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TheStreet Open House

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

Revenues totaled $737.3 million in 2012, representing a 16.5% increase year over year. The growth was a result of increasing sales in all product segments.

Small and medium-sized drivers grew 16.6% year over year, representing 44.6% of total revenues. Himax sales into the feature phone segment declined in 2012 as they switched their focus to smartphone applications. Excluding feature phone sales, Himax's small-and medium sized drivers grew over 50% year over year. The performance in this area last year was the result of the Company expanding its reach to end customers across China, Korea, and the US. This growth momentum is expected to continue through 2013.

Revenues from large panel display drivers grew 12.9% year-over-year, representing 41.4% of the Company's total revenues as compared to 42.7% in 2011. The growth was mainly driven by the sales to Chinese customers and led to a gain in market share in the large panel segment.

Non-driver products grew 28.0% year over year, representing 14.0% of total sales for Himax, as compared to 12.7% a year ago. The Company's timing controller IC, touch panel controller, power management ICs, WLED drivers, ASIC service, IP licensing and wafer level optics all delivered strong growth in 2012. The Company believes that this result demonstrates its strong R&D capability and its commitment to diversify its product portfolio.

Revenues from related parties were down $6.3 million, or 2.4%, from the previous year. In comparison and excluding related party sales, revenues increased $110.5 million, or 29.5%, year-over-year. Related party sales accounted for 34.2% of total sales in 2012, compared to 40.8% a year ago.

Gross margin in 2012 was 23.1%, a 330 basis-point improvement, from 19.8% in 2011. The significant margin improvement is a result of the Company's product diversification and mix. Management remains committed to drive margins higher.

GAAP operating expenses were $103.5 million for the twelve months of 2012, down $5.5 million, or 5.0% from the same period 2011. Excluding the bad debt collection from SVA-NEC in 2011 and higher restricted stock unit expenses in 2012, full year non-GAAP operating expenses were $97.2 million, down $13.3 million, or 12.0% from 2011. The significant reduction was due to a better overall expense control and reduced ramp-up costs for the production of WLO at the Company's in-house manufacturing facility.

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