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Himax Technologies, Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

  • S ales increased 12.7% year-over-year to $190.6 million and increased 0.1% sequentially . Full year 2012 revenues increased 16.5% year-over-year to $737.3 million
  • Gross margin for the quarter increased 120 bps year-over-year to 23.3 % and slightly higher than its most recent quarter Q3 2012
  • Non- GAAP net income increased 252.2 % to $ 15.3 million from $ 4.3 million in Q 4 20 11 . Non-GAAP earnings per diluted ADS increased 256 .0 % to $8.9 cents from $2.5 cents in Q4 20 11
  • GAAP net income increased 285.8 % to $ 14.3 million from $ 3.7 million in Q 4 20 11 . GAAP earnings per diluted ADS increased 300 .0 % to $8.4 cents from $2.1 cents in Q4 20 11
  • FY 2012 GAAP net income increased 377.9 % to $ 51.2 million from $ 10.7 million in FY 2011. GAAP earnings per diluted ADS increased 391.8% to $30.0 cents from $6.1 cents in FY 2011
  • Positive 2013 outlook with strong growth in small and medium-sized driver and non-driver products

TAINAN, Taiwan, Feb. 6, 2013 (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 fourth quarter and full year ended December 31, 2012.

SUMMARY FINANCIALS
Fourth Quarter 2012 Results Compared to Fourth Quarter 2011 Results (USD in millions) (unaudited)
 
  Q4 2012 Q4 2011 CHANGE  
Net Revenues $190.6 million $169.2 million +12.7%  
Gross Profit $44.4 million $37.4 million +18.8%  
Gross Margin 23.3% 22.1% +1.2%  
GAAP Net Income Attributable to Shareholders $14.3 million $3.7 million +285.8%  
Non-GAAP Net Income Attributable to Shareholders $15.3 million (1) $4.3 million ( 2 ) +252.2%  
GAAP EPS (Per Diluted ADS, USD) $0.084 $0.021 +300.0%  
Non-GAAP EPS (Per Diluted ADS, USD) $0.089 (1) $0.025 ( 2 ) +256.0%  
   
(1) Non-GAAP net income attributable to common shareholders and EPS excludes $0.4 million of share-based compensation expenses, net of tax and $0.6 million non-cash acquisition related charges, net of tax  
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.2 million of share-based compensation expenses, net of tax and $0.4 million non-cash acquisition related charge, net of tax.    
Fourth Quarter 2012 Results Compared to Third Quarter 2012 Results (USD in millions) (unaudited)
 
  Q4 2012 Q 3 2012 CHANGE
Net Revenues $190.6 million $190.4 million +0.1%
Gross Profit $44.4 million $44.3 million +0.3%
Gross Margin 23.3% 23.3% ----
GAAP Net Income Attributable to Shareholders $14.3 million $10.4 million +37.7%
Non-GAAP Net Income Attributable to Shareholders $15.3 million (1) $16.5 million ( 2 ) -7.3%
GAAP EPS (Per Diluted ADS, USD) $0.084 $0.061 +37.7%
Non-GAAP EPS (Per Diluted ADS, USD) $0.089 (1) $0.097 ( 2 ) -8.2%
   
(1) Non-GAAP net income attributable to common shareholders and EPS excludes $0.4 million of share-based compensation expenses , net of tax and $ 0.6 million non-cash acquisition related charges , net of tax .
(2) Non-GAAP net income attributable to common shareholders and EPS excludes $ 5.6 million of share-based compensation expenses , net of tax and $ 0.5 million non-cash acquisition related charges , net of tax .

"I am extremely proud of our excellent financial and operating results we achieved in the quarter and for the entire year in 2012," began Mr. Jordan Wu, President and Chief Executive Officer of Himax. "Since we successfully embarked on our business transformation in the fourth quarter of 2011, we have increased our market share and advanced our technology leadership across many of our businesses. The overall margin improvement and broad-based sales growth in our small and medium-sized driver and non-driver product businesses is just two examples that our long-term strategy is unfolding as we planned. With several recent design wins with international brand and China customers and a robust new product pipeline, we remain optimistic about our outlook for 2013."

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