Himax Reports Third Quarter 2009 Financial Results
- Press Release
- Source: Himax Technologies, Inc.
- On 4:01 pm EST, Monday November 2, 2009
Highlights: * Revenues from small-and medium-sized applications and non-driver business achieved record levels in both dollar value and percentage of total revenues * Revenues from LCOS products more than doubled sequentially; revenues from LCD TV controllers and LCD monitor scalers also grew more than 80% from the previous quarter * Scheduled to make public filing by the end of next week in connection with the company's planned dual-listing on the Taiwan Stock Exchange
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| HIMX | 2.28 | 0.00 |
TAINAN, Taiwan, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX - News) today reported financial results for the third quarter ended September 30, 2009.
For the third quarter of 2009, Himax reported net revenues of $203.1 million, representing a 11.7% decrease from $230.1 million for the third quarter of 2008 and a 9.8% increase from $184.9 million for the second quarter of 2009. Gross margin was 20.4% for the third quarter of 2009, down 410 basis points year-over-year and down 40 basis points sequentially. Operating income for the quarter was $10.8 million, compared to $15.0 million for the same period last year and operating income of $14.8 million for the previous quarter.
Net income attributable to Himax stockholders for the third quarter of 2009 was $8.8 million or $0.05 per diluted ADS, in line with the Company's previous guidance, down from $17.7 million or $0.09 per diluted ADS for the third quarter of 2008 and down from $15.4 million or $0.08 per diluted ADS for the second quarter of 2009.
Excluding share-based compensation and acquisition-related charges, non-GAAP operating income for the third quarter of 2009 was $20.0 million, down from $30.6 million for the same period last year, and up from $17.7 million for the previous quarter.
Non-GAAP net income attributable to Himax stockholders for the third quarter of 2009 was $16.2 million or $0.09 per diluted ADS, down from $32.5 million or $0.17 per diluted ADS for the third quarter of 2008, and up from $17.9 million or $0.10 per diluted ADS for the second 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 attached reconciliation schedule.
Numbers for shares outstanding and relevant information in the financial statements of the Company's common stock are retroactively adjusted for all periods presented to reflect the effect of 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, "The third quarter was a notable quarter for us in terms of product mix. Revenues from small-and medium-sized applications and non-driver business achieved record levels in both dollar value and percentage of total revenues. Revenues from these two segments combined accounted for more than 30% of our total revenues in the third quarter. Among our various non-driver products, our LCOS pico projector solutions, power management ICs, LCD TV controller and LCD monitor scalers experienced phenomenal sequential revenue growth. Revenues from our LCOS products more than doubled sequentially; revenues from our LCD TV controllers and LCD monitor scalers also grew more than 80% from the previous quarter. This is the first time in Himax's history that we were able to dilute our exposure in large panel applications to below 70% of total revenues by ramping our revenues from other products."
Mr. Wu continued, "While the global TFT LCD industry and the associated demand on TFT LCD display drivers are inevitably entering into a mature stage primarily because TFT LCD penetration in various computer and consumer applications is already high, a number of our non-driver products are in their early stage of product life cycle. Following years of R&D, we have not only commenced commercial production in most of these areas, we believe our product offerings are competitive and we are well positioned in these markets. Our LCOS product line for pocket projector applications, in particular, is experiencing strong momentum, in terms of both product shipment and new customer design-wins. One of our LCOS customers, a Japanese world-class camera brand, has launched the world's first projector-embedded digital camera with Himax's LCOS pico-projector solution inside. This first-of-its-kind projector camera was awarded as one of the "10 Brilliant Products of 2009" by Popular Mechanics Magazine. It is an exhibition of our product innovation and seamless cooperation with our customers. We believe we are the world leader in this new and exciting product area."
Mr. Wu continued, "In regards to our plan for a dual-listing on the main board of the Taiwan Stock Exchange, we continue to make progress and have submitted our preliminary application document. We have scheduled to make an official public filing by the end of next week and expect to receive the listing admission early next year, subject to regulatory approvals."
Mr. Wu added, "Looking ahead to our fourth quarter guidance, as the demand on TFT-LCD panels enters into a low season in the fourth quarter, we expect revenues to decline by 15%-19% sequentially, gross margin to decline slightly, and GAAP earnings per ADS to be in the range of 3-5 cents."
Investor Conference Call / Webcast Details
The Company's management will review detailed third quarter 2009 results on Monday, November 2, 2009 at 6:00 PM EST (7:00 AM, Tuesday, November 3, 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, November 9, 2009 (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 334859.
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 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 US 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 US, 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 dated 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
Three Months
Months Ended Ended
September 30, June 30,
2009 2008 2009
--------- --------- ---------
Revenues
Revenues from third parties, net $ 77,933 $ 95,468 $ 63,348
Revenues from related parties, net 125,189 134,598 121,579
--------- --------- ---------
203,122 230,066 184,927
--------- --------- ---------
Costs and expenses:
Cost of revenues 161,687 173,761 146,539
Research and development 21,772 30,551 17,576
General and administrative 4,985 6,427 3,885
Sales and marketing 3,856 4,341 2,126
--------- --------- ---------
Total costs and expenses 192,300 215,080 170,126
--------- --------- ---------
Operating income 10,822 14,986 14,801
--------- --------- ---------
Non operating income (loss):
Interest income 110 714 284
Foreign exchange gains (losses), net 7 (1,089) 1,006
Other income, net 22 342 17
--------- --------- ---------
139 (33) 1,307
--------- --------- ---------
Earnings before income taxes 10,961 14,953 16,108
Income tax expense (benefit) 2,933 (1,697) 1,717
--------- --------- ---------
Net income 8,028 16,650 14,391
Net loss attributable to the
noncontrolling interests 793 1,036 1,032
--------- --------- ---------
Net income attributable to
Himax stockholders $ 8,821 $ 17,686 $ 15,423
========= ========= =========
Basic earnings per ordinary share
attributable to Himax stockholders $ 0.02 $ 0.05 $ 0.04
========= ========= =========
Diluted earnings per ordinary share
attributable to Himax stockholders $ 0.02 $ 0.05 $ 0.04
========= ========= =========
Basic earnings per ADS attributable
to Himax stockholders $ 0.05 $ 0.09 $ 0.08
========= ========= =========
Diluted earnings per ADS attributable
to Himax stockholders $ 0.05 $ 0.09 $ 0.08
========= ========= =========
Basic Weighted Average Outstanding
Ordinary Shares 367,026 382,612 371,984
Diluted Weighted Average Outstanding
Ordinary Shares 368,905 383,258 373,602
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Income
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
Nine Months Ended
September 30,
2009 2008
--------- ---------
Revenues
Revenues from third parties, net $ 185,654 $ 265,359
Revenues from related parties, net 328,051 443,162
--------- ---------
513,705 708,521
--------- ---------
Costs and expenses:
Cost of revenues 407,667 530,507
Research and development 54,597 71,629
General and administrative 12,464 15,402
Sales and marketing 8,531 9,521
--------- ---------
Total costs and expenses 483,259 627,059
--------- ---------
Operating income 30,446 81,462
--------- ---------
Non operating income (loss):
Interest income 676 2,415
Foreign exchange losses, net (402) (241)
Other income (loss), net (99) 1,196
--------- ---------
175 3,370
--------- ---------
Earnings before income taxes 30,621 84,832
Income tax expense (benefit) 4,899 (1,697)
--------- ---------
Net income 25,722 86,529
Net loss attributable to the
noncontrolling interests 2,891 3,008
--------- ---------
Net income attributable to
Himax stockholders $ 28,613 $ 89,537
========= =========
Basic earnings per ordinary share
attributable to Himax stockholders $ 0.08 $ 0.23
========= =========
Diluted earnings per ordinary share
attributable to Himax stockholders $ 0.08 $ 0.23
========= =========
Basic earnings per ADS attributable to
Himax stockholders $ 0.15 $ 0.47
========= =========
Diluted earnings per ADS attributable to
Himax stockholders $ 0.15 $ 0.47
========= =========
Basic Weighted Average Outstanding
Ordinary Shares 372,219 382,766
Diluted Weighted Average Outstanding
Ordinary Shares 372,588 383,738
Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
The amount of share-based
compensation included in Three
applicable statements of income Three Months
categories is summarized as follows: Months Ended Ended
September 30, June 30,
2009 2008 2009
Share-based compensation --------- --------- ---------
Cost of revenues $ 216 $ 365 $ 13
Research and development 6,040 10,558 1,807
General and administrative 1,188 2,141 271
Sales and marketing 1,149 1,998 260
Income tax benefit (1,631) (634) (295)
--------- --------- ---------
Total $ 6,962 $ 14,428 $ 2,056
========= ========= =========
The amount of acquisition-related
charges included in applicable
statements of income categories
is summarized as follows:
Acquisition-related charges
Research and development $ 260 $ 239 $ 258
Sales and marketing 288 290 290
Income tax benefit (162) (162) (162)
--------- --------- ---------
Total $ 386 $ 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 Nine Months Ended
categories is summarized as follows: September 30,
2009 2008
--------- ---------
Share-based compensation
Cost of revenues $ 242 $ 421
Research and development 9,630 14,365
General and administrative 1,731 2,606
Sales and marketing 1,683 2,483
Income tax benefit (2,027) (634)
--------- ---------
Total $ 11,259 $ 19,241
========= =========
The amount of acquisition-related
charges included in applicable
statements of income categories
is summarized as follows:
Research and development $ 776 $ 718
Sales and marketing 868 868
Income tax benefit (486) (1,082)
--------- ---------
Total $ 1,158 $ 504
========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
Sept. 30, June 30, Dec. 31,
2009 2009 2008
--------- --------- ---------
Assets
Current assets:
Cash and cash equivalents $ 114,562 $ 136,760 $ 135,200
Marketable securities
available-for-sale 2,909 2,447 13,870
Accounts receivable, less allowance
for doubtful accounts, sales
returns and discounts 76,031 65,257 51,029
Accounts receivable from related
parties, less allowance for sales
returns and discounts 148,870 142,064 104,477
Inventories 106,418 83,455 96,921
Deferred income taxes 21,078 21,439 21,446
Prepaid expenses and other
current assets 12,028 13,569 11,707
--------- --------- ---------
Total current assets $ 481,896 $ 464,991 $ 434,650
--------- --------- ---------
Equity-method investments 619 351 --
Financial assets carried at cost 11,619 11,619 11,619
Property, plant and equipment, net 52,346 53,515 55,111
Deferred income taxes 23,483 23,023 23,029
Goodwill 26,846 26,846 26,846
Intangible assets, net 9,421 9,869 10,965
Other assets 2,546 4,494 3,328
--------- --------- ---------
126,880 129,717 130,898
--------- --------- ---------
Total assets $ 608,776 $ 594,708 $ 565,548
========= ========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 150,139 $ 136,550 $ 53,720
Income tax payable 13,498 10,174 15,455
Other accrued expenses and other
current liabilities 19,206 17,891 22,455
--------- --------- ---------
Total current liabilities $ 182,843 $ 164,615 $ 91,630
Other liabilities 3,683 3,749 3,912
--------- --------- ---------
Total liabilities $ 186,526 $ 168,364 $ 95,542
--------- --------- ---------
Himax stockholders' equity:
Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized;
365,764,786, 369,975,444, and
380,239,188 shares issued and
outstanding at September 30,
2009, June 30, 2009, and
December 31, 2008, respectively $ 109,729 $ 110,993 $ 114,072
Additional paid-in capital 109,898 120,901 124,446
Accumulated other comprehensive
income (loss) 4 6 (314)
Unappropriated retained earnings 198,084 189,263 224,967
--------- --------- ---------
Himax stockholders' equity $ 417,715 $ 421,163 $ 463,171
Noncontrolling interests 4,535 5,181 6,835
--------- --------- ---------
Total equity $ 422,250 $ 426,344 $ 470,006
--------- --------- ---------
Total liabilities and
stockholders' equity $ 608,776 $ 594,708 $ 565,548
========= ========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
Three
Three Months
Months Ended Ended
September 30, June 30,
2009 2008 2009
--------- --------- ---------
Cash flows from operating activities:
Net income attributable to Himax
stockholders $ 8,821 $ 17,686 $ 15,423
Adjustments to reconcile net
income attributable to Himax
stockholders to net cash provided
by (used in) operating activities:
Depreciation and amortization 3,452 3,102 3,530
Provision (reversal) for allowance
for doubtful accounts 533 -- (129)
Share-based compensation expenses 2,084 2,348 2,351
Investment loss under equity method 41 -- --
Net loss attributable to the
noncontrolling interests (793) (1,036) (1,032)
Loss (gain) on disposal of
property and equipment 34 12 (12)
Gain on disposal of subsidiary
shares, net -- (217) --
Gain on disposal of marketable
securities, net (52) (82) --
Deferred income tax benefit (263) 1,834 (1,604)
Inventories write downs 2,649 3,626 3,223
Changes in operating assets and
liabilities:
Accounts receivable (11,308) 240 (12,439)
Accounts receivable from
related parties (6,797) 27,221 (54,097)
Inventories (25,612) 11,875 (22,770)
Prepaid expenses and other
current assets 1,905 (1,162) (3,571)
Accounts payable 13,590 (31,236) 73,419
Income tax payable 3,333 (2,434) (5,166)
Other accrued expenses and other
current liabilities 1,364 2,414 2,263
--------- --------- ---------
Net cash provided by (used in)
operating activities (7,019) 34,189 (611)
--------- --------- ---------
Cash flows from investing activities:
Purchase of property and equipment (2,365) (2,825) (2,870)
Proceeds from disposal of property
and equipment 9 -- 1
Purchase of available-for-sale
marketable securities (8,896) (18,580) (5,147)
Disposal of available-for-sale
marketable securities 8,454 19,944 6,693
Proceeds from disposal of
subsidiary shares by Himax
Technologies Limited 14 472 333
Purchase of equity-method
investments (312) -- (351)
Purchase of subsidiary shares
from the noncontrolling interests (61) (88) (33)
Decrease (increase) in other assets 1,875 (55) (38)
--------- --------- ---------
Net cash used in investing
activities (1,282) (1,132) (1,412)
--------- --------- ---------
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
Three
Three Months
Months Ended Ended
September 30, June 30,
2009 2008 2009
--------- --------- ---------
Cash flows from financing activities:
Distribution of cash dividends $ -- $ -- $ (55,496)
Proceeds from issuance of new
shares by subsidiaries 120 -- 55
Payments to acquire ordinary
shares for retirement (14,023) (90) (6,458)
Proceeds from short-term debt 80,000 -- --
Repayment of short-term debt (80,000) -- --
--------- --------- ---------
Net cash used in financing
activities (13,903) (90) (61,899)
--------- --------- ---------
Effect of exchange rate changes on
cash and cash equivalents 6 (264) 4
--------- --------- ---------
Net increase (decrease) in cash and
cash equivalents (22,198) 32,704 (63,918)
Cash and cash equivalents at
beginning of period 136,760 90,404 200,678
--------- --------- ---------
Cash and cash equivalents at
end of period $ 114,562 $ 123,108 $ 136,760
========= ========= =========
Supplemental disclosures of cash
flow information: Cash paid during
the period for:
interest $ 3 $ -- $ --
========= ========= =========
income taxes $ 5 $ 96 $ 7,608
========= ========= =========
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
Three Months
Months Ended Ended
Sept. 30, June 30,
2009 2008 2009
-------- -------- --------
Revenues $203,122 $230,066 $184,927
Gross profit 41,435 56,305 38,388
Add: Share-based compensation
- Cost of revenues 216 365 13
Gross profit excluding
share-based compensation 41,651 56,670 38,401
Gross margin excluding
share-based compensation 20.5% 24.6% 20.8%
Operating income 10,822 14,986 14,801
Add: Share-based compensation 8,593 15,062 2,351
Operating income excluding
share-based compensation 19,415 30,048 17,152
Add: Acquisition-related charges
- Intangible assets amortization 548 529 548
Operating income excluding
share-based compensation and
acquisition-related charges 19,963 30,577 17,700
Operating margin
excluding share-based compensation
and acquisition-related charges 9.8% 13.3% 9.6%
Net income attributable
to Himax stockholders 8,821 17,686 15,423
Add: Share-based compensation,
net of tax 6,962 14,428 2,056
Add: Acquisition-related charges,
net of tax 386 367 386
Net income attributable to
Himax stockholders excluding
share-based compensation and
acquisition-related charges 16,169 32,481 17,865
Net margin attributable to
Himax stockholders excluding
share-based compensation and
acquisition-related charges 8.0% 14.1% 9.7%
* 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:
Nine Months
Ended
Sept. 30,
2009 2008
-------- --------
Revenues $513,705 $708,521
Gross profit 106,038 178,014
Add: Share-based compensation - Cost of revenues 242 421
Gross profit excluding share-based compensation 106,280 178,435
Gross margin excluding share-based compensation 20.7% 25.2%
Operating income 30,446 81,462
Add: Share-based compensation 13,286 19,875
Operating income excluding share-based
compensation 43,732 101,337
Add: Acquisition-related charges
- Intangible assets amortization 1,644 1,586
Operating income excluding
share-based compensation
and acquisition-related charges 45,376 102,923
Operating margin excluding
share-based compensation and
acquisition-related charges 8.8% 14.5%
Net income attributable to Himax stockholders 28,613 89,537
Add: Share-based compensation, net of tax 11,259 19,241
Add: Acquisition-related charges, net of tax 1,158 504
Net income attributable to Himax stockholders
excluding share-based compensation
and acquisition-related charges 41,030 109,282
Net margin attributable to Himax stockholders
excluding share-based compensation and
acquisition-related charges 8.0% 15.4%
* 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 Nine
Months Months
Ended Ended
Sept. 30, Sept. 30,
2009 2009
-------- --------
Diluted GAAP EPS attributable to Himax stockholders $ 0.02 $ 0.08
Add: Share-based compensation per diluted share $ 0.02 $ 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 $ 0.04 $ 0.11
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
Investor Relations
Jessie Wang
+886-2-2370-3999 Ext. 22618
jessie_wang@himax.com.tw
The Ruth Group
In the U.S.
Joseph Villalta
+1-646-536-7003
jvillalta@theruthgroup.com
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