OMB APPROVAL | ||
OMB Number: 3235-0116
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THIRD QUARTER NEWS RELEASE |
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 |
Quarterly Results | Nine Months Results | |||||||||||||||||||||||
Q3 2010 | Q3 2009 | YoY(%) | 9M 2010 | 9M 2009 | YoY(%) | |||||||||||||||||||
Net sales |
$ | 174,744 | $ | 110,416 | 58.3 | $ | 367,922 | $ | 314,402 | 17.0 | ||||||||||||||
Gross profit |
$ | 17,859 | $ | 12,614 | 41.6 | $ | 37,068 | $ | 30,158 | 22.9 | ||||||||||||||
% of sales |
10.2 | % | 11.4 | % | | 10.1 | % | 9.6 | % | | ||||||||||||||
Operating income (loss) (a)(b) |
$ | 7,286 | $ | 4,810 | 51.5 | $ | 10,452 | $ | (304 | ) | | |||||||||||||
% of sales |
4.2 | % | 4.4 | % | | 2.8 | % | (0.1 | %) | | ||||||||||||||
Per share (diluted) |
$ | 0.16 | $ | 0.11 | 45.5 | $ | 0.23 | ($0.01 | ) | | ||||||||||||||
Net income attributable to
Nam Tai shareholders(a)(b)(c) |
$ | 7,607 | $ | 4,504 | 68.9 | $ | 9,721 | $ | 1,236 | 686.5 | ||||||||||||||
% of sales |
4.4 | % | 4.1 | % | | 2.6 | % | 0.4 | % | | ||||||||||||||
Basic earnings per share |
$ | 0.17 | $ | 0.10 | 70.0 | $ | 0.22 | $ | 0.03 | 633.3 | ||||||||||||||
Diluted earnings per share |
$ | 0.17 | $ | 0.10 | 70.0 | $ | 0.22 | $ | 0.03 | 633.3 | ||||||||||||||
Weighted average number of shares (000) |
||||||||||||||||||||||||
Basic |
44,804 | 44,804 | | 44,804 | 44,804 | | ||||||||||||||||||
Diluted |
44,806 | 44,813 | | 44,808 | 44,808 | |
(a) | Operating loss and net income for the nine months ended September 30, 2009 included $5.1 million restructuring costs in relation to employee severance benefits in PRC subsidiaries. | |
(b) | Operating income (loss) and net income for the three and nine months ended September 30, 2009 and 2010 included accruals for compensation payable to the Companys CFO at the end of three years continuous service. Through September 30, 2010, amounts cumulatively accrued since March 2009 for that purpose were $1.6 million. As the Company appointed a new CFO in October 2010, which had the effect of terminating the Companys compensation obligation payable at the end of three years to its former CFO, no amounts after September 30, 2010 will be accrued on this obligation. In accordance with SAB Topics 1B.1 and 5T, ASC 718-10-15-4 and SEC Financial Reporting Manual at 7220.1, the $1.6 million previously accrued on this obligation was added to additional paid in capital on the Companys Balance Sheet at September 30, 2010. | |
(c) | In November 2009, Nam Tai successfully completed the privatization of Nam Tai Electronic & Electrical Products Limited, or NTEEP, by tendering for and acquiring the 25.12 percent of NTEEP that it did not previously own, i.e., NTEEPs noncontrolling shares, resulting in NTEEP becoming the Companys wholly-owned subsidiary. During the year ended December 31, 2009, including the periods covered by this press release, we reported consolidated net income in accordance with SFAS 160, which required that consolidated net income be reported in amounts that include the amounts attributable to both the parent (Nam Tai) and its noncontrolling interest in NTEEP. Accordingly, Net income attributable to Nam Tai shareholders in 2009 represents amounts attributable to Nam Tai, net of its non-controlling interest in NTEEP. In 2010, however, Net income attributable to Nam Tai shareholders represents amounts without deduction for any non-controlling interest. |
Page 1 of 13
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||||||||||||||||||
per share | per share | per share | per share | |||||||||||||||||||||||||||||
millions | (diluted) | millions | (diluted) | millions | (diluted) | millions | (diluted) | |||||||||||||||||||||||||
GAAP Operating Income
(Loss) |
$ | 7.3 | $ | 0.16 | $ | 4.8 | $ | 0.11 | $ | 10.5 | $ | 0.23 | $ | (0.3 | ) | $ | (0.01 | ) | ||||||||||||||
Add back: |
||||||||||||||||||||||||||||||||
- Share-based
compensation
expenses(a) |
| | | | | | 0.1 | | ||||||||||||||||||||||||
- Professional
expenses in relation to
privatization of NTEEP |
| | | | | | 0.9 | 0.02 | ||||||||||||||||||||||||
- Employee severance
benefits in PRC
subsidiaries(b) |
| | | | 0.7 | 0.02 | 5.1 | 0.11 | ||||||||||||||||||||||||
Non-GAAP Operating Income |
$ | 7.3 | $ | 0.16 | $ | 4.8 | $ | 0.11 | $ | 11.2 | $ | 0.25 | $ | 5.8 | $ | 0.12 | ||||||||||||||||
GAAP Net Income attributable
to Nam Tai shareholders |
$ | 7.6 | $ | 0.17 | $ | 4.5 | $ | 0.10 | $ | 9.7 | $ | 0.22 | $ | 1.2 | $ | 0.03 | ||||||||||||||||
Add back: |
||||||||||||||||||||||||||||||||
- Share-based
compensation
expenses(a) |
| | | | | | 0.1 | | ||||||||||||||||||||||||
- Professional
expenses in relation to
privatization of NTEEP |
| | | | | | 0.9 | 0.02 | ||||||||||||||||||||||||
- Employee severance
benefits in PRC subsidiaries
(after deducting tax and
sharing with noncontrolling
interests) (b) |
| | | | 0.5 | 0.01 | 3.2 | 0.07 | ||||||||||||||||||||||||
Non-GAAP Net Income
attributable to Nam Tai
shareholders |
$ | 7.6 | $ | 0.17 | $ | 4.5 | $ | 0.10 | $ | 10.2 | $ | 0.23 | $ | 5.4 | $ | 0.12 | ||||||||||||||||
Weighted average number of
shares diluted (000) |
44,806 | 44,813 | 44,808 | 44,808 |
Page 2 of 13
(a) | 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 to directors in accordance with the Companys practice of making annual option grants to its directors upon their election for the ensuing year. | |
(b) | The expense represents employee benefits and severance arrangements in accordance with the PRC statutory severance requirements. |
1. | Quarterly Sales Breakdown (In thousands of US Dollars, except percentage information) |
YoY(%) | ||||||||||||||||
YoY(%) | (Quarterly | |||||||||||||||
Quarter | 2010 | 2009 | (Quarterly) | accumulated) | ||||||||||||
1st Quarter |
79,266 | 102,150 | (22.4 | ) | (22.4 | ) | ||||||||||
2nd Quarter |
113,912 | 101,836 | 11.9 | (5.3 | ) | |||||||||||
3rd Quarter |
174,744 | 110,416 | 58.3 | 17.0 | ||||||||||||
4th Quarter |
| 93,735 | ||||||||||||||
Total |
367,922 | 408,137 |
2. | Breakdown of Net Sales by Product Segment (as a percentage of Total Net Sales) |
2010 | 2009 | |||||||||||||||
Segments | Q3 (%) | YTD (%) | Q3 (%) | YTD (%) | ||||||||||||
Consumer Electronic and Communication Products (CECP) |
29 | 27 | 26 | 29 | ||||||||||||
Telecommunication Component Assembly (TCA) |
57 | 56 | 56 | 55 | ||||||||||||
Liquid Crystal Display Products (LCDP) |
14 | 17 | 18 | 16 | ||||||||||||
100 | 100 | 100 | 100 |
3. | Key Highlights of Financial Position |
As at September 30, | As at December 31 | |||||||||||
2010 | 2009 | 2009 | ||||||||||
Cash on hand(a) (b) |
$218.3 million | $189.6 million | $182.7 million | |||||||||
Ratio of cash to current liabilities |
1.84 | 2.26 | 2.39 | |||||||||
Current ratio |
2.89 | 3.35 | 3.59 | |||||||||
Ratio of total assets to total liabilities |
3.80 | 4.86 | 5.21 | |||||||||
Return on Nam Tai shareholders equity(c) |
3.9% | 0.5% | 0.5% | |||||||||
Ratio of total liabilities to total equity(c) |
0.36 | 0.26 | 0.24 | |||||||||
Debtors turnover |
67 days | 63 days | 52 days | |||||||||
Inventory turnover |
24 days | 14 days | 16 days | |||||||||
Average payable period |
83 days | 62 days | 59 days |
(a) | Includes cash equivalents. Information for December 31, 2009 extracted from the audited financial statements included in the 2009 Form 20-F of the Company filed with the Securities and Exchange Commission on March 16, 2010. | |
(b) | Nam Tais financial position as at September 30, 2010 remained strong. Net cash provided by operating activities in the third quarter was $13.9 million. | |
(c) | Nam Tai shareholders equity and total equity includes $1.6 million cumulatively accrued on a compensation obligation payable by the Company at the end of three years to its former CFO, which obligation was terminated in September 2010. The amounts so accrued were added to additional paid in capital on the Companys Balance Sheet at September 30, 2010. See Note 2 to the Companys unaudited Condensed Consolidated Balance Sheets on page 10 of this Press Release |
Page 3 of 13
Page 4 of 13
| Appreciation of the exchange rate between Chinese renminbi against other world currencies, especially the U.S. dollar, which, since mid-June 2010 when Chinas central bank announced that it planned to introduce more flexibility in the management of the renminbi, has appreciated against the US dollar, increasing approximately 2.4% from, according to the historical currency converter available at http://forex-history.net, RMB6.8262 on June 18, 2010 to RMB6.6627 on October 26, 2010; |
Page 5 of 13
| Inflation in China, where, according to news reports, the consumer price index, the broadest measure of inflation, rose 3.6 percent in September 2010 from the level in September 2009; and | ||
| Increasing employee salaries, which rose approximately 20% in the second quarter of 2010 from average salary levels in April 2010 and increased again by approximately 30% at the start of the fourth quarter of 2010 from average salary levels in October 2010. |
Page 6 of 13
Period Scheduled | Dividend | |||||||||||
Quarterly Payment | Record Date | for Payment Date | (per share) | |||||||||
Q1 2011 |
December 31, 2010 | January 20 - 31, 2011 | $ | 0.05 | ||||||||
Q2 2011 |
March 31, 2011 | April 20 - 30, 2011 | $ | 0.05 | ||||||||
Q3 2011 |
June 30, 2011 | July 20 - 31, 2011 | $ | 0.05 | ||||||||
Q4 2011 |
September 30, 2011 | October 20 - 31, 2011 | $ | 0.05 | ||||||||
Total for Full Year 2011 |
$ | 0.20 |
Page 7 of 13
1 | The Bluetooth® word mark and logos are owned by the Bluetooth SIG, Inc. and any use of such marks by Nam Tai is under license. |
Page 8 of 13
Unaudited | Unaudited | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Net sales |
$ | 174,744 | $ | 110,416 | $ | 367,922 | $ | 314,402 | ||||||||
Cost of sales |
156,885 | 97,802 | 330,854 | 284,244 | ||||||||||||
Gross profit |
17,859 | 12,614 | 37,068 | 30,158 | ||||||||||||
Costs and expenses |
||||||||||||||||
General and administrative expenses (1)(2) |
7,655 | 5,081 | 18,276 | 21,545 | ||||||||||||
Selling expenses(1) |
1,610 | 1,389 | 4,103 | 4,092 | ||||||||||||
Research and development expenses |
1,308 | 1,334 | 4,237 | 4,825 | ||||||||||||
10,573 | 7,804 | 26,616 | 30,462 | |||||||||||||
Operating income (loss) |
7,286 | 4,810 | 10,452 | (304 | ) | |||||||||||
Other income (expenses), net |
2,210 | 31 | 2,877 | (75 | ) | |||||||||||
Interest income |
421 | 59 | 1,025 | 665 | ||||||||||||
Interest expense |
| 18 | | (202 | ) | |||||||||||
Income before income tax |
9,917 | 4,918 | 14,354 | 84 | ||||||||||||
Income tax expenses |
(2,310 | ) | (391 | ) | (4,633 | ) | (1,029 | ) | ||||||||
Net income (loss) |
7,607 | 4,527 | 9,721 | (945 | ) | |||||||||||
Less: Net (income) loss attributable to the
noncontrolling interests |
| (23 | ) | | 2,181 | |||||||||||
Net income attributable to Nam Tai shareholders |
$ | 7,607 | $ | 4,504 | $ | 9,721 | $ | 1,236 | ||||||||
Earnings per share (attributable to Nam Tai
shareholders) |
||||||||||||||||
Basic |
$ | 0.17 | $ | 0.10 | $ | 0.22 | $ | 0.03 | ||||||||
Diluted |
$ | 0.17 | $ | 0.10 | $ | 0.22 | $ | 0.03 | ||||||||
Weighted average number of shares (000) |
||||||||||||||||
Basic |
44,804 | 44,804 | 44,804 | 44,804 | ||||||||||||
Diluted |
44,806 | 44,813 | 44,808 | 44,808 |
(1) | The 2010 presentation shows general and administrative expenses and selling expenses as separate line items, whereas the Companys consolidated statements of operations for 2009, as originally published, combined general and administrative expenses and selling expenses as a single line item labeled Selling, general and administrative expenses. General and administrative expenses and selling expenses for 2009 have been presented separately to conform to the 2010 presentation. | |
(2) | General and administrative expenses for the period ended September 30, 2009 include employee severance benefits of $5,058,000 which was disclosed separately in 2009 third quarter news release. |
Page 9 of 13
Unaudited | Audited | |||||||
September 30 | December 31 | |||||||
2010 | 2009 | |||||||
(Note 1) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 218,306 | $ | 182,722 | ||||
Fixed deposits maturing over three months |
| 12,903 | ||||||
Accounts receivable, net |
89,738 | 57,911 | ||||||
Inventories |
28,874 | 16,054 | ||||||
Prepaid expenses and other receivables |
5,590 | 3,079 | ||||||
Deferred tax assets current |
1,207 | 1,460 | ||||||
Total current assets |
343,715 | 274,129 | ||||||
Property, plant and equipment, net |
92,708 | 108,110 | ||||||
Land use right |
12,335 | 13,296 | ||||||
Deposits for property, plant and equipment |
73 | 32 | ||||||
Goodwill |
2,951 | 2,951 | ||||||
Deferred tax assets-non current |
5,684 | 4,486 | ||||||
Other assets |
649 | 920 | ||||||
Total assets |
$ | 458,115 | $ | 403,924 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Notes payable |
$ | | $ | 691 | ||||
Accounts payable |
99,822 | 58,667 | ||||||
Accrued expenses and other payables |
15,184 | 16,397 | ||||||
Income tax payable |
3,935 | 656 | ||||||
Total current liabilities |
118,941 | 76,411 | ||||||
Deferred tax liabilities |
1,459 | 1,103 | ||||||
Total liabilities |
120,400 | 77,514 | ||||||
EQUITY |
||||||||
Nam Tai shareholders equity: |
||||||||
Common shares |
448 | 448 | ||||||
Additional paid-in capital (Note 2) |
286,848 | 285,264 | ||||||
Retained earnings |
50,427 | 40,706 | ||||||
Accumulated other comprehensive loss |
(8 | ) | (8 | ) | ||||
Total shareholders equity |
337,715 | 326,410 | ||||||
Total liabilities and shareholders equity |
$ | 458,115 | $ | 403,924 | ||||
(1) | Information extracted from the audited financial statements included in the 2009 Form 20-F of the Company filed with the Securities and Exchange Commission on March 16, 2010. | |
(2) | Additional paid-in capital includes a $1.6 million cumulatively accrued on a compensation obligation payable by the Company at the end of three years to its former CFO, which obligation was terminated in September 2010. The amounts so accrued were added to additional paid in capital in accordance with the guidance under SAB Topics 1B.1 and 5T, ASC 718-10-15-4 and SEC Financial Reporting Manual at 7220.1 for financial statements prepared in accordance with US generally accepted accounting principles. |
Page 10 of 13
Unaudited | Unaudited | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||||||
Net income (loss) |
$ | 7,607 | $ | 4,527 | $ | 9,721 | $ | (945 | ) | |||||||
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||||||||||
Depreciation and amortization of property, plant and
equipment and land use right |
6,201 | 5,964 | 19,143 | 16,447 | ||||||||||||
Net gain on disposal of property, plant & equipment
and land use right |
(855 | ) | (146 | ) | (1,289 | ) | (409 | ) | ||||||||
Share-based compensation expenses |
| | | 67 | ||||||||||||
Deferred income taxes |
(601 | ) | (351 | ) | (589 | ) | (411 | ) | ||||||||
Unrealized exchange gain |
(1,107 | ) | (41 | ) | (1,612 | ) | (2 | ) | ||||||||
Changes in current assets and liabilities: |
||||||||||||||||
(Increase) decrease in accounts receivable |
(11,792 | ) | (6,741 | ) | (31,827 | ) | 31,785 | |||||||||
(Increase) decrease in inventories |
(5,449 | ) | 1,216 | (12,820 | ) | 12,292 | ||||||||||
(Increase) decrease in prepaid expenses and other
receivables |
(892 | ) | (106 | ) | (2,511 | ) | 1,664 | |||||||||
Increase (decrease) in notes payable |
| 608 | (691 | ) | 608 | |||||||||||
Increase (decrease) in accounts payable |
17,091 | 736 | 41,155 | (34,142 | ) | |||||||||||
Increase (decrease) in accrued expenses and other
payables |
1,680 | (1,119 | ) | 2,265 | (3,983 | ) | ||||||||||
Increase (decrease) in income tax payable |
2,063 | 212 | 3,279 | (108 | ) | |||||||||||
Total adjustments |
6,339 | 232 | 14,503 | 23,808 | ||||||||||||
Net cash provided by operating activities |
$ | 13,946 | $ | 4,759 | $ | 24,224 | $ | 22,863 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||||||||||
Purchase of property, plant and equipment |
(1,711 | ) | (7,124 | ) | (5,168 | ) | (21,657 | ) | ||||||||
Decrease (increase) in deposits for purchase of
property, plant and equipment |
386 | 1,892 | (41 | ) | 2,027 | |||||||||||
Decrease in entrusted loan receivable |
| 8,199 | | 8,199 | ||||||||||||
Acquisition of additional shares in subsidiaries |
| (41,698 | ) | | (41,698 | ) | ||||||||||
Decrease in fixed deposits maturing over three months |
| | 12,903 | | ||||||||||||
Proceeds from disposal of property, plant &
equipment and land use right |
1,552 | 155 | 2,054 | 860 | ||||||||||||
Net cash provided by (used in) investing activities |
$ | 227 | $ | (38,576 | ) | $ | 9,748 | $ | (52,269 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||||||
Cash dividends paid |
$ | | $ | | $ | | $ | (9,857 | ) | |||||||
Repayment of from entrusted loan |
| (8,199 | ) | | (8,199 | ) | ||||||||||
Repayment of bank loans |
| (628 | ) | | | |||||||||||
Net cash used in financing activities |
$ | | $ | (8,827 | ) | $ | | $ | (18,056 | ) | ||||||
Net increase (decrease) in cash and cash equivalents |
14,173 | (42,644 | ) | 33,972 | (47,462 | ) | ||||||||||
Cash and cash equivalents at beginning of period |
203,026 | 232,160 | 182,722 | 237,017 | ||||||||||||
Effect of exchange rate changes on cash and cash
Equivalents |
1,107 | 41 | 1,612 | 2 | ||||||||||||
Cash and cash equivalents at end of period |
$ | 218,306 | $ | 189,557 | $ | 218,306 | $ | 189,557 | ||||||||
Page 11 of 13
1. | Accumulated other comprehensive loss represents foreign currency translation adjustments. The comprehensive income attributable to Nam Tai shareholders of the Company were $9,721 and $1,236 for the nine months ended September 30, 2010 and September 30, 2009, respectively. | |
2. | 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 | Nine months ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
NET SALES : |
||||||||||||||||
- CECP |
$ | 50,748 | $ | 28,161 | $ | 98,975 | $ | 90,734 | ||||||||
- TCA |
98,841 | 61,842 | 206,760 | 172,809 | ||||||||||||
- LCDP |
25,155 | 20,413 | 62,187 | 50,859 | ||||||||||||
Total net sales |
$ | 174,744 | $ | 110,416 | $ | 367,922 | $ | 314,402 | ||||||||
NET INCOME (LOSS) : |
||||||||||||||||
- CECP |
$ | 6,034 | $ | 2,603 | $ | 10,148 | $ | 4,600 | ||||||||
- TCA |
822 | 693 | (449 | ) | (956 | ) | ||||||||||
- LCDP |
2,093 | 1,863 | 3,599 | 455 | ||||||||||||
- Corporate |
(1,342 | ) | (655 | ) | (3,577 | ) | (2,863 | ) | ||||||||
Total net income attributable to
Nam Tai shareholders |
$ | 7,607 | $ | 4,504 | $ | 9,721 | $ | 1,236 | ||||||||
Unaudited | Audited | |||||||
Sep. 30, | Dec. 31, | |||||||
2010 | 2009 | |||||||
IDENTIFIABLE ASSETS BY SEGMENT: |
||||||||
- CECP |
$ | 158,167 | $ | 112,058 | ||||
- TCA |
168,832 | 141,734 | ||||||
- LCDP |
31,149 | 42,153 | ||||||
- Corporate |
99,967 | 107,979 | ||||||
Total assets |
$ | 458,115 | $ | 403,924 | ||||
Page 12 of 13
3. | A summary of the net sales, net income and long-lived assets by geographic areas is as follows: |
Unaudited | Unaudited | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 30 | September 30 | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
NET SALES FROM OPERATIONS WITHIN: |
||||||||||||||||
- PRC, excluding Hong Kong and Macao: |
||||||||||||||||
Unaffiliated customers |
$ | 174,744 | $ | 110,416 | $ | 367,922 | $ | 314,402 | ||||||||
Intercompany sales |
275 | 4 | 711 | 19 | ||||||||||||
- Intercompany eliminations |
(275 | ) | (4 | ) | (711 | ) | (19 | ) | ||||||||
Total net sales |
$ | 174,744 | $ | 110,416 | $ | 367,922 | $ | 314,402 | ||||||||
NET INCOME (LOSS) FROM OPERATIONS WITHIN: |
||||||||||||||||
- PRC, excluding Hong Kong and Macao |
$ | 8,949 | $ | 4,644 | $ | 13,298 | $ | 3,435 | ||||||||
- Hong Kong & Macao |
(1,342 | ) | (140 | ) | (3,577 | ) | (2,199 | ) | ||||||||
Total net income attributable to
Nam Tai shareholders |
$ | 7,607 | $ | 4,504 | $ | 9,721 | $ | 1,236 | ||||||||
Unaudited | Audited | |||||||
Sep. 30, | Dec. 31, | |||||||
2010 | 2009 | |||||||
LONG-LIVED ASSETS WITHIN: |
||||||||
- PRC, excluding Hong Kong and Macao |
$ | 104,835 | $ | 121,286 | ||||
- Hong Kong and Macao |
208 | 120 | ||||||
Total long-lived assets |
$ | 105,043 | $ | 121,406 | ||||
Page 13 of 13
NAM TAI ELECTRONICS, INC. |
||||
Date: November 2, 2010 | By: | /s/ M. K. Koo | ||
Name: | M. K. Koo | |||
Title: | Executive Chairman | |||