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TheStreet Open House

Himax Technologies, Inc. Reports First Quarter 2013 Financial Results

Company Exceeds Q1 Revenue s , Gross Margin and EPS Guidance

  • Total revenues increased by 5.4% year-over-year to $175.7 million
  • Small and medium-sized panel driver sales increased by 26.1% year-over-year, representing 51.9% of total revenues in Q1 2013
  • Q1 2013 gross margin reached 24.6% from 22.9% in Q1 2012 and 23.3% in Q4 2012
  • Q1 2013 GAAP net income increased by 24.0% to $14.0 million from $11.3 million in Q1 2012. GAAP earnings per diluted ADS grew by 24.2% to 8.2 cents from 6.6 cents in Q1 2012
  • Q1 2013 Non-GAAP net income increased by 23.6% to $15.0 million from $12.1 million in Q1 2012. Non-GAAP earnings per diluted ADS grew by 23.9% to 8.8 cents from 7.1 cents in Q1 2012
  • Positive 2013 outlook with strong growth in small and medium-sized driver and non-driver produ c ts

TAINAN, Taiwan, May 6, 2013 (GLOBE NEWSWIRE) -- H ima x Technologie s, Inc. (Nasdaq:HIMX) ("Himax" or "Company"), a supplier and fabless manufacturer of advanced display drivers and other semiconductor products, today announced financial results for the first quarter ended March 31, 2013.

SUMMARY FINANCIALS
 
First Quarter 2013 Results Compared to First Quarter 2012 Results (USD in millions) (unaudited)
       
  Q1 2013 Q1 2012 CHANGE
Total Revenues $175.7 million $166.7 million +5.4%
Gross Profit (Total Revenues minus Cost of Revenues) $43.2 million  $38.1 million +13.3%
Gross Margin (Gross Profit / Total Revenues) 24.6% 22.9% +1.7%
GAAP Net Income Attributable to Shareholders $14.0 million $11.3 million +24.0%
Non-GAAP Net Income Attributable to Shareholders $15.0 million (1) $12.1 million (2) +23.6%
GAAP EPS (Per Diluted ADS, USD) $0.082 $0.066 +24.2%
Non-GAAP EPS (Per Diluted ADS, USD) $0.088 (1) $0.071 (2) +23.9%
       
(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 $ 0.4 million of share-based compensation expenses , net of tax and $0.4 million non-cash acquisition related charge , net of tax .
 
First Quarter 2013 Results Compared to Fourth Quarter 2012 Results (USD in millions ) (unaudited)
 
  Q1 2013 Q4 2012 CHANGE
Total Revenues $175.7 million $190.6 million -7.8%
Gross Profit (Total Revenues minus Cost of Revenues) $43.2 million $44.4 million -2.8%
Gross Margin (Gross Profit / Total Revenues) 24.6% 23.3% +1.3%
GAAP Net Income Attributable to Shareholders $14.0 million $14.8 million -5.0%
Non-GAAP Net Income Attributable to Shareholders $15.0 million (1) $15.7 million ( 2 ) -4.4%
GAAP EPS (Per Diluted ADS, USD) $0.082 $0.086 -4.7%
Non-GAAP EPS (Per Diluted ADS, USD) $0.088 (1) $0.092 ( 2 ) -4.3%
 
(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. 4 million of share-based compensation expenses , net of tax and $0. 5 million non-cash acquisition related charges , net of tax .

"We had an extremely successful first quarter, with revenues, gross margin and net income all exceeding the initial guidance we provided on February 7, 2013," stated Mr. Jordan Wu, President and Chief Executive Officer of Himax. "We are pleased with the top and bottom line performance of the first quarter of 2013. Even during this low season, we achieved improvements in both margins and profitability. We will continue to execute our strategy by further diversifying our product mix and expanding our customer base. We are excited about future growth opportunities."

First Quarter 2013 Financial Results Breakdown by Product Line (USD in millions) (unaudited)
 
  Q1 2013 % Q1 2012 % % Change
Display drivers for large-size panels $60.1 34.2% $71.4 42.8% -15.8%
Display drivers for small/medium-sized panels $91.3 51.9% $72.4 43.4% +26.1%
Non-driver products $24.3 13.9% $22.9 13.8% +6.2%
           
  Q1 2013 % Q4 2012 % % Change
Display drivers for large-size panels $60.1 34.2% $77.5 40.7% -22.5%
Display drivers for small/medium-sized panels $91.3 51.9% $85.4 44.8% +6.9%
Non-driver products $24.3 13.9% $27.7 14.5% -12.0%

Total revenues of $175.7 million for the first quarter of 2013 represented a 5.4% increase from the first quarter of 2012 as a result of robust growth in the small and medium-sized display drivers, partially offset by lower sales of large panel display drivers and a 7.8% decrease from the fourth quarter of 2012, as expected due to fewer calendar days in the first quarter and seasonality in the Company's business.

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