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 December 31, |
Three Months Ended September 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 compensation included in applicable statements of income categories is summarized as follows: |
Three Months Ended December 31, |
Three Months Ended September 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 is summarized as follows: |
Twelve Months Ended 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 31, | September 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 December 31, |
Three Months Ended September 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 December 31, |
Three Months Ended September 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: |
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Three Months Ended December 31, |
Three Months Ended September 30, |
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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 |
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*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 |
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*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: |
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Twelve Months Ended December 31, |
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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 |
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*Operating margin excluding share-based compensation and acquisition-related charges equals operating income excluding share-based compensation and acquisition-related charges divided by revenues |
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*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: |
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Three Months Ended December 31, |
Twelve Months Ended December 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 |