Ordinary shares, US$0.3 par
value, 1,000,000,000 shares
authorized; 358,012,184,
365,764,786, and 380,239,188
shares issued and outstanding
at December 31, 2009, September
30, 2009, and December 31,
2008, respectively $107,404 $109,729 $114,072
Additional paid-in capital 183,839 185,147 186,487
Accumulated other
comprehensive income (loss) 4 4 (314)
Unappropriated retained
earnings 128,206 122,835 162,926
-------- --------- --------------------------------
Himax stockholders' equity $419,453 $417,715 $463,171
Noncontrolling interests 4,619 4,535 6,835
-------- --------- --------------------------------
Total equity $424,072 $422,250 $470,006
-------- --------- --------------------------------
Total liabilities and
stockholders' equity $550,446 $608,776 $565,548
======== ========= ================================
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S.Dollars)
Three
Months
Ended
Three Months September
Ended December 31, 30,
2009 2008 2009
-------- --------- ---------
Cash flows from operating activities:
Net income (loss) $10,088 $(13,805) $8,028
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization 3,617 3,210 3,452
Provision (reversal) for allowance for
doubtful accounts (575) 25,297 533
Share-based compensation expenses 1,776 1,925 2,084
Investment loss under equity method
investment 48 -- 41
Loss on disposal of property and
equipment 2 6 34
Gain on disposal of subsidiary shares,
net -- (27) --
Gain on disposal of marketable
securities, net (17) (119) (52)
Deferred income tax expense (benefit) 2,023 (11,026) (263)
Inventories write downs 3,711 3,359 2,649
Changes in operating assets and
liabilities:
Accounts receivable 12,110 29,070 (11,308)
Accounts receivable from related parties 10,700 41,197 (6,797)
Inventories 33,809 15,202 (25,612)
Prepaid expenses and other current assets (1,132) 3,676 1,905
Accounts payable (62,060) (67,463) 13,590
Income tax payable 1,068 3,430 3,333
Other accrued expenses and other current
liabilities 2,158 (5,135) 1,364
Other liabilities (697) -- --
-------- --------- ---------
Net cash provided by (used in)
operating activities 16,629 28,797 (7,019)
-------- --------- ---------
Cash flows from investing activities:
Purchase of property and equipment (2,125) (9,364) (2,365)
Proceeds from disposal of property and
equipment 7 4 9
Purchase of available-for-sale marketable
securities (15,721) (21,487) (8,896)
Disposal of available-for-sale marketable
securities 7,946 16,763 8,454
Proceeds from disposal of subsidiary shares
by Himax Technologies Limited 76 56 14
Purchase of equity-method investments -- -- (312)
Purchase of subsidiary shares from
noncontrolling
interests (99) (351) (61)
Decrease (increase) in other assets (108) (20) 1,875
-------- --------- ---------
Net cash used in investing activities (10,024) (14,399) (1,282)
-------- --------- ---------
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S.Dollars)
Three Months
Ended
Three Months September
Ended December 31, 30,
2009 2008 2009
-------- -------- ------------
Cash flows from financing activities:
Proceeds from issuance of new shares by
subsidiaries $805 $1,034 $120
Payments to acquire ordinary shares for
retirement (11,043) (3,195) (14,023)
Proceeds from short-term debt -- -- 80,000
Repayment of short-term debt -- -- (80,000)
Net cash used in financing activities (10,238) (2,161) (13,903)
-------- -------- ------------
Effect of exchange rate changes on cash and
cash equivalents (5) (145) 6
-------- -------- ------------
Net increase (decrease) in cash and cash
equivalents (3,638) 12,092 (22,198)
Cash and cash equivalents at beginning of
period 114,562 123,108 136,760
Cash and cash equivalents at end of period $110,924 $135,200 $114,562
======== ======== ============
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
interest $-- $-- $3
======== ======== ============
income taxes $13 $517 $5
======== ======== ============
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S.Dollars)
Twelve Months
Ended December 31,
2009 2008
-------- --------
Cash flows from operating activities:
Net income $35,810 $72,724
Adjustments to reconcile net income to net
cash provided by
operating activities:
Depreciation and amortization 13,795 12,318
Provision for allowance for doubtful
accounts 218 25,305
Share-based compensation expenses 8,553 9,086
Investment loss under equity method
investment 89 --
Loss on disposal of property and equipment 43 89
Gain on sales of subsidiary shares, net -- (341)
Loss (gain) on sale of marketable
securities, net 87 (913)
Deferred income taxes expense (benefit) 1,448 (12,348)
Inventories write downs 13,559 18,028
Changes in operating assets and liabilities:
Accounts receivable (13,686) 12,342
Accounts receivable from related parties (33,685) 89,850
Inventories 14,464 1,371
Prepaid expenses and other current assets (2,300) 8,012
Accounts payable 34,360 (93,301)
Income tax payable (880) (3,206)
Other accrued expenses and other current
liabilities 2,452 (2,516)
Other liabilities (697) --
-------- --------
Net cash provided by operating activities 73,630 136,500
-------- --------
Cash flows from investing activities:
Purchase of property and equipment (10,457) (17,490)
Proceeds from sale of property, plant and
equipment 17 32
Purchase of available-for-sales marketable
securities (36,316) (68,892)
Disposal of available-for-sale marketable
securities 39,263 71,172
Proceeds from sale of subsidiary shares by
Himax Technologies Limited 529 719
Purchase of financial assets carried at
cost -- (4,481)
Purchase of equity-method investments (663) --
Purchase of subsidiary shares from
noncontrolling interest (243) (673)
Increase in refundable deposits (217) (86)
Release (pledge) of restricted cash
equivalents and marketable securities 1,066 (2,065)
Increase in other assets (234) --
-------- --------
Net cash used in investing activities (7,255) (21,764)
-------- --------
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Figures in Thousands of U.S.Dollars)
Twelve Months
Ended December 31,
2009 2008
--------- ---------
Cash flows from financing activities:
Distribution of cash dividends $(55,496) $(66,817)
Proceeds from issuance of new shares by
subsidiaries 1,027 1,123
Payments to acquire ordinary shares for
retirement (36,596) (8,656)
Proceeds from short-term debt 80,000 --
Repayment of short-term debt (80,000) --
--------- ---------
Net cash used in financing activities (91,065) (74,350)
--------- ---------
Effect of exchange rate change on cash and
cash equivalents 414 34
--------- ---------
Net increase (decrease) in cash and cash
equivalents (24,276) 40,420
Cash and cash equivalents at beginning of
year 135,200 94,780
--------- ---------
Cash and cash equivalents at end of year $110,924 $135,200
========= =========
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest $3 $--
========= =========
Income taxes $7,652 $7,175
========= =========
Himax Technologies, Inc.
Unaudited Supplemental Data -- Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
Gross Margin, Operating Margin and Net Margin Excluding
Share-based Compensation and Acquisition-Related Charges:
Three
Months
Three Months Ended
Ended September
December 31, 30,
2009 2008 2009
-------- -------- ---------
Revenues $178,676 $124,278 $203,122
Gross profit 35,787 26,092 41,435
Add: Share-based compensation -- Cost of revenues 22 14 216
Gross profit excluding share-based compensation 35,809 26,106 41,651
Gross margin excluding share-based compensation 20.0% 21.0% 20.5%
Operating income (loss) 13,091 (21,280) 10,822
Add: Share-based compensation 1,775 1,925 8,593
Operating income (loss) excluding share-based compensation 14,866 (19,355) 19,415
Add: Acquisition-related charges --Intangible assets
amortization 548 529 548
Operating income (loss) excluding share-based compensation
and acquisition-related charges 15,414 (18,826) 19,963
Operating margin excluding share-based compensation and
acquisition-related charges 8.6% (15.1%) 9.8%
Net income (loss) attributable to Himax stockholders 11,037 (13,156) 8,821
Add: Share-based compensation, net of tax 1,542 1,872 6,962
Add: Acquisition-related charges, net of tax 2 367 386
Net income (loss) attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges 12,581 (10,917) 16,169
Net margin attributable to Himax stockholders excluding
share-based compensation and acquisition-related charges 7.0% (8.8%) 8.0%
*Gross margin excluding share-based compensation equals gross profit excluding
share-based compensation divided by revenues
*Operating margin excluding share-based compensation and acquisition-related charges
equals operating income (loss) excluding share-based compensation and
acquisition-related charges divided by revenues
*Net margin attributable to Himax stockholders excluding share-based compensation and
acquisition-related charges equals net income (loss) attributable to Himax stockholders
excluding share-based compensation and acquisition-related charges divided by revenues
Himax Technologies, Inc.
Unaudited Supplemental Data -- Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
Gross Margin, Operating Margin and Net Margin Excluding Share-based
Compensation and Acquisition-Related Charges:
Twelve Months
Ended December 31,
2009 2008
-------------- --------
Revenues $692,381 $832,799
Gross profit 141,825 204,106
Add: Share-based compensation -- Cost of revenues 264 435
Gross profit excluding share-based compensation 142,089 204,541
Gross margin excluding share-based compensation 20.5% 24.6%
Operating income 43,537 60,182
Add: Share-based compensation 15,061 21,800
Operating income excluding share-based compensation 58,598 81,982
Add: Acquisition-related charges --Intangible assets
amortization 2,192 2,115
Operating income excluding share-based compensation
and acquisition-related charges 60,790 84,097
Operating margin excluding share-based compensation
and acquisition-related charges 8.8% 10.1%
Net income attributable to Himax stockholders 39,650 76,381
Add: Share-based compensation, net of tax 12,801 21,113
Add: Acquisition-related charges, net of tax 1,160 871
Net income attributable to Himax stockholders
excluding
share-based compensation and acquisition-related
charges 53,611 98,365
Net margin attributable to Himax stockholders
excluding
share-based compensation and acquisition-related
charges 7.7% 11.8%
*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 Ordinary Share Attributable to Himax stockholders
Excluding Share-based Compensation and Acquisition-Related Charges:
Three Twelve
Months Months
Ended Ended
December December
31, 31,
2009 2009
-------- --------
Diluted GAAP EPS attributable to Himax stockholders $0.03 $0.11
Add: Share-based compensation per diluted share $-- $0.03
Add: Acquisition-related charges per diluted share $-- $--
Diluted non GAAP EPS attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges $0.03 $0.14
Numbers do not add up due to rounding
CONTACT: Himax Technologies, Inc.
Max Chan, Chief Financial Officer
+886-2-2370-3999 Ext. 22300
max_chan@himax.com.tw
Himax Technologies, Inc.
Investor Relations
Jessie Wang
+886-2-2370-3999 Ext. 22618
jessie_wang@himax.com.tw
The Ruth Group
In the U.S.
|
