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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of: February, 2010
Commission File Number: 001-31583
NAM TAI ELECTRONICS, INC.
(Translation of registrants name into English)
Gushu Industrial Estate, Xixiang
Baoan, Shenzhen
Peoples Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover
of Form 20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934. Yes o No þ
If Yes is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-___________.
TABLE OF CONTENTS
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FOURTH QUARTER NEWS RELEASE |
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Investor relations contact: Kee Wong
Address: Units 5811-12, 58/F, The Center
99 Queens Road Central, Central, Hong Kong
Tel: (852) 2341 0273 Fax: (852) 2263 1223
|
|
E-mail: shareholder@namtai.com
Website: www.namtai.com |
NAM TAI ELECTRONICS, INC.
Q4 2009 Sales down 44.5%, Gross profit margin at 10.8%
2009 Sales down 34.5%, Gross profit margin at 9.9%
SHENZHEN, PRC February 8, 2010 Nam Tai Electronics, Inc. (Nam Tai or the Company) (NYSE
Symbol: NTE) today announced its unaudited results for the fourth quarter and year ended December
31, 2009.
KEY HIGHLIGHTS
(In thousands of US Dollars, except per share data, percentages and as otherwise stated)
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Quarterly Results |
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Year Results |
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Q4 2009 |
|
Q4 2008 |
|
YoY(%) |
|
12M 2009 |
|
12M 2008 |
|
YoY(%) |
Net sales |
|
$ |
93,735 |
|
|
$ |
169,021 |
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(44.5 |
) |
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$ |
408,137 |
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$ |
622,852 |
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(34.5 |
) |
Gross profit |
|
$ |
10,162 |
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|
$ |
14,648 |
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(30.6 |
) |
|
$ |
40,320 |
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$ |
70,678 |
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(43.0 |
) |
% of sales |
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10.8 |
% |
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8.7 |
% |
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9.9 |
% |
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11.3 |
% |
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Operating income (loss) |
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$ |
692 |
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$ |
(14,455 |
) |
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* |
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$ |
388 |
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$ |
6,386 |
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(93.9 |
) |
% of sales |
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0.7 |
% |
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(8.6 |
%) |
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0.1 |
% |
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1.0 |
% |
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per share (diluted) |
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$ |
0.02 |
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|
$ |
(0.32 |
) |
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* |
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|
$ |
0.01 |
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$ |
0.14 |
|
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(92.9 |
) |
Net income (loss) attributable
to Nam Tai
shareholders(a) |
|
$ |
416 |
|
|
$ |
(14,447 |
) |
|
|
* |
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$ |
1,652 |
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$ |
30,635 |
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(94.6 |
) |
% of sales |
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0.4 |
% |
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(8.5 |
%) |
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0.4 |
% |
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4.9 |
% |
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Basic earnings (loss) per share |
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$ |
0.01 |
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$ |
(0.32 |
) |
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* |
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$ |
0.04 |
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$ |
0.68 |
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(94.1 |
) |
Diluted earnings (loss) per share |
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$ |
0.01 |
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$ |
(0.32 |
) |
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* |
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$ |
0.04 |
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$ |
0.68 |
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(94.1 |
) |
Weighted average number of
shares (000) |
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Basic |
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44,804 |
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44,804 |
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44,804 |
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44,804 |
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Diluted |
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44,820 |
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44,804 |
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44,810 |
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44,806 |
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Note:
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(a) |
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For the twelve months ended December 31, 2008, net income included $20.2 million of gain
on disposal of J.I.C. Technology Company Limited (JIC).
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* |
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Percentage change is not presented if either the latest period or prior period contains a loss. |
In addition to disclosing results determined in accordance with accounting principles
generally accepted in the United States (US GAAP) as set forth in the table above, management
utilizes a measure of operating income / (loss), net income / (loss) and earnings (loss) per share
on a non-GAAP basis that excludes certain income and expenses to better assess operating
performance. Those non-GAAP financial measures exclude certain items, such as share-based
compensation expenses and infrequent or unusual items such as gain on sale of shares of a
subsidiary, employee severance benefits in PRC subsidiaries and other income recovered from
Tele-Art Inc. (in liquidation). By disclosing the non-GAAP information, management intends to
provide investors with additional information to analyze the Companys performance, core results
and underlying trends. Non-GAAP information is not determined using US GAAP; therefore, the
information is not necessarily comparable to other companies and
Page 1 of 14
should not be used to compare the
Companys performance over different periods. Non-GAAP information should not be viewed as a
substitute for, or superior to, net income/(loss) or other financial data prepared in accordance
with US GAAP as measures of our operating results or liquidity. Users of this financial information
should consider the types of events and transactions for which adjustments have been made. See the
table below for a reconciliation of non-GAAP amounts to amounts reported under US GAAP.
Page 2 of 14
GAAP TO NON-GAAP RECONCILIATION
(In millions of US Dollars, except for per share (diluted) and numbers of shares)
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Three months ended |
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Year ended |
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December 31, |
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December 31, |
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2009 |
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2008 |
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2009 |
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2008 |
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per share |
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per share |
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per share |
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per share |
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millions |
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(diluted) |
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millions |
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(diluted) |
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millions |
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(diluted) |
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millions |
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(diluted) |
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GAAP Operating Income (Loss) |
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$ |
0.7 |
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$ |
0.02 |
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$ |
(14.4 |
) |
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$ |
(0.32 |
) |
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$ |
0.4 |
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$ |
0.01 |
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$ |
6.4 |
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$ |
0.14 |
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Add back: |
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Share-based compensation
expenses(a) |
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0.1 |
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1.2 |
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0.03 |
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Professional expenses in
relation to privatization of NTEEP |
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0.9 |
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0.02 |
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Employee severance
benefits in PRC subsidiaries
(b) |
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0.6 |
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0.01 |
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5.1 |
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0.11 |
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0.6 |
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0.01 |
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Impairment loss on
goodwill |
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17.3 |
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0.39 |
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17.3 |
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0.39 |
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Non-GAAP Operating Income |
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$ |
0.7 |
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$ |
0.02 |
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$ |
3.5 |
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$ |
0.08 |
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$ |
6.5 |
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$ |
0.14 |
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$ |
25.5 |
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$ |
0.57 |
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GAAP Net Income (Loss) attributable to
Nam Tai shareholders |
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$ |
0.4 |
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$ |
0.01 |
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$ |
(14.4 |
) |
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$ |
(0.32 |
) |
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$ |
1.7 |
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$ |
0.04 |
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$ |
30.6 |
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$ |
0.68 |
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Add back/(Less): |
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Share-based compensation
expenses(a) |
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0.1 |
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1.2 |
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0.03 |
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Professional expenses in
relation to privatization of NTEEP |
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0.9 |
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0.02 |
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Employee severance
benefits in PRC subsidiaries (after
deducting tax and sharing with
noncontrolling interest)
(b) |
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0.6 |
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0.01 |
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3.2 |
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0.07 |
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0.6 |
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0.01 |
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Impairment loss on
goodwill |
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17.3 |
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0.39 |
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17.3 |
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0.39 |
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Gain on sale of
subsidiary shares (c) |
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(20.2 |
) |
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(0.45 |
) |
Other income recovered
from Tele-Art Inc. (in
liquidation)(d) |
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(2.9 |
) |
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(0.07 |
) |
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Non-GAAP Net Income attributable to
Nam Tai shareholders |
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$ |
0.4 |
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$ |
0.01 |
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$ |
3.5 |
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$ |
0.08 |
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$ |
5.9 |
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$ |
0.13 |
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$ |
26.6 |
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$ |
0.59 |
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Weighted average number of shares
diluted (000) |
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44,820 |
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44,804 |
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44,810 |
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44,806 |
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Note: |
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(a) |
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The share-based compensation expenses included approximately $0.1 million attributable to
options to purchase 75,000 shares granted in the second quarter of 2009 ($0.2 million for year
2008 to directors in accordance with the Companys practice of making annual option grants to
its directors upon their election for the ensuing year and approximately $1.0 million
principally attributable to options to purchase approximately 20 million shares granted by the
Companys former Hong Kong Stock Exchange- listed subsidiary, Nam Tai Electronic & Electrical
Products Limited (NTEEP)(Stock Code : 2633)), to certain of its executive directors and
employees in the first quarter of 2008. In December 2008, NTEEP repurchased and cancelled all
of its outstanding 17,440,000 options from the option holders at
a total consideration of approximately $42,000. Accordingly, Nam Tai recorded no share-based
compensation expense |
Page 3 of 14
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(relating to NTEEP) during the three months ended December 31, 2009. |
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(b) |
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The expense represents employee benefit and severance arrangements in accordance with the PRC
statutory severance requirements. |
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(c) |
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On March 4, 2008, Nam Tai completed the sale of its entire equity interest of Namtek business
in JIC, a Hong Kong Stock Exchange listed subsidiary (Stock Code: 00987), to an independent
third party. In this transaction, Nam Tai sold 572,594,978 shares of JIC, representing 74.99%
of its outstanding share capital for cash of approximately $51 million, which resulted in a
gain on disposal of approximately $20 million. |
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(d) |
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A total amount of approximately $2.9 million of other income in the Companys financial
statements for the second quarter of 2008. This amount represents Nam Tais share of proceeds
realized from the disposal for the account of Tele-Art, Inc.s liquidator of 477,319 Nam Tai
shares owned by Tele-Art, Inc. (in liquidation)(Tele-Art) and was paid in settlement of
amounts previously funded by Nam Tai in connection with Tele-Arts liquidation and in partial
satisfaction of judgments in favor of Nam Tai against Tele-Art. |
SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FOURTH QUARTER OF 2009
1. Quarterly Sales Breakdown
(In thousands of US Dollars, except percentage information)
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YoY(%) |
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YoY(%) |
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(Quarterly |
Quarter |
|
2009 |
|
2008 |
|
(Quarterly) |
|
accumulated) |
1st Quarter |
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102,150 |
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|
147,129 |
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(30.6 |
) |
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(30.6 |
) |
2nd Quarter |
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101,836 |
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|
146,168 |
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(30.3 |
) |
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(30.5 |
) |
3rd Quarter |
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110,416 |
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|
160,534 |
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(31.2 |
) |
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(30.7 |
) |
4th Quarter |
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|
93,735 |
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|
169,021 |
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|
(44.5 |
) |
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|
(34.5 |
) |
Total |
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408,137 |
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|
622,852 |
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2. |
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Breakdown of Net Sales by Product Segment (as a percentage of Total Net Sales) |
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2009 |
|
2008 |
Segments |
|
Q4 (%) |
|
YTD (%) |
|
Q4 (%) |
|
YTD (%) |
Consumer Electronic and Communication
Products (CECP) |
|
|
27 |
|
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|
28 |
|
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|
37 |
|
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|
44 |
|
Telecommunication Component Assembly (TCA) |
|
|
54 |
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|
55 |
|
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|
54 |
|
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|
44 |
|
Liquid Crystal Display Products (LCDP) |
|
|
19 |
|
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|
17 |
|
|
|
9 |
|
|
|
12 |
|
|
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
|
|
100 |
|
3. |
|
Key Highlights of Financial Position |
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As at December 31, |
|
|
2009 |
|
2008 |
Cash on hand (a) |
|
$195.6 million |
|
$237.0 million |
Ratio of cash (a) to current liabilities |
|
|
2.56 |
|
|
|
1.66 |
|
Current ratio |
|
|
3.59 |
|
|
|
2.67 |
|
Ratio of total assets to total liabilities |
|
|
5.21 |
|
|
|
3.58 |
|
Return on Nam Tai shareholders equity |
|
|
0.5 |
% |
|
|
9.4 |
% |
Ratio of total liabilities to total equity(b) |
|
|
0.24 |
|
|
|
0.39 |
|
Debtors turnover |
|
52 days |
|
61 days |
Inventory turnover |
|
16 days |
|
18 days |
Average payable period |
|
59 days |
|
65 days |
|
|
|
Note: |
|
(a) Includes cash equivalents. |
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|
(b)Ratio for 2008 has been restated in order to conform this years basis of
calculation. |
Page 4 of 14
OPERATIONS REVIEW
The business environment in Nam Tais product sectors remains difficult and extremely competitive.
Sales in the fourth quarter of 2009 were $93.7 million, a decrease of 44.5% as compared to sales of
$169.0 million in the same quarter of 2008. Sales in our CECP segment and TCA segment dropped by
59.3% and 45.0% respectively and LCDP segment increased by 17.9%, during the fourth quarter of
2009, as compared to same period in 2008. Sales in our CECP segment declined significantly mainly
because of the continuing effect from the global economic downturn. The weak demand in the market
for our consumer products adversely affected sales of all of our end-user products such as mobile
phone accessories, which principally represented sales of our headsets containing
Bluetooth®1 wireless technology, educational products, optical products and home
entertainment devices. Sales in our TCA segment also declined as a consequence of the decline in
sales of TCA.
The Companys gross profit margin in the fourth quarter of 2009 was 10.8% as compared to 8.7% in
the fourth quarter of 2008. Gross profit in the fourth quarter of 2009 was $10.2 million, a
decrease of 30.6%, as compared to $14.6 million in the fourth quarter of 2008, primarily resulting
from the decrease in sales.
Net income attributable to Nam Tai shareholders in the fourth quarter of 2009 was $0.4 million, as
compared to net loss of $14.5 million in same quarter of 2008, mainly due to impairment loss on
goodwill $17.3 million in 2008. Basic and diluted earnings per share in the fourth quarter of 2009
were $0.01 per share, as compared to basic and diluted loss per share of $0.32 in the fourth
quarter of 2008.
For the twelve months ended December 31, 2009, our net sales were $408.1 million, a decrease of
34.5% as compared to $622.9 million in the same period last year. The Companys gross profit margin
was 9.9% as compared to 11.3% in the same period of 2008. Gross profit was $40.3 million, a
decrease of 43.0%, as compared to $70.7 million in the same period last year. We reported an
operating income for the twelve months of 2009 of $0.4 million, compared to operating income of
$6.4 million in the same period last year. Our net income attributable to Nam Tai shareholders for
the twelve months ended December 31, 2009 was $1.7 million, or $0.04 per share (diluted), as
compared to net income attributable to Nam Tai shareholders of $30.6 million, or $0.68 per share
(diluted), in the same period last year.
Non-GAAP Financial Information
Non-GAAP operating income for the fourth quarter of 2009 was $0.7 million, or $0.02 per share
(diluted), compared to non-GAAP operating income of $3.5 million, or $0.08 per share (diluted), in
the fourth quarter of 2008. Non-GAAP net income attributable to Nam Tai shareholders for the fourth
quarter of 2009 decreased to $0.4 million or $0.01 per share (diluted), compared to income of $3.5
million, or $0.08 per share (diluted), in the fourth quarter of 2008.
Liquidity and Financial Resources
Despite current economic conditions, Nam Tais financial position as at December 31, 2009 remained
strong with $195.6 million cash on hand. Net cash provided by operating activities in the fourth
quarter was $15.6 million. During the fourth quarter, the Company made capital expenditure of $7.9
million.
Nam Tais cash on hand has been invested in term deposits with HSBC and China Construction Bank.
The Company continues to exercise rigorous corporate governance and control policies and is not
involved in trading of any debt securities or financial derivative products.
|
|
|
(1) |
|
The Bluetooth® word mark and logo are owned by the
Bluetooth SIG, Inc. and any use of such mark by Nam Tai is under license. |
Page 5 of 14
EXPANSION PROJECTS
During the fourth quarter of 2009, we expended approximately $8 million mainly on our ongoing
expansion project of FPC manufacturing plant in Wuxi near the east coast of China, approximately 80
miles northwest of Shanghai. Upon the completion of construction of the plant in the second
quarter 2009, manufacturing equipments and human resources were being established. In the fourth
quarter of 2009, the plant spent time and effort to build samples for customers in applications of
automotive and telecommunications. Small volume of mass manufacturing is expected to be scheduled
in the first quarter of 2010. Continuously, there will be more samples to be built for more
customers and higher volume of mass manufacturing will be commencing in the coming quarters.
PRIVATIZATION OF NTEEP
The compulsory acquisition of Nam Tai Electronic & Electrical Products Limited (NTEEP) by the
Company was completed on November 12, 2009. Withdrawal of listing of the shares of NTEEP on the
Stock Exchange of Hong Kong also took place with effect from November 13, 2009. As a result, NTEEP
has become a wholly-owned subsidiary of the Company.
COMPANY OUTLOOK
The business in 2009 was not satisfactory. The global financial crisis which continues from 2009
will affect the businesses of the Company in 2010. It is believed that the business of our CECP
segment continue to drop in 2010. The Company will establish careful negotiations with customers
on business terms to reduce further risks. Such uncertainty hinders the growth and so the business
outlook for the Company in 2010 remains tough.
While it is believed that sales of optical products and educational products will remain weak, the
demand for LCM and FPC products is expected to increase. Nevertheless, the growth for the year
2010 will be limited. The Company will concentrate on the development and manufacture of FPC
products in the future.
In the coming quarters, the Company will focus on re-organization while achieving improvement in
management which utilizes effective risk control system and strong company governance policies.
Where necessary, new management executives will be recruited.
UPDATE ON TAX DISPUTE WITH HONG KONG INLAND REVENUE DEPARTMENT
Regarding the tax disputes of the 3 inactive or dormant subsidiaries of the Company, Nam Tai
Trading Company Limited, Nam Tai Group Management Limited and Nam Tai Telecom (Hong Kong) Company
Limited, the Company has been co-operating with the Inland Revenue Department of Hong Kong (IRD)
all along in supplying them with all the information we believe is necessary to resolve the
disputes.
Page 6 of 14
However, IRD does not accept our explanations that it was necessary for these 3 subsidiaries to
perform their individual functions for the whole Nam Tai group and therefore the management fees
paid by the Company to support and finance all the necessary overhead expenses of these
subsidiaries (not located in Hong Kong) to contribute to the businesses representing the
administration and finance departmental functions for the whole group under the corporate structure
at that time were not regarded as necessary expenses by IRD.
Since it is believed that it will be difficult for these subsidiaries to continue co-operating with
IRD in the future, if the Company discontinues to finance these subsidiaries, they will be forced
to liquidate in due course. As these subsidiaries do not conduct any business and have been
inactive or dormant for quite some time, and own either limited book-value assets or no assets, it
is believed that there should be no impact on the Companys overall performance.
DIVIDEND
After serious consideration of the financial situations of the Company, the board has determined to
continue to suspend dividend payments in 2010.
PROPOSED SCHEDULE OF (I) RELEASE OF RESULTS ANNOUNCEMENT FOR THE FINANCIAL YEAR 2010; AND (II)
ANNUAL SHAREHOLDERS MEETING (ASM)
|
|
|
Quarter |
|
Date of release |
1Q 2010
|
|
May 3, 2010 (Mon) |
2Q 2010
|
|
Aug 2, 2010 (Mon) |
3Q 2010
|
|
Nov 1, 2010 (Mon) |
4Q 2010
|
|
Feb 21, 2011 (Mon) |
|
|
|
|
|
Date of meeting |
ASM
|
|
Jun 4, 2010 (Fri) |
FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE
Express or implied statements in this press release, such as managements assessment of the
strength of Nam Tais financial condition and cash position, our belief regarding the benefits and
cost reductions to be realized upon completion of the privatization of NTEEP, the expectations on
sales upon completion of construction of the plant in the Wuxi factory and the beginning of the
mass manufacturing, an increase for demand for LCM and FPC products and concentration on the
development and manufacture of FPC products in the future, the negotiations with customers on
business terms to reduce further risks and the benefits which may achieve upon the re-organization
of the management and recruitment of new management executives, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements may be identified by the use of words like
believes, intends, expects, seeks, plans or planned, may, will, should or
anticipates, or the negative equivalents of those words or comparable terminology, and involve
risks and uncertainties. Such statements are based on current expectations and assumptions and
reflect managements views with respect to future events and may not actually occur during the
periods indicated or at all and are not a guarantee of Nam Tais future performance. These
forward-looking statements are, by their nature, subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results expressed or implied by
the forward-looking statements in this press release. These risks and
Page 7 of 14
uncertainties include whether the completion of construction of the Wuxi factory and the beginning
of the mass manufacturing, an increase for demand for LCM and FPC products and concentration on the
development and manufacture of FPC products in the future will have a material effect on sales and
justify the funds expended in the process; whether the negotiations with customers on business
terms are able to reduce further risks; whether the re-organization of the management and
recruitment of new management executives can achieve the benefits desired; whether Nam Tais
completion of the privatization of NTEEP will provide Nam Tais with meaningful benefits; whether
Nam Tais decision to eliminate the declaration of dividends during 2010 (or beyond should
conditions warrant) will be able to maintain the financial position of the Company; and whether the
3 inactive or dormant subsidiaries of the Company will have no impact on the Companys overall
performance. Product orders and Nam Tais operating results, available cash, cash flows, operating
results and levels of capital expenditures may be adversely affected by numerous factors including
adverse global economic conditions generally and the continuing uncertainties and fears regarding
the worlds and nations economies; Nam Tais dependence on a few large customers; intense
competition in the electronics manufacturing services, or EMS, industry in which the Company
participates, particularly in markets that place constant pressure on the Company to reduce unit
prices; continuing competitive pressures that adversely affect its profit margins; its operating
results fluctuating and lacking predictability; risks relating to its doing business in the PRC
such as arising from changes in governmental policies, trade regulation, currency exchange rates,
particularly from the appreciation of the renminbi to the U.S. dollar which has occurred since June
2005, and inflation in the PRC and elsewhere globally; the timing and amount of significant orders
from customers; Nam Tais success at attracting new customers; delays in product development and
related product release schedules; obsolete inventory or product returns; warranty and other claims
on products; technological shifts; the availability of competitive products of comparable quality
at prices below Nam Tais prices; maturing product life cycles of the products manufactured by Nam
Tai; concessions Nam Tai may make on product sale terms and conditions; successful implementation
of operating cost structures that align with revenue; the financial condition of Nam Tais
customers and vendors; the availability and increasing costs of materials and other components
needed to manufacture Nam Tais products; potential shortages of materials or skilled labor needed
to complete its planned expansion project in Wuxi; unforeseen engineering problems, work stoppages,
weather interference, flood, earthquake or other acts of God, delays in obtaining or failure to
obtain necessary permits from regulatory authorities needed for completion of its planned new Wuxi
facility or to continue existing operations; unanticipated cost increases; risks of expanding into
a new area of the PRC where Nam Tais has not yet conducted business, the success or failure of Nam
Tais efforts to return property acquired from the Wuxi government for the construction of the
second factory and potential consequences to Nam Tai from terminating its second Wuxi expansion
project; diversion of managements attention to a new factory in Wuxi and to other business
concerns; the impact of legislative actions, higher insurance costs and potential new accounting
pronouncements; a worsening of relations between the PRC and the United States; the effects of
terrorist activity and armed conflict that cause disruptions in general economic activity and
changes in Nam Tais operations and security arrangements; the effects of travel restrictions and
quarantines associated with major health problems, such as Severe Acute Respiratory Syndrome, Bird
Flu or recent outbreaks of swine flu, on general economic activity; or other changes in general
economic conditions, including an exacerbation of the current global economic weaknesses that
continue to adversely affect, or further reduce, demand for Nam Tais products. In addition,
factors, among others, that could cause the market price of our shares to decline in the future
could include further decreases in our revenues from those we reported in earlier periods, our
operating results or those of our competitors or customers to meet the expectations of public
market analysts and investors who follow the EMS, industry, or one or more of the factors discussed
in Item 3. Key Information Risk Factors in our Annual Report on Form 20-F for the year ended
December 31, 2008 as filed on March 13, 2009 with the Securities and Exchange Commission.
For further information regarding risks and uncertainties associated with Nam Tais business,
operating results or financial condition, please refer to the Operating and Financial Review and
Page 8 of 14
Prospects, Managements Discussion and Analysis of Results of Operations and Financial Condition
and Risk Factors sections of Nam Tais SEC filings, including, but not limited to, its annual
reports on Form 20-F and Reports on Form 6-K containing releases of Nam Tais quarterly financial
results, copies of which may be obtained from Nam Tais website at http://www.namtai.com or from
the SECs EDGAR website at http://www.sec.gov.
All information in this press release is as of February 8, 2010 in Shenzhen of the Peoples
Republic of China. Nam Tai does not undertake any duty, and should not be expected, to update any
forward-looking statement to conform the statement to actual results or changes in Nam Tais
expectations.
ABOUT NAM TAI ELECTRONICS, INC.
We are an electronics manufacturing and design services provider to a select group of the worlds
leading OEMs of telecommunications and consumer electronic products. Through our electronics
manufacturing services operations, we manufacture electronic components and subassemblies,
including LCD panels, LCD modules, RF modules, DAB modules, FPC subassemblies and image-sensor
modules and PCBAs for headsets containing Bluetooth® wireless technology. These components are
used in numerous electronic products, including mobile phones, 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.
Page 9 of 14
NAM TAI ELECTRONICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(2)
FOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008
(In Thousands of US Dollars except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
Three months ended |
|
Year ended |
|
|
December 31 |
|
December 31 |
|
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
93,735 |
|
|
$ |
169,021 |
|
|
$ |
408,137 |
|
|
$ |
622,852 |
|
Cost of sales |
|
|
83,573 |
|
|
|
154,373 |
|
|
|
367,817 |
|
|
|
552,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
10,162 |
|
|
|
14,648 |
|
|
|
40,320 |
|
|
|
70,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses(3) |
|
|
6,848 |
|
|
|
6,865 |
|
|
|
28,393 |
|
|
|
29,112 |
|
Selling expenses |
|
|
1,174 |
|
|
|
1,877 |
|
|
|
5,266 |
|
|
|
6,945 |
|
Research and development expenses |
|
|
1,448 |
|
|
|
3,016 |
|
|
|
6,273 |
|
|
|
10,890 |
|
Impairment loss on goodwill |
|
|
|
|
|
|
17,345 |
|
|
|
|
|
|
|
17,345 |
|
|
|
|
|
|
|
9,470 |
|
|
|
29,103 |
|
|
|
39,932 |
|
|
|
64,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss) |
|
|
692 |
|
|
|
(14,455 |
) |
|
|
388 |
|
|
|
6,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expenses) income, net |
|
|
(181 |
) |
|
|
(303 |
) |
|
|
(256 |
) |
|
|
6,428 |
|
Gain on sales of shares of a subsidiary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,206 |
|
Interest income |
|
|
153 |
|
|
|
1,409 |
|
|
|
818 |
|
|
|
6,282 |
|
Interest expense |
|
|
|
|
|
|
(110 |
) |
|
|
(202 |
) |
|
|
(356 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax |
|
|
664 |
|
|
|
(13,459 |
) |
|
|
748 |
|
|
|
38,946 |
|
Income tax expenses |
|
|
(254 |
) |
|
|
(1,025 |
) |
|
|
(1,283 |
) |
|
|
(2,877 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
410 |
|
|
|
(14,484 |
) |
|
|
(535 |
) |
|
|
36,069 |
|
Less: Net income (loss) attributable to the
non-controlling interest |
|
|
6 |
|
|
|
37 |
|
|
|
2,187 |
|
|
|
(5,434 |
) |
|
|
|
Net income (loss) attributable to Nam Tai shareholders |
|
$ |
416 |
|
|
$ |
(14,447 |
) |
|
$ |
1,652 |
|
|
$ |
30,635 |
|
|
|
|
Earnings (loss) per share (attributable to Nam Tai
shareholders) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
(0.32 |
) |
|
$ |
0.04 |
|
|
$ |
0.68 |
|
|
|
|
Diluted |
|
$ |
0.01 |
|
|
$ |
(0.32 |
) |
|
$ |
0.04 |
|
|
$ |
0.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
44,804 |
|
|
|
44,804 |
|
|
|
44,804 |
|
|
|
44,804 |
|
Diluted |
|
|
44,820 |
|
|
|
44,804 |
|
|
|
44,810 |
|
|
|
44,806 |
|
|
|
|
(2) |
|
On January 1, 2009, Nam Tai adopted Accounting
Standards Codification 810-10-65-1 Transition Related to FASB Statements
No. 160, Noncontrolling Interests in Consolidated Financial Statements
an amendment of ARB No. 51, and No. 164, Not-for-Profit Entities: Mergers
and Acquisitions the provisions of which, among others, requires that
minority interests be renamed noncontrolling interests and that a company
present a consolidated net income (loss) measure that includes the amount
attributable to such noncontrolling interests for all periods presented.
The provisions of this accounting standard will cease to be applicable
once Nam Tai reports its results following completion of the privatization
of NTEEP. |
|
(3) |
|
Item of employee severance benefits has been re-grouped into general
and administrative expenses which are separately listed with selling expenses
for this quarters presentation. As compared to last three quarters
presentation, selling, general and administrative expenses are listed as single
line item. |
Page 10 of 14
NAM TAI ELECTRONICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 2009 AND 2008
(In Thousands of US Dollars)
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
|
December 31 |
|
December 31 |
|
|
2009 |
|
2008 |
|
|
|
|
|
|
|
(Note) |
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
195,625 |
|
|
$ |
237,017 |
|
Accounts receivable, net |
|
|
57,911 |
|
|
|
104,150 |
|
Entrusted loan receivable (Note 1) |
|
|
|
|
|
|
8,199 |
|
Inventories |
|
|
16,054 |
|
|
|
27,300 |
|
Prepaid expenses and other receivables |
|
|
3,079 |
|
|
|
4,148 |
|
Deferred tax assets current |
|
|
1,460 |
|
|
|
1,232 |
|
|
|
|
Total current assets |
|
|
274,129 |
|
|
|
382,046 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
108,110 |
|
|
|
108,067 |
|
Land use right |
|
|
13,296 |
|
|
|
13,593 |
|
Deposits for property, plant and equipment |
|
|
32 |
|
|
|
2,937 |
|
Goodwill |
|
|
2,951 |
|
|
|
2,951 |
|
Deferred tax assets-non current |
|
|
4,486 |
|
|
|
3,547 |
|
Other assets |
|
|
920 |
|
|
|
920 |
|
|
|
|
Total assets |
|
$ |
403,924 |
|
|
$ |
514,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Entrusted loan payable (Note 1) |
|
$ |
|
|
|
$ |
8,199 |
|
Notes payable |
|
|
691 |
|
|
|
|
|
Accounts payable |
|
|
58,667 |
|
|
|
98,125 |
|
Accrued expenses and other payables |
|
|
16,397 |
|
|
|
25,967 |
|
Dividend payable |
|
|
|
|
|
|
9,857 |
|
Income tax payable |
|
|
656 |
|
|
|
861 |
|
|
|
|
Total current liabilities |
|
|
76,411 |
|
|
|
143,009 |
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
1,103 |
|
|
|
740 |
|
|
|
|
Total liabilities |
|
|
77,514 |
|
|
|
143,749 |
|
|
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
|
Nam Tai shareholders equity: |
|
|
|
|
|
|
|
|
Common shares |
|
|
448 |
|
|
|
448 |
|
Additional paid-in capital |
|
|
285,264 |
|
|
|
282,767 |
|
Retained earnings |
|
|
40,706 |
|
|
|
39,054 |
|
Accumulated other comprehensive loss (Note 2) |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
|
Total Nam Tai shareholders equity |
|
|
326,410 |
|
|
|
322,261 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interest (NTEEP) |
|
|
|
|
|
|
48,051 |
|
|
|
|
Total equity |
|
|
326,410 |
|
|
|
370,312 |
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
403,924 |
|
|
$ |
514,061 |
|
|
|
|
Note: |
|
Information extracted from the audited financial statements included in the 2008 Form
20-F of the Company filed with the Securities and Exchange Commission on March 13, 2009. |
Page 11 of 14
NAM TAI ELECTRONICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31 2009 AND 2008
(In Thousands of US Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
Three months ended |
|
Year ended |
|
|
December 31 |
|
December 31 |
|
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
416 |
|
|
$ |
(14,447 |
) |
|
$ |
1,652 |
|
|
$ |
30,635 |
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of property, plant and
equipment and land use right |
|
|
6,669 |
|
|
|
5,464 |
|
|
|
23,116 |
|
|
|
22,208 |
|
Net loss (gain) on disposal of property, plant and
equipment |
|
|
1,657 |
|
|
|
(18 |
) |
|
|
1,248 |
|
|
|
(13 |
) |
Impairment loss on goodwill |
|
|
|
|
|
|
17,345 |
|
|
|
|
|
|
|
17,345 |
|
Dividend withheld |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(305 |
) |
Gain on sales of subsidiaries shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,206 |
) |
Deferred income taxes |
|
|
(393 |
) |
|
|
150 |
|
|
|
(804 |
) |
|
|
(793 |
) |
Share-based compensation expenses |
|
|
|
|
|
|
22 |
|
|
|
67 |
|
|
|
1,228 |
|
Unrealized exchange gain |
|
|
(37 |
) |
|
|
(817 |
) |
|
|
(39 |
) |
|
|
(4,757 |
) |
Non-controlling interests |
|
|
(6 |
) |
|
|
(37 |
) |
|
|
(2,187 |
) |
|
|
5,434 |
|
Changes in current assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in accounts receivable |
|
|
14,454 |
|
|
|
20,418 |
|
|
|
46,239 |
|
|
|
(8,499 |
) |
(Increase) decrease in inventories |
|
|
(1,046 |
) |
|
|
7,372 |
|
|
|
11,246 |
|
|
|
5,056 |
|
(Increase) decrease in prepaid expenses and other
receivables |
|
|
(595 |
) |
|
|
(328 |
) |
|
|
1,069 |
|
|
|
1,574 |
|
Decrease in income taxes recoverable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,439 |
|
Increase (decrease) in notes payable |
|
|
83 |
|
|
|
|
|
|
|
691 |
|
|
|
(4,580 |
) |
Decrease in accounts payable |
|
|
(5,316 |
) |
|
|
(21,388 |
) |
|
|
(39,458 |
) |
|
|
(9,201 |
) |
Decrease in accrued expenses and other payables |
|
|
(149 |
) |
|
|
(2,014 |
) |
|
|
(4,132 |
) |
|
|
(4,233 |
) |
(Decrease) increase in income tax payable |
|
|
(97 |
) |
|
|
(67 |
) |
|
|
(205 |
) |
|
|
459 |
|
|
|
|
Total adjustments |
|
|
15,224 |
|
|
|
26,102 |
|
|
|
36,851 |
|
|
|
6,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
$ |
15,640 |
|
|
$ |
11,655 |
|
|
$ |
38,503 |
|
|
$ |
36,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash inflow from disposal of subsidiaries |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
6,671 |
|
Purchase of property, plant and equipment |
|
|
(8,763 |
) |
|
|
(13,938 |
) |
|
|
(30,420 |
) |
|
|
(27,407 |
) |
Decrease (increase) in deposits for purchase of property,
plant and equipment |
|
|
878 |
|
|
|
(2,382 |
) |
|
|
2,905 |
|
|
|
(2,606 |
) |
Decrease in other assets |
|
|
|
|
|
|
299 |
|
|
|
|
|
|
|
299 |
|
Increase in prepayment for land use right |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(663 |
) |
Decrease (increase) in entrusted loan receivable |
|
|
|
|
|
|
|
|
|
|
8,199 |
|
|
|
(8,166 |
) |
Acquisition of additional shares in subsidiaries |
|
|
(1,736 |
) |
|
|
|
|
|
|
(43,434 |
) |
|
|
(2,906 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
12 |
|
|
|
24 |
|
|
|
872 |
|
|
|
55 |
|
|
|
|
Net cash (used in) investing activities |
|
$ |
(9,609 |
) |
|
$ |
(15,997 |
) |
|
$ |
(61,878 |
) |
|
$ |
(34,723 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends paid |
|
$ |
|
|
|
$ |
(9,856 |
) |
|
$ |
(9,857 |
) |
|
$ |
(47,675 |
) |
Payment on repurchase of share option |
|
|
|
|
|
|
(110 |
) |
|
|
|
|
|
|
(110 |
) |
Proceeds from entrusted loan |
|
|
|
|
|
|
|
|
|
|
(8,199 |
) |
|
|
8,166 |
|
Repayment of bank loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,648 |
) |
|
|
|
Net cash used in financing activities |
|
$ |
|
|
|
$ |
(9,966 |
) |
|
$ |
(18,056 |
) |
|
$ |
(42,267 |
)) |
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
6,031 |
|
|
|
(14,308 |
) |
|
|
(41,431 |
) |
|
|
(40,199 |
) |
Cash and cash equivalents at beginning of period |
|
|
189,557 |
|
|
|
250,508 |
|
|
|
237,017 |
|
|
|
272,459 |
|
Effect of exchange rate changes on cash and cash
equivalents |
|
|
37 |
|
|
|
817 |
|
|
|
39 |
|
|
|
4,757 |
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
195,625 |
|
|
$ |
237,017 |
|
|
$ |
195,625 |
|
|
$ |
237,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Page 12 of 14
NAM TAI ELECTRONICS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008
(In Thousands of US Dollars)
1. |
|
The entrusted loan represented the loan arrangement between two subsidiaries, Namtai
Electronic (Shenzhen) Co. Ltd. (the entrusting party) and Jetup Electronic (Shenzhen) Co.
Ltd. (the borrower), via HSBC Bank (China) Company Limited, Shenzhen Branch (the lender).
The entrusted loan was repaid in July 2009. |
|
2. |
|
Accumulated other comprehensive income represents foreign currency translation adjustments.
The comprehensive (loss) income attributable to Nam Tai shareholders of the Company was $996
and $30,635 for the twelve months ended December 31, 2009 and December 31, 2008, respectively. |
|
3. |
|
Business segment information The Company operates primarily in three segments, the
Consumer Electronic and Communication Products (CECP) segment, Telecommunication Component
Assembly (TCA) segment, and the LCD Products (LCDP) segment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
Three months ended |
|
Year ended |
|
|
December 31 |
|
December 31 |
|
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
NET SALES : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- CECP |
|
$ |
25,328 |
|
|
$ |
62,303 |
|
|
$ |
116,063 |
|
|
$ |
271,365 |
|
- TCA |
|
|
50,150 |
|
|
|
91,238 |
|
|
|
222,959 |
|
|
|
274,953 |
|
- LCDP |
|
|
18,257 |
|
|
|
15,480 |
|
|
|
69,115 |
|
|
|
76,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
93,735 |
|
|
$ |
169,021 |
|
|
$ |
408,137 |
|
|
$ |
622,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- CECP |
|
$ |
2,110 |
|
|
$ |
5,887 |
|
|
$ |
6,710 |
|
|
$ |
27,359 |
|
- TCA |
|
|
(1,188 |
) |
|
|
15 |
|
|
|
(2,144 |
) |
|
|
3,671 |
|
- LCDP |
|
|
1,116 |
|
|
|
(20,320 |
) |
|
|
1,571 |
|
|
|
(20,735 |
) |
- Corporate |
|
|
(1,622 |
) |
|
|
(29 |
) |
|
|
(4,485 |
) |
|
|
20,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income (loss)
attributable to Nam Tai
shareholders |
|
$ |
416 |
|
|
$ |
(14,447 |
) |
|
$ |
1,652 |
|
|
$ |
30,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
|
Dec. 31, |
|
Dec. 31, |
|
|
2009 |
|
2008 |
|
IDENTIFIABLE ASSETS BY SEGMENT: |
|
|
|
|
|
|
|
|
- CECP |
|
$ |
112,058 |
|
|
$ |
189,889 |
|
- TCA |
|
|
141,734 |
|
|
|
164,516 |
|
- LCDP |
|
|
42,153 |
|
|
|
42,977 |
|
- Corporate |
|
|
107,979 |
|
|
|
116,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
403,924 |
|
|
$ |
514,061 |
|
|
|
|
Page 13 of 14
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008
(In Thousands of US Dollars)
4. |
|
A summary of the net sales, net income and long-lived assets by geographic areas is as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Unaudited |
|
|
Three months ended |
|
Year ended |
|
|
December 31 |
|
December 31 |
|
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
NET SALES FROM OPERATIONS WITHIN: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- PRC, excluding Hong Kong and Macao: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated customers |
|
$ |
93,735 |
|
|
$ |
169,021 |
|
|
$ |
408,137 |
|
|
$ |
622,852 |
|
Intercompany sales |
|
|
|
|
|
|
5 |
|
|
|
19 |
|
|
|
141 |
|
- Intercompany eliminations |
|
|
|
|
|
|
(5 |
) |
|
|
(19 |
) |
|
|
(141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
93,735 |
|
|
$ |
169,021 |
|
|
$ |
408,137 |
|
|
$ |
622,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS) FROM OPERATIONS WITHIN: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- PRC, excluding Hong Kong and Macao |
|
$ |
2,098 |
|
|
$ |
(17,083 |
) |
|
$ |
5,533 |
|
|
$ |
(4,542 |
) |
- Hong Kong & Macao |
|
|
(1,682 |
) |
|
|
2,636 |
|
|
|
(3,881 |
) |
|
|
35,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net income (loss) attributable to Nam
Tai shareholders |
|
$ |
416 |
|
|
$ |
(14,447 |
) |
|
$ |
1,652 |
|
|
$ |
30,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
|
Dec. 31, 2009 |
|
Dec. 31, 2008 |
|
LONG-LIVED ASSETS WITHIN: |
|
|
|
|
|
|
|
|
- PRC, excluding Hong Kong and Macao |
|
$ |
121,286 |
|
|
$ |
121,475 |
|
- Hong Kong and Macao |
|
|
120 |
|
|
|
185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total long-lived assets |
|
$ |
121,406 |
|
|
$ |
121,660 |
|
|
|
|
Page 14 of 14
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
NAM TAI ELECTRONICS, INC.
|
|
Date February 9, 2010 |
By: |
/s/ M. K. Koo
|
|
|
|
Name: |
M. K. Koo |
|
|
|
Title: |
Executive Chairman and Chief Financial Officer |
|
|