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Nam Tai Electronics, Inc.: Q1 2012 Sales Down 33.9%, Gross Profit Margin at 3.3%

April 30, 2012 March 31, 2012

KEY HIGHLIGHTS

(In thousands of US Dollars, except per share data, percentages and as otherwise stated

Quarterly Results (unaudited)

Q 1 201 2

Q 1 201 1

YoY(%) (c)

Net sales(a)

$94,062

$142,410

(33.9)

Gross profit(a) 

$3,075

$5,623

(45.3)

% of sales

3.3%

3.9%

Operating (loss)(a)

$(2,948)

$(946)

% of sales

(3.1%)

(0.7%)

per share (diluted)

$ (0.07)

($0.02)

Net (loss) income(b)

$ (3,634)

$2,018

% of sales

(3.9%)

1.4%

Basic (loss) earnings per share

$ (0.08)

$0.05

Diluted (loss) earnings per share

$ (0.08)

$0.04

Weighted average number of shares (‘000)

Basic

44,804

44,804

Diluted

44,832

44,849

Note s :

(a)    

The above table excludes the discontinued product business, the net sales of which were $11.5 million and $19.5 million, gross (loss) profit was ($1.5 million) and $2.6 million, operating (loss) income was ($3.5 million) and $1.2 million for the three months ended March 31, 2012 and March 31, 2011, respectively. Please see page 7 Condensed Consolidated Statements of Operations for further details. This information has been published on the http://www.namtai.com/quarterly/quarterly.htm

(b)    

Net loss for the three months ended March 31, 2012 included loss from discontinued product business (net of tax) of $2.6 million, interest income of $0.5 million and exchange gain of $0.8 million .

(c)     

Percentage change is not applicable if either of the two periods contains a loss.


SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FIRST QUARTER OF 201 2

(In thousands of US Dollars, except percentage information

Quarter

2012

2011

YoY(%)

(Quarterly)

YoY(%)

(Quarterly accumulated)

1st Quarter

$94,062

$142,410

(33.9)

(33.9)

2nd Quarter

$125,994

3rd Quarter

$127,600

4th Quarter

$129,073

Total

$94,062

$525,077

Note:

*

The above table excludes the discontinued product business. Please see page 7 Condensed Consolidated Statements of Operations for further details. This information has also been published on the C http://www.namtai.com/quarterly/quarterly.htm

2. Key Highlights of Financial Position

As at March 31,

As at December 31 ,

20 1 2(a)

20 1 1(a)

20 1 1(a)

Cash on hand (b)

$139.5 million

$213.6 million

$118.5 million

1.07

1.84

0.88

Current ratio

2.19

2.97

2.22

Ratio of total assets to total liabilities

3.41

3.87

3.38

Return on equity

(4.5%)

2.4%

0.2%

Ratio of total liabilities to total equity

0.41

0.35

0.42

Debtors turnover

50 days

48 days

46 days

Inventory turnover

35 days

15 days

19 days

Average payable period

69 days

54 days

54 days

Notes:

(a)    

The Company’s ratios have been restated according to the reclassified assets and liabilities resulting from the discontinued Liquid Crystal Display Panels ("LCDP") product business. Please see page 8 Condensed Consolidated Balance Sheets for further information . This information has also been published on the http://www.namtai.com/quarterly/quarterly.htm

(b)    

According to the Financial Accounting Standard Board (the "FASB") Accounting Standards Codification ("ASC") 210-10-20 "Balance Sheet" definition, cash equivalents are short-term, highly liquid investments that are readily convertible to cash. Only investments with original maturities of three months or less when purchased qualify under that definition. Therefore, the fixed deposits maturing over three months are not classified as cash on hand but require separate disclosure. In the first quarter of 2012, the Company’s cash increased due to a decrease of $29.7 million in fixed deposits maturing over three months, which increased our available cash on hand.

OPERATING RESULTS

$11.5 million $19.5 million $1.5 million $2.6 million $3.5 million $1.2 million March 31, 2012 March 31, 2011 http://www.namtai.com/quarterly/quarterly.htm

The first quarter of 2012 was a transitional period between our discontinued product lines of lower-margin and smaller orders and our ramp up for production of high-resolution LCD modules ("LCM") for tablets and smartphones, which we anticipate will be characterized by higher-growth and larger orders.

$94.1 million $142.4 million $3.1 million $5.6 million

December 2011

$2.9 million $0.9 million $3.6 million $2.0 million

EXPANSION PROJECTS

Shenzhen

COMPANY OUTLOOK

The Company’s revenue decreased by 33.9% for the first quarter of 2012 when compared with the first quarter of 2011 excluding the contribution from the discontinued low-end monochrome LCDP product business. This significant revenue decline was mainly due to the transition from the discontinued product lines and the delay in our ramp up of production for the customers’ new orders of high-resolution LCM for tablets and smartphones.

For the new order of tablet high-resolution LCM in Wuxi, the production could be further delayed due to the quality of key components provided by the customer’s selected suppliers, the quality of which was unable to meet the customer’s approval and these components are being tested by the customer.

Shenzhen

The Company reasonably believes that both customers have the capability to settle such matters. 

Due to these uncertainties, the Company may be unable to achieve its sales target in 2012.

However, a number of factors would affect our revenue and margins, including: components shortages, quality instability, delivery delays caused by the customers’ selected suppliers; order cancellations, order postponements; the quantity of actually placed order may be different from the forecast order; the labor shortage or customers may request unit price reductions at anytime. It is also important to note that customers do not guarantee the utilization of our invested capacity.

China

PAYMENT OF QUARTERLY DIVIDENDS FOR 201 2

October 31, 2011 April 20, 2012

Quarterly Payment

Record Date

Payment Date

Dividend

(per share)

Status

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