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Nam Tai Electronics, Inc. Reports Q4 2010 Earnings

SHENZHEN, China Feb. 22, 2011 December 31, 2010

KEY HIGHLIGHTS

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

Quarterly Results

Yearly Results

Q4 2010

Q4 2009

YoY(%)

2010

2009

YoY(%)

Net sales

$166,498

$93,735

78

$534,420

$408,137

31

Gross profit

$14,226

$10,162

40

$51,294

$40,320

27

% of sales

8.5%

10.8%

9.6%

9.9%

Operating income (a)(b)

$4,349

$692

528

$14,801

$388

3,714

% of sales

2.6%

0.7%

2.8%

0.1%

Per share (diluted)

$0.10

$0.02

400

$0.33

$0.01

3,200

Net income attributable to
Nam Tai shareholders (a)(b)(c) (d)

    $ 5 , 285

$416

1,170

$15,006

$1,652

810

% of sales

3.2%

0.4%

2.8%

0.4%

Basic earnings per share

$0.12

$0.01

1,100

$0.33

$0.04

725

Diluted earnings per share

$0.12

$0.01

1,100

$0.33

$0.04

725

Weighted average number of shares (‘000)

Basic

44,804

44,804

44,804

44,804

Diluted

44,831

44,820

44,822

44,810

Notes:

(a) Operating and net income for the twelve months ended December 31, 2009 and 2010 included $5.1 million and $0.7 million restructuring costs in relation to employee severance benefits in the Company’s Shenzhen operations.

(b) Operating income and net income for the twelve months ended December 31, 2009 and 2010 included accruals for compensation obligation pay able to the Company’s CFO at the end of three years’ continuous service. In October 2010, the Company’s compensation obligation payable at the end of three years to its CFO was terminated. In accordance with SAB Topics 1B.1 and 5T, ASC 718-10-15-4 and SEC Financial Reporting Manual at 7220.1, the aggregate of $1.6 million previously accrued on this obligation during the periods from March 2009 through December 31, 2 009 and from January 1, 2010 to September 30, 2010 was reclassified and added to "additional paid in capital" on the Company’s Balance Sheet as at December 31, 2010.

(c) In November 2009, Nam Tai successfully completed the privatization of Nam Tai Electronic & Electrical Products Limited, or NTEEP, by tendering for and acquiring the 25.12 percent of NTEEP that it did not previously own, i.e., NTEEP’s non-controlling shares, resulting in NTEEP becoming the Company’s wholly-owned subsidiary. During the year ended December 31, 2009, including the periods covered by this press release, we reported consolidated net income in accordance with SFAS 160, which required that consolidated net income be reported in amounts that include the amounts attributable to both the parent (Nam Tai) and its non-controlling interest in NTEEP. Accordingly, "Net income attributable to Nam Tai shareholders" in 2009 represents amounts attributable to Nam Tai, net of its non-controlling interest in NTEEP. In 2010, however, "Net income attributable to Nam Tai shareholders" represents amounts without deduction for any non-controlling interest as NTEEP was successfully privatized in November 2009.

(d) Net income of the twelve months ended December 31, 2010 included a deferred tax credit of $2.6 million arising from the tax loss of Wuxi FP C ( " Flexible Printable Circuit " ) business, whereas the actual utilization of such deferred tax asset may be affected by changes in future results.

the United States

GAAP TO NON-GAAP RECONCILIATION

(In millions of US Dollars, except for per share (diluted) and numbers of shares)

Three months ended

Year ended

December 31,

December 31,

2010

2009

2010

2009

millions

per share (diluted)

millions

per share (diluted)

millions

per share (diluted)

millions

per share (diluted)

GAAP Operating Income

$ 4.3

$ 0.10

$ 0.7

$ 0.02

$ 14.8

$ 0.33

$ 0.4

$ 0.01

Add back:

  • Share-based compensation expenses (a)

0.1

0.1

0.1

  • Professional expenses in relation to privatization of NTEEP

0.9

0.02

  • Employee severance benefits in PRC subsidiaries (b)

0.7

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