Form
20-F
|
X
|
Form
40-F
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Exhibit
|
|
99.1
|
Press
release entitled, “Himax reports second quarter 2007 results” dated August
7, 2007.
|
99.2
|
Himax
second quarter 2007 results conference call transcript dated
August 7,
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/Jessie Wang
Investor
Relations
Himax
Technologies, Inc.
+886-2-3393-0877
Ext.
22240/22618
jackson_ko@himax.com.tw
Jessie_wang@himax.com.tw
|
In
the U.S.
David
Pasquale
The
Ruth Group
+1-646-536-7006
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
June 30,
|
Three
Months
Ended
March
31,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Revenues
|
||||||||||||
Revenues
from third parties, net
|
$ |
102,276
|
$ |
84,634
|
$ |
75,836
|
||||||
Revenues
from related parties, net
|
120,607
|
87,041
|
109,055
|
|||||||||
222,883
|
171,675
|
184,891
|
||||||||||
Costs
and expenses:
|
||||||||||||
Cost
of revenues
|
177,452
|
138,766
|
148,830
|
|||||||||
Research
and development
|
15,328
|
11,603
|
14,800
|
|||||||||
General
and administrative
|
3,222
|
1,334
|
3,000
|
|||||||||
Sales
and marketing
|
1,995
|
1,097
|
1,501
|
|||||||||
Total
costs and expenses
|
197,997
|
152,800
|
168,131
|
|||||||||
Operating
income
|
24,886
|
18,875
|
16,760
|
|||||||||
Non
operating income (loss):
|
||||||||||||
Interest
income
|
1,514
|
1,843
|
1,382
|
|||||||||
Impairment
loss on an investment
|
---
|
(1,500 | ) |
---
|
||||||||
Foreign
exchange gains
(losses),
net
|
36
|
1,398
|
(490 | ) | ||||||||
Interest
expense
|
---
|
(27 | ) |
---
|
||||||||
Other
income, net
|
159
|
58
|
42
|
|||||||||
1,709
|
1,772
|
934
|
||||||||||
Income
before income taxes and minority interest
|
26,595
|
20,647
|
17,694
|
|||||||||
Income
tax expense
|
---
|
1,246
|
---
|
|||||||||
Income
before minority interest
|
26,595
|
19,401
|
17,694
|
|||||||||
Minority
interest, net of tax
|
247
|
124
|
325
|
|||||||||
Net
income
|
$ |
26,842
|
$ |
19,525
|
$ |
18,019
|
||||||
Basic
earnings per ordinary share and ADS
|
$ |
0.14
|
$ |
0.10
|
$ |
0.09
|
||||||
Diluted
earnings per ordinary share and ADS
|
$ |
0.14
|
$ |
0.10
|
$ |
0.09
|
||||||
Basic
Weighted Average Outstanding Shares
|
197,656
|
195,535
|
195,761
|
|||||||||
Diluted
Weighted Average Outstanding Shares
|
198,013
|
198,512
|
195,968
|
Himax
Technologies, Inc.
|
Unaudited
Supplemental Financial Information
|
(Figures
in Thousands of U.S.
Dollars)
|
The
amount of share-based compensation included in applicable costs
and
expenses
categories is summarized as follows:
|
Three
Months
Ended
June 30,
|
Three
Months
Ended
March
31,
|
||||||||||
2007
|
2006
|
2007
|
||||||||||
Share-based
compensation
|
||||||||||||
Cost
of revenues
|
$ |
25
|
$ |
18
|
$ |
25
|
||||||
Research
and development
|
1,201
|
818
|
1,187
|
|||||||||
General
and administrative
|
151
|
98
|
151
|
|||||||||
Sales
and marketing
|
156
|
129
|
156
|
|||||||||
Total
|
$ |
1,533
|
$ |
1,063
|
$ |
1,519
|
||||||
The
amount of acquisition-related
charges included in applicable expenses categories is summarized
as
follows:
|
||||||||||||
Research
and development
|
$ |
1,234
|
$ |
---
|
$ |
789
|
||||||
Sales
and marketing
|
408
|
---
|
98
|
|||||||||
Total
|
$ |
1,642
|
$ |
---
|
$ |
887
|
Himax
Technologies, Inc.
|
|||
Unaudited
Condensed Consolidated Statements of Income
|
|||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
|||
Six
Months Ended
|
||||||||
June
30,
|
||||||||
2007
|
2006
|
|||||||
Revenues
|
||||||||
Revenues
from third parties, net
|
$ |
178,112
|
$ |
150,061
|
||||
Revenues
from related parties, net
|
229,662
|
196,473
|
||||||
407,774
|
346,534
|
|||||||
Costs
and expenses:
|
||||||||
Cost
of revenues
|
326,282
|
276,064
|
||||||
Research
and development
|
30,128
|
22,505
|
||||||
General
and administrative
|
6,222
|
3,392
|
||||||
Sales
and marketing
|
3,496
|
2,104
|
||||||
Total
costs and expenses
|
366,128
|
304,065
|
||||||
Operating
income
|
41,646
|
42,469
|
||||||
Non
operating income (loss):
|
||||||||
Interest
income
|
2,896
|
2,048
|
||||||
Impairment
loss on an investment
|
---
|
(1,500 | ) | |||||
Foreign
exchange gains (losses), net
|
(454 | ) |
1,166
|
|||||
Interest
expense
|
---
|
(311 | ) | |||||
Other
income, net
|
201
|
113
|
||||||
2,643
|
1,516
|
|||||||
Income
before income taxes and
minority
interest
|
44,289
|
43,985
|
||||||
Income
tax expense
|
---
|
2,737
|
||||||
Income
before minority interest
|
44,289
|
41,248
|
||||||
Minority
interest, net of tax
|
572
|
216
|
||||||
Net
income
|
$ |
44,861
|
$ |
41,464
|
||||
Basic
earnings per ordinary share and ADS
|
$ |
0.23
|
$ |
0.22
|
||||
Diluted
earnings per ordinary share and ADS
|
$ |
0.23
|
$ |
0.22
|
||||
Basic
Weighted Average Outstanding Shares
|
196,714
|
187,102
|
||||||
Diluted
Weighted Average Outstanding Shares
|
197,134
|
190,510
|
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated
Balance
Sheets
|
||||||
(Figures
in Thousands
of U.S.Dollars)
|
||||||
June
30,
|
Mar
31,
|
Dec
31,
|
||||||||||
2007
|
2007
|
2006
|
||||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and cash equivalents
|
$ |
137,508
|
$ |
111,838
|
$ |
109,753
|
||||||
Marketable
securities available-for-sale
|
13,327
|
12,783
|
8,828
|
|||||||||
Restricted
cash equivalents and marketable securities
|
171
|
106
|
108
|
|||||||||
Accounts
receivable, less allowance for doubtful
accounts, sales returns and discounts
|
116,812
|
108,147
|
112,767
|
|||||||||
Accounts
receivable from related parties, less allowance for doubtful
accounts, sales returns and discounts
|
137,602
|
105,740
|
116,850
|
|||||||||
Inventories
|
125,146
|
119,379
|
101,341
|
|||||||||
Deferred
income taxes
|
6,829
|
7,401
|
6,744
|
|||||||||
Prepaid
expenses and other current assets
|
10,113
|
10,276
|
10,324
|
|||||||||
Total
current assets
|
$ |
547,508
|
$ |
475,670
|
$ |
466,715
|
||||||
Property,
plant and equipment, net
|
45,801
|
45,767
|
38,895
|
|||||||||
Deferred
income taxes
|
12,842
|
11,964
|
11,405
|
|||||||||
Intangible
assets, net
|
34,273
|
35,865
|
393
|
|||||||||
Investments
in non-marketable securities
|
1,857
|
817
|
817
|
|||||||||
Refundable
deposits and prepaid pension costs
|
593
|
618
|
569
|
|||||||||
95,366
|
95,031
|
52,079
|
||||||||||
Total
assets
|
$ |
642,874
|
$ |
570,701
|
$ |
518,794
|
||||||
Liabilities,
minority interest and stockholders’ equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Accounts
payable
|
$ |
171,218
|
$ |
121,459
|
$ |
120,407
|
||||||
Income
tax payable
|
7,333
|
12,150
|
11,666
|
|||||||||
Other
accrued expenses and other current liabilities
|
16,023
|
16,987
|
21,206
|
|||||||||
Total
current liabilities
|
$ |
194,574
|
$ |
150,596
|
$ |
153,279
|
||||||
Accrued
pension liability
|
$ |
196
|
$ |
196
|
$ |
192
|
||||||
Total
liabilities
|
$ |
194,770
|
$ |
150,792
|
$ |
153,471
|
||||||
Minority
interest
|
$ |
1,715
|
$ |
1,980
|
$ |
1,396
|
||||||
Stockholders’
equity:
|
||||||||||||
Ordinary
share, US$0.0001 par value, 500,000,000 shares authorized
|
20
|
20
|
19
|
|||||||||
Additional
paid-in capital
|
259,189
|
257,678
|
221,666
|
|||||||||
Accumulated
other comprehensive loss
|
(198 | ) | (305 | ) | (275 | ) | ||||||
Unappropriated
earnings
|
187,378
|
160,536
|
142,517
|
|||||||||
Total
stockholders’ equity
|
$ |
446,389
|
$ |
417,929
|
$ |
363,927
|
||||||
Total
liabilities,
minority interest and stockholders’ equity
|
$ |
642,874
|
$ |
570,701
|
$ |
518,794
|
||||||
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated Statements of Cash
Flows
|
||||||
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
June 30,
|
Three
Months
Ended
March
31,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$ |
26,842
|
$ |
19,525
|
$ |
18,019
|
||||||
Adjustments
to reconcile net income to net cash provided
by
operating activities:
|
||||||||||||
Depreciation
and amortization
|
2,587
|
1,204
|
2,026
|
|||||||||
Write-off
of in-process research and development
|
900
|
---
|
700
|
|||||||||
Share-based
compensation expenses
|
1,533
|
1,063
|
1,519
|
|||||||||
Minority
interest, net of tax
|
(247 | ) | (124 | ) | (325 | ) | ||||||
Loss
on disposal of property, plant and equipment
|
204
|
5
|
35
|
|||||||||
Gain
on sale of subsidiary shares and investments in
non-marketable
securities, net
|
(125 | ) | (33 | ) | (21 | ) | ||||||
Gain
on sale of marketable securities, net
|
(23 | ) | (22 | ) | (30 | ) | ||||||
Impairment
loss on an investment
|
---
|
1,500
|
---
|
|||||||||
Deferred
income taxes
|
(727 | ) | (1,677 | ) |
---
|
|||||||
Inventories
write downs
|
5,103
|
1,888
|
3,118
|
|||||||||
Changes
in operating assets and liabilities:
|
||||||||||||
Accounts
receivable
|
(8,661 | ) | (13,672 | ) |
6,084
|
|||||||
Accounts
receivable from related parties
|
(31,856 | ) |
5,076
|
11,514
|
||||||||
Inventories
|
(10,868 | ) | (5,897 | ) | (20,803 | ) | ||||||
Prepaid
expenses and other current assets
|
486
|
(2,838 | ) | (85 | ) | |||||||
Accounts
payable
|
49,753
|
12,525
|
416
|
|||||||||
Income
tax payable
|
(4,333 | ) | (3,056 | ) |
---
|
|||||||
Other
accrued expenses and other current liabilities
|
4,071
|
(195 | ) | (6,290 | ) | |||||||
Net
cash provided by operating activities
|
34,639
|
15,272
|
15,877
|
|||||||||
Cash
flows from investing activities:
|
||||||||||||
Purchase
of property, plant and equipment
|
(6,877 | ) | (4,065 | ) | (6,483 | ) | ||||||
Proceeds
from sale of property, plant and equipment
|
3
|
---
|
---
|
|||||||||
Purchase
of available-for-sales marketable securities
|
(11,723 | ) | (8,625 | ) | (17,581 | ) | ||||||
Sales
and maturities of available-for-sale marketable securities
|
11,258
|
9,830
|
13,639
|
|||||||||
Cash
acquired in acquisition
|
---
|
---
|
6,197
|
|||||||||
Proceeds
from sale of subsidiary shares and investments in non-marketable
securities by Himax Technologies Limited
|
131
|
55
|
34
|
|||||||||
Purchase
of investments in non-marketable securities
|
(1,040 | ) |
---
|
---
|
||||||||
Purchase
of subsidiary shares from minority interest
|
(46 | ) | (84 | ) | (17 | ) | ||||||
Refund
from (increase in) refundable deposits
|
76
|
(23 | ) | (16 | ) | |||||||
Release
(pledge) of restricted cash equivalents
|
(91 | ) |
14,101
|
2
|
||||||||
Net
cash provided by (used
in)
investing activities
|
(8,309 | ) |
11,189
|
(4,225 | ) | |||||||
Himax
Technologies, Inc.
|
||||||||
Unaudited
Condensed Consolidated Statements of Cash
Flows
|
||||||||
(Figures
in Thousands of U.S. Dollars)
|
||||||||
Three
Months
Ended
June 30,
|
Three
Months
Ended March
31,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from initial public offering, net of issuance costs
|
$ |
---
|
$ |
147,813
|
$ |
---
|
||||||
Proceeds
from issuance of new shares by subsidiaries
|
---
|
---
|
1,217
|
|||||||||
Acquisition
of ordinary shares for retirement
|
(625 | ) |
---
|
(10,841 | ) | |||||||
Repayment
of short-term debt
|
---
|
(38,577 | ) |
---
|
||||||||
Net
cash provided by (used in) financing activities
|
(625 | ) |
109,236
|
(9,624 | ) | |||||||
Effect
of exchange rate changes on cash and cash equivalents
|
(35 | ) | (60 | ) |
57
|
|||||||
Net
increase in cash and cash equivalents
|
25,670
|
135,637
|
2,085
|
|||||||||
Cash
and cash equivalents at beginning of period
|
111,838
|
31,247
|
109,753
|
|||||||||
Cash
and cash equivalents at end of period
|
$ |
137,508
|
$ |
166,884
|
$ |
111,838
|
||||||
Supplemental
disclosures of cash flow information:
|
||||||||||||
Cash
paid during the period for:
|
||||||||||||
Interest
|
$ |
---
|
$ |
28
|
$ |
---
|
||||||
Income
taxes
|
$ |
4,706
|
$ |
5,549
|
$ |
17
|
||||||
Supplemental
disclosures of non-cash investing and financing
activities:
|
||||||||||||
Payable
for purchase of equipment and construction in progress
|
$ | (4,473 | ) | $ | (18 | ) | $ |
1,384
|
||||
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
June 30,
|
Three
Months
Ended
March 31,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Revenues
|
$ |
222,883
|
$ |
171,675
|
$ |
184,891
|
||||||
Gross
profit
|
45,431
|
32,909
|
36,061
|
|||||||||
Add:
Share-based compensation – Cost of revenues
|
25
|
18
|
25
|
|||||||||
Gross
profit excluding share-based compensation
|
45,456
|
32,927
|
36,086
|
|||||||||
Gross
margin excluding share-based compensation
|
20.4 | % | 19.2 | % | 19.5 | % | ||||||
Operating
income
|
24,886
|
18,875
|
16,760
|
|||||||||
Add:
Share-based compensation
|
1,533
|
1,063
|
1,519
|
|||||||||
Operating
income excluding share-based compensation
|
26,419
|
19,938
|
18,279
|
|||||||||
Add:
Acquisition-related charges – In-process R&D write off
|
900
|
---
|
700
|
|||||||||
–
Intangible assets
amortization
|
742
|
---
|
187
|
|||||||||
Operating
income excluding share-based compensation
and
acquisition-related charges
|
28,061
|
19,938
|
19,166
|
|||||||||
Operating
margin excluding share-based compensation
and
acquisition-related charges
|
12.6 | % | 11.6 | % | 10.4 | % | ||||||
Net
income excluding share-based compensation and acquisition-related
charges
|
30,017
|
20,588
|
20,425
|
|||||||||
Net
margin excluding share-based compensation and acquisition-related
charges
|
13.5 | % | 12.0 | % | 11.0 | % |
*
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
|
|||||
*
Net margin excluding share-based compensation and acquisition-related
charges equals net income excluding share-based compensation
and acquisition-related charges divided by
revenues
|
Himax
Technologies, Inc.
|
Unaudited
Supplemental Data – Reconciliation Schedule
|
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
Diluted
Earnings Per Share Excluding Share-based Compensation and
Acquisition-Related Charges:
|
Three
Months
Ended
June 30,
|
||||
2007
|
||||
Diluted
GAAP EPS
|
$0.14
|
|||
Add:
Estimated share-based compensation per diluted share
|
$0.01
|
|||
Add:
Estimated acquisition-related charges per diluted share
|
$0.01
|
|||
Diluted
non-GAAP EPS excluding share-based compensation and acquisition-related
charges
|
$0.15
|
|||
Numbers
do not add up due to rounding
|
LIVE
CALL
INFORMATION
|
REPLAY
INFORMATION
|
Tuesday,
August 7, 2007 7AM Taiwan
Monday,
August 6, 2007 7PM NYC
CEO
/ CFO Number: 1-201-689-8561
Listener
Call Number: 1-201-689-8560
|
Accessible
2 hours after the call through
noon
on Tuesday, August 14, 2007 Taiwan
Replay
Number: 1-201-612-7415
Account
number: 3055
Conference
ID number: 248178
|
David |
Mr. Max Chan |