HIMX
(COMTEX) B: Himax Reports Fourth Quarter 2007 Results ( PrimeNewswir=1
B: Himax Reports Fourth Quarter 2007 Results ( PrimeNewswir=1
* Fourth quarter 2007 revenues increased to $267.1 million, Feb 13, 2008
(PrimeNewswire via COMTEX) --
record
high since inception
* Fourth quarter 2007 gross margin increased to 24.7% -- marks fifth
consecutive quarter of improvement
TAINAN, Taiwan, Feb. 13, 2008 (PRIME NEWSWIRE) -- Himax Technologies, Inc.
("Himax" or "Company") (Nasdaq: HIMX) today reported financial results for
the fourth quarter ended December 31, 2007.
Net revenues for the fourth quarter of 2007 was $267.1 million, representing
20.9% growth year-over-year and 9.8% growth sequentially.
Gross margin was 24.7% in the fourth quarter of 2007, up 580 basis points
year-over-year and 220 basis points sequentially.
Operating margin was 15.9% in the fourth quarter of 2007. Operating income
was $42.4 million, up from $22.3 million in the same period last year, and up
from $19.9 million in the previous quarter.
Net income for the fourth quarter of 2007 was $46.1 million, up from $31.1
million in the same period last year, and up from $21.8 million in the
previous quarter. This represents earnings per diluted share of $0.23,
compared to $0.16 in the fourth quarter of 2006, and $0.11 in the third
quarter of 2007.
Excluding share-based compensation and acquisition-related charges, non-GAAP
operating margin was 16.6% in the fourth quarter of 2007. Non-GAAP operating
income was $44.4 million, up from $23.8 million in the same period last year,
and up from $36.2 million in the previous quarter.
Non-GAAP net income was $48.1 million, up from $32.6 million in the same
period last year, and up from $38.0 million in the previous quarter. This
represents earnings per diluted share of $0.24, compared to $0.16 in the
fourth quarter of 2006, and $0.19 in the third quarter of 2007.
Share-based compensation was $1.6 million, compared to $1.5 million in the
fourth quarter of 2006, and $15.7 million in the third quarter of 2007.
Acquisition-related charges were $0.5 million, compared to $18 thousand in
the fourth quarter of 2006 and $0.6 million in the third quarter of 2007.
Reconciliation of 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, most comparable GAAP figure, is set out in the attached
reconciliation schedule.
Jordan Wu, President and Chief Executive Officer of Himax, commented, "We
have concluded another remarkable quarter with revenue, net income, and EPS
all achieving record-high levels. Also, our fourth quarter revenue, gross
margin, and EPS all came in higher than our previous guidance. As always, we
introduced innovative and leading-edge display driver solutions in the past
quarter which again illustrates Himax's capability in setting new industry
standards and providing value to our customers' development of new products."
Mr. Wu continued, "During the past few months, we also made a couple of
strategic moves in our non-driver IC areas where we formed business alliances
with leading players in the industry. We believe these moves will provide
significant values to our shareholders in the long term. In the beginning of
2008, Chi Mei Optoelectronics, one of the world's leading LCD panel
manufacturers, and TPV Technologies Limited, the world's largest LCD monitor
manufacturer and the world's largest LCD TV ODM, each took a minority
ownership stake in Himax Media Solutions, a subsidiary of Himax.
Additionally, we announced a strategic alliance with 3M, one of the world's
leading companies in optics technologies, to commercialize LCOS mobile
projectors by combining the two companies' proprietary technologies to
deliver a complete mobile projector solution to consumer electronics
manufacturers. These strategic alignments will provide Himax added
competitive strength and further validate our strategy in the non-driver
space."
Looking forward, Mr. Wu added, "In 2008, display driver IC will continue to
be our main business, for which our primary goal is still to gain further
market share across all LCD panel applications. In addition, we remain fully
committed to making Himax a world-leading semiconductor solution provider for
displays with a more diversified product portfolio beyond driver IC. Overall,
we expect revenues to decline sequentially in the first quarter of 2008,
primarily due to seasonality. We expect revenues to decline by around 15% and
gross margin to remain flat or decline slightly. We expect diluted GAAP EPS
to be in the range of $0.13-$0.15."
