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Himax Technologies, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: HIMX

Company Meets Q2 Revenue, Gross Margin and EPS Guidance and Provides 6.5 to 8.0 Cents in EPS Guidance for Q3 2013

  • Total sales for the quarter increased 17.8% sequentially and 9.2% year-over-year to $207 .0 million , the highest quarterly revenue since Q4 2008
  • Small and medium-sized panel driver sales increased 32.3% year over year, representing 53.6% of total revenues in Q2 2013, achieving record-high quarterly revenues
  • Non-driver sales increased 22.3% year over year, achieving record-high quarterly revenues
  • Q2 2013 g ross margin increased 150 bps year over year to 24.6 %
  • Q2 2013 GAAP net income increased by 28.1% to $19.4 million from Q2 2012. GAAP earnings per diluted ADS grew 27.0% to 11.2 cents from Q2 2012
  • Q2 2013 Non-GAAP net income increased by 26.1 % to $20.1 million from Q2 2012. Non-GAAP earnings per diluted ADS grew 25.6% to 11.7 cents from Q2 2012
  • Positive 2013 outlook

TAINAN, Taiwan, Aug. 15, 2013 (GLOBE NEWSWIRE) -- H imax 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 second quarter ended June 30, 2013.

SUMMARY FINANCIALS

Second quarter 2013 Results Compared to Second quarter 2012 Results (USD in millions ) (unaudited)
 
  Q2 2013 Q2 2012 CHANGE
Net Revenues $207.0 million $189.5 million +9.2%
Gross Profit $50.9 million $43.7 million +16.5%
Gross Margin 24.6% 23.1% +1.5%
GAAP Net Income Attributable to Shareholders $19.4 million $15.1 million +28.1%
Non-GAAP Net Income Attributable to Shareholders $20.1 million (1) $15.9 million ( 2 ) +26.1%
GAAP EPS (Per Diluted ADS, USD) $0.112 $0.089 +27.0%
Non-GAAP EPS (Per Diluted ADS, USD) $0.117 (1) $0.093 ( 2 ) +25.6%
 
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $ 0.3 million of share-based compensation expenses , net of tax and $0. 4 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 .
 
 
Second Quarter 2013 Results Compared to First quarter 2013 Results (USD in millions ) (unaudited)
 
  Q2 2013 Q1 2013 CHANGE
Net Revenues $207.0 million $175.7 million +17.8%
Gross Profit $50.9 million $43.2 million +17.9%
Gross Margin 24.6% 24.6% +0.0%
GAAP Net Income Attributable to Shareholders $19.4 million $14.0 million +37.9%
Non-GAAP Net Income Attributable to Shareholders $20.1 million (1) $15.0 million ( 2 ) +33.8%
GAAP EPS (Per Diluted ADS, USD) $0.112 $0.082 +37.5%
Non-GAAP EPS (Per Diluted ADS, USD) $0.117 (1) $0.088 ( 2 ) +33.4%
       
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $ 0.3 million of share-based compensation expenses , net of tax and $0. 4 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. 6 million non-cash acquisition related charges , net of tax .

"We are pleased with our second quarter performance, with revenue, gross margin and EPS all met the guidance we provided," stated Mr. Jordan Wu, President and Chief Executive Officer of Himax. "The core drivers of our business strategy remain intact. By focusing our investments in higher growth markets and higher margin products, we have been able to sustain double-digit growth in our small and medium sized driver and non-driver IC businesses while steadily improving our margins. The progress we are making in our LCOS microdisplays is another example of our technology leadership. As we execute on these and other exciting initiatives, Himax is well positioned to continue delivering substantial returns to our shareholders."

 
Second Quarter 2013 Financial Results
           
Breakdown by Product Line (USD in millions) (unaudited)
           
  Q2 2013 % Q2 2012 % % Change
Display drivers for large-sized panels $64.3 31.1% $79.7 42.1% -19.3%
Display drivers for small/medium-sized panels $110.9 53.6% $83.8 44.2% +32.3%
Non-driver products $31.8 15.3% $26.0 13.7% +22.3%
               
  Q2 2013 % Q1 2013 % % Change
Display drivers for large-sized panels $64.3 31.1% $60.1 34.2% +7.0%
Display drivers for small/medium-sized panels $110.9 53.6% $91.3 51.9% +21.5%
Non-driver products $31.8 15.3% $24.3 13.9% +30.4%
           

Total revenues for the second quarter of 2013 increased 9.2% year-over-year to $207.0 million and increased 17.8% quarter over quarter. The Company's second quarter revenues were the highest since the fourth quarter of 2008.

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