Form
20-F
|
X
|
Form
40-F
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Exhibit
|
|
99.1
|
“Himax
Updates
Third Quarter, Fourth Quarter and Full Year 2006 Results” dated May 9,
2007.
|
HIMAX
TECHNOLOGIES, INC.
|
|||
|
By:
|
/s/
Max Chan
|
|
Name:
Max Chan
|
|||
Title:
Chief Financial Officer
|
|||
Himax
Technologies, Inc.
|
||||||||||
Unaudited
Condensed Consolidated Statements of Income
|
||||||||||
(These
interim financials do not fully comply with US GAAP because they
omit all
interim disclosure required by US GAAP.)
|
||||||||||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
||||||||||
Three
Months
Ended
September 30,
2006
|
Changes
to
the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Revenues
|
||||||||||
Revenues
from
third parties, net
|
$
|
88,878
|
$
|
89,044
|
$
|
(166
|
)
|
|||
Revenues
from
related parties, net
|
88,227
|
88,061
|
166
|
|||||||
177,105
|
177,105
|
---
|
||||||||
Costs
and expenses:
|
||||||||||
Cost
of
revenues
|
146,287
|
146,287
|
---
|
|||||||
Research
and
development
|
24,267
|
22,685
|
1,582
|
|||||||
General
and
administrative
|
3,190
|
3,027
|
163
|
|||||||
Sales
and
marketing
|
2,586
|
2,364
|
222
|
|||||||
Total
costs and expenses
|
176,330
|
174,363
|
1,967
|
|||||||
Operating
income
|
775
|
2,742
|
(1,967
|
)
|
||||||
Non
operating income (loss):
|
||||||||||
Interest
income
|
2,000
|
2,000
|
---
|
|||||||
Foreign
exchange losses, net
|
(1,298
|
)
|
(1,298
|
)
|
---
|
|||||
Other
income,
net
|
59
|
59
|
---
|
|||||||
761
|
761
|
---
|
||||||||
Income
before income taxes and minority interest
|
1,536
|
3,503
|
(1,967
|
)
|
||||||
Income
tax benefit
|
(1,246
|
)
|
(1,246
|
)
|
---
|
|||||
Income
before minority interest
|
2,782
|
4,749
|
(1,967
|
)
|
||||||
Minority
interest, net of tax
|
(157
|
)
|
(157
|
)
|
---
|
|||||
Net
income
|
$
|
2,625
|
$
|
4,592
|
$
|
(1,967
|
)
|
|||
Basic
earnings per ordinary share and ADS
|
$
|
0.01
|
$
|
0.02
|
$
|
(0.01
|
)
|
|||
Diluted
earnings per ordinary share and ADS
|
$
|
0.01
|
$
|
0.02
|
$
|
(0.01
|
)
|
|||
Basic
Weighted Average Outstanding Shares
|
197,110
|
197,110
|
---
|
|||||||
Diluted
Weighted Average Outstanding Shares
|
199,729
|
199,729
|
---
|
Himax
Technologies, Inc.
Unaudited
Condensed Consolidated Statements of Income
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
Nine
Months
Ended
September 30, 2006
|
Changes
to the
Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Revenues
|
||||||||||
Revenues
from
third parties, net
|
$
|
238,939
|
$
|
239,105
|
$
|
(166
|
)
|
|||
Revenues
from
related parties, net
|
284,700
|
284,534
|
166
|
|||||||
523,639
|
523,639
|
---
|
||||||||
Costs
and expenses:
|
||||||||||
Cost
of
revenues
|
422,351
|
422,351
|
---
|
|||||||
Research
and
development
|
46,772
|
45,190
|
1,582
|
|||||||
General
and
administrative
|
6,582
|
6,419
|
163
|
|||||||
Sales
and
marketing
|
4,690
|
4,468
|
222
|
|||||||
Total
costs and expenses
|
480,395
|
478,428
|
1,967
|
|||||||
Operating
income
|
43,244
|
45,211
|
(1,967
|
)
|
||||||
Non
operating income (loss):
|
||||||||||
Interest
income
|
4,048
|
4,048
|
---
|
|||||||
Impairment
loss on an investment
|
(1,500
|
)
|
(1,500
|
)
|
---
|
|||||
Foreign
exchange losses, net
|
(132
|
)
|
(132
|
)
|
---
|
|||||
Interest
expense
|
(311
|
)
|
(311
|
)
|
---
|
|||||
Other
income,
net
|
172
|
172
|
---
|
|||||||
2,277
|
2,277
|
---
|
||||||||
Income
before income taxes and
minority
interest
|
45,521
|
47,488
|
(1,967
|
)
|
||||||
Income
tax expense
|
1,491
|
1,491
|
---
|
|||||||
Income
before minority interest
|
44,030
|
45,997
|
(1,967
|
)
|
||||||
Minority
interest, net of tax
|
59
|
59
|
---
|
|||||||
Net
income
|
$
|
44,089
|
$
|
46,056
|
$
|
(1,967
|
)
|
|||
Basic
earnings per ordinary share and ADS
|
$
|
0.23
|
$
|
0.24
|
$
|
(0.01
|
)
|
|||
Diluted
earnings per ordinary share and ADS
|
$
|
0.23
|
$
|
0.24
|
$
|
(0.01
|
)
|
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated
Balance
Sheets
|
||||||
(Figures
in
Thousands
of U.S. Dollars)
|
Sep
30,
|
Sep
30,
|
Changes
to
the Originally Presented |
||||||||
2006
|
2006
|
|||||||||
As
Corrected
|
As
Originally
Presented |
|||||||||
Assets
|
||||||||||
Current
assets:
|
||||||||||
Cash
and cash
equivalents
|
$
|
155,594
|
$
|
155,594
|
$
|
---
|
||||
Marketable
securities available-for-sale
|
4,072
|
4,072
|
---
|
|||||||
Restricted
cash equivalents and marketable securities
|
31
|
31
|
---
|
|||||||
Accounts
receivable, less allowance for sales
returns
and discounts
|
101,660
|
101,660
|
---
|
|||||||
Accounts
receivable from related parties, less allowance for sales returns
and
discounts
|
71,530
|
71,530
|
---
|
|||||||
Inventories
|
106,977
|
106,977
|
---
|
|||||||
Deferred
income taxes
|
11,202
|
11,202
|
---
|
|||||||
Prepaid
expenses and other current assets
|
18,655
|
20,622
|
(1,967
|
)
|
||||||
Total
current assets
|
$
|
469,721
|
$
|
471,688
|
$
|
(1,967
|
)
|
|||
Property
and
equipment, net
|
34,946
|
34,946
|
---
|
|||||||
Deferred
income taxes
|
134
|
134
|
---
|
|||||||
Intangible
assets, net
|
61
|
61
|
---
|
|||||||
Investments
in
non-marketable securities
|
1,723
|
1,723
|
---
|
|||||||
Refundable
deposits
|
603
|
603
|
---
|
|||||||
|
37,467
|
37,467
|
---
|
|||||||
Total
assets
|
$
|
507,188
|
$
|
509,155
|
$
|
(1,967
|
)
|
|||
Liabilities,
minority interest
and
stockholders’ equity
|
||||||||||
Current
liabilities:
|
||||||||||
Accounts
payable
|
$
|
106,829
|
$
|
106,829
|
$
|
---
|
||||
Income
tax
payable
|
11,783
|
11,783
|
---
|
|||||||
Other
accrued
expenses and other current liabilities
|
16,029
|
16,029
|
---
|
|||||||
Total
current liabilities
|
$
|
134,641
|
$
|
134,641
|
$
|
---
|
||||
Minority
interest
|
$
|
1,054
|
$
|
1,054
|
$
|
---
|
||||
Stockholders’
equity:
|
||||||||||
Ordinary
share, US$0.0001 par value, 500,000,000 shares authorized
|
19
|
19
|
---
|
|||||||
Additional
paid-in capital
|
260,031
|
260,031
|
---
|
|||||||
Accumulated
other comprehensive
income
|
27
|
27
|
---
|
|||||||
Unappropriated
earnings
|
111,416
|
113,383
|
(1,967
|
)
|
||||||
Total
stockholders’ equity
|
$
|
371,493
|
$
|
373,460
|
$
|
(1,967
|
)
|
|||
Total
liabilities,
minority interest
and
stockholders’ equity
|
$
|
507,188
|
$
|
509,155
|
$
|
(1,967
|
)
|
|||
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
||||||
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
September 30, 2006
|
|
|||||||||
As
Corrected |
As
Originally Presented |
Changes
to the Originally Presented |
||||||||
Cash
flows from operating activities:
|
||||||||||
Net
income
|
$
|
2,625
|
$
|
4,592
|
$
|
(1,967
|
)
|
|||
Adjustments
to
reconcile net income to net cash used in operating
activities:
|
---
|
|||||||||
Depreciation
and amortization
|
1,119
|
1,119
|
---
|
|||||||
Share-based
compensation expenses
|
11,456
|
11,456
|
---
|
|||||||
Minority
interest, net of tax
|
157
|
157
|
---
|
|||||||
Gain
on sale
of subsidiary shares, net
|
(11
|
)
|
(11
|
)
|
---
|
|||||
Gain
on sale
of marketable securities, net
|
(12
|
)
|
(12
|
)
|
---
|
|||||
Deferred
income taxes
|
132
|
132
|
---
|
|||||||
Changes
in
operating assets and liabilities:
|
---
|
|||||||||
Accounts
receivable
|
(14,772
|
)
|
(14,772
|
)
|
---
|
|||||
Accounts
receivable from related parties
|
(5,096
|
)
|
(5,096
|
)
|
---
|
|||||
Inventories
|
(7,369
|
)
|
(7,369
|
)
|
---
|
|||||
Prepaid
expenses and other current assets
|
(2,530
|
)
|
(4,497
|
)
|
1,967
|
|||||
Accounts
payable
|
8,815
|
8,815
|
---
|
|||||||
Income
tax
payable
|
(1,075
|
)
|
(1,075
|
)
|
---
|
|||||
Other
accrued
expenses and other current liabilities
|
3,477
|
3,477
|
---
|
|||||||
Net
cash used in operating activities
|
(3,084
|
)
|
(3,084
|
)
|
---
|
|||||
Cash
flows from investing activities:
|
||||||||||
Purchase
of
land, property
and
equipment
|
(5,691
|
)
|
(5,691
|
)
|
---
|
|||||
Purchase
of
available-for-sales marketable securities
|
(10,608
|
)
|
(10,608
|
)
|
---
|
|||||
Sales
and
maturities of available-for-sale marketable securities
|
8,480
|
8,480
|
---
|
|||||||
Proceeds
from
sale of subsidiary shares by Himax Technologies Limited
|
27
|
27
|
---
|
|||||||
Purchase
of
investments in non-marketable securities
|
(1,410
|
)
|
(1,410
|
)
|
---
|
|||||
Purchase
of
subsidiary shares from minority interest
|
(64
|
)
|
(64
|
)
|
---
|
|||||
Increase
in
refundable deposits
|
(92
|
)
|
(92
|
)
|
---
|
|||||
Release
of
restricted cash equivalents and marketable securities
|
424
|
424
|
---
|
|||||||
Net
cash used in investing activities
|
(8,934
|
)
|
(8,934
|
)
|
---
|
|||||
Himax
Technologies, Inc.
|
||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Figures
in Thousands of U.S. Dollars)
|
||||||||
Three
Months
Ended
September 30,
2006 |
Changes
to
the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Cash
flows from financing activities:
|
||||||||||
Proceeds
from
issuance of new shares by subsidiaries
|
655
|
655
|
---
|
|||||||
Net
cash provided by financing activities
|
655
|
655
|
---
|
|||||||
Effect
of
exchange rate changes on cash and cash equivalents
|
73
|
73
|
---
|
|||||||
Net
decrease in cash and cash equivalents
|
(11,290
|
)
|
(11,290
|
)
|
---
|
|||||
Cash
and cash equivalents at beginning of period
|
166,884
|
166,884
|
---
|
|||||||
Cash
and cash equivalents at end of period
|
$
|
155,594
|
$
|
155,594
|
---
|
|||||
Supplemental
disclosures of cash flow information:
|
||||||||||
Cash
paid
during the period for:
|
||||||||||
Interest
|
$
|
---
|
$
|
---
|
$
|
---
|
||||
Income
taxes
|
$
|
21
|
$
|
21
|
$
|
---
|
||||
Supplemental
disclosures of non-cash investing and financing
activities:
|
||||||||||
Payable
for
purchase of equipment and construction in progress
|
$
|
(1,750
|
)
|
$
|
(1,750
|
)
|
$
|
---
|
Himax
Technologies, Inc.
|
|||||
Unaudited
Supplemental Data - Reconciliation Schedule
|
|||||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
|||||
Gross
Margin and Operating Margin Excluding Share-based
Compensation:
|
||||||||||
Three
Months
Ended
September 30, 2006
|
Changes
to the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Revenues
|
$
|
177,105
|
$
|
177,105
|
$
|
---
|
||||
Gross
profit
|
30,818
|
30,818
|
---
|
|||||||
Add:
Share-based compensation –
Cost of
revenues
|
208
|
208
|
---
|
|||||||
Gross
profit
excluding share-based compensation
|
31,026
|
31,026
|
---
|
|||||||
Gross
margin
excluding share-based compensation
|
17.5
|
%
|
17.5
|
%
|
---
|
|||||
Operating
income
|
775
|
2,742
|
(1,967
|
)
|
||||||
Add:
Share-based compensation
|
11,456
|
11,456
|
---
|
|||||||
Operating
income excluding share-based compensation
|
12,231
|
14,198
|
(1,967
|
)
|
||||||
Operating
margin excluding share-based compensation
|
6.9
|
%
|
8.0
|
%
|
(1.1
|
%)
|
||||
*Gross
margin
excluding share-based compensation equals gross profit excluding
share-based compensation divided by revenues
|
||||||||||
*Operating
margin excluding share-based compensation equals operating income
excluding share-based compensation divided by
revenues
|
Diluted
Earnings Per Share Excluding Share-Based Compensation:
|
||||||||||
Three
Months
Ended
September 30, 2006
|
Changes
to the Originally Presented
|
|||||||||
As
Corrected
|
As
Originally Presented
|
|||||||||
Diluted
GAAP
EPS
|
$
|
0.01
|
$
|
0.02
|
$
|
(0.01
|
)
|
|||
Add:
Estimated
share-based compensation per diluted share
|
0.06
|
0.06
|
---
|
|||||||
Diluted
non
GAAP EPS excluding share-based compensation
|
$
|
0.07
|
$
|
0.08
|
$
|
(0.01
|
)
|
|||
Numbers
do not
add up to rounding
|
Himax
Technologies, Inc.
|
|||||
Unaudited
Condensed Consolidated Statements of Income
|
|||||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
|||||
Three
Months
Ended
December 31,
2006
|
Changes
to the Originally Presented
|
|||||||||
As
Corrected |
As
Originally Presented
|
|||||||||
Revenues
|
||||||||||
Revenues
from
third parties, net
|
$
|
90,947
|
$
|
91,920
|
$
|
(973
|
)
|
|||
Revenues
from
related parties, net
|
129,932
|
128,959
|
973
|
|||||||
220,879
|
220,879
|
---
|
||||||||
Costs
and expenses:
|
||||||||||
Cost
of
revenues
|
179,214
|
179,214
|
---
|
|||||||
Research
and
development
|
13,883
|
13,642
|
241
|
|||||||
General
and
administrative
|
3,180
|
3,108
|
72
|
|||||||
Sales
and
marketing
|
2,280
|
2,150
|
130
|
|||||||
Total
costs and expenses
|
198,557
|
198,114
|
443
|
|||||||
Operating
income
|
22,322
|
22,765
|
(443
|
)
|
||||||
Non
operating income (loss):
|
||||||||||
Interest
income
|
1,812
|
1,812
|
---
|
|||||||
Foreign
exchange gains (losses), net
|
(209
|
)
|
356
|
(565
|
)
|
|||||
Other
income,
net
|
61
|
61
|
---
|
|||||||
1,664
|
2,229
|
(565
|
)
|
|||||||
Income
before income taxes and minority interest
|
23,986
|
24,994
|
(1,008
|
)
|
||||||
Income
tax benefit
|
(6,937
|
)
|
(4,211
|
)
|
(2,726
|
)
|
||||
Income
before minority interest
|
30,923
|
29,205
|
1,718
|
|||||||
Minority
interest, net of tax
|
178
|
183
|
(5
|
)
|
||||||
Net
income
|
$
|
31,101
|
$
|
29,388
|
$
|
1,713
|
||||
Basic
earnings per ordinary share and ADS
|
$
|
0.16
|
$
|
0.15
|
$
|
0.01
|
||||
Diluted
earnings per ordinary share and ADS
|
$
|
0.16
|
$
|
0.15
|
$
|
0.01
|
||||
Basic
Weighted Average Outstanding Shares
|
198,154
|
198,147
|
7
|
|||||||
Diluted
Weighted Average Outstanding Shares
|
199,419
|
199,518
|
(99
|
)
|
Himax
Technologies, Inc.
Unaudited
Condensed Consolidated Statements of Income
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
Twelve
Months
Ended
December 31, 2006
|
Changes
to
the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Revenues
|
||||||||||
Revenues
from
third parties, net
|
$
|
329,886
|
$
|
331,025
|
$
|
(1,139
|
)
|
|||
Revenues
from
related parties, net
|
414,632
|
413,493
|
1,139
|
|||||||
744,518
|
744,518
|
---
|
||||||||
Costs
and expenses:
|
||||||||||
Cost
of
revenues
|
601,565
|
601,565
|
---
|
|||||||
Research
and
development
|
60,655
|
58,832
|
1,823
|
|||||||
General
and
administrative
|
9,762
|
9,527
|
235
|
|||||||
Sales
and
marketing
|
6,970
|
6,618
|
352
|
|||||||
Total
costs and expenses
|
678,952
|
676,542
|
2,410
|
|||||||
Operating
income
|
65,566
|
67,976
|
(2,410
|
)
|
||||||
Non
operating income (loss):
|
||||||||||
Interest
income
|
5,860
|
5,860
|
---
|
|||||||
Impairment
loss on an investment
|
(1,500
|
)
|
(1,500
|
)
|
---
|
|||||
Foreign
exchange gains (losses), net
|
(341
|
)
|
224
|
(565
|
)
|
|||||
Interest
expense
|
(311
|
)
|
(311
|
)
|
---
|
|||||
Other
income,
net
|
233
|
233
|
---
|
|||||||
3,941
|
4,506
|
(565
|
)
|
|||||||
Income
before income taxes and
minority
interest
|
69,507
|
72,482
|
(2,975
|
)
|
||||||
Income
tax benefit
|
(5,446
|
)
|
(2,720
|
)
|
(2,726
|
)
|
||||
Income
before minority interest
|
74,953
|
75,202
|
(249
|
)
|
||||||
Minority
interest, net of tax
|
237
|
242
|
(5
|
)
|
||||||
Net
income
|
$
|
75,190
|
$
|
75,444
|
$
|
(254
|
)
|
|||
Basic
earnings per ordinary share and ADS
|
$
|
0.39
|
$
|
0.39
|
---
|
|||||
Diluted
earnings per ordinary share and ADS
|
$
|
0.39
|
$
|
0.39
|
---
|
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated
Balance
Sheets
|
||||||
(Figures
in
Thousands
of U.S. Dollars)
|
||||||
Dec
31,
|
Dec
31,
|
Changes
to
the Originally Presented |
||||||||
2006
|
2006
|
|||||||||
As
Corrected
|
As
Originally
Presented |
|||||||||
Assets
|
||||||||||
Current
assets:
|
||||||||||
Cash
and cash
equivalents
|
$
|
109,753
|
$
|
109,753
|
$
|
---
|
||||
Marketable
securities available-for-sale
|
8,828
|
8,828
|
---
|
|||||||
Restricted
cash equivalents and marketable securities
|
108
|
108
|
---
|
|||||||
Accounts
receivable, less allowance for doubtful
accounts, sales
returns
and discounts
|
112,363
|
113,521
|
(1,158
|
)
|
||||||
Accounts
receivable from related parties, less allowance for doubtful
accounts, sales
returns
and discounts
|
117,254
|
116,096
|
1,158
|
|||||||
Inventories
|
101,341
|
101,341
|
---
|
|||||||
Deferred
income taxes
|
7,362
|
6,721
|
641
|
|||||||
Prepaid
expenses and other current assets
|
10,343
|
10,404
|
(61
|
)
|
||||||
Total
current assets
|
$
|
467,352
|
$
|
466,772
|
$
|
580
|
||||
Property
and
equipment, net
|
38,895
|
41,918
|
(3,023
|
)
|
||||||
Deferred
income taxes
|
11,405
|
11,454
|
(49
|
)
|
||||||
Intangible
assets, net
|
393
|
393
|
---
|
|||||||
Investments
in
non-marketable securities
|
817
|
817
|
---
|
|||||||
Refundable
deposits
|
550
|
550
|
---
|
|||||||
|
52,060
|
55,132
|
(3,072
|
)
|
||||||
Total
assets
|
$
|
519,412
|
$
|
521,904
|
$
|
(2,492
|
)
|
|||
Liabilities,
minority interest
and
stockholders’ equity
|
||||||||||
Current
liabilities:
|
||||||||||
Accounts
payable
|
$
|
120,407
|
$
|
120,407
|
$
|
---
|
||||
Income
tax
payable
|
12,284
|
14,385
|
(2,101
|
)
|
||||||
Other
accrued
expenses and other current liabilities
|
21,398
|
21,274
|
124
|
|||||||
Total
current liabilities
|
$
|
154,089
|
$
|
156,066
|
$
|
(1,977
|
)
|
|||
Other
liabilities
|
---
|
191
|
(191
|
)
|
||||||
Total
liabilities
|
$
|
154,089
|
$
|
156,257
|
$
|
(2,168
|
)
|
|||
Minority
interest
|
$
|
1,396
|
$
|
1,397
|
$
|
(1
|
)
|
|||
Stockholders’
equity:
|
||||||||||
Ordinary
share, US$0.0001 par value, 500,000,000 shares authorized
|
19
|
19
|
---
|
|||||||
Additional
paid-in capital
|
221,666
|
221,666
|
---
|
|||||||
Accumulated
other comprehensive loss
|
(275
|
)
|
(207
|
)
|
(68
|
)
|
||||
Unappropriated
earnings
|
142,517
|
142,772
|
(255
|
)
|
||||||
Total
stockholders’ equity
|
$
|
363,927
|
$
|
364,250
|
$
|
(323
|
)
|
|||
Total
liabilities,
minority interest
and
stockholders’ equity
|
$
|
519,412
|
$
|
521,904
|
$
|
(2,492
|
)
|
|||
Himax
Technologies, Inc.
|
|||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|||||||||
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
December 31, 2006
|
Changes
to the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Cash
flows from operating activities:
|
||||||||||
Net
income
|
$
|
31,101
|
$
|
29,388
|
$
|
1,713
|
||||
Adjustments
to
reconcile net income to net cash provided by
operating
activities:
|
||||||||||
Depreciation
and amortization
|
1,680
|
1,869
|
(189
|
)
|
||||||
Share-based
compensation expenses
|
1,493
|
1,493
|
---
|
|||||||
Minority
interest, net of tax
|
(178
|
)
|
(183
|
)
|
5
|
|||||
Gain
on sale
of subsidiary shares and investments in non-marketable securities,
net
|
(49
|
)
|
(49
|
)
|
---
|
|||||
Gain
on sale
of marketable securities, net
|
(12
|
)
|
(12
|
)
|
---
|
|||||
Deferred
income taxes
|
(7,332
|
)
|
(6,842
|
)
|
(490
|
)
|
||||
Inventories
write downs
|
2,050
|
2,691
|
(641
|
)
|
||||||
Changes
in
operating assets and liabilities:
|
||||||||||
Accounts
receivable
|
(10,488
|
)
|
(11,840
|
)
|
1,352
|
|||||
Accounts
receivable from related parties
|
(45,667
|
)
|
(44,346
|
)
|
(1,321
|
)
|
||||
Inventories
|
7,527
|
6,885
|
642
|
|||||||
Prepaid
expenses and other current assets
|
4,125
|
6,285
|
(2,160
|
)
|
||||||
Accounts
payable
|
13,578
|
13,563
|
15
|
|||||||
Income
tax
payable
|
457
|
2,601
|
(2,144
|
)
|
||||||
Other
accrued
expenses and other current liabilities
|
3,067
|
1,327
|
1,740
|
|||||||
Net
cash provided by operating activities
|
1,352
|
2,830
|
(1,478
|
)
|
||||||
Cash
flows from investing activities:
|
||||||||||
Purchase
of
property and equipment
|
(4,187
|
)
|
(5,628
|
)
|
1,441
|
|||||
Purchase
of
available-for-sales marketable securities
|
(12,678
|
)
|
(12,678
|
)
|
---
|
|||||
Sales
and
maturities of available-for-sale marketable securities
|
7,940
|
7,940
|
---
|
|||||||
Cash
acquired
in acquisition
|
17
|
---
|
17
|
|||||||
Proceeds
from
sale of subsidiary shares and investments in non-marketable securities
by
Himax Technologies Limited
|
1,537
|
937
|
600
|
|||||||
Purchase
of
subsidiary shares from minority interest
|
(602
|
)
|
(37
|
)
|
(565
|
)
|
||||
Refund
from
refundable deposits
|
63
|
62
|
1
|
|||||||
Pledge
of
restricted cash equivalents and marketable securities
|
(75
|
)
|
(74
|
)
|
(1
|
)
|
||||
Net
cash used in investing activities
|
(7,985
|
)
|
(9,478
|
)
|
1,493
|
|||||
Himax
Technologies, Inc.
|
||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
||||||||
(Figures
in Thousands of U.S. Dollars)
|
||||||||
|
Three
Months
Ended
December 31, 2006
|
|
Changes
to
the Originally Presented |
|
||||||
|
|
As
Corrected
|
|
As
Originally Presented |
|
|
||||
Cash
flows from financing activities:
|
|
|
|
|
|
|
|
|||
Proceeds
from
initial public offering, net of issuance costs
|
|
|
(392
|
)
|
|
(393
|
)
|
|
1
|
|
Acquisition
of
ordinary shares for retirement
|
|
|
(38,835
|
)
|
|
(38,835
|
)
|
|
---
|
|
Net
cash used in financing activities
|
|
|
(39,227
|
)
|
|
(39,228
|
)
|
|
1
|
|
Effect
of
exchange rate changes on cash and cash equivalents
|
|
|
19
|
|
|
15
|
|
|
4
|
|
Net
decrease in cash and cash equivalents
|
|
|
(45,841
|
)
|
|
(45,861
|
)
|
|
20
|
|
Cash
and cash equivalents at beginning of period
|
|
|
155,594
|
|
|
155,594
|
|
|
---
|
|
Cash
received from the acquisition of subsidiary
|
|
|
---
|
|
|
20
|
|
|
(20
|
)
|
Cash
and cash equivalents at end of period
|
|
$
|
109,753
|
|
$
|
109,753
|
|
|
---
|
|
|
|
|
|
|
|
|
|
|||
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
|
|
|||
Cash
paid
during the period for:
|
|
|
|
|
|
|
|
|||
Interest
|
|
$
|
---
|
|
$
|
---
|
|
$
|
---
|
|
Income
taxes
|
|
$
|
110
|
|
$
|
18
|
|
$
|
92
|
|
Supplemental
disclosures of non-cash investing and financing
activities:
|
|
|
|
|
|
|
|
|||
Payable
for
purchase of equipment and construction in progress
|
|
$
|
2,721
|
|
$
|
4,481
|
|
$
|
(1,760
|
)
|
|
|
|
|
|
|
|
|
|||
Fair
value of
common stocks issued by Himax Display, Inc. in the acquisition
of
Integrated Microdisplays Limited
|
|
$
|
538
|
|
$
|
---
|
|
$
|
538
|
|
Himax
Technologies, Inc.
|
|||||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|||||||||||
(Figures
in Thousands of U.S. Dollars)
|
|||||||||||
|
Twelve
Months
Ended
December 31, 2006
|
Changes
to
the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Cash
flows from operating activities:
|
||||||||||
Net
income
|
$
|
75,190
|
$
|
75,444
|
$
|
(254
|
)
|
|||
Adjustments
to
reconcile net income to net cash provided by
operating
activities:
|
||||||||||
Depreciation
and amortization
|
5,221
|
5,410
|
(189
|
)
|
||||||
Share-based
compensation expenses
|
15,150
|
15,150
|
---
|
|||||||
Impairment
loss on investments in non-marketable securities
|
1,500
|
1,500
|
---
|
|||||||
Loss
on
disposal of property and equipment
|
36
|
36
|
---
|
|||||||
Minority
interest, net of tax
|
(237
|
)
|
(242
|
)
|
5
|
|||||
Gain
on sale
of subsidiary shares and investments in non-marketable securities,
net
|
(137
|
)
|
(137
|
)
|
---
|
|||||
Gain
on sale
of marketable securities, net
|
(60
|
)
|
(60
|
)
|
---
|
|||||
Deferred
income taxes
|
(9,556
|
)
|
(9,066
|
)
|
(490
|
)
|
||||
Inventories
write downs
|
5,165
|
9,417
|
(4,252
|
)
|
||||||
Changes
in
operating assets and liabilities:
|
||||||||||
Accounts
receivable
|
(31,934
|
)
|
(33,286
|
)
|
1,352
|
|||||
Accounts
receivable from related parties
|
(47,566
|
)
|
(46,245
|
)
|
(1,321
|
)
|
||||
Inventories
|
(1,502
|
)
|
(5,755
|
)
|
4,253
|
|||||
Prepaid
expenses and other current assets
|
558
|
751
|
(193
|
)
|
||||||
Accounts
payable
|
14,606
|
14,591
|
15
|
|||||||
Income
tax
payable
|
(1,341
|
)
|
803
|
(2,144
|
)
|
|||||
Other
accrued
expenses and other current liabilities
|
4,603
|
2,863
|
1,740
|
|||||||
Net
cash provided by operating activities
|
29,696
|
31,174
|
(1,478
|
)
|
||||||
Cash
flows from investing activities:
|
||||||||||
Purchase
of
property and equipment
|
(17,829
|
)
|
(19,270
|
)
|
1,441
|
|||||
Purchase
of
available-for-sales marketable securities
|
(31,911
|
)
|
(31,911
|
)
|
---
|
|||||
Sales
and
maturities of available-for-sale marketable securities
|
27,128
|
27,128
|
---
|
|||||||
Purchase
of
investment in non-marketable securities
|
(817
|
)
|
(1,410
|
)
|
593
|
|||||
Cash
acquired
in acquisition
|
17
|
---
|
17
|
|||||||
Proceeds
from
sale of subsidiary shares and investments in non-marketable securities
by
Himax Technologies Limited
|
1,142
|
1,143
|
(1
|
)
|
||||||
Purchase
of
subsidiary shares from minority interest
|
(773
|
)
|
(208
|
)
|
(565
|
)
|
||||
Refund
from
refundable deposits
|
171
|
170
|
1
|
|||||||
Release
of
restricted cash equivalents and marketable securities
|
13,945
|
13,946
|
(1
|
)
|
||||||
Net
cash used in investing activities
|
(8,927
|
)
|
(10,412
|
)
|
1,485
|
Himax
Technologies, Inc.
|
|||||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|||||||||||
(Figures
in Thousands of U.S. Dollars)
|
|||||||||||
|
Twelve
Months
Ended
December 31, 2006
|
Changes
to
the Originally Presented |
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Cash
flows from financing activities:
|
||||||||||
Proceeds
from
initial public offering, net of issuance costs
|
147,408
|
147,407
|
1
|
|||||||
Proceeds
from
issuance of new shares by subsidiaries
|
676
|
668
|
8
|
|||||||
Acquisition
of
ordinary shares for retirement
|
(38,835
|
)
|
(38,835
|
)
|
---
|
|||||
Proceeds
from
borrowing of short-term debt
|
11,303
|
11,303
|
---
|
|||||||
Repayment
of
short-term debt
|
(38,577
|
)
|
(38,577
|
)
|
---
|
|||||
Repayment
of
long-term debt
|
(89
|
)
|
(89
|
)
|
---
|
|||||
Net
cash provided by financing activities
|
81,886
|
81,877
|
9
|
|||||||
Effect
of
exchange rate changes on cash and cash equivalents
|
12
|
8
|
4
|
|||||||
Net
Increase in cash and cash equivalents
|
102,667
|
102,647
|
20
|
|||||||
Cash
and cash equivalents at beginning of year
|
7,086
|
7,086
|
---
|
|||||||
Cash
received from the acquisition of subsidiary
|
20
|
(20
|
)
|
|||||||
Cash
and cash equivalents at end of year
|
$
|
109,753
|
$
|
109,753
|
---
|
|||||
Supplemental
disclosures of cash flow information:
|
||||||||||
Cash
paid
during the year for:
|
||||||||||
Interest
|
$
|
311
|
$
|
311
|
$
|
---
|
||||
Income
taxes
|
$
|
5,695
|
$
|
5,603
|
$
|
92
|
||||
Supplemental
disclosures of non-cash investing and financing
activities:
|
||||||||||
Payable
for
purchase of equipment and construction in progress
|
$
|
1,846
|
$
|
3,606
|
$
|
(1,760
|
)
|
|||
Fair
value of
common stocks issued by Himax Display,
Inc.
in the acquisition of Integrated Microdisplays
Limited
|
$
|
538
|
$
|
---
|
$
|
538
|
||||
Himax
Technologies, Inc.
|
|||||
Unaudited
Supplemental Data - Reconciliation Schedule
|
|||||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
|||||
Gross
Margin and Operating Margin Excluding Share-based
Compensation:
|
Three
Months
Ended
December 31, 2006
|
Changes
to the Originally Presented
|
|||||||||
As
Corrected |
As
Originally Presented |
|||||||||
Revenues
|
$
|
220,879
|
$
|
220,879
|
$
|
---
|
||||
Gross
profit
|
41,665
|
41,665
|
---
|
|||||||
Add:
Share-based compensation –
Cost of
revenues
|
25
|
25
|
---
|
|||||||
Gross
profit
excluding share-based compensation
|
41,690
|
41,690
|
---
|
|||||||
Gross
margin
excluding share-based compensation
|
18.9
|
%
|
18.9
|
%
|
---
|
|||||
Operating
income
|
22,322
|
22,765
|
(443
|
)
|
||||||
Add:
Share-based compensation
|
1,493
|
1,493
|
---
|
|||||||
Operating
income excluding share-based compensation
|
23,815
|
24,258
|
(443
|
)
|
||||||
Operating
margin excluding share-based compensation
|
10.8
|
%
|
11.0
|
%
|
(0.2
|
%)
|
||||
*Gross
margin
excluding share-based compensation equals gross profit excluding
share-based compensation divided by revenues
|
||||||||||
*Operating
margin excluding share-based compensation equals operating income
excluding share-based compensation divided by
revenues
|
Diluted
Earnings Per Share Excluding Share-Based Compensation and Acquisition
Related Cost:
|
||||||||||
Three
Months
Ended
December 31, 2006
|
Changes
to the Originally Presented
|
|||||||||
As
Corrected
|
As
Originally Presented
|
|||||||||
Diluted
GAAP
EPS
|
$
|
0.16
|
$
|
0.15
|
$
|
0.01
|
||||
Add:
Estimated
share-based compensation per diluted share
|
0.01
|
0.01
|
---
|
|||||||
|
|
|||||||||
Diluted
non
GAAP EPS excluding share-based compensation
|
$
|
0.16
|
$
|
0.16
|
$
|
---
|
||||
Numbers
do not
add up to rounding
|
||||||||||
|
|