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Himax Reports Fourth Quarter And Full Year 2010 Financial Results

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.

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