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Nam Tai Electronics, Inc. Q3 2012 Sales up 198%, Gross profit margin at 9.2%

SHENZHEN, China, Nov. 5, 2012 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced its unaudited results for the third quarter ended September 30, 2012.

 

KEY HIGHLIGHTS

(In thousands of US Dollars, except per share data, percentages and as otherwise stated)


Quarterly Results

Nine months Results


Q3 2012

Q3 2011

YoY(%)(d)

9M 2012

9M 2011

YoY(%)(d)

Net sales (a)

$380,251

$127,600

198

$679,459

$396,004

72

Gross profit (a)

$34,801

$5,695

511

$56,813

$18,014

215

% of sales

9.2%

4.5%

-

8.4%

4.5%

-

Operating income (loss) (a)

$26,797

$(851)

-

$35,080

$(2,300)

-

% of sales

7.0%

(0.7%)

-

5.2%

(0.6%)

-

per share (diluted)

$0.59

$(0.02)

-

$0.78

$(0.05)

-

Net income (b) (c)

$24,552

$1,095

2,142

$30,315

$6,116

396

% of sales

6.5%

0.9%

-

4.5%

1.5%

-

Basic earnings per share

$0.55

$0.02

2,650

$0.68

$0.14

386

Diluted earnings per share

$0.54

$0.02

2,600

$0.67

$0.14

379

Weighted average number of shares ('000)







Basic

44,804

44,804

-

44,804

44,804

-

Diluted

45,304

44,825

-

45,093

44,843

-

 

Notes:

(a) The net sales, gross profit and operating income (loss) have excluded the discontinued business of Liquid Crystal Display Panels (LCDP). For the three months ended September 30, 2012 and September 30, 2011, the discontinued operation recognized net sales of $1.8 million and $19.8 million, a gross profit of $0.6 million and $2.4 million, and an operating income of $0.9 million and $1.0 million respectively. For the nine months ended September 30, 2012 and September 30, 2011, the discontinued operation recognized net sales of $24.1 million and $61.0 million, a gross (loss) profit of ($0.6 million) and $7.8 million, an operating (loss) income of ($2.7 million) and $3.4 million respectively. (Please see page 7 of the Company's Condensed Consolidated Statements of Operations for details).

(b) Net income for the three months ended September 30, 2012 has included income from discontinued business (net of tax) of $0.7 million and other & interest income of $2 million, which consisted of incentive allowance received from Shenzhen government for mechanical and electrical products of $0.6 million and interest income & exchange gain of $1.4 million.

(c) Net income for the nine months ended September 30, 2012 has included loss from discontinued business (net of tax) of $0.8 million and other & interest income of $7.7 million, which consisted of subsidy received as an advance technology allowance from Wuxi government as an incentive for our investment and factory expansion in Wuxi of $2.6 million, incentive allowance from Shenzhen government for mechanical and electrical products of $0.6 million and interest income & exchange gain of $2.5 million.

(d) Percentage change is not applicable if either of the two periods contains a loss.

(e) This information has been published on the Company's website http://www.namtai.com/quarterly/quarterly.htm under the quarterly earnings report of Q3 2012 on page 7, Condensed Consolidated Statements of Operations.

 

SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE THIRD QUARTER OF 2012

 

1. Quarterly Sales

(In thousands of US Dollars, except percentage information)

Quarter

2012

2011

YoY(%)

(Quarterly)

YoY(%)

(Quarterly accumulated)

1st Quarter

$94,062

$142,410

(33.9)

(33.9)

2nd Quarter

$205,146

$125,994

62.8

11.5

3rd Quarter

$380,251

$127,600

198.0

71.6

4th Quarter

-

$129,073



Total

$679,459

$525,077



 

Note:

* The above sales have excluded certain discontinued business. Please see page 7 of the Company's Condensed Consolidated Statements of Operations for details. This information has also been published on the Company's website at http://www.namtai.com/quarterly/quarterly.htm in the quarterly earnings report of Q3 2012 on page 7, Condensed Consolidated Statements of Operations.

 

2. Key Highlights of Financial Position

 


As at September 30,

As at December 31,


2012(a)

2011(a)

2011(a)

Cash on hand (b)

$155.2 million

$154.8 million

$118.5 million

Ratio of cash to current liabilities

0.52

1.54

0.88

Current ratio

1.55

3.07

2.22

Ratio of total assets to total liabilities

2.18

4.33

3.38

Return on equity

12.0%

2.4%

0.2%

Ratio of total liabilities to total equity

0.85

0.30

0.42

Debtors turnover

63 days

39 days

46 days

Inventory turnover

47 days

17 days

19 days

Average payable period

107 days

49 days

54 days

 

Notes:

(a) The Company's ratios as at September 30,2011 have been restated according to the reclassified assets and liabilities resulting from discontinued business. Please see page 8 of the Company's Condensed Consolidated Balance Sheets for further information. This information has also been published on the Company's website at http://www.namtai.com/quarterly/quarterly.htm in the quarterly earnings report of Q3 2012 on page 8, Condensed Consolidated Balance Sheets.

(b) According to the definition of "Balance Sheet" under the Financial Accounting Standard Board (the "FASB") Accounting Standards Codification ("ASC") 210-10-20, cash equivalents are short-term, highly liquid investments that are readily convertible to cash. Only investments with original maturities of three months or less when purchased qualify under that definition. Therefore, the fixed deposits maturing over three months are not classified as cash on hand but require separate disclosure.

OPERATING RESULTS

Sales in the third quarter of 2012 were $380.3 million, an increase of 198.0%, compared to the sales of $127.6 million for the same quarter of 2011. Gross profit in the third quarter of 2012 was $34.8 million, an increase of 511.1%, compared to $5.7 million in the third quarter of last year. Gross profit margin for the third quarter of 2012 was 9.2%, up 4.7% from 4.5% in the third quarter of last year. Operating income for the third quarter of 2012 was $26.8 million, compared to the operating loss of $0.9 million in the third quarter of last year. Net income in the third quarter of 2012 was $24.6 million, or $0.54 per share (diluted), an increase of 2,142.2%, as compared to the net income of $1.1 million, or $0.02 per share (diluted) in the third quarter of last year.

For the nine months ended September 30, 2012, net sales were $679.5 million, an increase of 71.6%, compared to $396.0 million in the same period of 2011. Gross profit for the nine months September 30, 2012 was $56.8 million, an increase of 215.4%, compared to $18.0 million in the same period of last year. Gross profit margin for the nine months ended September 30, 2012 was 8.4%, an increase of 3.9%, compared to 4.5% for the same period of last year. Operating income for the nine months ended September 30, 2012 was $35.1 million, compared to an operating loss of $2.3 million in the same period of last year. Net income for the nine months ended September 30, 2012 was $30.3 million, or $0.67 per share (diluted), an increase of 396.7%, compared to net income of $6.1 million, or $0.14 per share (diluted), in the same period last year.

The improvement of the Company's results in the third quarter of 2012 was mainly due to six factors. First, sales increased significantly by 198.0% compared to the same period last year, as a result of (i) the Company's Wuxi manufacturing facility continued to ramp up of its production of high-resolution liquid crystal display modules ("LCMs") for tablets and (ii) the Company's Shenzhen manufacturing facility began mass production of high-resolution LCMs for smartphones in September 2012. Second, the management of the Company adopted certain employee stock option arrangement and forfeited a cash incentive bonus of $5.1 million. Third, the Company had $2.0 million in other and interest income, including $0.6 million of incentive allowance from the PRC government for the manufacturing of mechanical and electrical products, $0.9 million of interest income and $0.5 million of exchange gain. Fourth, the Company has improved its gross and net profit by discontinuing certain sales orders that have had poor performance. Fifth, the Company enjoyed benefit from the certain exemption treatment and tax reduction for its Wuxi operation and a tax benefit of $1.1 million as a result of tax losses carried forward from last year. Lastly, the Company has also been successful in its cost control management which effectively maintaining expenses at a similar level as before even though it had a significant increase in sales.

With respect to the discontinued low profit margin businesses, for the three months ended September 30, 2012 and September 30, 2011, the net sales were $1.8 million and $19.8 million, gross profit were $0.6 million and $2.4 million, and operating income were $0.9 million and $1.0 million, respectively. For the nine months ended September 30, 2012 and September 30, 2011, the net sales were $24.1 million and $61.0 million, gross (loss) profit were ($0.6 million) and $7.8 million, and operating (loss) income were ($2.7 million) and $3.4 million,  respectively. Please see page 7 of the Company's Condensed Consolidated Statements of Operations for further details. This information has also been published on the Company's website at http://www.namtai.com/quarterly/quarterly.htm in the quarterly earnings report of Q3 2012 on page 7, Condensed Consolidated Statements of Operations.

EXPANSION PROJECT

a) Expansion Project in Wuxi City, PRC
The Company had purchased a parcel of land of approximately 470,000 square feet from the Wuxi government for the expansion of its Wuxi manufacturing facility. On July 12, 2012, the Company conducted the stone-laying ceremony for the construction of the facility's new additions, which is expected to be completed by August 2014. The expanded facility will include office buildings, a research and development center, an environmental and safety control center, an SMT plant and warehouse, labor union buildings and employee activity centers.

b) Expansion Project in Shenzhen City, PRC
The Company is still actively and closely working with the Shenzhen government to expedite the release of a parcel of land in Shenzhen, Guangming Hi-Tech Industrial Park of approximately 1,270,000 square feet. The Shenzhen government recently announced a city rezoning project for an area that encompasses the Company's existing Shenzhen facility. As a result, the location of the Company's existing Shenzhen facility will be redeveloped as an high-end commercial district area and will no longer be suitable for any manufacturing factory thereafter. The Company has been requested to move out from the existing facility in due course and therefore has placed the need for relocation in high priority. The Company plans to continue to focus its efforts to facilitate the Shenzhen government to release the land in Guangming for its relocation, expansion and development needs at the earliest practical time. The Company currently aims to move into the new location in Guangming within three years. Subsequent to this relocation, the Company will continue to hold the existing location of its Shenzhen manufacturing facility, as a significant valuable asset for the time being.

COMPANY OUTLOOK

The Company's revenue increased by 198.0% in the third quarter of 2012 compared to the third quarter of 2011, excluding the contribution from the discontinued businesses. This significant revenue increase was principally due to the ramping up of the production of high-resolution LCM for tablets at the Company's Wuxi facility and the commencement of the production of high-resolution LCM for smartphones at the Company's Shenzhen facility beginning in September 2012. After the final evaluation on the viability of its flexible printed circuit ("FPC") business based on its performance in the third quarter of 2012, the Company has decided to discontinue its FPC business at the end of March 2013, which business has been generating losses since its initial production.

The Company is currently under discussion with its existing customers, as essential production partners, for the manufacturing of another LCM product, which the Company believes will continue to drive the expansion of its existing production capacity and production facilities.

The Company's management anticipates its customer orders would grow steadily and the existing production capacity would be expected to reach full capacity before the end of 2013, if the increases in demand for the existing production of LCMs for smartphones and tablets as well as the other new LCM product business continue to hold. Nevertheless, the Company may continue to face certain risks including but not limited to, the appreciation of renminbi, inflation in China, labor shortage, materials shortage, customers and suppliers' inability to meet their contractual obligations, financial difficulties resulting in customers and suppliers' illiquidity and global political events and actions, including war and terrorism. These risks could affect the Company's sales, profit margin and investment lost. 

THIRD QUARTER RESULTS ANALYST CONFERENCE CALL AND WEBCAST

The Company will hold a conference call on Monday, November 5, 2012, at 8:30 a.m. (EST). Shareholders, media and interested investors are invited to listen to the live webcast at www.namtai.com by clicking on the conference call link (under events) or over the phone by dialing 877.407.3140 just prior to its start time. International participants may dial 201.689.8473. Analysts who wish to receive the toll free dial-in number for this conference call are invited to contact us at 212.245.4577 or via email to [email protected].

PAYMENT OF QUARTERLY DIVIDENDS FOR 2012 AND 2013

As announced on October 31, 2011, the Company has set payment of quarterly dividends for 2012. The dividends for Q4 2012 were paid on October 20, 2012. The following table updates the previously announced schedule for declaration and payment of quarterly dividends in 2012.

Quarterly Payment

Record Date

Payment Date

Dividend

(per share)

Status

Q1 2012

December 31, 2011

January 20, 2012

$0.07

PAID

Q2 2012

March 31, 2012

April 20, 2012

$0.07

PAID

Q3 2012

June 30, 2012

July 20, 2012

$0.07

PAID

Q4 2012

September 30, 2012

October 20, 2012

$0.07

PAID

Total for Full Year 2012

$0.28


We are pleased to announce that, considering the Company's cash position and the promising future outlook for a continual and profitable growth, our Board of Directors has determined it appropriate to continue dividend payments and has authorized a 114.3% increase in the quarterly dividend payments in 2013 according to the schedule set forth below.

Quarterly Payment

Record Date

Payment Date

Dividend

(per share)

Status

Q1 2013

December 31, 2012

before January 31, 2013

$0.15


Q2 2013

March 31, 2013

before April 30, 2013

$0.15


Q3 2013

June 30, 2013

before July 31, 2013

$0.15


Q4 2013

September 30, 2013

before October 31, 2013

$0.15


Total for Full Year 2013

$0.60


The Company's decision to continue dividend payments in 2013 does not necessarily mean that cash dividend payments will continue thereafter. Whether future dividends will be declared will depend upon the Company's future growth and earnings, of which there can be no assurance, and the Company's cash flow needs for further expansion. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2013, what the amounts of such dividends will be or whether such dividends, once declared for a specific period, will continue for any future period, or at all.

PROPOSED SCHEDULE OF RELEASE OF QUARTERLY FINANCIAL RESULTS FOR Q4 2012 and 2013

To enhance the efficiency of delivering the Company's quarterly financial results to reach the market, the Company's management has decided to accelerate the schedule of release of quarterly financial results for 2013 to be one week earlier than before. Details of the expected quarterly release dates are as follows:-

Announcements of Financial Results

Quarter

Date of release

Q4 2012

January 28, 2013 (Mon)

Q1 2013

April 29, 2013 (Mon)

Q2 2013

July 29, 2013 (Mon)

Q3 2013

October 28, 2013 (Mon)

Q4 2013

January 27, 2014 (Mon)

CORPORATE VIDEO and WEBSITE

The Company is producing a new Corporate Video and website in order to provide the most recent company information to its shareholders and investors. The Company expects that the new video also will be available on the Company's new website before the end of November 2012. If any shareholders, media and interested investors would like more information about the Company or its new corporate video, please contact us at 212.245.4577 or via email to [email protected] to arrange the distribution.


FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE

Certain statements included in this press release and the subsequent conference call, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "seek" or "believe". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activities, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, a deterioration of the markets for the Company's customers' products and the global economy as a whole, which could negatively impact the Company's revenue and the ability of the Company's customers to confirm prior orders or pay for the Company's products; the financial resources and credit rating of Company's customers under the current global recession; the effects that current credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations; the sufficiency of the Company's cash position and other sources of liquidity to operate its business; the negative effects of increased competition pressure on the Company's revenues and margins; component quality or shortage, whether or not cause by customers change in specifications, delay in the Company's ability to take possession of land for development of additional production facilities, continued inflation and appreciation of the Renminbi against the US dollar; rising labor costs in China and changes in the labor supply and labor relations our ability to win additional government business. In particular, you should consider the risks outlined under the heading "Risk Factors" in our most recent Annual Report on Form 20-F and in our Current Report filed from time to time on Form 6-K. The Company's decision to continue dividend payments in 2013 does not necessarily mean that dividend payments will continue thereafter. Whether future dividends will be declared depend upon the Company's future growth and earnings, of which there can be no assurance, as well as the Company's cash flow needs for further expansion. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2013, what amount that dividends may be or whether such dividends, once declared for a specific period, will continue for any future period, or at all, Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release and the subsequent investors conference call; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this release or those that might reflect the occurrence of unanticipated events.

ABOUT NAM TAI ELECTRONICS, INC.

We are an electronics manufacturing and design services provider to a select group of the world's leading OEMs of telecommunications, consumer electronic, medical and automotive products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD modules, FPC subassemblies and image-sensor modules and PCBAs. These components are used in numerous electronic products, including mobile phones, tablets, laptop computers, digital cameras, electronic toys, handheld video game devices, and entertainment devices. We also manufacture finished products, including mobile phone accessories, home entertainment products and educational products. We assist our OEM customers in the design and development of their products and furnish full turnkey manufacturing services that utilize advanced manufacturing processes and production technologies.

Nam Tai Electronics, Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol "NTE"). All the Company's operations are located in the People's Republic of China.

Please refer to the Nam Tai website (www.namtai.com) or the SEC website (www.sec.gov) for Nam Tai press releases and financial statements.

SOURCE Nam Tai Electronics, Inc.

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