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Himax Technologies, Inc. Reports Second Quarter 2012 Financial Results

Sales increased 18.0% year-over-year to $189.5 million

Company Meets Q2 Gross Margin and EPS Guidance

  • Small and medium-sized panel driver sales increased 34.7% year-over-year to US$83.8 million , achieving record-high quarterly revenues
  • Gross margin increased 450 basis points to 23.1% from 18.6% in 2Q11 and increased 20 basis points from 22.9% in 1Q12 , highest since 4Q08
  • GAAP net income increased 316.8% to US $15.1 million from US $3.6 million in 2Q11 and increased 33. 5 % from US $11.3 million in 1Q12 . GAAP diluted earnings per ADS increased 342.5% to US$0.089 from US$0.02 in 2Q11 and increased 34.7% from US$0.066 in 1Q12

TAINAN, Taiwan, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq:HIMX) ("Himax" or "Company"), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, today announced financial results for the second quarter ended June 30, 2012.

SUMMARY FINANCIALS

Second quarter 2012 Results Compared to Second quarter 2011 Results (USD) (unaudited)
 
  Q2 2012 Q2 2011 CHANGE  
Net Revenues $189.5 million $160.6 million +18.0%  
Gross Profit $43.7 million $29.9 million +46.2%  
Gross Margin 23.1% 18.6% +4.5%  
GAAP Net Income Attributable to Shareholders $15.1 million $3.6 million +316.8%  
Non-GAAP Net Income Attributable to Shareholders $15.9 million (1) $5.0 million (2) +216.8%  
GAAP EPS (Per Diluted ADS) $0.089 $0.020 +342.5%  
Non-GAAP EPS (Per Diluted ADS) $0.093 (1) $0.028 (2) +232.1%  
 
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.4 million of share-based compensation expenses, net of tax and $0.4 million non-cash acquisition related charges, net of tax.
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $1.0 million of share-based compensation expenses, net of tax and $0.4 million non-cash acquisition related charge, net of tax.
 
Second quarter 2012 Results Compared to First Quarter 2012 Results (USD) (unaudited)
 
  Q2 2012 Q 1 2012 CHANGE
Net Revenues $189.5 million $166.7 million +13.7%
Gross Profit $43.7 million $38.1 million +14.7%
Gross Margin 23.1% 22.9% +0.2%
GAAP Net Income Attributable to Shareholders $15.1 million $11.3 million +33.5%
Non-GAAP Net Income Attributable to Shareholders $15.9 million (1) $12.1 million ( 2 ) +31.1%
GAAP EPS (Per Diluted ADS) $0.089 $0.066 +34.7%
Non-GAAP EPS (Per Diluted ADS) $0.093 (1) $0.071 ( 2 ) +31.0%
   
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.4 million of share-based compensation expenses , net of tax and $0. 4 million non-cash acquisition related charges , net of tax .  
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $0. 4 million of share-based compensation expenses , net of tax and $0. 4 million non-cash acquisition related charges , net of tax .  

"We are pleased with our second quarter performance where we achieved both top and bottom line growth. This signifies the success we have achieved for more balanced sales from various product lines and a more diversified customer base. In addition, we delivered strong growth in our higher margin products and kept our operating expenses under control. All of these factors resulted in substantial improvements in our bottom line profitability. We are confident that Himax is heading in the right direction to achieve additional improvements for the balance of 2012 and beyond," explained Mr. Jordan Wu, President and Chief Executive Officer of Himax.

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