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

Stocks in this article: HIMX

Reported GAAP net income was $14.3 million, or 8.4 cents per diluted ADS, for the fourth quarter of 2012 compared to $3.7 million, or 2.1 cents per diluted ADS, in the corresponding quarter a year ago, and $10.4 million, or 6.1 cents per diluted ADS, in the previous quarter. GAAP net income improved 285.8% compared to fourth quarter 2011 and 37.7% quarter-over-quarter. The sequential net income growth was mainly a result of the difference in RSU charges. The increase in net income of 285.8% year-over-year was partly attributable to difference in income taxes and tax credit provisions. Excluding share-based compensation, acquisition-related charges, income tax and tax credit provisions, the Company's non-GAAP adjusted pre-tax income for the fourth quarter was little changed from the previous quarter; but it still grew 95.4% versus prior year, reaching $20.2 million. The strong year-over-year growth is a result of a combination of 12.7% top line growth, a 120 bps gross margin expansion and $1.0 million operating expenses reduction. GAAP EPS per diluted ADS grew 300.0% from the same period last year and 37.7% over the previous quarter.

Non-GAAP net income in the fourth quarter was $15.3 million, or 8.9 cents per diluted ADS, up from $4.3 million, or 2.5 cents per diluted ADS, for the same period last year, and down from $16.5 million, or 9.7 cents per diluted ADS, in the previous quarter. Non-GAAP net income for the fourth quarter 2012 grew 252.2% over the same period last year.

Full Year 2012 Results (USD in millions) (unaudited)
  FY 2012 FY 2011 CHANGE
Net Revenues $737.3 million $633.0 million  +16.5%
Gross Profit $170.6 million $125.6 million  +35.8%
Gross Margin 23.1% 19.8%  +3.3%
GAAP Net Income Attributable to Shareholders $51.2 million $10.7 million +377.9%
Non-GAAP Net Income Attributable to Shareholders $59.9 million (1) $18.3 million ( 2 ) +227.3%
GAAP EPS (Per Diluted ADS, USD) $0.30 $0.061 +391.8%
Non-GAAP EPS (Per Diluted ADS, USD) $0.351 (1) $0.103 ( 2) +240.8%
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $6.9 million of share-based compensation expenses , net of tax and $ 1.8 million non-cash acquisition related charges , net of tax .
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $ 5.9 million of share-based compensation expenses , net of tax and $ 1.7 million non-cash acquisition related charges , net of tax .

Full Year 2011 Financial Results

Breakdown by Product Line (USD in millions) (unaudited)

  FY 201 2 % FY 201 1 % % Change
Display drivers for large-size $305.2 41.4% $270.4 42.7% +12.9%
Display drivers for small/medium sized panels $328.9 44.6% $282.1 44.6% +16.6%
Non-driver products $103.2 14.0% $80.5 12.7% +28.0%

Himax believes that 2012 demonstrated a successful turnaround in its business from the trough of 2011. Small and medium-sized driver ICs replaced the large panel sector to become its largest source of sales due to fast growth in the smartphone and tablet segments and the Company's leading position therein. Large panel driver IC sales also experienced double- digit growth last year, benefiting from the growth in China market where mainland Chinese manufactures continue to expand capacity. Himax's non-driver products delivered the strongest growth last year due to new product launches and project wins. The Company expects its non-driver products to outgrow driver ICs in the years ahead.

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