Himax Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016 and Provides Income Tax Rate Guidance for the Year 2016
November 10, 2016 at 10:00 am
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Himax Technologies, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenues of $218,081,000 against $165,582,000 a year ago. Operating income was $15,296,000 against loss of $2,461,000 a year ago. Earnings before income taxes were $14,832,000 against loss of $1,779,000 a year ago. Net income attributable to the company stockholders was $13,598,000 or $0.079 per basic and diluted ADS against loss of $2,332,000 or $0.014 per basic and diluted ADS a year ago. Net cash provided by operating activities was $2,860,000 against $14,143,000 a year ago. The year-over-year decrease was a result of higher receivables although net profit actually increased. Purchases of property and equipment were $1,861,000 against $2,554,000 a year ago. The capital expenditure in the third quarter consisted mainly of purchases of R&D related equipment. Third quarter non-GAAP net income was $21.3 million, or 12.4 cents per diluted ADS, compared to $20.2 million last quarter and $1.7 million the same period last year.
For the nine months, the company reported net revenues of $599,474,000 against $513,812,000 a year ago. Operating income was $52,374,000 against $22,061,000 a year ago. Earnings before income taxes were $52,308,000 against $23,893,000 a year ago. Net income attributable to the company stockholders was $46,473,000 or $0.270 per basic and diluted ADS against $19,065,000 or $0.111 per diluted ADS a year ago. Net cash provided by operating activities was $37,457,000 against net cash used in operating activities of $3,337,000 a year ago. Purchases of property and equipment were $5,743,000 against $6,415,000 a year ago. Net income attributable to company stockholders excluding share-based compensation and acquisition-related charges was $54,948,000 compared to $24,115,000 a year ago. Diluted non-GAAP earnings per ADS attributable to company stockholders excluding share-based compensation and acquisition-related charges were $0.319.
For the fourth quarter of 2016, the company's net revenue to be down 4.0% to 9% sequentially, representing a 11.5% to 17.6% year-over-year growth, gross margin to be slightly down sequentially, as compared to 22.9% reported in the fourth quarter of 2015; GAAP EPS is to be 8.5 to 11.0 cents per diluted ADS, as compared to 3.6 cents reported in the fourth quarter of 2015; non-GAAP EPS is to be 8.7 to 11.2 cents per diluted ADS, as compared to 3.8 cents reported in the fourth quarter of 2015.
The company has assumed a 14.0% income tax rate for 2016, calculated based on exchange rate of TWD 31.5 against the USD, which is also the exchange rate as of beginning of November 2016.
Himax Technologies, Inc. is a fabless semiconductor solution provider. The Company is engaged in display driver integrated circuits (IC) and timing controllers used in televisions, laptops, monitors, mobile phones, tablets, digital cameras, car navigation and other consumer electronics devices. The Company operates through two segments: Driver IC and Non-driver products. In addition, the Company designs and provides controllers for touch sensor displays, liquid crystal on silicon micro-displays used in palm-size projectors and head-mounted displays, light-emitting diode driver ICs, power management ICs, scaler products for monitors and projectors, video processing IC solutions and silicon IPs. It also offers digital camera solutions, including complementary metal-oxide-semiconductor image sensors and wafer level optics, which are used in a range of applications, such as mobile phone, tablet, laptop, televisions, personal computer camera, automobile, security and medical devices.
Himax Technologies, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Fourth Quarter of 2016 and Provides Income Tax Rate Guidance for the Year 2016