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Himax Technologies, Inc. Reports Third Quarter 2013 Financial Results And Provides Fourth Quarter Guidance

  • Total revenues increased 1.3% year-over-year to $192.8 million, came in at the high end of the guidance
  • Small and medium-sized panel driver sales increased 15.1% year over year, representing 52.1% of total revenues in Q3 2013
  • Non-driver sales increased 30.5% year over year, achieving record-high quarterly revenues
  • Q3 2013 gross margin increased 200 bps to 25.3% from Q3 2012 and increased 70 bps from Q2 2013
  • Q3 2013 GAAP net income increased by 17.9% to $12.3 million from Q3 2012. GAAP earnings per diluted ADS grew 16.7% to 7.2 cents from Q3 2012
  • Q3 2013 Non-GAAP net income increased by 17.2% to $19.3 million from Q3 2012. Non-GAAP earnings per diluted ADS grew 16.0% to 11.3 cents from Q3 2012

TAINAN, Taiwan, Nov. 7, 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 third quarter ended September 30, 2013.

SUMMARY FINANCIALS

Third Quarter 2013 Results Compared to Third Quarter 2012 Results (USD in millions) (unaudited)
       
  Q3 2013 Q3 2012 CHANGE
Net Revenues $ 192.8 million $190.4 million +1.3%
Gross Profit $ 48.7 million  $44.3 million +10.0%
Gross Margin 25.3% 23.3% +2.0%
GAAP Net Income Attributable to Shareholders $ 12.3 million $10.4 million +17.9%
Non-GAAP Net Income Attributable to Shareholders $ 19.3 million (1) $16.5 million (2) +17.2%
GAAP EPS (Per Diluted ADS, USD) $0.072 $0.061 +16.7%
Non-GAAP EPS (Per Diluted ADS, USD) $0.113 (1) $0.097 (2) +16.0%
       
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $6.5 million of share-based compensation expenses, net of tax and $0.5 million non-cash acquisition related charges, net of tax. 
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $5.6 million of share-based compensation expenses, net of tax and $0.5 million non-cash acquisition related charge, net of tax.
 
Third Quarter 2013 Results Compared to Second Quarter 2013 Results (USD in millions) (unaudited)
       
  Q3 2013 Q2 2013 CHANGE
Net Revenues $192.8 million $207.0 million -6.8%
Gross Profit $ 48.7 million  $50.9 million  -4.3%
Gross Margin 25.3% 24.6% +0.7%
GAAP Net Income Attributable to Shareholders $ 12.3 million $19.4 million -36.6%
Non-GAAP Net Income Attributable to Shareholders $ 19.3 million (1) $20.1 million (2) -3.8%
GAAP EPS (Per Diluted ADS, USD) $0.072 $0.112 -36.4%
Non-GAAP EPS (Per Diluted ADS, USD) $0.113 (1) $0.117 (2) -3.6%
       
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $6.5 million of share-based compensation expenses, net of tax and $0.5 million non-cash acquisition related charges, net of tax. 
(2) 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 charge, net of tax.

"We remain pleased with our results year-long and certainly with performance to our guidance in the third quarter," stated Mr. Jordan Wu, President and Chief Executive Officer of Himax. "We have been able to sustain double-digit growth in our small and medium-sized driver and non-driver IC businesses year-over-year while steadily maintaining our large panel driver IC market share, though this market has been weak reflecting the continued slump of global demand. The diversification of our customer base and development of new products have both improved our product mix and increased our gross margins. As we go through the fourth quarter and into the next year, we expect these trends to continue."

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