Himax Technologies, Inc. Reports Third Quarter 2016 Financial Results And Provides Fourth Quarter 2016 Guidance

  Company Meets Q3 Revenue , Gross Margin, EPS Guidance, and Exceeds Non-GAAP EPS Guidance Provides Q4 2016 Guidance Revenue to Decrease 4.0% to 9.0% Sequentially, Gross Margin to be Slightly Down, GAAP EPS to be 8.5 to 11.0 Cents and Non-GAAP EPS to be 8.7 to 11.2 Cents
  • Net revenue for the quarter increased 8 .5% sequentially to $ 218.1 million, in line with the Company's reiterated guidance .
  • Compared to the previous quarter, s mall and medium-sized panel driver sales increased 9.6% and l arge-sized panel driver sales increased 6.6%, driven by the Company's leading market share in China . N on-driver sales increased 9.0 %, led by growth o f A R/VR related business.
  • Gross margin for t he quarter came in at 25.6%, down 50 bps sequentially and up 380 bps year-over-year.
  • Q3 2016 GA A P net income was $ 13.6 million, or 7.9 cents per diluted ADS, meeting guidance of 6.0 to 8.0 cents . Q 3 2016 Non- GA A P net income was $ 21.3 million, or 1 2.4 cents per diluted ADS, exceeding guidance of 10.0 to 12.0 cents .
  • Company remains positive on its long term business outlook.
  • Company reports to proceed in line with its schedule of the expansion plan for next generation LCOS and WLO product lines.

TAINAN, Taiwan, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq:HIMX) ("Himax" or "Company"), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the third quarter ended September 30, 2016. SUMMARY FINANCIALS
Third Quarter 2016 Results Compared to Third Quarter 2015 Results (USD in millions ) (unaudited)
       
  Q3 2016 Q3 2015 CHANGE
Net Revenue $ 218.1       $ 165.6       +31.7 %
Gross Profit $ 55.7       $ 36.1       +54.5 %
Gross Margin   25.6 %       21.8 %     +3.8 %
GAAP Net Income (Loss) Attributable to Shareholders $ 13.6       $ (2.3 )     +683.1 %
Non-GAAP Net Income Attributable to Shareholders $ 21.3 (1 )     $ 1.7 (2 )     +1,167.5 %
GAAP EPS (Per Diluted ADS, USD) $ 0.079       $ (0.014 )     +681.7 %
Non-GAAP EPS (Per Diluted ADS, USD) $ 0.124 (1 )      $ 0.010 (2 )      +1,164.4 %

(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $7.6 million share-based compensation expenses, net of tax and $0.1 million non-cash acquisition related charge, net of tax. (2) Non-GAAP Net income attributable to common shareholders and EPS excludes $3.9 million of share-based compensation expenses, net of tax and $0.1 million non-cash acquisition related charges, net of tax.
 
Third Quarter 2016 Results Compared to Second Quarter 2016 Results (USD in millions ) (unaudited)
       
  Q3 2016 Q2 2016 CHANGE
Net Revenue $ 218.1   $ 201.1     +8.5 %
Gross Profit $ 55.7   $ 52.5     +6.2 %
Gross Margin   25.6 %   26.1 %   -0.5 %
GAAP Net Income Attributable to Shareholders $ 13.6   $ 19.8     -31.3 %
Non-GAAP Net Income Attributable to Shareholders $ 21.3 (1 ) $ 20.2 (2 )   +5.7 %
GAAP EPS (Per Diluted ADS, USD) $ 0.079   $ 0.115     -31.3 %
Non-GAAP EPS (Per Diluted ADS, USD) $ 0.124 (1 ) $ 0.117 (2 )   +5.7 %

(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $ 7.6 million of share-based compensation expenses, net of tax and $ 0.1 million non-cash acquisition related charge, net of tax. (2) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.2 million of share-based compensation expenses, net of tax and $0. 2 million non-cash acquisition related charge, net of tax .

"The momentum we established during the first half of the year continued into the third quarter of 2016, as evidenced by our top and bottom line growth during the first three quarters of the year as our driver and non-driver business segments both performed strongly," said Mr. Jordan Wu, President and Chief Executive Officer of Himax. "We continue to see increased market share in our core driver IC business, in both large panel driver ICs as well as small and medium-sized driver ICs, which is a direct result of our ongoing technology advancements and strong customer relationships. Our total solution capabilities and our continued focus on major new technology trends including higher display resolution, AMOLED and in-cell TDDI will continue to solidify our dominant position in the market."

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