updated 2/9/2011 4:46:49 PM ET 2011-02-09T21:46:49

  • 2010 Earnings per ADS of 19 cents
  • Positive on 2011 outlook with strong growth in small/medium and non-driver products
  • Expects to commence the planned TDR listing in 2011

TAINAN, Taiwan, Feb. 9, 2011 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today reported financial results for the fourth quarter and full year ended December 31, 2010.

For the fourth quarter of 2010, Himax reported net revenues of $141.2 million, representing a 21.0% decrease from $178.7 million in the fourth quarter of 2009, and a 2.1% increase from $138.3 million in the third quarter of 2010. Gross margin was 21.5% in the fourth quarter of 2010, up 150 basis points year-over-year and down 140 basis points, sequentially. Operating income in the fourth quarter was $12.9 million, compared to $13.1 million for the same period last year and operating loss of $0.7 million in the previous quarter.

Net income attributable to Himax stockholders for the fourth quarter of 2010 was $11.7 million or $0.066 per diluted ADS, up from $11.0 million or $0.061 per diluted ADS in the fourth quarter of 2009, and up from $0.4 million or $0.003 per diluted ADS in the third quarter of 2010.

Excluding share-based compensation and acquisition-related charges, non-GAAP operating income for the fourth quarter of 2010 was $14.5 million, down from $15.4 million in the same period last year, and up from $7.3 million in the previous quarter.

Non-GAAP net income attributable to Himax stockholders for the fourth quarter of 2010 was $13.0 million or $0.073 per diluted ADS, up from $12.6 million or $0.069 per diluted ADS in the fourth quarter of 2009, and up from $7.0 million or $0.040 per diluted ADS in the third quarter of 2010.

Reconciliation of gross margin, operating margin (loss), net margin and diluted EPS excluding share-based compensation and acquisition-related charges, a non-GAAP financial measure, to GAAP gross margin, GAAP operating margin (loss), GAAP net margin and diluted GAAP EPS, most comparable GAAP figure, is set out in the attached reconciliation schedule.

Jordan Wu, President and Chief Executive Officer of Himax, commented, "2010 was a year full of both challenges and excitement. While we lost share in large panel drivers, we also gained a lot of ground in small and medium size panels. Also, we picked up strong momentum in 2010 across all of our non-driver businesses, which we have cultivated for a long time. We believe the strong momentum will continue into this year and beyond."

Mr. Wu continued, "Our revenues totaled $642.7 million in 2010, representing a 7.2% decline year-over-year. The decline was caused by the 25.7% year over year reduction of large-panel drivers, which represented 57.0% of 2010 revenue, as compared to 71.3% in 2009. We don't expect further loss of market share for large-sized drivers with our existing major customers for this year. Moreover, we are confident that we will gain share in China where there are aggressive panel capacity expansion plans offering attractive new driver business opportunities in the near term, especially in the large panel segment.

Small- and medium-sized drivers, on the other hand, grew 46.5% year over year, representing 34.8% of our total revenue, as compared to 22.0% a year ago. This strong growth momentum in the small and medium drivers will continue into this year, thanks to the expanding markets for several emerging product segments, especially smart phones and tablet PCs.

Non-driver products grew 13.8% year over year, representing 8.2% of our total sales, as compared to 6.7% a year ago. We achieved numerous milestones for non-driver products in 2010. Firstly 2010 was the year when we commenced mass production for several new product areas, including CMOS image sensors, wafer-level optics, wafer-level camera modules, 2D to 3D conversion solutions and touch controller ICs. These milestones are illustrations of our strong R&D capability and our commitment to a more diversified product portfolio. It has also paved the way for strong long term growth. Moreover, our LCOS pico-projector solutions, power management ICs and WLED drivers all showed significant year-over-year shipment and revenue growth in 2010. We are confident that the strong momentum will continue into 2011 and beyond for every non-driver product segment.

Gross margin in 2010 was 21.0% compared to 20.5% in 2009. Our net income was $33.2 million, or 19 cents per ADS, compared to $39.7 million, or 21 cents per ADS in the previous year. We expect to see contribution from our non-driver products to our gross profit and bottom line this year, on top of their contributions to the top line. Other than a short period of ramping time in the initial stage of mass production, each of our non-driver products exhibits higher gross margin than our driver products. We believe, with further ramp-up in non-driver products, we will be able to improve our gross margin from the current level."

Mr. Wu continued, "Entering into 2011, we are seeing encouraging signs in literally all aspects of our businesses, including large panel driver business where we suffered last year. We are therefore optimistic that our business is bottoming out and we are on track again to see top line and bottom line growth starting this year, following three years of decline. Equally important, looking ahead, we foresee a more balanced business portfolio with the large panel driver business accounting for a smaller percentage of our total sales. We also anticipate small panel drivers and non-drivers, which do not rely on a small number of large customers, to contribute significantly to our total sales.

2011 will be marked as a year of transition for us. Seeing the exciting upside potential, we continue to invest heavily on R&D, which will result in less than satisfactory first quarter profitability, as will be provided by the guidance below. Nevertheless, we believe we will be able to grow both our top and bottom lines each quarter during 2011."

Mr. Wu continued, "Another important task for this year is the listing of our planned Taiwan Depositary Receipts, or TDR. The filing, however, can only be made after the publication of the 2010 full year US GAAP audited financial reports, which is scheduled for the end of April. Prior year audited financial report is one of the essential documents required for official TDR application with the Taiwan Stock Exchange. We expect the issuance of TDR will provide a more convenient platform for our Asia-based investors and would help better reflect our corporate value through increased liquidity. We will provide application updates along the way."

Mr. Wu added, "Moving to our first quarter 2011 guidance, we expect revenues to remain flat or go up slightly, with our non-driver products to account for over 10% of the total sales, the first time in our history. However, we expect gross margin to decline within 1 percentage point. The decline in gross margin is primarily due to certain ramping-up expenses involved in non-driver products in their early stage of mass production. With further shipment ramp-up, we do expect non-driver products to contribute positively to our overall gross margin soon after this quarter. As mentioned earlier, R&D expenses are projected to increase from last quarter. Finally, our GAAP earnings per ADS is expected to be in the range of 1-2 cents."

Investor Conference Call / Webcast Details

The Company's management will review detailed fourth quarter 2010 results on Wednesday, February 9, 2011 at 6:00 PM NYC (7:00 AM, Thursday, February 10, Taiwan time). The conference dial-in numbers are +1-201-689-8471 (international) and +1-877-407-4018 (U.S. domestic). A live webcast of the conference call will be available on the Company's website at www.himax.com.tw . The playback will be available beginning two hours after the call through 1:00 PM Taiwan time on Wednesday, February 16, 2011 (midnight U.S. Eastern Standard Time) at www.himax.com.tw and by telephone at +1-858-384-5517 (international) or +1-877-870-5176 (U.S. domestic). The conference ID number is 364670.

About Himax Technologies, Inc.

Himax Technologies, Inc. designs, develops, and markets semiconductors that are critical components of flat panel displays. The Company's principal products are display drivers for large-sized TFT-LCD panels, which are used in desktop monitors, notebook computers and televisions, and display drivers for small- and medium-sized TFT-LCD panels, which are used in mobile handsets and consumer electronics products such as netbook computers, digital cameras, mobile gaming devices, portable DVD players, digital photo frame and car navigation displays. In addition, the Company is expanding its product offerings to include timing controllers, touch controller ICs, LCD TV and monitor chipset solutions, LCOS projector solutions, power management ICs, CMOS Image Sensors, Infinitely Color Technology and 2D to 3D conversion solutions. Based in Tainan, Taiwan, the Company has regional offices in Hsinchu and Taipei, Taiwan; Ninbo, Foshan, Fuqing, Beijing, Shanghai, Suzhou and Shenzhen, China; Yokohama and Matsusaka, Japan; Cheonan-si, Chungcheongnam-do, South Korea; and Irvine, California, USA.

Forward-Looking Statements: 

Factors that could cause actual events or results to differ materially include, but not limited to, general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortages in supply of key components; changes in environmental laws and regulations; exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory; the uncertainty of success in our Taiwan listing plan which is still under review by Taiwan regulatory authorities and subject to change due to, among other things, changes in either Taiwan or US authorities' policies and Taiwan regulatory authorities' acceptance of the Company's Taiwan listing application and other risks described from time to time in the Company's SEC filings, including those risks identified in the section entitled "Risk Factors" in its Form 20-F for the year ended December 31, 2009 filed with SEC on dated June 3, 2010, as amended.

 

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)
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
       
  Three Months

Ended December 31,
Three

Months

Ended

September

30,
  20 10 20 09 20 10
Revenues      
 Revenues from third parties, net $ 67,125 $ 59,421 $ 71,064
 Revenues from related parties, net  74,081  119,255  67,217
   141,206  178,676  138,281
       
Costs and expenses:      
 Cost of revenues  110,884  142,889  106,602
 Research and development  17,010  16,767  23,267
 General and administrative  5,582  3,882  4,948
 Sales and marketing  (5,149)  2,047  4,139
Total costs and expenses  128,327  165,585  138,956
       
Operating income (loss)  12,879  13,091  (675)
       
Non operating income (loss):      
Interest income  141  90  193
Equity in losses of equity method investees  (146)  (48)  (99)
Foreign exchange losses, net  (433)  (108)  (345)
Interest expense  (106)  --  (71)
Other income, net  487  79  173
   (57)  13  (149)
Earnings (loss) before income tax es  12,822  13,104  (824)
 Income tax expense (benefit)  2,317  3,016  (149)
Net income (loss)  10,505  10,088  (675)
Net loss attributable to noncontrolling interests  1,148  949  1,122
Net income attributable to Himax stockholders $ 11,653 $ 11,037 $ 447
       
Basic earnings per ordinary share attributable to Himax stockholders $ 0.033 $ 0.030 $ 0.001
Diluted earnings per ordinary share attributable to Himax stockholders $ 0.033 $ 0.030 $ 0.001
Basic earnings per ADS attributable to Himax stockholders $ 0.066 $ 0.061 $ 0.003
Diluted earnings per ADS attributable to Himax stockholders $ 0.066 $ 0.061 $ 0.003
       
Basic Weighted Average Outstanding O rdinary Shares  354,633  362,034  352,589
Diluted Weighted Average Outstanding O rdinary Shares  355,061  362,579  353,767


 

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Income
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
     
  Twelve Months Ended
  December 3 1 ,
  20 10 200 9
Revenues    
 Revenues from third parties, net $  304,068 $  245,075
 Revenues from related parties, net 338,624 447,306
  642,692 692,381
     
Costs and expenses:    
 Cost of revenues 507,647 550,556
 Research and development 76,426 71,364
 General and administrative 18,770 16,346
 Sales and marketing 4,491 10,578
Total costs and expenses 607,334 648,844
     
Operating income 35,358 43,537
     
Non operating income (loss):    
Interest income 607 766
Equity in losses of equity method investees (410) (89)
Foreign exchange losses, net (736) (510)
Interest expense (182) (3)
Other income, net 820 24
  99 188
Earnings before income taxes 35,457 43,725
 Income tax expense 6,391 7,915
Net income 29,066 35,810
Net loss attributable to the noncontrolling interests 4,140 3,840
Net income attributable to Himax stockholders $  33,206 $  39,650
     
Basic earnings per ordinary share attributable to Himax stockholders $0. 094 $0. 107
Diluted earnings per ordinary share attributable to Himax stockholders $0. 093 $0. 107
Basic earnings per ADS attributable to Himax stockholders $0. 187 $0. 215
Diluted earnings per ADS attributable to Himax stockholders $0. 187 $0. 214
     
Basic Weighted Average Outstanding Shares 355,037 369,652
Diluted Weighted Average Outstanding Shares 355,690 370,229


Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
       
 
The amount of share-based compensation included in applicable statements of income categories is summarized as follows:

 
     
       
  Three Months

Ended December 31,
Three

Months

Ended

September 30,
  20 10 20 09 20 10
Share-based compensation      
 Cost of revenues $ 23 $ 22 $ 174
 Research and development  779  1,306  5,275
 General and administrative  131  228  937
 Sales and marketing  137  219  1,040
     Income tax benefit  (177)  (233)  (1,108)
Total $ 893 $ 1,542 $ 6,318
       
The amount of acquisition-related charges included in applicable statements of income categories is summarized as follows:      
       
Acquisition-related charges      
  Research and development $ 259 $ 259 $ 259
    Sales and marketing  289  289  289
    Income tax benefit  (125)  (546)  (264)
Total $ 423 $ 2 $ 284
       
Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
     
The amount of share-based compensation included in applicable statements of income categories is summarized as follows:    
     
  Twelve Months Ended

  December 3 1 ,
  20 10 200 9
Share-based compensation    
 Cost of revenues $ 240 $ 264
 Research and development  8,803  10,936
 General and administrative  1,525  1,959
 Sales and marketing  1,613  1,902
 Income tax benefit  (1,603)  (2,260)
Total $ 10,578 $ 12,801
     
The amount of acquisition-related charges included in applicable statements of income categories is summarized as follows:    
     
  Research and development $ 1,035 $ 1,035
    Sales and marketing  1,157  1,157
    Income tax benefit  (728)  (1,032)
Total $ 1,464 $ 1,160
     
     
       
Himax Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
       
  December 31, September 30, December 31,
  2010 2010 2009
Assets      
Current assets:      
Cash and cash equivalents $96,842 $80,139 $110,924
Investments in marketable securities available-for-sale 8,632 2,470 10,730
Restricted cash equivalents 58,500 44,000 --
Accounts receivable, less allowance for doubtful accounts, sales returns and discounts  80,212 84,803 64,496
Accounts receivable from related parties, less allowance for sales returns and discounts  95,964 97,597 138,172
Inventories  117,988 111,664 67,768
Deferred income taxes  4,348 17,900 17,491
Prepaid expenses and other current assets  15,810 11,749 14,216
Total current assets $478,296 $450,322 $423,797
       
Investment securities, including securities measured at fair value 25,626 19,135 11,619
Equity method investments 869 1,231 586
Property, plant and equipment, net 47,561 48,708 51,586
Deferred income taxes  30,227 25,121 24,548
Goodwill 26,846 26,846 26,846
Intangible assets, net 6,674 7,223 8,872
Other assets 1,391 2,460 2,594
  139,194 130,724 126,651
Total assets $617,490 $581,046 $550,448
       
Liabilities and Equity      
Current liabilities:      
Short-term debt  $57,000 $44,000 $ --
Accounts payable  115,922 106,350 88,079
Income taxes payable  6,560 11,681 14,147
Other accrued expenses and other current liabilities 23,605 20,041 18,425
Total current liabilities  $203,087 $182,072 $120,651
Other liabilities 7,427 4,514 5,725
Total liabilities $210,514 $186,586 $126,376
       
Equity      
Himax stockholders' equity:      
Ordinary shares, US$0.3 par value, 1,000,000,000 shares authorized; 353,842,764 shares, 353,842,764 shares, and 358,012,184 shares issued and outstanding at December 31, 2010, September 30, 2010, and December 31, 2009, respectively $106,153 $106,153 $107,404
Additional paid-in capital  100,291 99,154 102,924
Accumulated other comprehensive income  1,204 454 4
Unappropriated retained earnings 198,230 186,577 209,121
Himax stockholders' equity $405,878 $392,338 $419,453
Noncontrolling interests 1,098 2,122 4,619
Total equity $406,976 $394,460 $424,072
Total liabilities and equity $617,490 $581,046 $550,448

 

Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
       
  Three Months

Ended
December 31,
Three Months

Ended
September 30,
  20 10 20 09 20 10
       
Cash flows from operating activities:      
Net income (loss) $ 10,505 $ 10,088 $ (675)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization  3,275  3,617  3,366
Bad debt expenses --  (575) --
Share-based compensation expenses  1,071  1,775  1,555
Equity in losses of equity method investees  146  48  99
Loss on disposal of property and equipment --  2  34
Gain on disposal of marketable securities, net  (197)  (17)  (21)
Valuation gain on investment securities  (258) --  (62)
Amortization of discount on investment securities  (34) --  (18)
Deferred income tax expense (benefit)  8,198  2,022  (3,850)
Inventories write downs  4,112  3,774  2,210
Changes in operating assets and liabilities:      
Accounts receivable  4,591  12,110  12,696
Accounts receivable from related parties  1,645  10,700  21,178
Inventories  (10,436) 33,746  (34,613)
Prepaid expenses and other current assets  (4,059)  (1,131)  908
Accounts payable  9,572  (62,060)  (27,918)
Income taxes payable  (5,478)  1,068  4,045
Other accrued expenses and other current liabilities  3,673  2,159  829
Other liabilities  3,476  (697)  (34)
Net cash provided by (used in) operating activities  29,802  16,629  (20,271)
       
Cash flows from investing activities:      
Purchase of property and equipment  (1,831)  (2,260)  (1,233)
Proceeds from disposal of property and equipment --  15 --
Purchase of available-for-sale marketable securities  (15,958)  (13,653)  (9,184)
Disposal of available-for-sale marketable securities  10,399  7,946  6,340
Purchase of non-marketable equity securities  (5,500) --  (1,000)
Purchase of investment securities -- --  (684)
Purchase of Equity method investments  (9) -- --
Pledge of restricted cash equivalents and marketable securities  (13,512)  (2,068)  (44,004)
Decrease in other assets  88  19  7
Net cash used in investing activities  (26,323)  (10,001)  (49,758)
       
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
       
  Three Months

Ended
December 3 1 ,
Three Months

Ended
 September 3 0 ,
  2010 2010 2010
Cash flows from financing activities:      
Distribution of cash dividends $ -- $ -- $ (44,097)
Proceeds from issuance of new shares by subsidiaries  95  805  117
Payments to acquire ordinary shares for retirement  --  (11,043)  (4,210)
Proceeds from disposal of subsidiary shares to noncontrolling interests by Himax Technologies Limited  135  76  364
Purchase of subsidiary shares from noncontrolling

 interests
 (60)  (99)  --
Proceeds from borrowing of short-term debt  13,000  --  44,000
Net cash provided by (used in) financing activities  13,170  (10,261)  (3,826)
Effect of foreign currency exchange rate change s on cash and cash equivalents  54   (5)  27 
Net increase (decrease) in cash and cash equivalents  16,703 (3,638)  (73,828)
Cash and cash equivalents at beginning of period  80,139 114,562  153,967
Cash and cash equivalents at end of period $ 96,842 $ 110,924 $ 80,139
       
Supplemental disclosures of cash flow information:      
 Cash paid during the period for:      
 Interest expense $ 165 $ -- $ --
 Income taxes $ 41 $ 13 $ 45
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
     
  Twelve Months

Ended
December 3 1 ,
  20 10 200 9
     
Cash flows from operating activities:    
     
Net income $ 29,066 $ 35,810
Adjustments to reconcile net income to net cash provided by operating activities:    
 Depreciation and amortization  13,626  13,795
Bad debt expenses --  218
 Share-based compensation expenses  6,311  8,553
Equity in losses of equity method investees  410  89
 Loss on disposal of property and equipment  34  43
Loss (gain) on sale of marketable securities, net  (296)  87
Valuation gain on investment securities  (320) --
Amortization of discount on investment securities  (52) --
 Deferred income taxes expense  6,612  1,447
 Inventories write downs  10,557  13,622
Changes in operating assets and liabilities:    
 Accounts receivable  (14,782)  (13,686)
 Accounts receivable from related parties  41,306  (33,685)
 Inventories  (60,777)  14,401
 Prepaid expenses and other current assets  (1,591)  (2,299)
 Accounts payable  27,843  34,360
 Income tax payable  (7,923)  (880)
 Other accrued expenses and other current liabilities  4,767  2,452
Other liabilities  2,840  (697)
Net cash provided by operating activities  57,631  73,630
     
Cash flows from investing activities:    
Purchase of property and equipment  (7,172)  (10,592)
Proceeds from sale of property, plant and equipment --  25
Purchase of available-for-sales marketable securities  (34,976)  (34,248)
Disposal of available-for-sale marketable securities  33,443  39,263
Purchase of financial assets carried at cost  (7,524) --
Purchase of equity-method investments  (906)  (663)
Purchase of investment securities  (684) --
Decrease (increase) in refundable deposits  298  (217)
Pledge of restricted cash equivalents and marketable securities  (57,578)  (1,002)
Increase in other assets --   (107)
Net cash used in investing activities  (75,099)  (7,541)
     
     
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Figures in T housands of U . S . D ollars)
     
  Twelve Months

Ended
December 3 1 ,
     
  2010 2009
     
Cash flows from financing activities:    
Distribution of cash dividends $ (44,097) $ (55,496)
Proceeds from issuance of new shares by subsidiaries  353  1,027
Payments to acquire ordinary shares for retirement  (10,755)  (36,596)
Proceeds from disposal of subsidiary shares by Himax  Technologies Limited  1,011   529 
Purchase of subsidiary shares from noncontrolling interest  (207)  (243)
Proceeds from short-term debt  217,000  80,000
Repayment of short-term debt  (160,000)  (80,000)
Net cash provided by (used in) financing activities  3,305  (90,779)
Effect of exchange rate change on cash and cash equivalents  81  414
Net decrease in cash and cash equivalents  (14,082)  (24,276)
Cash and cash equivalents at beginning of year  110,924  135,200
Cash and cash equivalents at end of year $ 96,842 $ 110,924
     
Supplemental disclosures of cash flow information:    
  Cash paid during the period for:    
  Interest  $ 170 $ 3
  Income taxes $ 8,329 $ 7,652
       
 

 
Himax Technologies, Inc.

Unaudited Supplemental Data – Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
       
Gross Margin, Operating Margin and Net Margin Excluding Share-based Compensation and Acquisition-Related Charges:
       
  Three Months

Ended December 31,
Three

Months

Ended

September

30,
  20 10 20 09 20 10
       
Revenues $ 141,206 $ 178,676 $ 138,281
       
Gross profit  30,322  35,787  31,679
Add: Share-based compensation – Cost of revenues  23  22  174
Gross profit excluding share-based compensation  30,345  35,809  31,853
Gross margin excluding share-based compensation  21.5%  20.0%  23.0%
       
Operating income (loss)  12,879  13,091  (675)
Add: Share-based compensation  1,070  1,775  7,426
Operating income excluding share-based compensation  13,949  14,866  6,751
Add: Acquisition-related charges –Intangible assets amortization  548  548  548
Operating income excluding share-based compensation and acquisition-related charges  14,497  15,414  7,299
Operating margin excluding share-based compensation and acquisition-related charges  10.3%  8.6%  5.3%
Net income attributable to Himax stockholders  11,653  11,037  447
Add: Share-based compensation, net of tax  893  1,542  6,318
Add: Acquisition-related charges, net of tax  423  2  284
Net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges  12,969  12,581  7,049
Net margin attributable to Himax stockholders excluding share-based compensation and acquisition-related charges  9.2%  7.0%  5.1%
*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 attributable to Himax stockholders excluding share-based compensation and acquisition-related charges equals net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges divided by revenues



 

 

 
Himax Technologies, Inc.

Unaudited Supplemental Data – Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
     
Gross Margin, Operating Margin and Net Margin Excluding Share-based Compensation and Acquisition-Related Charges:
     
  Twelve Months

Ended December 31,
  20 10 200 9
Revenues $642,692 $692,381
     
Gross profit 135,045 141,825
Add: Share-based compensation – Cost of revenues 240 264
Gross profit excluding share-based compensation 135,285 142,089
Gross margin excluding share-based compensation 21.0% 20.5%
         
Operating income 35,358 43,537
Add: Share-based compensation 12,181 15,061
Operating income excluding share-based compensation 47,539 58,598
Add: Acquisition-related charges –Intangible assets 

amortization
2,192 2,192
Operating income excluding share-based compensation

and acquisition-related charges
49,731 60,790
Operating margin excluding share-based compensation

and acquisition-related charges
7.7% 8.8%
Net income attributable to Himax stockholders 33,206 39,650
Add: Share-based compensation, net of tax 10,578 12,801
Add: Acquisition-related charges, net of tax 1,464 1,160
Net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges 45,248 53,611
Net margin attributable to Himax stockholders excluding share-based compensation and acquisition-related charges 7.0% 7.7%
*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 attributable to Himax stockholders excluding share-based compensation and acquisition-related charges equals net income attributable to Himax stockholders excluding share-based compensation and acquisition-related charges divided by revenues
         



 

Diluted Earnings Per O rdinary Share Attributable to Himax stockholders Excluding Share-based Compensation and Acquisition-Related Charges:

 

 
     
  Three Months

Ended December 31,
Twelve Months

Ended December 31,
  20 10 20 10
Diluted GAAP EPS attributable to Himax stockholders $0.033 $0.093
Add: Share-based compensation per diluted share $0.003 $0.030
Add: Acquisition-related charges per diluted share $0.001 $0.004
     
Diluted non GAAP EPS attributable to Himax stockholders excluding share-based compensation and acquisition-related charges $0.037 $0.127
     
CONTACT: Jessie Wang / Jessica Huang
         Investor Relations
         Himax Technologies, Inc.
         +886-2-2370-3999 Ext. 22618 / 22513
         jessie_wang@himax.com.tw
         jessica_huang@himax.com.tw
         
         In the U.S.
         Joseph Villalta
         The Ruth Group
         +1-646-536-7003
         jvillalta@theruthgroup.com

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