Himax Reports Fourth Quarter and Full Year 2009 Financial Results

Tainan City, TAIWAN, PROVINCE OF CHINA


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:
  Three Months
Ended
December 31,
  Three Months
Ended
September 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 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


        

Contact Data