Form
20-F
|
X
|
Form
40-F
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Yes
|
No
|
X
|
Exhibit
|
|
99.1
|
Press
release entitled, “Himax reports third quarter 2007 results” dated
November 2, 2007.
|
99.2
|
Himax
third quarter 2007 results conference call transcript dated November
2,
2007.
|
HIMAX
TECHNOLOGIES, INC.
|
|||
By:
|
/s/
Max Chan
|
||
Name:
Max Chan
|
|||
Title:
Chief Financial Officer
|
|
Ÿ
|
Third
quarter 2007 revenue
increased to $243.3 million - record
high
since inception
|
|
Ÿ
|
Third
quarter 2007 gross margin
increased to 22.5% - marks fourth
consecutive
quarter of
improvement
|
|
Ÿ
|
Fourth
quarter 2007 revenue
expected to grow
around mid-single
digits,
with
gross
margin to remain flat, and
EPS to be in the range of $0.16 to
$0.17
|
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
September 30,
|
Three
Months
Ended
June
30,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Revenues
|
||||||||||||
Revenues
from third parties, net
|
$91,960
|
$88,878
|
$102,276
|
|||||||||
Revenues
from related parties, net
|
151,377
|
88,227
|
120,607
|
|||||||||
243,337
|
177,105
|
222,883
|
||||||||||
Costs
and expenses:
|
||||||||||||
Cost
of revenues
|
188,626
|
146,287
|
177,452
|
|||||||||
Research
and development
|
26,171
|
24,267
|
15,328
|
|||||||||
General
and administrative
|
4,891
|
3,190
|
3,222
|
|||||||||
Sales
and marketing
|
3,758
|
2,586
|
1,995
|
|||||||||
Total
costs and expenses
|
223,446
|
176,330
|
197,997
|
|||||||||
Operating
income
|
19,891
|
775
|
24,886
|
|||||||||
Non
operating income (loss):
|
||||||||||||
Interest
income
|
1,429
|
2,000
|
1,514
|
|||||||||
Foreign
exchange gains
(losses),
net
|
(29 | ) | (1,298 | ) |
36
|
|||||||
Other
income,
net
|
166
|
59
|
159
|
|||||||||
1,566
|
761
|
1,709
|
||||||||||
Income
before income taxes and minority interest
|
21,457
|
1,536
|
26,595
|
|||||||||
Income
tax benefit
|
---
|
(1,246 | ) |
---
|
||||||||
Income
before
minority interest
|
21,457
|
2,782
|
26,595
|
|||||||||
Minority
interest, net of tax
|
316
|
(157 | ) |
247
|
||||||||
Net
income
|
$21,773
|
$2,625
|
$26,842
|
|||||||||
Basic
earnings per ordinary share and ADS
|
$0.11
|
$0.01
|
$0.14
|
|||||||||
Diluted
earnings per ordinary share and ADS
|
$0.11
|
$0.01
|
$0.14
|
|||||||||
Basic
Weighted Average Outstanding Shares
|
197,690
|
197,110
|
197,656
|
|||||||||
Diluted
Weighted Average Outstanding Shares
|
197,733
|
199,729
|
198,013
|
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
September 30,
|
Three
Months
Ended
June
30,
|
||||||||||
2007
|
2006
|
2007
|
||||||||||
Share-based
compensation
|
||||||||||||
Cost
of revenues
|
$355
|
$208
|
$25
|
|||||||||
Research
and development
|
11,795
|
8,963
|
1,201
|
|||||||||
General
and administrative
|
1,718
|
1,090
|
151
|
|||||||||
Sales
and marketing
|
1,842
|
1,195
|
156
|
|||||||||
Total
|
$15,710
|
$11,456
|
$1,533
|
|||||||||
The
amount of acquisition-related
charges
included
in applicable expenses categories is
summarized
as follows:
|
||||||||||||
Research
and development
|
$250
|
$---
|
$1,234
|
|||||||||
Sales
and marketing
|
304
|
---
|
408
|
|||||||||
Total
|
$554
|
$---
|
$1,642
|
|||||||||
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,
|
||||||||
2007
|
2006
|
|||||||
Revenues
|
||||||||
Revenues
from third parties, net
|
$270,072
|
$238,939
|
||||||
Revenues
from related parties, net
|
381,039
|
284,700
|
||||||
651,111
|
523,639
|
|||||||
Costs
and expenses:
|
||||||||
Cost
of revenues
|
514,908
|
422,351
|
||||||
Research
and development
|
56,299
|
46,772
|
||||||
General
and administrative
|
11,113
|
6,582
|
||||||
Sales
and marketing
|
7,254
|
4,690
|
||||||
Total
costs and expenses
|
589,574
|
480,395
|
||||||
Operating
income
|
61,537
|
43,244
|
||||||
Non
operating income (loss):
|
||||||||
Interest
income
|
4,325
|
4,048
|
||||||
Impairment
loss on an investment
|
---
|
(1,500 | ) | |||||
Foreign
exchange losses, net
|
(483 | ) | (132 | ) | ||||
Interest
expense
|
---
|
(311 | ) | |||||
Other
income,
net
|
367
|
172
|
||||||
4,209
|
2,277
|
|||||||
Income
before income taxes and minority interest
|
65,746
|
45,521
|
||||||
Income
tax expense
|
---
|
1,491
|
||||||
Income
before minority interest
|
65,746
|
44,030
|
||||||
Minority
interest, net of tax
|
888
|
59
|
||||||
Net
income
|
$66,634
|
$44,089
|
||||||
Basic
earnings per ordinary share and ADS
|
$0.34
|
$0.23
|
||||||
Diluted
earnings per ordinary share and ADS
|
$0.34
|
$0.23
|
||||||
Basic
Weighted Average Outstanding Shares
|
197,671
|
190,484
|
||||||
Diluted
Weighted Average Outstanding Shares
|
197,834
|
193,698
|
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:
|
Nine
Months Ended
September
30,
|
|||||||
2007
|
2006
|
|||||||
Share-based
compensation
|
||||||||
Cost
of revenues
|
$405
|
$250
|
||||||
Research
and development
|
14,183
|
10,645
|
||||||
General
and administrative
|
2,020
|
1,293
|
||||||
Sales
and marketing
|
2,154
|
1,469
|
||||||
Total
|
$18,762
|
$13,657
|
||||||
The
amount of acquisition-related
charges included in applicable expenses categories is summarized
as
follows:
|
||||||||
Research
and development
|
$2,273
|
$---
|
||||||
Sales
and marketing
|
810
|
---
|
||||||
Total
|
$3,083
|
$---
|
||||||
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated Balance Sheets
|
||||||
(Figures
in Thousands of U.S. Dollars, Except Per Share
Data)
|
September30,
|
June30,
|
December
31,
|
||||||||||
2007
|
2007
|
2006
|
||||||||||
Assets
|
||||||||||||
Current
assets:
|
||||||||||||
Cash
and cash
equivalents
|
$119,246
|
$137,508
|
$109,753
|
|||||||||
Marketable
securities available-for-sale
|
16,109
|
13,327
|
8,828
|
|||||||||
Restricted
cash equivalents
|
171
|
171
|
108
|
|||||||||
Accounts
receivable, less allowance for doubtful
accounts,
sales returns and discounts
|
101,467
|
116,812
|
112,767
|
|||||||||
Accounts
receivable from related parties, less allowance for doubtful accounts,
sales returns and discounts
|
178,099
|
137,602
|
116,850
|
|||||||||
Inventories
|
125,983
|
125,146
|
101,341
|
|||||||||
Deferred
income taxes
|
6,829
|
6,829
|
6,744
|
|||||||||
Prepaid
expenses and other current assets
|
12,903
|
10,113
|
10,324
|
|||||||||
Total
current assets
|
$560,807
|
$547,508
|
$466,715
|
|||||||||
Property,
plant and
equipment, net
|
46,070
|
45,801
|
38,895
|
|||||||||
Deferred
income taxes
|
12,842
|
12,842
|
11,405
|
|||||||||
Intangible
assets, net
|
33,711
|
34,273
|
393
|
|||||||||
Investments
in
non-marketable securities
|
2,584
|
1,857
|
817
|
|||||||||
Refundable
deposits and prepaid pension costs
|
612
|
593
|
569
|
|||||||||
95,819
|
95,366
|
52,079
|
||||||||||
Total
assets
|
$656,626
|
$642,874
|
$518,794
|
|||||||||
Liabilities,
minority
interest and stockholders’ equity
|
||||||||||||
Current
liabilities:
|
||||||||||||
Accounts
payable
|
$160,269
|
$171,218
|
$120,407
|
|||||||||
Income
tax
payable
|
7,333
|
7,333
|
11,666
|
|||||||||
Dividends
payable
|
39,710
|
---
|
---
|
|||||||||
Other
accrued
expenses and other current liabilities
|
15,738
|
16,023
|
21,206
|
|||||||||
Total
current liabilities
|
$223,050
|
$194,574
|
$153,279
|
|||||||||
Accrued
pension liability
|
$196
|
$196
|
$192
|
|||||||||
Total
liabilities
|
$223,246
|
$194,770
|
$153,471
|
|||||||||
Minority
interest
|
$3,084
|
$1,715
|
$1,396
|
|||||||||
Stockholders’
equity:
|
||||||||||||
Ordinary
share, US$0.0001 par value, 198,548,799, 197,661,063, and 193,600,302
shares issued and outstanding at September 30, 2007, June 30, 2007
and
December 31, 2006, respectively
|
20
|
20
|
19
|
|||||||||
Additional
paid-in capital
|
260,980
|
259,189
|
221,666
|
|||||||||
Accumulated
other comprehensive loss
|
(146 | ) | (198 | ) | (275 | ) | ||||||
Unappropriated
earnings
|
169,442
|
187,378
|
142,517
|
|||||||||
Total
stockholders’ equity
|
$430,296
|
$446,389
|
$363,927
|
|||||||||
Total
liabilities,
minority interest and stockholders’ equity
|
$656,626
|
$642,874
|
$518,794
|
|||||||||
Himax
Technologies, Inc.
|
||||||
Unaudited
Condensed Consolidated Statements of Cash
Flows
|
||||||
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
September 30,
|
Three
Months
Ended
June
30,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Cash
flows from operating activities:
|
||||||||||||
Net
income
|
$21,773
|
$2,625
|
$26,842
|
|||||||||
Adjustments
to
reconcile net income to net cash provided
by
operating
activities:
|
||||||||||||
Depreciation
and amortization
|
4,179
|
1,119
|
2,587
|
|||||||||
Write-off
of in-process research and development
|
---
|
---
|
900
|
|||||||||
Share-based
compensation expenses
|
1,284
|
11,456
|
1,533
|
|||||||||
Minority
interest, net of tax
|
(316 | ) |
157
|
(247 | ) | |||||||
Loss
(gain) on disposal of property, plant and equipment
|
(16 | ) |
---
|
204
|
||||||||
Gain
on sale of subsidiary shares and investments in
non-marketable
securities, net
|
(112 | ) | (11 | ) | (125 | ) | ||||||
Gain
on sale of marketable securities, net
|
(31 | ) | (12 | ) | (23 | ) | ||||||
Deferred
income taxes
|
---
|
132
|
(727 | ) | ||||||||
Inventories
write downs
|
3,264
|
469
|
5,103
|
|||||||||
Changes
in
operating assets and liabilities:
|
||||||||||||
Accounts
receivable
|
15,850
|
(14,772 | ) | (8,661 | ) | |||||||
Accounts
receivable from related parties
|
(40,994 | ) | (5,096 | ) | (31,856 | ) | ||||||
Inventories
|
(4,032 | ) | (7,838 | ) | (10,868 | ) | ||||||
Prepaid
expenses and other current assets
|
(4,390 | ) | (2,530 | ) |
486
|
|||||||
Accounts
payable
|
(10,949 | ) |
8,815
|
49,753
|
||||||||
Income
tax payable
|
---
|
(1,075 | ) | (4,333 | ) | |||||||
Other
accrued expenses and other current liabilities
|
(114 | ) |
3,477
|
4,071
|
||||||||
Net
cash provided by (used in) operating activities
|
(14,604 | ) | (3,084 | ) |
34,639
|
|||||||
Cash
flows from investing activities:
|
||||||||||||
Purchase
of
property, plant and equipment
|
(2,500 | ) | (5,691 | ) | (6,877 | ) | ||||||
Proceeds
from
sale of property, plant and equipment
|
3
|
---
|
3
|
|||||||||
Purchase
of
available-for-sales marketable securities
|
(12,144 | ) | (10,608 | ) | (11,723 | ) | ||||||
Sales
and
maturities of available-for-sale marketable securities
|
9,404
|
8,480
|
11,258
|
|||||||||
Proceeds
from
sale of subsidiary shares and investments in non-marketable securities
by
Himax Technologies Limited
|
144
|
27
|
131
|
|||||||||
Purchase
of
investments in non-marketable securities
|
(750 | ) | (1,410 | ) | (1,040 | ) | ||||||
Purchase
of
subsidiary shares from minority interest
|
(112 | ) | (64 | ) | (46 | ) | ||||||
Refund
from
(increase in) refundable deposits
|
(15 | ) | (92 | ) |
76
|
|||||||
Release
(pledge) of restricted cash equivalents
|
---
|
424
|
(91 | ) | ||||||||
Net
cash used in investing activities
|
(5,970 | ) | (8,934 | ) | (8,309 | ) | ||||||
Himax
Technologies, Inc.
|
||||||||
Unaudited
Condensed Consolidated Statements of Cash
Flows
|
||||||||
(Figures
in Thousands of U.S.
Dollars)
|
Three
Months
Ended
September 30,
|
Three
Months
Ended
June
30,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Cash
flows from financing activities:
|
||||||||||||
Proceeds
from
issuance of new shares by subsidiaries
|
$2,290
|
$655
|
$---
|
|||||||||
Acquisition
of
ordinary shares for retirement
|
---
|
---
|
(625 | ) | ||||||||
Net
cash provided by (used in) financing activities
|
2,290
|
655
|
(625 | ) | ||||||||
Effect
of
exchange rate changes on cash and cash equivalents
|
22
|
73
|
(35 | ) | ||||||||
Net
increase (decrease) in cash and cash equivalents
|
(18,262 | ) | (11,290 | ) |
25,670
|
|||||||
Cash
and cash equivalents at beginning of period
|
137,508
|
166,884
|
111,838
|
|||||||||
Cash
and cash equivalents at end of period
|
$119,246
|
$155,594
|
$137,508
|
|||||||||
Supplemental
disclosures of cash flow information:
|
||||||||||||
Cash
paid during the period for income taxes
|
$24
|
$21
|
$4,706
|
|||||||||
Supplemental
disclosures of non-cash investing and financing
activities:
|
||||||||||||
Payable
for purchase of equipment and construction in progress
|
$6
|
$(1,750 | ) | $(4,473 | ) | |||||||
Dividends
payable
|
$39,710
|
$---
|
$---
|
|||||||||
Himax
Technologies, Inc.
|
|||||
Unaudited
Supplemental Data – Reconciliation Schedule
|
|||||
(Figures
in Thousands of U.S. Dollars)
|
|||||
Gross
Margin and Operating Margin Excluding Share-based Compensation
and
Acquisition-Related
Charges:
|
Three
Months
Ended
September 30,
|
Three
Months
Ended
June
30,
|
|||||||||||
2007
|
2006
|
2007
|
||||||||||
Revenues
|
$243,337
|
$177,105
|
$222,883
|
|||||||||
Gross
profit
|
54,711
|
30,818
|
45,431
|
|||||||||
Add:
Share-based compensation – Cost of revenues
|
355
|
208
|
25
|
|||||||||
Gross
profit
excluding share-based compensation
|
55,066
|
31,026
|
45,456
|
|||||||||
Gross
margin
excluding share-based compensation
|
22.6 | % | 17.5 | % | 20.4 | % | ||||||
Operating
income
|
19,891
|
775
|
24,886
|
|||||||||
Add:
Share-based compensation
|
15,710
|
11,456
|
1,533
|
|||||||||
Operating
income excluding share-based compensation
|
35,601
|
12,231
|
26,419
|
|||||||||
Add:
Acquisition-related charges – In-process R&D write off
|
---
|
---
|
900
|
|||||||||
– Intangible
assets amortization
|
554
|
---
|
742
|
|||||||||
Operating
income excluding share-based compensation
and
acquisition-related charges
|
36,155
|
12,231
|
28,061
|
|||||||||
Operating
margin excluding share-based compensation
and
acquisition-related charges
|
14.9 | % | 6.9 | % | 12.6 | % | ||||||
Net
income
excluding share-based compensation and acquisition-related
charges
|
38,037
|
14,081
|
30,017
|
|||||||||
Net
margin
excluding share-based compensation and acquisition-related
charges
|
15.6 | % | 8.0 | % | 13.5 | % | ||||||
*
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)
|
|||||
Gross
Margin and Operating Margin Excluding Share-based Compensation
and
Acquisition-Related
Charges:
|
Nine
Months
Ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
Revenues
|
$651,111
|
$523,639
|
||||||
Gross
profit
|
136,203
|
101,288
|
||||||
Add:
Share-based compensation – Cost of revenues
|
405
|
250
|
||||||
Gross
profit
excluding share-based compensation
|
136,608
|
101,538
|
||||||
Gross
margin
excluding share-based compensation
|
21.0 | % | 19.4 | % | ||||
Operating
income
|
61,537
|
43,244
|
||||||
Add:
Share-based compensation
|
18,762
|
13,657
|
||||||
Operating
income excluding share-based compensation
|
80,299
|
56,901
|
||||||
Add:
Acquisition-related charges – In-process R&D write off
|
1,600
|
---
|
||||||
– Intangible
assets amortization
|
1,483
|
---
|
||||||
Operating
income excluding share-based compensation
and
acquisition-related charges
|
83,382
|
56,901
|
||||||
Operating
margin excluding share-based compensation
and
acquisition-related charges
|
12.8 | % | 10.9 | % | ||||
Net
income
excluding share-based compensation and acquisition-related
charges
|
88,479
|
57,746
|
||||||
Net
margin
excluding share-based compensation and acquisition-related
charges
|
13.6 | % | 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
|
Diluted
Earnings Per Share Excluding Share-based Compensation and
Acquisition-Related Charges:
|
Three
Months Ended
September
30,
2007
|
Nine
Months Ended
September
30,
2007
|
|||||||
Diluted
GAAP
EPS
|
$0.11
|
$0.34
|
||||||
Add:
Estimated
share-based compensation per diluted share
|
$0.08
|
$0.09
|
||||||
Add:
Estimated
acquisition-related charges
|
$ ---
|
$0.02
|
||||||
Diluted
non-GAAP EPS excluding share-based compensation and acquisition-related
charges
|
$0.19
|
$0.45
|
||||||
Numbers
do not
add up due to rounding
|
LIVE
CALL
INFORMATION
|
REPLAY
INFORMATION
|
Friday,
November 2, 2007 7AM Taiwan
Thursday,
November 1, 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
Friday, November 9, 2007 Taiwan
Replay
Number:
1-201-612-7415
Account
number: 3055
Conference
ID
number: 258193
|
David |
Mr. Jordan Wu |
Mr. Max Chan |