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

Sales of small and medium-sized drivers remained solid for Himax. The Company recorded $85.4 million in small and medium-sized driver IC sales, up 6.0% from the same period in 2011 and down 2.2% from the previous quarter, and accounted for 44.8% of total revenues. The sequential decline was mainly due to the weak feature phone demand as the Company switched its focus to smartphone. China's white-box market for both smartphones and tablets also experienced some correction toward the end of the fourth quarter. Excluding feature phones, sales for small and medium-sized drivers, especially those for smartphone, tablet and automotive display applications, grew substantially for the fourth quarter 2012 from the same period last year. The Company remains bullish on the growth prospect of the small and medium-sized driver IC segment for 2013.

Revenues from Himax's non-driver businesses were $27.7 million, an increase of 27.6% from the same period last year and up 4.2% sequentially, and accounted for 14.5% of total revenues. CMOS image sensor, power management ICs and IP licensing were among the non-driver products which delivered sequential growth. Also adding to this growth were pilot shipments of the Company's LCOS microdisplays for the new and exciting head-mounted display application. The Company's fourth quarter non-driver businesses overall grew 27.6% year over year as many products experienced double-digit growth. Such products include CMOS image sensor, touch panel controller, power management IC, WLED driver, wafer level optics, IP licensing and operational amplifiers. Himax believes that its non-driver business will continue to account for an increasing percentage of its sales over time and it provides the most exciting long-term prospects for growth.

Revenues from related parties were down 6.3% from the previous quarter and up 2.2% from the same period last year. In comparison, revenues from other parties went up 3.4% quarter-over-quarter and up 18.3% year-over-year. Related party sales accounted for 31.8% of total sales in the fourth quarter, compared to 35.1% a year ago and 34.0% in the previous quarter. The related party sales as a percentage of total revenue may continue to decline as other Himax businesses lines are forecasted to outgrow the related party business.

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