Company Exceeds Q4 Revenues, Meets Top
End of Gross Margin and EPS Guidance and Provides Q1 2014 Guidance
Revenues Flat to Slightly Down Sequentially, GAAP EPS 8.0 to 9.5
Cents
- Sales increased
1.3%
sequentially to $195.2
million, exceeding 4Q 2013
guidance. Full year 2013
revenues increased
4.5% year-over-year to
$770.7 million.
- Small and medium-sized panel driver
sales and
non-driver sales increased
32.3% and 28.1%
year-over-year
respectively, achieving
record-high quarterly revenues.
- Gross margin for the quarter
increased 180 bps
to
25.1%
from Q4 2012.
- Q4 2013 GAAP net income increased by 7.2% to $15.8
million from Q4 2012. GAAP earnings per diluted ADS grew 6.4% to
9.2 cents from Q4 2012.
- Q4 2013 Non-GAAP net income
increased by 5.7% to
$16.6 million from Q4 2012. Non-GAAP earnings per diluted ADS grew
4.9% to 9.7 cents from Q4 2012.
- FY 2013 GAAP net
income increased by 19.1% to
$61.5 million from
$51.6 million in
FY 2012. GAAP earnings
per diluted ADS increased 18.4%
to 35.8 cents from
30.2 cents in FY
2012.
- Company maintains positive full year 2014 outlook and
expects revenues and earnings growth to continue.
Himax Technologies, Inc.
(Nasdaq:HIMX) ("Himax" or
"Company"), a leading supplier and fabless manufacturer of
display drivers and other semiconductor products, today announced
financial results for the fourth quarter and full year ended
December 31, 2013.
SUMMARY FINANCIALS
Fourth Quarter 2013
Results Compared to Fourth Quarter 2012 Results
(USD in millions)
(unaudited) |
|
|
Q4 2013 |
Q4 2012 |
CHANGE |
Net Revenues |
$195.2 million |
$190.6 million |
+2.4% |
Gross Profit |
$49.0 million |
$44.4 million |
+10.4% |
Gross Margin |
25.1% |
23.3% |
+1.8% |
GAAP Net Income Attributable to
Shareholders |
$15.8 million |
$14.8 million |
+7.2% |
Non-GAAP Net Income Attributable to
Shareholders |
$16.6 million (1) |
$15.7 million (2) |
+5.7% |
GAAP EPS (Per Diluted ADS, USD) |
$0.092 |
$0.086 |
+6.4% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.097 (1) |
$0.092 (2) |
+4.9% |
|
(1) Non-GAAP Net income
attributable to common shareholders and EPS excludes $0.3 million
of share-based compensation expenses, net of tax and $0.5 million
non-cash acquisition related charges, net of tax. |
(2) Non-GAAP Net income
attributable to common shareholders and EPS excludes $0.4 million
of share-based compensation expenses, net of tax and $0.6 million
non-cash acquisition related charge, net of tax. |
|
Fourth Quarter 2013
Results Compared to Third Quarter 2013 Results
(USD in millions)
(unaudited) |
|
|
Q4 2013 |
Q3 2013 |
CHANGE |
Net Revenues |
$195.2 million |
$192.8 million |
+1.3% |
Gross Profit |
$49.0 million |
$ 48.7 million |
+0.6% |
Gross Margin |
25.1% |
25.3% |
-0.2% |
GAAP Net Income Attributable to
Shareholders |
$15.8 million |
$ 12.3 million |
+29.0% |
Non-GAAP Net Income Attributable to
Shareholders |
$16.6 million (1) |
$ 19.3 million (2) |
-14.0% |
GAAP EPS (Per Diluted ADS, USD) |
$0.092 |
$0.072 |
+28.5% |
Non-GAAP EPS (Per Diluted ADS, USD) |
$0.097 (1) |
$0.113 (2) |
-14.3% |
|
|
|
|
(1) Non-GAAP Net income
attributable to common shareholders and EPS excludes $0.3 million
of share-based compensation expenses, net of tax and $0.5 million
non-cash acquisition related charges, net of tax. |
(2) Non-GAAP Net income
attributable to common shareholders and EPS excludes $6.5 million
of share-based compensation expenses, net of tax and $0.5 million
non-cash acquisition related charge, net of tax. |
"A couple of years ago in 2011, our fourth quarter marked the
transition point of our business," began Mr. Jordan Wu, President
and Chief Executive Officer of Himax. "In 2011 we announced that
our fourth quarter began a turning point in the diversification of
our product lines and customer bases. After nine successful
quarters reporting to our shareholders on this strategy, we are
happy that 2013 was another successful year for Himax. This
accomplishment illustrated the successful execution of our
long-term growth strategies to diversify our customer base as well
as product portfolio. Looking into 2014, we are seeing strong
fundamentals across all our business segments and we are positive
about our full year outlook for continued revenues and earnings
growth."
Fourth Quarter 2013 Financial Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
Q4 2013 |
% |
Q4 2012 |
% |
% Change |
Display drivers for large-sized panels |
$46.8 |
24.0% |
$77.5 |
40.7% |
-39.7% |
Display drivers for small/medium-sized
panels |
$113.0 |
57.9% |
$85.4 |
44.8% |
+32.3% |
Non-driver products |
$35.4 |
18.1% |
$27.7 |
14.5% |
+28.1% |
|
|
|
|
|
|
|
Q4 2013 |
% |
Q3 2013 |
% |
% Change |
Display drivers for large-sized panels |
$46.8 |
24.0% |
$57.7 |
29.9% |
-18.9% |
Display drivers for small/medium-sized
panels |
$113.0 |
57.9% |
$100.5 |
52.1% |
+12.4% |
Non-driver products |
$35.4 |
18.1% |
$34.6 |
18.0% |
+2.4% |
Fourth quarter 2013 revenues of $195.2 million represented a
2.4% increase from the fourth quarter of 2012 and a 1.3% increase
sequentially. Fourth quarter revenues exceeded guidance and was
mainly driven by better-than-expected sales in smartphone and
tablet applications for Chinese and Korean markets and also
non-driver products.
Revenues from large panel display drivers were $46.8 million,
down 39.7% from a year ago and down 18.9% sequentially, and
accounted for 24.0% of total revenues for the fourth quarter. On
the back of the soft global demands for TV, laptop, and monitor,
the Company's large panel driver IC revenues from Innolux declined,
while revenues from other customers increased.
Sales for small and medium-sized drivers were $113.0 million, up
32.3% from the same period last year and up 12.4% sequentially, and
accounted for 57.9% of total revenues for the fourth quarter. Sales
for small and medium-sized drivers were another record-high and are
the fourth consecutive quarter that the Company's small and
medium-sized driver sales accounted for over half of total
revenues. The strong growth was driven by robust sales to Chinese
and Korean customers in the smartphone and tablet segments.
Revenues from Himax's non-driver businesses were $35.4 million,
up 28.1% from the same period last year and up 2.4%
sequentially, and accounted for 18.1% of total revenues for the
fourth quarter. Non-driver product sales reached another record
high in terms of both absolute value and percentage of total
revenues. Timing controllers, programmable Gamma OP, touch panel
controllers, CMOS image sensors, power management ICs, LED drivers
and ASIC services were the main contributors to the growth of
non-driver segment. Also adding to this growth were Himax's pilot
shipments of LCOS microdisplays for new and exciting head-mounted
display applications.
Gross margins were 25.1% for the three months ended December 31,
2013, up 180 basis points from 23.3% in the fourth quarter of 2012
and down 20 basis points from 25.3% in the third quarter of 2013.
The slight sequential decrease was caused by a slightly unfavorable
product mix in the quarter. However, Himax's gross margin for the
quarter yet improved significantly year-over-year.
Fourth quarter 2013 GAAP operating expenses were $29.6 million,
up 17.6% from a year ago and down 13.6% sequentially. The
sequential decrease was primarily the result of the difference in
RSU charges. As a yearly protocol, the Company grants annual RSUs
to its staff at the end of September each year. This distribution
leads to higher third quarter GAAP operating expenses compared to
other quarters of the year. Excluding the RSU charge, the Company's
fourth quarter operating expenses increased from the previous year
and last quarter due to anticipated salary expenses for headcount,
annual pay raises and certain new product tape-outs during the
quarter.
GAAP operating income in the fourth quarter of 2013 was $19.4
million, or 9.9% of sales, up 0.9% year-over-year and 34.3%
sequentially.
Reported GAAP net income was $15.8 million, or 9.2 cents per
diluted ADS, for the fourth quarter of 2013, up from $14.8 million,
or 8.6 cents per diluted ADS in the corresponding quarter a year
ago, and up from $12.3 million, or 7.2 cents per diluted ADS, in
the previous quarter. As the Company reported in its last earnings
release, it has taken into account for a possible negative impact
for its income tax due to depreciation of NT dollar. The Company
has taken an additional $1.1 million, or 0.6 cents per diluted ADS,
of income tax charge to reflect the NT dollar depreciation against
the US dollar in the fourth quarter of 2013. While the Company's
reporting currency is the US dollar, the vast majority of taxes are
incurred in its NT dollar book, which is the required reporting
currency for Taiwan tax authorities. The NT dollar depreciation
resulted in foreign exchange gains for the Company's US dollar
assets and therefore higher tax payable in Taiwan. As a result, the
Company's tax payable will be lower if the NT dollar appreciates
against the US dollar.
GAAP net income grew 7.2% year-over-year and 29.0% from the
previous quarter. GAAP EPS per diluted ADS grew 6.4% from the same
period last year and 28.5% over the previous quarter. The
sequential net income growth was mainly a result of the difference
in RSU charge as the third quarter RSU expense was $7.8 million
while only $0.4 million in the fourth quarter of 2013.
Excluding the share-based compensation, acquisition-related
charges and income tax provisions, the Company's non-GAAP adjusted
pre-tax income for the fourth quarter decreased 10.0% sequentially,
but it still grew 13.9% from the same period of previous year,
reaching $22.5 million. The sequential decline was due to $3.2
million of higher operating expenses. Amid a slow market conditions
during the quarter, the Company achieved bottom-line improvement
year-over-year due to better-than-expected revenues from smartphone
and tablet segments as well as 180 bps of gross margin
expansion.
Non-GAAP net income in the fourth quarter was $16.6 million, or
9.7 cents per diluted ADS, representing growth of 5.7%
year-over-year and a decline of 14.0% sequentially. Non-GAAP EPS
per diluted share increased 4.9% from the same period last year and
declined 14.3% over the previous quarter.
Full Year 2013
Results (USD in millions)
(unaudited) |
|
|
FY 2013 |
FY 2012 |
CHANGE |
Net Revenues |
$770.7 million |
$737.3 million |
+4.5% |
Gross Profit |
$191.9 million |
$170.6 million |
+12.5% |
Gross Margin |
24.9% |
23.1% |
+1.8% |
GAAP Net Income Attributable to
Shareholders |
$ 61.5 million |
$51.6 million |
+19.1% |
Non-GAAP Net Income Attributable to
Shareholders |
$ 71.0 million (1) |
$60.3 million (2) |
+17.8% |
GAAP EPS (Per Diluted ADS) |
$0.358 |
$0.302 |
+18.4% |
Non-GAAP EPS (Per Diluted ADS) |
$0.414 (1) |
$0.353 (2) |
+17.1% |
|
|
|
|
1) Non-GAAP Net income
attributable to common shareholders and EPS excludes $7.5 million
of share-based compensation expenses, net of tax and $2.0 million
non-cash acquisition related charges, net of tax. |
(2) Non-GAAP Net income
attributable to common shareholders and EPS excludes $6.9 million
of non-cash share-based compensation expenses, net of tax and $1.8
million non-cash acquisition related charges, net of tax. |
Full Year 2013
Financial Results
Breakdown by Product Line (USD in millions)
(unaudited)
|
FY
2013 |
% |
FY
2012 |
% |
% Change |
Display drivers for large-sized panels |
$228.9 |
29.7% |
$305.2 |
41.4% |
-25.0% |
Display drivers for small/medium--sized
panels |
$415.6 |
53.9% |
$328.9 |
44.6% |
+26.4% |
Non-driver products |
$126.2 |
16.4% |
$103.2 |
14.0% |
+22.4% |
Himax affirms 2013 was another successful year for Himax. The
Company's small and medium-sized driver IC segment, the largest
source of sales, delivered the strongest growth during the year.
The Company's leading position in the business allowed it to take
advantage of the robust global demands for smartphone and tablet as
the industry trend toward higher resolution displays. For large
panel display driver business, the Company continues to expand its
sales to Chinese customers and penetrate into non-China customers.
The Company also had a strong year in its non-driver business where
it maintained its strong growth momentum and made progress
including new major customer design-wins. Many of the Company's
non-driver products have attracted interest by top-tier,
globally-recognized end customers.
Revenues totaled $770.7 million in 2013, representing a 4.5%
increase year-over-year. The Company also witnessed improvement in
customer diversification as sales to non-Innolux customers grew
23.0% year-over-year while those to Innolux declined 31.0%. Innolux
accounted for 15% to 20% of the Company's total sales by the end of
2013.
Small and medium-sized drivers grew 26.4% year-over-year,
representing 53.9% of total revenues. Excluding feature phone
sales, Himax's small-and medium sized drivers grew over 38.6%
year-over-year. The Company is among the leading suppliers to panel
makers across Taiwan, Korea, China and Japan, covering the vast
majority of leading smartphone end customer names in both China and
international markets. The strong growth momentum of the small and
medium-sized driver business will continue into this year, driven
by smartphone, tablet and automotive displays. Smartphone growth
naturally invited intense competition in the driver IC space,
especially in the lower-end segments. However, Himax's technology
and cost competitiveness, during a time of an industry trend toward
higher panel resolution, have enabled the Company to achieve gross
margin improvement in 2013.
Revenues from large panel display drivers declined 25.0%
year-over-year, representing 29.7% of the Company's total revenues
as compared to 41.4% in 2012. Sales to Innolux declined by 31.0% as
the majority of the decline went to large panel driver ICs. The
soft global demand for TVs, monitors and notebooks also attributed
to the decline in the large panel sector last year. However, the
Company's non-Innolux large panel customers still grew 14.5%
year-over-year, an illustration of the Company's continued
competitiveness.
Non-driver products grew 22.4% year-over-year, representing
16.4% of total sales for Himax, as compared to 14.0% a year ago.
The Company's CMOS image sensor, programmable gamma OP, power
management IC, WLED driver, video SOCs and ASIC service all
delivered strong growth while LCOS microdisplays continued to gain
momentum in 2013. The Company believes that this result
demonstrates its strong R&D capability and its progress to a
more diversified product portfolio.
Gross margin in 2013 was 24.9%, a 180 basis-points improvement,
from 23.1% in 2012. The significant margin improvement is a result
of the Company's combined product and customer diversification.
Gross margin improvement will continue to be one of its major
business goals on a go-forward basis.
GAAP operating expenses were $117.5 million for the year of
2013, up $14.0 million or 13.5% from the same period of 2012. As
reported early last year, the Company planned to expand its R&D
expenses to capture the new business opportunities, following
several years of stable R&D spending.
GAAP operating income of $74.3 million represented a 10.9%
increase from the full year of 2012.
GAAP net income for the twelve months of 2013 was $61.5 million,
or 35.8 cents per diluted ADS, up from $51.6 million, or 30.2 cents
per diluted ADS for the same period last year. GAAP net income and
GAAP EPS per diluted ADS grew 19.1% and 18.4% year-over-year,
respectively. The Company has taken an additional $2.3 million, or
1.3 cents per diluted ADS, of income tax charge to reflect the NT
dollar depreciation against the US dollar in the year of 2013.
Non-GAAP net income for 2013 was $71.0 million, or 41.4 cents
per diluted ADS, up from $60.3 million, or 35.3 cents per diluted
ADS, for the same period last year. Non-GAAP net income and
Non-GAAP EPS per diluted ADS grew 17.8% and 17.1% year-over-year,
respectively.
Balance Sheet and Cash Flow
The Company had $128.1 million in cash, cash equivalents and
marketable securities available for sale on December 31, 2013,
compared to $133.9 million on September 30, 2013 and $138.9 million
for the same time last year. On top of the above cash position,
restricted cash was $108.4 million on December 31, 2013. The
restricted cash is mainly used to guarantee the Company's short
term loan for the same amount. Himax continues to maintain a very
strong balance sheet with no debt.
Inventories as of December 31, 2013 were $177.4 million, up from
$116.7 million a year ago and up from $159.6 million a quarter ago.
The higher inventory was prepared for the expected first quarter
sales growth of driver ICs for all panel sizes, CMOS image sensor
and a few other non-driver products. The Company expects the
inventory level to come down by the end of the first quarter as a
result of overall inventory control and expected increasing
shipments. Accounts receivable were $200.7 million on December 31,
2013 as compared to $202.2 million on September 30, 2013 and $209.0
million a year ago. Day Sales Outstanding ("DSO") was 95 days at
end of fourth quarter 2013 versus 103 days in the fourth quarter of
2012 and 96 days at end of the last quarter.
Net cash outflow from operating activities for the fourth
quarter was $1.8 million as compared to cash inflow of $52.4
million for the fourth quarter of 2012 and cash inflow of $27.4
million for the third quarter of 2013. The net outflow was caused
mainly by the relatively high year-end inventory. While Himax had
to pay for those goods in the fourth quarter, the Company will not
get paid for its sales until the first or second quarter of 2014.
Cumulative cash inflows from operations in 2013 were $52.4 million
versus $52.2 million the year before.
Capital expenditures were $3.9 million in the fourth quarter
versus $2.2 million a year ago and $3.8 million last quarter. The
capital expenditure in the fourth quarter consisted mainly of
purchases of certain equipments for WLO and LCOS product lines.
Total capital expenditures for fiscal 2013 were $18.4 million
versus $6.6 million a year ago.
Himax paid an annual cash dividend of 25 cents per ADS in July
2013, equal to 83.3% of its 2012 GAAP EPS per diluted ADS. Himax
remains committed to paying annual dividends, the amount of which
is referenced primarily on prior year's profitability. The high
payout ratio in 2013 is an illustration of the Company's confidence
for its profitability to continue to improve.
Share Buyback Update
As of December 31, 2013, the Company had 170.5 million ADS
equivalents outstanding, unchanged from the last quarter.
First Quarter 2014 Non-Deal Road Show
Ms. Jackie Chang, CFO will host investor meetings and attend
investor conferences in the US in March. If you are interested in
meeting with the Company, please contact Himax's US or Taiwan based
investor relations contact at the numbers below.
Business Updates
Following the successful transformation in 2012, the Company
delivered strong operational and financial results in 2013. While
the business from Innolux, which ceased being a related party as of
June 19th, 2013 when it disposed of all its equity holdings in
Himax, declined by 31%. Sales from other customers were up by
23% during 2013. The Company was still able to achieve some top
line growth for the whole year, which illustrated the successful
execution of its long term strategy to diversify its customer base
and product portfolio. Looking into 2014, the Company sees strong
fundamentals across all its business segments and is positive about
its full year outlook for continued revenues and earnings
growth.
Large panel driver IC remains one of the Company's major
business segments. It has maintained a leading position in China,
which now is the world's leading market for display capacity
expansion. Additionally, the Company expects a few major non-China
panel customers to contribute to its sales significantly in 2014.
On the technology front, Himax remains a market leader in providing
state-of-art large panel driver IC solutions. For example, it is
leading the market in the development of solutions to combat the
thermal issues in customers' 4K panel projects. The Company expects
some growth for its large panel drivers in the first quarter of
2014 from sales to both existing and new customers. The Company
believes that the main growth engine for large panel driver market
this year will come from 4K TV where Himax is a market leader. The
strong first quarter outlook demonstrates that the Company's past
efforts are coming into fruition starting this year as the it
expects to resume revenue growth of large panel driver business in
2014.
The Company expects continued sales growth of both smartphone
and tablet markets in 2014. However, first quarter will see some
decline in smartphone sales due to fewer working days in China.
Himax enjoys a prominent position in the smartphone sector due to
its leading technologies, competitive products and solid customer
base. It has a comprehensive coverage in both panel makers, which
are its direct customers, and end user indirect customers including
first-tier international and Chinese brands as well as those in the
fast growing China white-box market. The Company expects sales for
smartphone application to accelerate throughout 2014, partially
aided by the accelerating adoption of 4G LTE in various countries
including China. The trend toward higher panel resolution, in which
Himax benefits from better ASPs and gross margin, will also
continue in 2014. However, lower-end smartphone is a more
competitive market with intense price competition and eroding
margin. The Company will defend its margin by cost reduction
measures and leading the market in higher-end products.
Tablet and automotive displays are the other two growing
applications in the Company's small and medium-sized panel driver
business where it has a solid customer base, and leading market
share in both markets. In the tablet market, Himax is already a
market leader in both China and international brand markets. Its
leadership position in both smartphone and tablet markets have
enabled it to provide its customers with the most comprehensive and
optimal solutions in a market where the line between the two
product segments has become increasingly blurry. The automotive
display market, where the Company is already a market leader, is
unique in that it commands high reliability standard and special
know-how. Following a few years development, the Company reported
phenomenal growth in 2013 and set a strong foothold in the market.
Sales for both applications are expected to grow strongly during
the first quarter and the rest of the year.
The non-driver category remains its most exciting long-term
growth engine. The non-driver business is one of the Company's key
differentiators against its competition which enables it to offer
total solutions of image processing and human interface related
technologies in addition to its driver IC products. Many of its
non-driver products, including CMOS image sensor, timing
controller, touch panel controller, power management IC, WLED
driver, ASIC service, wafer level optics and LCOS microdisplay, are
anticipated to grow significantly in 2014.
CMOS image sensors delivered noticeable growth in 2013 and will
continue to be a fast-growing area for the Company in 2014. 2013
was the year when it positioned itself as one of the high-end image
sensor providers by launching its first 8 mega-pixel sensor product
in Q4. Currently, Himax's sensor products range from entry-level
qVGA and VGA to higher-end 8 mega pixel sensor products, targeting
smartphone, tablet, laptop, IP Cam, surveillance and automotive
markets. The first quarter 2014 revenue prospect for CMOS image
sensor looks positive, but gross margin of this product line will
be dampened by inventory correction of some mid to low-end
products. The Company is confident that gross margin will improve
overtime once it resolves the inventory issue and certain new
products with higher margin account for a larger proportion of
sales for this product line.
Supported by numerous new design-win projects covering both
China and international customers, the Company also expects growth
of touch panel controller sales in 2014. Himax's product line
covers both cellphone and tablet markets. It is also committed to
the development of new technologies such as on-cell and in-cell
touch sensors for next generation products. Recent customer
feedback and intensive design-in activities firmly supports the
Company's belief that touch panel controllers will be one of its
growth drivers in 2014 and beyond.
Himax further expanded its leadership in the LCOS business as it
launched its next generation technology with which it has
successfully engaged top-tier customers. The new generation
technology will enhance product performance and greatly simplify
its customers' manufacturing process. The Company remains very
excited about the new head-mounted display opportunities. It
continues to work with multiple customers, including some top-tier
names, on multiple projects, many of which involved tailor-made
designs with customers' development fees. Himax has already shipped
certain customers' pilot runs of production. Its LCOS sales are
expected to accelerate in 2014. The Company believes its LCOS
microdisplay business remains one of the most important areas for
Himax's long-term growth.
With all these new developments and the increasing business
opportunities across every business segment, Himax believes it is
positioned strongly for another successful year in 2014.
First Quarter 2014 Guidance
The Company is providing the following financial guidance for
the first quarter of 2014:
Net Revenues: |
To be around flat or slightly down, as
compared to the fourth quarter of 2013, representing an increase of
around 11.1% from Q1 2013 |
Gross Margin: |
To be slightly down from the fourth quarter
of 2013 |
GAAP EPS: |
8.0 to 9.5 cents per diluted ADS, as compared
to 8.2 cents of Q1 2013 |
Non GAAP EPS(1): |
8.3 to 9.8 cents per diluted ADS, as compared
to 8.8 cents of Q1 2013 |
(1) Non-GAAP EPS excludes
share-based compensation and acquisition-related charges |
The first quarter is traditionally the bottom of the year in
terms of sales because the Company has fewer working days due to
Chinese New Year. The Company expects its first quarter gross
margin to be the bottom of the year as its improving product mix
will help lift gross margin beyond first quarter of 2014. The
Company also expects its revenues and earnings growth to continue
in 2014.
The Company's best estimate of effective income tax rate for
2014 as of today is around 21.0%. In estimating this tax rate, the
Company has considered relevant tax regulations and its internal
P&L forecast for the year. The Company has used 21% as the
effective tax rate for the first quarter.
Conference Call
Himax Technologies, Inc. will hold a conference call with
investors and analysts on February 13, 2014 at 8:00 a.m. US Eastern
Standard Time to discuss the Company's fourth quarter and full year
2013 financial results. Details of the call follow below.
|
|
DATE: |
Thursday, February 13, 2014 |
TIME: |
U.S. 8:00 a.m. EST |
|
TAIWAN 9:00 p.m. |
DIAL IN: |
U.S. 1-877-407-4018 |
|
INTERNATIONAL
1-201-689-8471 |
CONFERENCE ID: |
13574978 |
WEBCAST: |
http://public.viavid.com/index.php?id=107617 |
A replay of the call will be available beginning two hours after
the call through midnight February 20, 2014 (1 p.m. February 21,
Taiwan time) on www.himax.com.tw and by telephone at
+1-877-870-5176 (US Domestic) or +1-858-384-5517 (International).
The conference ID number is 13574978. This call is being webcast by
ViaVid Broadcasting and can be accessed by clicking on this
http://public.viavid.com/index.php?id=107617 or at ViaVid's
website at http://www.viavid.net, where the webcast can be accessed
through February 13, 2015.
About Himax Technologies, Inc.
Himax Technologies, Inc. (HIMX) is a fabless semiconductor
solution provider dedicated to display imaging processing
technologies. Himax is a worldwide market leader in display driver
ICs and timing controllers used in TVs, laptops, monitors, mobile
phones, tablets, digital cameras, car navigation, and many other
consumer electronics devices. Additionally, Himax designs and
provides controllers for touch sensor displays, LCOS micro-displays
used in palm-size projectors and head-mounted displays, LED driver
ICs, power management ICs, scaler products for monitors and
projectors, tailor-made video processing IC solutions and silicon
IPs. The company also offers digital camera solutions, including
CMOS image sensors and wafer level optics, which are used in a wide
variety of applications such as mobile phone, tablet, laptop, TV,
PC camera, automobile, security and medical devices. Founded in
2001 and headquartered in Tainan, Taiwan, Himax currently employs
over 1,600 people from three Taiwan-based offices in Tainan,
Hsinchu and Taipei and country offices in China, Korea, Japan and
the US. Himax has 2,207 patents granted and 1,008 patents pending
approval worldwide as of December 31, 2013. Himax has retained its
position as the leading display imaging processing semiconductor
solution provider to consumer electronics brands worldwide.
http://www.himax.com.tw
About Non-GAAP Financial Measures
To supplement the unaudited consolidated statement of income and
comprehensive income presented in accordance with GAAP, the Company
are also providing non-GAAP measures of income before income tax
expenses, net income, net income attributable to us and basic and
diluted earnings per share for the three months ended December 31,
2013 and 2012, which are adjusted from results based on GAAP to
exclude the non-cash transactions. The non-GAAP financial measures
are provided to enhance the investors' overall understanding of our
current performance in on-going core operations as the well as
prospects for the future. These measures should be considered in
addition to results prepared and presented in accordance with GAAP,
but should not be considered a substitute for or superior to GAAP
results. The Company uses both GAAP and non-GAAP information in
evaluating our operating business results internally and therefore
deems it important to provide all of this information to investors.
The non-GAAP adjustments include share based compensations,
acquisition related charges, bad debt collections and its tax
charges and tax credit write-offs.
Forward Looking Statements
Factors that could cause actual events or results to differ
materially 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 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,
2012 filed with the SEC, as may be amended.
-- FINANCIAL TABLES --
|
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, |
|
2013 |
2012 |
2013 |
Revenues |
|
|
|
Revenues from third parties, net |
$ 195,232 |
$ 129,973 |
$ 192,814 |
Revenues from related parties, net |
-- |
60,666 |
-- |
|
195,232 |
190,639 |
192,814 |
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
146,205 |
146,216 |
144,092 |
Research and development |
19,078 |
17,003 |
23,549 |
General and administrative |
4,938 |
4,328 |
5,027 |
Sales and marketing |
5,605 |
3,863 |
5,701 |
Total costs and
expenses |
175,826 |
171,410 |
178,369 |
|
|
|
|
Operating income |
19,406 |
19,229 |
14,445 |
|
|
|
|
Non operating income
(loss): |
|
|
|
Interest income |
153 |
74 |
104 |
Equity in income (losses) of equity method
investees |
(32) |
(14) |
101 |
Foreign exchange gains (losses), net |
258 |
(233) |
(30) |
Interest expense |
(129) |
(79) |
(110) |
Other income (loss), net |
347 |
(1,253) |
17 |
|
597 |
(1,505) |
82 |
Earnings before
income taxes |
20,003 |
17,724 |
14,527 |
Income tax expense |
5,627 |
3,708 |
3,631 |
Net income |
14,376 |
14,016 |
10,896 |
Net loss attributable to
noncontrolling interests |
1,448 |
751 |
1,374 |
Net income
attributable to Himax stockholders |
$ 15,824 |
$ 14,767 |
$ 12,270 |
|
|
|
|
Basic earnings per ADS attributable
to Himax stockholders |
$ 0.093 |
$ 0.087 |
$ 0.072 |
Diluted earnings per ADS attributable
to Himax stockholders |
$ 0.092 |
$ 0.086 |
$ 0.072 |
|
|
|
|
Basic Weighted Average
Outstanding ADS |
170,920 |
170,057 |
169,980 |
Diluted Weighted Average
Outstanding ADS |
172,148 |
170,868 |
171,591 |
|
|
|
|
|
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, |
|
|
|
2013 |
|
2012 |
Revenues |
|
|
|
|
|
Revenues from third parties, net |
|
|
$ 684,184 |
|
$ 485,281 |
Revenues from related parties, net |
|
|
86,555 |
|
251,974 |
|
|
|
770,739 |
|
737,255 |
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
|
578,886 |
|
566,700 |
Research and development |
|
|
80,368 |
|
70,913 |
General and administrative |
|
|
18,147 |
|
17,139 |
Sales and marketing |
|
|
18,995 |
|
15,443 |
Total costs and
expenses |
|
|
696,396 |
|
670,195 |
|
|
|
|
|
|
Operating income |
|
|
74,343 |
|
67,060 |
|
|
|
|
|
|
Non operating income
(loss): |
|
|
|
|
|
Interest income |
|
|
527 |
|
317 |
Equity in losses of equity method
investees |
|
|
(122) |
|
(128) |
Foreign exchange gains (losses), net |
|
|
643 |
|
(452) |
Interest expense |
|
|
(401) |
|
(352) |
Other income (loss), net |
|
|
410 |
|
(559) |
|
|
|
1,057 |
|
(1,174) |
Earnings before
income taxes |
|
|
75,400 |
|
65,886 |
Income tax
expense |
|
|
19,476 |
|
15,748 |
Net income |
|
|
55,924 |
|
50,138 |
Net loss attributable to
noncontrolling interests |
|
|
5,552 |
|
1,458 |
Net income
attributable to Himax stockholders |
|
|
$ 61,476 |
|
$ 51,596 |
|
|
|
|
|
|
Basic earnings per ADS attributable
to Himax stockholders |
|
|
$ 0.361 |
|
$ 0.303 |
Diluted earnings per ADS attributable
to Himax stockholders |
|
|
$ 0.358 |
|
$ 0.302 |
|
|
|
|
|
|
Basic Weighted Average
Outstanding ADS |
|
|
170,211 |
|
170,528 |
Diluted Weighted Average
Outstanding ADS |
|
|
171,809 |
|
170,762 |
|
|
|
|
|
|
|
|
|
|
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, |
|
2013 |
2012 |
2013 |
Share-based compensation |
|
|
|
Cost of revenues |
$ 15 |
$ 15 |
$ 190 |
Research and development |
234 |
316 |
5,854 |
General and administrative |
50 |
58 |
1,145 |
Sales and marketing |
57 |
73 |
1,222 |
Income tax benefit |
(84) |
(76) |
(1,872) |
Total |
$ 272 |
$ 386 |
$ 6,539 |
|
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
|
|
Acquisition-related charges |
|
|
|
Research and development |
$ 436 |
$ 559 |
$ 435 |
Sales and marketing |
289 |
289 |
290 |
Income tax benefit |
(208) |
(289) |
(208) |
Total |
$ 517 |
$ 559 |
$ 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: |
Twelve
Months Ended December
31, |
|
2013 |
2012 |
Share-based compensation |
|
|
Cost of revenues |
$ 235 |
$ 176 |
Research and development |
6,705 |
5,625 |
General and administrative |
1,308 |
1,191 |
Sales and marketing |
1,425 |
1,230 |
Income tax benefit |
(2,170) |
(1,367) |
Total |
$ 7,503 |
$ 6,855 |
|
|
|
The amount of
acquisition-related charges included in
applicable statements of income
categories is summarized as follows: |
|
|
|
|
|
Acquisition-related charges |
|
|
Research and development |
$ 1,746 |
$ 1,345 |
Sales and marketing |
1,157 |
1,157 |
Income tax benefit |
(835) |
(664) |
Total |
$ 2,068 |
$ 1,838 |
|
|
|
|
|
|
|
Himax Technologies,
Inc. |
GAAP Unaudited
Condensed Consolidated Balance
Sheets |
(Amounts in Thousands
of U.S. Dollars, Except Per Share Data) |
|
|
|
|
|
December
31,
2013 |
September
30,
2013 |
December
31,
2012 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 127,320 |
$ 133,090 |
$ 138,737 |
Restricted cash and cash equivalents |
108,399 |
115,000 |
74,100 |
Investments in marketable securities
available-for-sale |
788 |
789 |
172 |
Accounts receivable, less allowance for
doubtful accounts, sales returns and discounts |
200,725 |
202,201 |
135,747 |
Accounts receivable from related parties,
less allowance for sales returns and discounts |
------ |
------ |
73,258 |
Inventories |
177,399 |
159,615 |
116,671 |
Deferred income taxes |
9,974 |
11,142 |
15,374 |
Prepaid expenses and other current
assets |
15,052 |
14,428 |
13,029 |
Total current assets |
$ 639,657 |
$ 636,265 |
$ 567,088 |
Investment securities |
$ 21,877 |
$ 17,877 |
$ 12,688 |
Equity method
investments |
190 |
190 |
283 |
Property,
plant and equipment, net |
60,588 |
59,332 |
52,609 |
Deferred income taxes |
2,135 |
4,479 |
4,303 |
Goodwill |
28,138 |
28,138 |
28,138 |
Other intangible
assets, net |
5,234 |
5,960 |
8,143 |
Other assets |
1,508 |
4,498 |
1,346 |
|
119,670 |
120,474 |
107,510 |
Total
assets |
$ 759,327 |
$ 756,739 |
$ 674,598 |
Liabilities and
Equity |
|
|
|
Current liabilities: |
|
|
|
Short-term debts |
$ 105,500 |
$ 115,000 |
$ 73,000 |
Accounts payable |
151,290 |
162,522 |
135,546 |
Income taxes payable |
16,932 |
15,671 |
9,766 |
Other accrued expenses and other current
liabilities |
30,111 |
25,310 |
23,805 |
Total current
liabilities |
$ 303,833 |
$ 318,503 |
$ 242,117 |
Other liabilities |
3,279 |
2,846 |
4,323 |
Total
liabilities |
$ 307,112 |
$ 321,349 |
$ 246,440 |
|
|
|
|
Redeemable noncontrolling
interests |
$ 3,656 |
------ |
------ |
Equity |
|
|
|
Himax stockholders'
equity: |
|
|
|
Ordinary shares, US$0.3 par value,
1,000,000,000 shares authorized; 356,699,482 shares issued and
341,049,418 shares, 341,049,418 shares, 339,149,508 shares
outstanding at December 31, 2013, September 30, 2013, and December
31, 2012, respectively |
$ 107,010 |
$ 107,010 |
$ 107,010 |
Additional paid-in capital |
106,636 |
105,312 |
104,911 |
Treasury shares, at cost, 15,650,064
shares, 15,650,064 shares and 17,549,974 shares at December 31,
2013, September 30, 2013, and December 31, 2012, respectively |
(11,120) |
(11,120) |
(12,469) |
Accumulated other comprehensive loss |
(412) |
(69) |
(137) |
Unappropriated retained earnings |
247,710 |
231,886 |
228,628 |
Himax
stockholders' equity |
$ 449,824 |
$ 433,019 |
$ 427,943 |
Noncontrolling
interests |
(1,265) |
2,371 |
215 |
Total
equity |
$ 448,559 |
$ 435,390 |
$ 428,158 |
Total liabilities
and equity |
$ 759,327 |
$ 756,739 |
$ 674,598 |
|
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, |
|
2013 |
2012 |
2013 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ 14,376 |
$ 14,016 |
$ 10,896 |
Adjustments to reconcile net income to net
cash provided by (used in) operating activities: |
|
|
|
Depreciation and amortization |
3,843 |
3,669 |
3,757 |
Share-based compensation expenses |
356 |
458 |
578 |
Loss on disposal of property and
equipment |
--- |
6 |
1 |
Gain on disposal of equity method
investment |
(54) |
--- |
--- |
Loss (gain) on disposal of marketable
securities, net |
13 |
(17) |
(4) |
Valuation gain on financial
liabilities |
(160) |
--- |
--- |
Impairment loss on investment |
--- |
1,299 |
--- |
Equity in losses (income) of equity
method investees |
32 |
14 |
(101) |
Deferred income tax expense |
3,722 |
1,913 |
870 |
Inventories write downs |
3,179 |
2,445 |
2,862 |
Changes in operating assets and
liabilities: |
|
|
|
Accounts receivable |
1,503 |
537 |
17,060 |
Accounts receivable from related
parties |
--- |
8,782 |
--- |
Inventories |
(20,964) |
9,222 |
(19,554) |
Prepaid expenses and other current
assets |
(587) |
1,987 |
1,907 |
Accounts payable |
(11,232) |
5,586 |
7,102 |
Income taxes payable |
832 |
1,669 |
2,970 |
Other accrued expenses and other current
liabilities |
3,028 |
857 |
(861) |
Other liabilities |
333 |
1 |
(49) |
Net cash
provided by (used in)
operating activities |
(1,780) |
52,444 |
27,434 |
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Purchase of property and equipment |
(3,925) |
(2,199) |
(3,752) |
Proceeds from disposal of property and
equipment |
--- |
1 |
--- |
Purchase of available-for-sale marketable
securities |
(6,354) |
(4,485) |
(4,970) |
Disposal of available-for-sale marketable
securities |
6,344 |
5,290 |
4,361 |
Purchase of investment securities |
(4,000) |
--- |
--- |
Cash decrease resulting from change in
consolidated entity |
(4) |
--- |
--- |
Release (pledge) of restricted cash
equivalents and marketable securities |
24 |
(2) |
1,090 |
Increase in other assets |
(270) |
(535) |
(32) |
Net cash
used in investing activities |
(8,185) |
(1,930) |
(3,303) |
|
|
|
|
|
|
|
|
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, |
|
2013 |
2012 |
2013 |
Cash flows from financing
activities: |
|
|
|
Distribution of cash dividends |
--- |
--- |
(42,394) |
Proceeds from issuance of new shares by
subsidiaries |
5,071 |
--- |
4,391 |
Payments to repurchase ordinary
shares |
--- |
(664) |
--- |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
--- |
25 |
(14) |
Purchase of subsidiary shares from
noncontrolling interests |
(896) |
(1) |
--- |
Release (pledge) of restricted cash
equivalents (for borrowing of short-term debt) |
9,500 |
--- |
(42,000) |
Proceeds from borrowing of short-term
debts |
19,000 |
--- |
115,000 |
Repayment of short-term debts |
(28,500) |
--- |
(73,000) |
Net cash
provided by (used
in) financing
activities |
4,175 |
(640) |
(38,017) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
20 |
41 |
26 |
Net increase
(decrease) in
cash and cash equivalents |
(5,770) |
49,915 |
(13,860) |
Cash and cash equivalents at
beginning of period |
133,090 |
88,822 |
146,950 |
Cash and cash equivalents at end of
period |
$ 127,320 |
$ 138,737 |
$ 133,090 |
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
Cash paid during the period
for: |
|
|
|
Interest expense |
$ 118 |
$ 79 |
$ 110 |
Income
taxes |
$ 377 |
$ 96 |
$ 435 |
|
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
Twelve Months Ended
December 31, |
|
2013 |
2012 |
Cash flows from operating
activities: |
|
|
Net income |
$ 55,924 |
$ 50,138 |
Adjustments to reconcile net income to net
cash provided by operating activities: |
|
|
Depreciation and amortization |
14,309 |
13,299 |
Provision for allowance for doubtful
accounts |
173 |
--- |
Share-based compensation expenses |
1,840 |
1,936 |
Loss (gain) on disposal of marketable
securities, net |
8 |
(648) |
Loss on disposal of property and
equity |
88 |
36 |
Gain on disposal of equity method
investment |
(54) |
--- |
Valuation gain on financial
liabilities |
(160) |
--- |
Unrealized gain on conversion option |
--- |
(28) |
Interest income from amortization of
discount on investment in corporate bonds |
--- |
(101) |
Issuance of new shares by subsidiary for
royalties |
49 |
--- |
Impairment loss on investment |
--- |
1,299 |
Equity in losses of equity method
investees |
122 |
128 |
Deferred income tax expense |
7,409 |
8,851 |
Inventories write downs |
10,759 |
12,418 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
(65,106) |
(34,467) |
Accounts receivable from related
parties |
73,267 |
6,591 |
Inventories |
(71,488) |
(16,104) |
Prepaid expenses and other current
assets |
(1,857) |
1,421 |
Accounts payable |
15,744 |
1,192 |
Income taxes payable |
8,326 |
6,711 |
Other accrued expenses and other current
liabilities |
2,812 |
(172) |
Other liabilities |
229 |
(333) |
Net cash
provided by operating
activities |
52,394 |
52,167 |
|
|
|
Cash flows from investing
activities: |
|
|
Purchase of property and equipment |
(18,412) |
(6,560) |
Proceed from disposal of property and
equipment |
--- |
1 |
Purchase of available-for-sale marketable
securities |
(22,410) |
(19,609) |
Disposal of available-for-sale marketable
securities |
21,792 |
25,043 |
Purchase of investment securities |
(9,189) |
(3) |
Cash increase (decrease) resulting from
change in consolidated entity |
(4) |
546 |
Pledge of restricted cash equivalents and
marketable securities |
(1,761) |
(7) |
Increase in other assets |
(541) |
(106) |
Net cash
used in investing activities |
(30,525) |
(695) |
|
|
|
|
|
|
Himax Technologies,
Inc. |
Unaudited
Condensed Consolidated Statements of Cash
Flows |
(Amounts in
Thousands of
U.S.
Dollars) |
|
|
|
|
Twelve
Months Ended December
31, |
|
2013 |
2012 |
Cash flows from financing
activities: |
|
|
Distribution of cash dividends |
(42,394) |
(10,680) |
Proceeds from issuance of new shares by
subsidiaries |
9,852 |
116 |
Payments to repurchase ordinary
shares |
--- |
(8,886) |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Technologies
Limited |
--- |
97 |
Proceeds from disposal of subsidiary
shares to noncontrolling interests by Himax Imaging, Inc. |
64 |
436 |
Purchase of subsidiary shares from
noncontrolling interests |
(896) |
(14) |
Release (pledge) of restricted cash
equivalents (for borrowing of short-term debt) |
(32,500) |
11,200 |
Proceeds from borrowing of short-term
debts |
352,320 |
304,000 |
Repayment of short-term debts |
(319,820) |
(315,200) |
Net cash
used in financing activities |
(33,374) |
(18,931) |
Effect of foreign
currency exchange rate changes on
cash and cash equivalents |
88 |
32 |
Net increase
(decrease) in
cash and cash equivalents |
(11,417) |
32,573 |
Cash and cash equivalents at
beginning of period |
138,737 |
106,164 |
Cash and cash equivalents at end of
period |
$ 127,320 |
$ 138,737 |
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
Cash paid during the period
for: |
|
|
Interest expense |
$ 390 |
$ 352 |
Income
taxes |
$ 3,591 |
$ 456 |
Supplemental disclosures of
non--cash investing
activities: |
|
|
Fair
value of ordinary shares issued by Himax Display, Inc. in the
acquisition of Spatial Photonics, Inc. |
$ --- |
$ 270 |
|
|
|
|
Himax Technologies,
Inc. |
Non-GAAP 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, |
|
2013 |
2012 |
2013 |
Revenues |
$195,232 |
$ 190,639 |
$ 192,814 |
|
|
|
|
Gross profit |
49,027 |
44,423 |
48,722 |
Add: Share-based compensation – Cost of
revenues |
15 |
15 |
190 |
Gross profit excluding share-based
compensation |
49,042 |
44,438 |
48,912 |
Gross margin excluding share-based
compensation |
25.1% |
23.3% |
25.4% |
|
|
|
|
Operating income |
19,406 |
19,229 |
14,445 |
Add: Share-based compensation |
356 |
462 |
8,411 |
Operating income excluding share-based
compensation |
19,762 |
19,691 |
22,856 |
Add: Acquisition-related charges –Intangible
assets amortization |
725 |
848 |
725 |
Operating income excluding share-based
compensation and acquisition-related charges |
20,487 |
20,539 |
23,581 |
Operating margin excluding share-based
compensation and acquisition-related charges |
10.5% |
10.8% |
12.2% |
Net income attributable to Himax
stockholders |
15,824 |
14,767 |
12,270 |
Add: Share-based compensation, net of
tax |
272 |
386 |
6,539 |
Add: Acquisition-related charges, net of
tax |
517 |
559 |
517 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
16,613 |
15,712 |
19,326 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
8.5% |
8.2% |
10.0% |
|
|
|
|
*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 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. |
Non-GAAP 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, |
|
2013 |
2012 |
Revenues |
$ 770,739 |
$ 737,255 |
|
|
|
Gross profit |
191,853 |
170,555 |
Add: Share-based compensation – Cost of
revenues |
235 |
176 |
Gross profit excluding share-based
compensation |
192,088 |
170,731 |
Gross margin excluding share-based
compensation |
24.9% |
23.2% |
|
|
|
Operating income |
74,343 |
67,060 |
Add: Share-based compensation |
9,673 |
8,222 |
Operating income excluding share-based
compensation |
84,016 |
75,282 |
Add: Acquisition-related charges –Intangible
assets amortization |
2,903 |
2,502 |
Operating income excluding share-based
compensation and acquisition-related charges |
86,919 |
77,784 |
Operating margin excluding share-based
compensation and acquisition-related charges |
11.3% |
10.6% |
Net income attributable to Himax
stockholders |
61,476 |
51,596 |
Add: Share-based compensation, net of
tax |
7,503 |
6,855 |
Add: Acquisition-related charges, net of
tax |
2,068 |
1,838 |
Net income attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
71,047 |
60,289 |
Net margin attributable to Himax stockholders
excluding share-based compensation and acquisition-related
charges |
9.2% |
8.2% |
|
|
|
*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 ADS
Attributable to Himax stockholders Excluding Share-based
Compensation and Acquisition-Related Charges: |
|
|
|
|
Three Months Ended December
31, |
Twelve Months Ended December
31, |
|
2013 |
2013 |
Diluted GAAP earning per ADS attributable to
Himax stockholders |
$0.092 |
$0.358 |
Add: Share-based compensation per ADS |
$0.002 |
$0.044 |
Add: Acquisition-related charges per ADS |
$0.003 |
$0.012 |
|
|
|
Diluted non-GAAP earning per ADS attributable
to Himax stockholders excluding share-based compensation and
acquisition-related charges |
$0.097 |
$0.414 |
|
|
|
Numbers do not add up due to rounding |
|
|
CONTACT: Company Contacts
Jackie Chang, CFO
Himax Technologies, Inc.
Tel: +886-2-2370-3999 Ext.22300
Or
US Tel: +1-949-585-9838 Ext.252
Fax: +886-2-2314-0877
Email: jackie_chang@himax.com.tw
www.himax.com.tw.
Penny Lin, Investor Relations
Himax Technologies, Inc.
Tel: +886-2-2370-3999 Ext.22320
Fax: +886-2-2314-0877
Email: penny_lin@himax.com.tw
www.himax.com.tw
Stephanie Kuo, Investor Relations
Himax Technologies, Inc.
Tel: +1-949-585-9838 Ext.221
Fax: +1-949-585-9598
Email: stephanie_kuo@himax.com.tw
www.himax.com.tw
Investor Relations - US Representative
MZ North America
John Mattio, SVP
Tel: +1-212-301-7130
Email: john.mattio@mzgroup.us
www.mzgroup.us
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