Form
20-F
|
X
|
Form
40-F
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Exhibit
|
|
99.1
|
Press
release entitled, “Himax reports first quarter results” dated May 10,
2007.
|
99.2
|
Himax
first quarter results conference call transcript dated May 10,
2007.
|
HIMAX
TECHNOLOGIES, INC.
|
|||
|
By:
|
/s/
Max Chan
|
|
Name:
Max Chan
|
|||
Title:
Chief Financial Officer
|
|||
Max
Chan
Chief
Financial Officer
Himax
Technologies, Inc.
+886-2-3393-0877
Ext. 22300
max_chan@himax.com.tw
|
Jackson
Ko
Investor
Relations
Himax
Technologies, Inc.
+886-2-3393-0877
Ext. 22240
jackson_ko@himax.com.tw
|
In
the
U.S.
David
Pasquale
The
Ruth
Group
646-536-7006
dpasquale@theruthgroup.com
|
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
March 31,
|
Three
Months
Ended
December 31,
|
|||||||||||
2007
|
2006
|
2006
|
||||||||||
Revenues
|
||||||||||||
Revenues
from third parties, net
|
$ |
75,836
|
$ |
65,427
|
$ |
90,947
|
||||||
Revenues
from related parties, net
|
109,055
|
109,432
|
129,932
|
|||||||||
184,891
|
174,859
|
220,879
|
||||||||||
Costs
and expenses:
|
||||||||||||
Cost
of revenues
|
148,830
|
137,298
|
179,214
|
|||||||||
Research
and development
|
14,800
|
10,902
|
13,883
|
|||||||||
General
and administrative
|
3,000
|
2,058
|
3,180
|
|||||||||
Sales
and marketing
|
1,501
|
1,007
|
2,280
|
|||||||||
Total
costs and expenses
|
168,131
|
151,265
|
198,557
|
|||||||||
Operating
income
|
16,760
|
23,594
|
22,322
|
|||||||||
Non
operating income (loss):
|
||||||||||||
Interest
income
|
1,382
|
205
|
1,812
|
|||||||||
Foreign
exchange losses, net
|
(490 | ) | (232 | ) | (209 | ) | ||||||
Interest
expense
|
---
|
(284 | ) |
---
|
||||||||
Other
income,
net
|
42
|
55
|
61
|
|||||||||
934
|
(256 | ) |
1,664
|
|||||||||
Income
before income taxes and minority interest
|
17,694
|
23,338
|
23,986
|
|||||||||
Income
tax expense
(benefit)
|
---
|
1,491
|
(6,937 | ) | ||||||||
Income
before
minority interest
|
17,694
|
21,847
|
30,923
|
|||||||||
Minority
interest, net of tax
|
325
|
92
|
178
|
|||||||||
Net
income
|
$ |
18,019
|
$ |
21,939
|
$ |
31,101
|
||||||
Basic
earnings per ordinary share and ADS
|
$ |
0.09
|
$ |
0.12
|
$ |
0.16
|
||||||
Diluted
earnings per ordinary share and ADS
|
$ |
0.09
|
$ |
0.12
|
$ |
0.16
|
||||||
Basic
Weighted Average Outstanding Shares
|
195,761
|
178,575
|
198,154
|
|||||||||
Diluted
Weighted Average Outstanding Shares
|
195,968
|
182,271
|
199,419
|
Himax
Technologies, Inc.
|
Unaudited
Supplemental Financial Information
|
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
March 31,
|
Three
Months
Ended
December
31,
|
|||||||||||
The
amount of share-based compensation included in applicable costs
and
expenses categories is summarized as follows:
|
2007
|
2006
|
2006
|
|||||||||
Share-based
compensation
|
||||||||||||
Cost
of revenues
|
$ |
25
|
$ |
24
|
$ |
25
|
||||||
Research
and development
|
1,187
|
864
|
1,161
|
|||||||||
General
and administrative
|
151
|
105
|
151
|
|||||||||
Sales
and marketing
|
156
|
145
|
156
|
|||||||||
Total
|
$ |
1,519
|
$ |
1,138
|
$ |
1,493
|
||||||
Himax
Technologies, Inc.
|
||||||||||||
Unaudited
Condensed Consolidated
Balance
Sheets
|
||||||||||||
(Figures
in
Thousands
of U.S.Dollars)
|
||||||||||||
Mar
31,
|
Dec
31,
|
Mar
31,
|
||||||||||
2007
|
2006
|
2006
|
||||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and cash
equivalents
|
$ |
111,838
|
$ |
109,753
|
$ |
31,247
|
||||||
Marketable
securities available-for-sale
|
12,783
|
8,828
|
3,150
|
|||||||||
Restricted
cash equivalents and marketable securities
|
106
|
108
|
14,558
|
|||||||||
Accounts
receivable, less allowance for doubtful
accounts,
sales returns and discounts
|
108,147
|
112,363
|
73,178
|
|||||||||
Accounts
receivable from related parties, less allowance for doubtful
accounts, sales returns and discounts
|
105,740
|
117,254
|
71,540
|
|||||||||
Inventories
|
119,379
|
101,341
|
99,539
|
|||||||||
Deferred
income taxes
|
7,401
|
7,362
|
9,645
|
|||||||||
Prepaid
expenses and other current assets
|
10,276
|
10,343
|
10,328
|
|||||||||
Total
current assets
|
$ |
475,670
|
$ |
467,352
|
$ |
313,185
|
||||||
Property
and
equipment, net
|
45,767
|
38,895
|
$ |
25,943
|
||||||||
Deferred
income taxes
|
11,964
|
11,405
|
145
|
|||||||||
Intangible
assets, net
|
35,865
|
393
|
74
|
|||||||||
Investments
in
non-marketable securities
|
817
|
817
|
1,813
|
|||||||||
Refundable
deposits
|
618
|
550
|
488
|
|||||||||
95,031
|
52,060
|
28,463
|
||||||||||
Total
assets
|
$ |
570,701
|
$ |
519,412
|
$ |
341,648
|
||||||
Liabilities,
minority
interest and stockholders’ equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Short-term
debt
|
$ |
---
|
$ |
---
|
$ |
38,577
|
||||||
Accounts
payable
|
121,459
|
120,407
|
85,489
|
|||||||||
Income
tax
payable
|
12,150
|
12,284
|
15,915
|
|||||||||
Other
accrued
expenses and other current liabilities
|
17,183
|
21,398
|
12,167
|
|||||||||
Total
current liabilities
|
$ |
150,792
|
$ |
154,089
|
$ |
152,148
|
||||||
Minority
interest
|
$ |
1,980
|
$ |
1,396
|
$ |
609
|
||||||
Stockholders’
equity:
|
||||||||||||
Ordinary
share, US$0.0001 par value, 500,000,000 shares authorized
|
20
|
19
|
18
|
|||||||||
Additional
paid-in capital
|
257,678
|
221,666
|
99,570
|
|||||||||
Accumulated
other comprehensive income
(loss)
|
(305 | ) | (275 | ) |
37
|
|||||||
Unappropriated
earnings
|
160,536
|
142,517
|
89,266
|
|||||||||
Total
stockholders’ equity
|
$ |
417,929
|
$ |
363,927
|
$ |
188,891
|
||||||
Total
liabilities,
minority interest and stockholders’ equity
|
$ |
570,701
|
$ |
519,412
|
$ |
341,648
|
||||||
Himax
Technologies, Inc.
|
||||||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
||||||||||||
(Figures
in Thousands of U.S. Dollars)
|
||||||||||||
Three
Months
Ended
March 31,
|
Three
Months
Ended December
31,
|
|||||||||||
2007
|
2006
|
2006
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ |
18,019
|
$ |
21,939
|
$ |
31,101
|
||||||
Adjustments
to
reconcile net income to net cash provided
by
operating
activities:
|
||||||||||||
Depreciation
and amortization
|
2,026
|
1,218
|
1,680
|
|||||||||
Write-off
of
in-process research and development
|
700
|
---
|
---
|
|||||||||
Share-based
compensation expenses
|
1,519
|
1,138
|
1,493
|
|||||||||
Minority
interest, net of tax
|
(325 | ) | (92 | ) | (178 | ) | ||||||
Loss
on disposal of property and equipment
|
35
|
31
|
---
|
|||||||||
Gain
on
sale of subsidiary shares and investments in non-marketable securities,
net
|
(21 | ) | (43 | ) | (49 | ) | ||||||
Gain
on
sale of marketable securities, net
|
(30 | ) | (15 | ) | (12 | ) | ||||||
Deferred
income taxes
|
---
|
(679 | ) | (7,332 | ) | |||||||
Inventories
write downs
|
3,118
|
756
|
2,050
|
|||||||||
Changes
in
operating assets and liabilities:
|
||||||||||||
Accounts
receivable
|
6,084
|
6,998
|
(10,488 | ) | ||||||||
Accounts
receivable from related parties
|
11,514
|
(1,879 | ) | (45,667 | ) | |||||||
Inventories
|
(20,803 | ) |
4,708
|
7,527
|
||||||||
Prepaid
expenses and other current assets
|
(85 | ) |
1,801
|
4,125
|
||||||||
Accounts
payable
|
416
|
(20,312 | ) |
13,578
|
||||||||
Income
tax payable
|
---
|
2,333
|
457
|
|||||||||
Other
accrued expenses and other current liabilities
|
(6,290 | ) | (1,746 | ) |
3,067
|
|||||||
Net
cash provided by operating activities
|
15,877
|
16,156
|
1,352
|
|||||||||
Cash
flows from investing activities:
|
||||||||||||
Purchase
of
property and equipment
|
(6,483 | ) | (3,886 | ) | (4,187 | ) | ||||||
Purchase
of
available-for-sales marketable securities
|
(17,581 | ) |
---
|
(12,678 | ) | |||||||
Sales
and
maturities of available-for-sale marketable securities
|
13,639
|
878
|
7,940
|
|||||||||
Cash
acquired
in acquisition
|
6,197
|
---
|
17
|
|||||||||
Proceeds
from
sale of subsidiary shares and investments in non-marketable securities
by
Himax Technologies Limited
|
34
|
124
|
1,537
|
|||||||||
Purchase
of
subsidiary shares from minority interest
|
(17 | ) | (23 | ) | (602 | ) | ||||||
Refund
from
(increase in) refundable deposits
|
(16 | ) |
223
|
63
|
||||||||
Release
(pledge) of restricted cash equivalents and marketable
securities
|
2
|
(505 | ) | (75 | ) | |||||||
Net
cash used in investing activities
|
(4,225 | ) | (3,189 | ) | (7,985 | ) | ||||||
Himax
Technologies, Inc.
|
||||||||||||
Unaudited
Condensed Consolidated Statements of Cash Flows
|
||||||||||||
(Figures
in Thousands of U.S. Dollars)
|
||||||||||||
Three
Months
Ended
March 31,
|
Three
Months
Ended
December 31,
|
|||||||||||
|
||||||||||||
2007
|
2006
|
2006
|
||||||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from
initial public offering, net of issuance costs
|
$ |
---
|
$ |
---
|
$ | (392 | ) | |||||
Proceeds
from
issuance of new shares by subsidiaries
|
1,217
|
---
|
---
|
|||||||||
Acquisition
of
ordinary shares for retirement
|
(10,841 | ) |
---
|
(38,835 | ) | |||||||
Proceeds
from
borrowing of short-term debt
|
---
|
11,303
|
---
|
|||||||||
Repayment
of
long-term debt
|
---
|
(89 | ) |
---
|
||||||||
Net
cash provided by (used in) financing activities
|
(9,624 | ) |
11,214
|
(39,227 | ) | |||||||
Effect
of
exchange rate changes on cash and cash equivalents
|
57
|
(20 | ) |
19
|
||||||||
Net
increase (decrease) in cash and cash equivalents
|
2,085
|
24,161
|
(45,841 | ) | ||||||||
Cash
and cash equivalents at beginning of period
|
109,753
|
7,086
|
155,594
|
|||||||||
Cash
and cash equivalents at end of period
|
$ |
111,838
|
$ |
31,247
|
$ |
109,753
|
||||||
Supplemental
disclosures of cash flow information:
|
||||||||||||
Cash
paid during the period for:
|
||||||||||||
Interest
|
$ |
---
|
$ |
283
|
$ |
---
|
||||||
Income
taxes
|
$ |
17
|
$ |
15
|
$ |
110
|
||||||
Supplemental
disclosures of non-cash investing and financing
activities:
|
||||||||||||
Payable
for purchase of equipment and construction in progress
|
$ |
1,384
|
$ |
893
|
$ |
2,721
|
||||||
Fair
value of
common stocks issued by Himax Display, Inc. in the acquisition
of
Integrated Microdisplays Limited
|
$ |
---
|
$ |
---
|
$ |
538
|
||||||
Fair
value of
ordinary shares issued by Himax Technologies, Inc. in the acquisition
of
Wisepal Technologies, Inc.
|
$ |
45,031
|
$ |
---
|
$ |
---
|
||||||
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
and
Acquisition-Related Charges:
|
||||||||||||
Three
Months
Ended
March 31,
|
Three
Months
Ended
December 31,
|
|||||||||||
2007
|
2006
|
2006
|
||||||||||
Revenues
|
$ |
184,891
|
$ |
174,859
|
$ |
220,879
|
||||||
Gross
profit
|
36,061
|
37,561
|
41,665
|
|||||||||
Add:
Share-based compensation – Cost of revenues
|
25
|
24
|
25
|
|||||||||
Gross
profit
excluding share-based compensation
|
36,086
|
37,585
|
41,690
|
|||||||||
Gross
margin
excluding share-based compensation
|
19.5 | % | 21.5 | % | 18.9 | % | ||||||
Operating
income
|
16,760
|
23,594
|
22,322
|
|||||||||
Add:
Share-based compensation
|
1,519
|
1,138
|
1,493
|
|||||||||
Operating
income excluding share-based compensation
|
18,279
|
24,732
|
23,815
|
|||||||||
Add:
Acquisition-related charges – In-process R&D write off
|
700
|
---
|
---
|
|||||||||
Add:
Acquisition-related charges –Intangible assets
amortization
|
187
|
---
|
---
|
|||||||||
Operating
income excluding share-based compensation
and
acquisition-related charges
|
19,166
|
24,732
|
23,815
|
|||||||||
Operating
margin excluding share-based compensation
and
acquisition-related charges
|
10.4 | % | 14.1 | % | 10.8 | % | ||||||
*
|
Gross
margin
excluding share-based compensation equals gross profit excluding
share-based compensation divided by
revenues
|
*
|
Operating
margin excluding share-based compensation and acquisition-related
charges equals operating income excluding share-based
compensation and acquisition-related charges divided by
revenues
|
Diluted
Earnings Per Share Excluding Share-based Compensation and
Acquisition-Related Charges:
|
||||
Three
Months
Ended
March 31,
|
||||
2007
|
||||
Diluted
GAAP
EPS
|
$ |
0.09
|
||
Add:
Estimated
share-based compensation per diluted share
|
$ |
0.01
|
||
Add:
Estimated
acquisition-related charges per diluted share
|
$ |
---
|
||
Diluted
non
GAAP EPS excluding share-based compensation and acquisition-related
charges
|
$ |
0.10
|
||
Numbers
do not
add up due to rounding
|
LIVE
CALL
INFORMATION
|
REPLAY
INFORMATION
|
Thursday,
May 10, 2007 7AM Taiwan
Wednesday,
May
9, 2007 7PM NYC
Listener
Call Number: 1-201-689-8560
|
Accessible
2
hours after the call through
noon
on
Thursday, May 17, 2007 Taiwan
Replay
Number:
1-201-612-7415
Account
number: 3055
Conference
ID
number: 238293
|
David |
Mr. Jordan Wu |
Mr. Max Chan |