Here is one I stumbled on while cruising around Vectorvest tonight.
HIMX PE 8 and dividend
(COMTEX) B: Himax Reports Third Quarter 2007 Results ( PrimeNewswire=1
B: Himax Reports Third Quarter 2007 Results ( PrimeNewswire=1
* Third quarter 2007 revenue increased to $243.3 million, Nov 1, 2007record high since inception
* Third quarter 2007 gross margin increased to 22.5% - marks
fourth consecutive quarter of improvement
* Fourth quarter 2007 revenue expected to grow around mid-single
digits, with gross margin to remain flat, and EPS to be in the
range of $0.16 to $0.17
Board Authorizes $40 Million Share Buyback Program
TAINAN, Taiwan, Nov. 1, 2007 (PRIME NEWSWIRE) -- Himax Technologies, Inc.
("Himax" or "Company") (Nasdaq:HIMX) today reported financial results for the
third quarter ended September 30, 2007.
Net revenue for the third quarter of 2007 was $243.3 million, representing
37.4% growth year-over-year and 9.2% growth sequentially.
Gross margin was 22.5% in the third quarter of 2007, up 510 basis points
year-over-year and 210 basis points sequentially.
Operating margin was 8.2% in the third quarter of 2007. Operating income was
$19.9 million, up from $0.8 million in the same period last year, and down
from $24.9 million in the previous quarter.
Net income for the third quarter of 2007 was $21.8 million, up from $2.6
million in the same period last year, and down from $26.8 million in the
previous quarter. The decline is primarily due to the grant of 2007 annual
restricted share units at the end of September. This represents earnings per
share of $0.11 per basic and diluted share, compared to $0.01 per basic and
diluted share in the third quarter of 2006, and $0.14 per basic and diluted
share in the second quarter of 2007.
Excluding share-based compensation and acquisition-related charges, non-GAAP
operating margin was 14.9% in the third quarter of 2007. Non-GAAP operating
income was $36.2 million, up from $12.2 million in the same period last year,
and up from $28.1 million in the previous quarter.
Non-GAAP net income was $38.0 million, up from $14.1 million in the same
period last year, and up from $30.0 million in the previous quarter. This
represents earnings per share of $0.19 per basic and diluted share, compared
to $0.07 per basic and diluted share in the third quarter of 2006, and $0.15
per basic and diluted share in the second quarter of 2007.
Share-based compensation was $15.7 million, compared to $11.5 million in the
third quarter of 2006, and $1.5 million in the second quarter of 2007.
Acquisition-related charges were $0.6 million, compared to $0 in the third
quarter of 2006 and $1.6 million in the second quarter of 2007.
A reconciliation of our gross margin, operating margin and diluted EPS
excluding share-based compensation and acquisition-related charges, a
non-GAAP financial measure, to GAAP gross margin, GAAP operating margin and
diluted GAAP EPS, our most comparable GAAP figure, is set out in the attached
reconciliation schedule.
Jordan Wu, President and Chief Executive Officer of Himax, commented, "We
are pleased with the third quarter results as we achieved record high
revenues. We were able to improve our gross margin for the fourth consecutive
quarter, resulting in a seven fold increase in our year-over-year GAAP net
income. Separately, on October 12, we announced plans to spin-off our TV and
monitor chipset operation which will be named Himax Media Solutions, Inc., a
wholly-owned subsidiary of Himax Taiwan upon its establishment. Himax Media
Solutions, Inc. will be focusing on expanding market share in the global TV
and monitor chipset market opportunity. We have identified certain strategic
investors and plan to invite them to partner with us in the future. We
believe this new company structure will allow us to better focus our
resources for the global TV and monitor chipset market opportunity."
Mr. Wu added, "On November 1st, our board approved a share repurchase
program that authorizes the Company to repurchase up to $40 million worth of
the Company's American Depository Receipts. The program does not obligate
Himax to acquire any particular amount of ADRs and may be modified or
suspended at any time at the Company's sole discretion. With the repurchase
program, we reaffirm our confidence and optimism in the long term future of
the company. This also demonstrates our commitment to deliver value to our
shareholders."
Max Chan, Chief Financial Officer of Himax, said, "We made our 2007 annual
restricted share units grant of approximately $26.4 million at the end of
September. Approximately 54.5%, or $14.4 million was paid out in cash, and
vested and expensed immediately. The remainder of the grant will be vested in
three equal installments over the next three years. Total share-based
compensation accrued in the third quarter, including expenses from legacy
grants amounted to $15.7 million, or $0.08 per diluted share."
Looking forward, Mr. Wu added, "We expect revenue to grow around mid-single
digit in the fourth quarter and gross margin to remain flat. We expect
diluted GAAP EPS to be in the range of $0.16 to $0.17. "
Investor Conference Call / Webcast Details
