- Second quarter 2011 revenues in-line with guidance with gross margin of 18.6%
- Expects third quarter revenues to remain flat or to decline slightly with gross margin to remain at the current level
- Expects smartphone display drivers and CMOS image sensors to further grow in the third quarter
TAINAN, Taiwan, Aug. 9, 2011 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today reported financial results for the second quarter ended June 30, 2011.
For the second quarter of 2011, Himax reported net revenues of $160.6 million, representing a 14.5% decrease from $187.7 million in the second quarter of 2010, and a 13.8% increase from $141.1 million in the first quarter of 2011. Gross margin was 18.6% in the second quarter of 2011, down 180 basis points year-over-year and down 150 basis points, sequentially. Operating income in the second quarter was $3.4 million, compared to $13.0 million for the same period last year and $2.5 million in the previous quarter.
Net income attributable to Himax stockholders for the second quarter of 2011 was $3.6 million or $0.02 per diluted ADS, down from $12.0 million or $0.07 per diluted ADS in the second quarter of 2010, and up from $2.7 million or $0.02 per diluted ADS in the first quarter of 2011.
Excluding share-based compensation and acquisition-related charges, non-GAAP operating income for the second quarter of 2011 was $5.1 million, down from $15.4 million in the same period last year, and up from $4.3 million in the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the second quarter of 2011 was $5.0 million or $0.03 per diluted ADS, down from $14.0 million or $0.08 per diluted ADS in the second quarter of 2010, and up from $4.1 million or $0.02 per diluted ADS in the first quarter of 2011.
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 attached reconciliation schedule.
Jordan Wu, President and Chief Executive Officer of Himax, commented, "For large panel display drivers, the 17.7% quarterly revenue growth in the second quarter was primarily the result of orders coming from one of our customers in China which was ramping up its new capacity. The third quarter outlook however, appears sluggish for large panel drivers. We are seeing reduced demand for all applications and many of our customers have responded to the uncertain global economic conditions by lowering capacity utilization for large panel products."
Mr. Wu continued, "The quarterly revenue growth for small and medium size display drivers was 4.3% in the second quarter, primarily a consequence of the weak feature phone demand particularly in China's white box market. However, we are seeing robust third quarter customer forecasts for the smart phone market from both our world-leading and Chinese brands. We remain the leading player in high-end panel drivers for smart phone applications. Our industry-leading HD720 high-resolution cellphone panel driver has been adopted by first-tier smart phone brands with shipments expected to commence at the end of the third quarter. The driver IC offers an unrivaled color and brightness enhancement feature which is very popular among our customers."
Mr. Wu continued, "We have seen significant progress in diversification of our revenue stream, with small and medium panel business expected to replace large panel to become our largest revenue contributor in the third quarter. Our non-driver segment continued to contribute positively to our top line growth, particularly the CMOS image sensor and LCOS micro-display products. Starting from the second quarter, the wafer shortage situation for CMOS image sensor has been gradually alleviated and we have been able to fulfill more customer orders. We expect the capacity shortage to further loosen going forward. We are also seeing an increase in demand for our LCOS pico-projector products, particularly for cellphone embedded applications targeting emerging markets.
Looking into the third quarter, the TFT-LCD industry is suffering from weak end market demand and general concerns for the outlook of the global economy. The market and economic conditions have reduced our visibility for orders and forecasts provided to us by our customers."
Mr. Wu added, "For the third quarter, we expect revenues to remain flat or to decline slightly with gross margin to remain at the current level. Taking into account our 2011 grant of restricted share units, or RSUs, at the end of September, our GAAP loss per ADS is expected to be in the range of 2 to 0 cents. Excluding share-based compensation and acquisition-related charges, our non-GAAP earnings per ADS is expected to be in the range of 0 to 2 cents. Our 2011 RSUs, subject to Himax's Board approval, is projected to be valued in the range of $3 million to $4 million, representing a 56% to 67% decline year over year. Almost all of the 2011 RSU is expected to be vested and expensed immediately on the grant date."
Investor Conference Call / Webcast Details
The Company's management will review detailed second quarter 2011 results on Tuesday, August 9, 2011 at 7:00 PM NYC (7:00 AM, Wednesday, August 10, Taiwan time). The conference dial-in numbers are +1-201-689-8471 (international) and +1-877-407-4018 (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 12:00 PM Taiwan time on Tuesday, August 16, 2011 (midnight U.S. Eastern Standard Time) at www.himax.com.tw and by telephone at +1-858-384-5517 (international) or +1-877-870-5176 (U.S. domestic). The conference ID number is 375533.
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 tablet PCs, 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, touch controller ICs, LCD TV and monitor chipset solutions, LCOS projector solutions, power management ICs, CMOS Image Sensors, Infinitely Color Technology and 2D to 3D conversion solutions. 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; Cheonan-si, Chungcheongnam-do, South Korea; and Irvine California, USA.
Forward-Looking Statements:
Factors that could cause actual events or results to differ materially 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; the uncertainty of success in our Taiwan listing plan which is still under review by Taiwan regulatory authorities and subject to change due to, among other things, changes in either Taiwan or U.S. authorities' policies and Taiwan regulatory authorities' acceptance of the Company's Taiwan listing application and other risks described from time to time in the Company's SEC filings, including those risks identified in the section entitled "Risk Factors" in its Form 20-F for the year ended December 31, 2010 filed with SEC on dated May 20, 2011, as amended.
– Tables Attached –
| 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 June 30, |
Three Months Ended March 31, |
||||
| 2011 | 2010 | 2011 | |||
| Revenues | |||||
| Revenues from third parties, net | $ 92,450 | $ 94,939 | $ 74,093 | ||
| Revenues from related parties, net | 68,129 | 92,768 | 67,000 | ||
| 160,579 | 187,707 | 141,093 | |||
| Costs and expenses: | |||||
| Cost of revenues | 130,682 | 149,388 | 112,783 | ||
| Research and development | 19,294 | 18,341 | 19,790 | ||
| General and administrative | 3,745 | 4,197 | 4,281 | ||
| Sales and marketing | 3,447 | 2,752 | 1,697 | ||
| Total costs and expenses | 157,168 | 174,678 | 138,551 | ||
| Operating income | 3,411 | 13,029 | 2,542 | ||
| Non operating income (loss): | |||||
| Interest income | 130 | 169 | 140 | ||
| Equity in losses of equity method investees | (112) | (106) | (81) | ||
| Foreign exchange gains (losses), net | (100) | 53 | 117 | ||
| Interest expense | (102) | (5) | (97) | ||
| Other income (loss), net | 478 | 72 | (234) | ||
| 294 | 183 | (155) | |||
| Earnings before income taxes | 3,705 | 13,212 | 2,387 | ||
| Income tax expense | 926 | 2,174 | 597 | ||
| Net income | 2,779 | 11,038 | 1,790 | ||
| Net loss attributable to noncontrolling interests | 845 | 930 | 933 | ||
| Net income attributable to Himax stockholders | $ 3,624 | $ 11,968 | $ 2,723 | ||
| Basic earnings per ordinary share attributable to Himax stockholders | $ 0.01 | $ 0.03 | $ 0.01 | ||
| Diluted earningsper ordinary shareattributable to Himax stockholders | $ 0.01 | $ 0.03 | $ 0.01 | ||
| Basic earnings per ADS attributable to Himax stockholders | $ 0.02 | $ 0.07 | $ 0.02 | ||
| Diluted earnings per ADSattributable to Himax stockholders | $ 0.02 | $ 0.07 | $ 0.02 | ||
| Basic Weighted Average Outstanding Ordinary Shares | 354,629 | 355,426 | 354,633 | ||
| Diluted Weighted Average Outstanding Ordinary Shares | 356,138 | 358,011 | 355,833 | ||
| Himax Technologies, Inc. | |||
| Unaudited Condensed Consolidated Statements of Income | |||
| (Amounts in Thousands of U.S. Dollars, Except Per Share Data) | |||
| Six Months Ended | |||
| June 30, | |||
| 2011 | 2010 | ||
| Revenues | |||
| Revenues from third parties, net | $ 166,543 | $ 165,879 | |
| Revenues from related parties, net | 135,129 | 197,326 | |
| 301,672 | 363,205 | ||
| Costs and expenses: | |||
| Cost of revenues | 243,465 | 290,161 | |
| Research and development | 39,084 | 36,149 | |
| General and administrative | 8,026 | 8,240 | |
| Sales and marketing | 5,144 | 5,501 | |
| Total costs and expenses | 295,719 | 340,051 | |
| Operating income | 5,953 | 23,154 | |
| Non operating income (loss): | |||
| Interest income | 270 | 273 | |
| Equity in losses of equity method investees | (193) | (165) | |
| Foreign exchange gains, net | 17 | 42 | |
| Interest expense | (199) | (5) | |
| Other income, net | 244 | 160 | |
| 139 | 305 | ||
| Earnings before income taxes | 6,092 | 23,459 | |
| Income tax expense | 1,523 | 4,223 | |
| Net income | 4,569 | 19,236 | |
| Net loss attributable to the noncontrolling interests | 1,778 | 1,870 | |
| Net income attributable to Himax stockholders | $ 6,347 | $ 21,106 | |
| Basic earnings per ordinary share attributable to Himax stockholders | $ 0.02 | $ 0.06 | |
| Diluted earningsper ordinary shareattributable to Himax stockholders | $ 0.02 | $ 0.06 | |
| Basic earnings per ADS attributable to Himax stockholders | $ 0.04 | $ 0.12 | |
| Diluted earnings per ADSattributable to Himax stockholders | $ 0.04 | $ 0.12 | |
| Basic Weighted Average Outstanding Shares | 354,631 | 356,486 | |
| Diluted Weighted Average Outstanding Shares | 356,000 | 358,517 | |
| 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 June 30, |
Three Months Ended March 31, |
|||
| 2011 | 2010 | 2011 | |||
| Share-based compensation | |||||
| Cost of revenues | $ 11 | $ 21 | $ 11 | ||
| Research and development | 866 | 1,375 | 869 | ||
| General and administrative | 143 | 228 | 142 | ||
| Sales and marketing | 139 | 218 | 140 | ||
| Income tax benefit | (177) | (131) | (178) | ||
| Total | $ 982 | $ 1,711 | $ 984 | ||
| The amount of acquisition-related charges included in applicable statements of income categories is summarized as follows: | |||||
| Acquisition-related charges | |||||
| Research and development | $ 258 | $ 258 | $ 258 | ||
| Sales and marketing | 290 | 290 | 289 | ||
| Income tax benefit | (125) | (200) | (125) | ||
| Total | $ 423 | $ 348 | $ 422 | ||
| 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: |
Six Months Ended June 30, |
||||
| 2011 | 2010 | ||||
| Share-based compensation | |||||
| Cost of revenues | $ 22 | $ 43 | |||
| Research and development | 1,735 | 2,749 | |||
| General and administrative | 285 | 457 | |||
| Sales and marketing | 279 | 436 | |||
| Income tax benefit | (355) | (318) | |||
| Total | $ 1,966 | $ 3,367 | |||
| The amount of acquisition-related charges included in applicable statements of income categories is summarized as follows: | |||||
| Research and development | $ 516 | $ 517 | |||
| Sales and marketing | 579 | 579 | |||
| Income tax benefit | (250) | (339) | |||
| Total | $ 845 | $ 757 | |||
| Himax Technologies, Inc. | ||||||
| Unaudited Condensed Consolidated Balance Sheets | ||||||
| (Amounts in Thousands of U.S. Dollars, Except Per Share Data) | ||||||
| June 30, | March 31, | December 31, | ||||
| 2011 | 2011 | 2010 | ||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ 103,887 | $ 109,519 | $ 96,842 | |||
| Investments in marketable securities available-for-sale | 174 | 6,834 | 8,632 | |||
| Accounts receivable, less allowance for doubtful accounts, sales returns and discounts | 92,362 | 83,098 | 80,212 | |||
| Accounts receivable from related parties, less allowance for sales returns and discounts | 86,947 | 83,690 | 95,964 | |||
| Inventories | 124,350 | 130,057 | 117,988 | |||
| Deferred income taxes | 12,148 | 11,871 | 11,977 | |||
| Restricted cash and cash equivalents | 57,500 | 57,500 | 58,500 | |||
| Prepaid expenses and other current assets | 16,607 | 16,136 | 15,809 | |||
| Total current assets | $ 493,975 | $ 498,705 | $ 485,924 | |||
| Investment securities, including securities measured at fair value | 24,706 | 24,568 | 24,622 | |||
| Equity method investments | 623 | 781 | 869 | |||
| Property, plant and equipment, net | 54,045 | 48,658 | 47,561 | |||
| Deferred income taxes | 25,077 | 24,502 | 24,729 | |||
| Goodwill | 26,846 | 26,846 | 26,846 | |||
| Intangible assets, net | 5,575 | 6,125 | 6,674 | |||
| Other assets | 1,943 | 2,043 | 2,395 | |||
| 138,815 | 133,523 | 133,696 | ||||
| Total assets | $ 632,790 | $ 632,228 | $ 619,620 | |||
| Liabilities and Equity | ||||||
| Current liabilities: | ||||||
| Short-term debt | $ 57,000 | $ 57,000 | $ 57,000 | |||
| Accounts payable | 125,770 | 124,066 | 115,922 | |||
| Income taxes payable | 5,264 | 9,182 | 9,125 | |||
| Deferred income taxes | 100 | 94 | 96 | |||
| Other accrued expenses and other current liabilities | 47,088 | 25,843 | 23,605 | |||
| Total current liabilities | $ 235,222 | $ 216,185 | $ 205,748 | |||
| Other liabilities | 5,761 | 6,786 | 6,896 | |||
| Total liabilities | $ 240,983 | $ 222,971 | $ 212,644 | |||
| Equity | ||||||
| Himax stockholders' equity: | ||||||
| Ordinary shares, US$0.3 par value, 1,000,000,000 shares authorized; 353,781,070 shares, 353,842,764 shares, and 353,842,764 shares issued and outstanding at June 30, 2011, March 31, 2011, and December 31, 2010, respectively | $ 106,134 | $ 106,153 | $ 106,153 | |||
| Additional paid-in capital | 101,422 | 100,824 | 100,291 | |||
| Accumulated other comprehensive income | 971 | 994 | 1,204 | |||
| Unappropriated retained earnings | 183,350 | 200,953 | 198,230 | |||
| Himax stockholders' equity | $ 391,877 | $ 408,924 | $ 405,878 | |||
| Noncontrolling interests | (70) | 333 | 1,098 | |||
| Total equity | $ 391,807 | $ 409,257 | $ 406,976 | |||
| Total liabilities and equity | $ 632,790 | $ 632,228 | $ 619,620 | |||
| Himax Technologies, Inc. | ||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
| (Amounts in Thousands of U.S.Dollars) | ||||||
|
Three Months Ended June 30, |
Three Months Ended March 31, |
|||||
| 2011 | 2010 | 2011 | ||||
| Cash flows from operating activities: | ||||||
| Net income | $ 2,779 | $ 11,038 | $ 1,790 | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||
| Depreciation and amortization | 3,172 | 3,463 | 3,279 | |||
| Share-based compensation expenses | 1,159 | 1,842 | 1,162 | |||
| Equity in losses of equity method investees | 112 | 106 | 81 | |||
| Gain on disposal of marketable securities, net | (194) | (19) | (193) | |||
| Gain on disposal of equity method investment | (313) | -- | -- | |||
| Unrealized loss on conversion option | 144 | -- | 460 | |||
| Interest income from amortization of discount on investment in corporate bonds | (41) | -- | (48) | |||
| Deferred income tax expense (benefit) | (983) | 2,639 | 242 | |||
| Inventories write downs | 1,804 | 1,371 | 2,764 | |||
| Changes in operating assets and liabilities: | ||||||
| Accounts receivable | (9,264) | (25,211) | (2,886) | |||
| Accounts receivable from related parties | (3,244) | 9,827 | 12,289 | |||
| Inventories | 3,903 | (15,230) | (14,833) | |||
| Prepaid expenses and other current assets | (100) | 1,098 | (325) | |||
| Accounts payable | 1,704 | 18,352 | 8,144 | |||
| Income taxes payable | (3,912) | (8,844) | 52 | |||
| Other accrued expenses and other current liabilities | 683 | 2,464 | 258 | |||
| Other liabilities | (906) | (602) | (11) | |||
| Net cash provided by (used in) operating activities | (3,497) | 2,294 | 12,225 | |||
| Cash flows from investing activities: | ||||||
| Purchase of property and equipment | (8,674) | (1,720) | (1,851) | |||
| Purchase of available-for-sale marketable securities | (2,840) | (4,257) | (6,014) | |||
| Disposal of available-for-sale marketable securities | 9,501 | 5,514 | 7,733 | |||
| Purchase of investment securities | -- | (1,024) | -- | |||
| Release (pledge) of restricted cash equivalents and marketable securities | (4) | (62) | 1,002 | |||
| Decrease (increase) in other assets | (32) | 134 | 1 | |||
| Net cash provided by (used in) investing activities | (2,049) | (1,415) | 871 | |||
| Himax Technologies, Inc. | ||||||||
| Unaudited Condensed Consolidated Statements of Cash Flows | ||||||||
| (Amounts in Thousands of U.S.Dollars) | ||||||||
|
Three Months Ended June 30, |
Three Months Ended March 31, |
|||||||
| 2011 | 2010 | 2011 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of new shares by subsidiaries | $ 10 | 76 | 21 | |||||
| Payments to acquire ordinary shares for retirement | (67) | (2,903) | -- | |||||
| Proceeds from disposal of subsidiary shares to noncontrolling interests by Himax Technologies Limited | -- | 94 | -- | |||||
| Purchase of subsidiary shares from noncontrolling interests | (67) | (109) | (461) | |||||
| Proceeds from borrowing of short-term debt | -- | 160,000 | -- | |||||
| Repayment of short-term debt | -- | (160,000) | -- | |||||
| Net cash used in financing activities | (124) | (2,842) | (440) | |||||
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 38 | (2) | 21 | |||||
| Net increase (decrease) in cash and cash equivalents | (5,632) | (1,965) | 12,677 | |||||
| Cash and cash equivalents at beginning of period | 109,519 | 155,932 | 96,842 | |||||
| Cash and cash equivalents at end of period | $ 103,887 | $ 153,967 | $ 109,519 | |||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest expense | $ 79 | $ 5 | $ 97 | |||||
| Income taxes | $ 5,979 | $ 8,196 | $ 206 | |||||
| Supplemental disclosures of non-cash financing activities: | ||||||||
| Dividend Payable | $ 21,227 | $ 44,188 | $ -- | |||||
| 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 Ended June 30, |
Three Months Ended March 31, |
||||
| 2011 | 2010 | 2011 | |||
| Revenues | $ 160,579 | $ 187,707 | $ 141,093 | ||
| Gross profit | 29,897 | 38,319 | 28,310 | ||
| Add: Share-based compensation – Cost of revenues | 11 | 21 | 11 | ||
| Gross profit excluding share-based compensation | 29,908 | 38,340 | 28,321 | ||
| Gross margin excluding share-based compensation | 18.6% | 20.4% | 20.1% | ||
| Operating income | 3,411 | 13,029 | 2,542 | ||
| Add: Share-based compensation | 1,159 | 1,842 | 1,162 | ||
| Operating income excluding share-based compensation | 4,570 | 14,871 | 3,704 | ||
| Add: Acquisition-related charges – Intangible assets amortization | 548 | 548 | 547 | ||
| Operating income excluding share-based compensation and acquisition-related charges | 5,118 | 15,419 | 4,251 | ||
| Operating margin excluding share-based compensation and acquisition-related charges | 3.2% | 8.2% | 3.0% | ||
| Net income attributable to Himax stockholders | 3,624 | 11,968 | 2,723 | ||
| Add: Share-based compensation, net of tax | 982 | 1,711 | 984 | ||
| Add: Acquisition-related charges, net of tax | 423 | 348 | 422 | ||
| Net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges | 5,029 | 14,027 | 4,129 | ||
| Net margin attributable to Himax stockholders excluding share-based compensation and acquisition-related charges | 3.1% | 7.5% | 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 | |||||
| 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: | |||||
|
Six Months Ended June 30, |
|||||
| 2011 | 2010 | ||||
| Revenues | $ 301,672 | $ 363,205 | |||
| Gross profit | 58,207 | 73,044 | |||
| Add: Share-based compensation – Cost of revenues | 22 | 43 | |||
| Gross profit excluding share-based compensation | 58,229 | 73,087 | |||
| Gross margin excluding share-based compensation | 19.3% | 20.1% | |||
| Operating income | 5,953 | 23,154 | |||
| Add: Share-based compensation | 2,321 | 3,685 | |||
| Operating income excluding share-based compensation | 8,274 | 26,839 | |||
| Add: Acquisition-related charges – Intangible assets amortization | 1,095 | 1,096 | |||
| Operating income excluding share-based compensation and acquisition-related charges | 9,369 | 27,935 | |||
| Operating margin excluding share-based compensation and acquisition-related charges | 3.1% | 7.7% | |||
| Net income attributable to Himax stockholders | 6,347 | 21,106 | |||
| Add: Share-based compensation, net of tax | 1,966 | 3,367 | |||
| Add: Acquisition-related charges, net of tax | 845 | 757 | |||
| Net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges | 9,158 | 25,230 | |||
| Net margin attributable to Himax stockholders excluding share-based compensation and acquisition-related charges | 3.0% | 6.9% | |||
| *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 Ordinary Share Attributable to Himax Stockholders Excluding Share-based Compensation and Acquisition-Related Charges: |
|||
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
| 2011 | 2011 | ||
| Diluted GAAP EPS attributable to Himax stockholders | $0.01 | $0.02 | |
| Add: Share-based compensation per diluted share | $0.01 | $0.01 | |
| Add: Acquisition-related charges per diluted share | $ -- | $ -- | |
| Diluted non GAAP EPS attributable to Himax stockholders excluding share-based compensation and acquisition-related charges | $0.01 | $0.03 | |
| Numbers do not add up due to rounding | |||