-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UmtJvAp4F99gdUyb5b9ipcGcUHaZa+EsSfyxEv1AAmp78fyI3H7HtxYlwQ0SlRN0 0vWuU89cYAQCXDNdrV+rpQ== 0000829365-97-000005.txt : 19970131 0000829365-97-000005.hdr.sgml : 19970131 ACCESSION NUMBER: 0000829365-97-000005 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970129 FILED AS OF DATE: 19970130 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAM TAI ELECTRONICS INC CENTRAL INDEX KEY: 0000829365 STANDARD INDUSTRIAL CLASSIFICATION: OFFICE MACHINES, NEC [3579] IRS NUMBER: 000000000 STATE OF INCORPORATION: D8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-16673 FILM NUMBER: 97514234 BUSINESS ADDRESS: STREET 1: 999 WEST HASTINGS STREET SUITE 530 STREET 2: HUNG TO ROAD KWUN TONG CITY: VANCOUVER STATE: K3 BUSINESS PHONE: 6046697800 MAIL ADDRESS: STREET 1: C/O NAM TAI ELECTRONICS CANADA LTD STREET 2: 999 WEST HASTINGS STREET SUITE 530 CITY: BRITISH COLUMBIA STATE: A1 6-K 1 FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 REPORT OF FOREIGN ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For January 29, 1997 NAM TAI ELECTRONICS, INC. (Registrant's name in English) Unit 513-520 No. 1 Hung To Road Kwun Tong, Kowloon, Hong Kong (Address of principal executive offices) NAM TAI ELECTRONICS, INC. - NEWS RELEASE SUITE 530 - 999 WEST HASTINGS STREET VANCOUVER, B.C. CANADA V6C 2W2 TEL: (604) 669-7800 FAX: (604) 669-7816 TOLL FREE TEL & FAX: 1-800-661-8831 INTERNET WEBSITE: http://www.namtai.com CONTACT: WENDY L. WISEMAN P.R. SECRETARY NAM TAI ELECTRONICS, INC. ANNOUNCES FOURTH QUARTER AND YEAR END 1996 UNAUDITED RESULTS FOURTH QUARTER EARNINGS INCREASE 52%, 1996 SALES DOWN 11% VANCOUVER, CANADA January 22, 1997 -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NASDAQ/NMS Symbol: NTAIF, TSE Symbol: NMT) today announced unaudited results for the fourth quarter and year ended December 31, 1996. Net sales for the fourth quarter were $30.0 million, a decrease of 10% compared to sales of $33.2 million in the fourth quarter of 1995. Operating income increased 19% to $3.0 million compared to 1995 fourth quarter operating income of $2.5 million. Net income increased 52% to $3.1 million compared to $2.0 million in the fourth quarter of 1995. Earnings per share were $0.38 compared to $0.25 in the prior year period. Net sales for the year ended December 31, 1996 decreased by 11% to $108.2 million compared to $121.2 million for 1995. Operating income was down 15% to $9.1 million compared with $10.8 million for the twelve months ended December 31, 1995. Net income decreased by 11% to $10.1 million compared to $11.4 million for the twelve months ended December 31, 1995. Earnings per share for the year ended December 31, 1996 were $1.24 compared to $1.40 in the prior year period. "We are pleased to report a strengthening of our sales performance in the fourth quarter relative to the second and third quarters," commented Mr. M.K. Koo, Chairman of the Company. "We are also pleased to note the significant increase in our earnings for the fourth quarter relative to the prior year, which contributed to income before tax totalling $10.3 million for 1996 versus $10.8 million for 1995." The financial position of the Company remains solid with $25.6 million of working capital and no long term debt. Order backlog at December 31, 1996 stood at $28.5 million compared to $24.8 million at December 31, 1995. This release is expressed in U.S. dollars and contains certain forward-looking statements. The actual results may differ significantly as a result of various factors including, but not limited to: the possibility of fluctuations in demand for the products manufactured by the Company, business conditions in the electronics industry, reductions or cancellations in customer requirements, competition and technological change. Nam Tai is a full service contract manufacturer which provides hardware and software design, plastic moulding, component purchasing, assembly, quality control and shipping services to major original equipment manufacturers ("OEMs") from Japan and North America. The Company makes use of highly advanced technology at its ISO 9001 certified facilities in Shenzhen, China. It also maintains marketing and administrative operations in Hong Kong and Vancouver, Canada, respectively. The Company's electronic products include personal organizers, spell checkers, dictionaries, calculators and IC Card Readers as well as complex electronic subassemblies and components. The Company's customers include Canon, Casio, Citizen, Matsushita Battery, Nintendo (which orders through Sharp), Optrex, Radio Shack, Sanyo Electric, Seiko Instruments, Sharp and Texas Instruments. NAM TAI ELECTRONICS, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) FOR THE PERIOD ENDED DECEMBER 31, 1996 AND 1995 (In Thousands of U.S. Dollars except per share data)
Three months ended Twelve months ended December 31 December 31 1996 1995 1996 1995 Net sales $ 29,987 $ 33,218 $108,234 $121,240 Cost of sales 23,564 27,276 85,524 98,088 Gross profit 6,423 5,942 22,710 23,152 ------ -------- -------- -------- Costs and expenses Selling, general and administrative expenses 3,103 3,142 12,630 11,441 Research and development expenses 304 259 963 945 3,407 3,401 13,593 12,386 -------- -------- -------- -------- Income from operations 3,016 2,541 9,117 10,766 Gain (loss) on disposal of fixed assets (2) 28 (3) - Other income (loss) - net 137 (592) 1,253 225 Interest expense (55) (7) (89) (161) Income before income tax and minority interests 3,096 1,970 10,278 10,830 Provision for income tax (expense) recovery (36) 46 (158) 589 Net income $ 3,060 $ 2,016 $10,120 $11,419 Earnings per share $ 0.38 $ 0.25 $ 1.24 $ 1.40 Weighted average common shares outstanding and common stock equivalents 7,963,808 8,222,879 8,142,131 8,171,750
NAM TAI ELECTRONICS, INC. CONSOLIDATED BALANCE SHEET AS AT DECEMBER 31, 1996 AND DECEMBER 31, 1995 (In Thousands of U.S. Dollars)
December 31 December 31 1996 1995 ASSETS (unaudited) Current assets: Cash and certificates of deposit $ 1,761 $ 10,927 Term deposits 15,980 6,435 Accounts receivable 16,118 17,699 Inventories 10,926 10,425 Prepaid expenses and deposits 2,300 1,525 Total current assets 47,085 47,011 -------- -------- Long term investment 4,050 3,931 Property, plant and equipment, at cost - net 46,981 35,365 Less: accumulated depreciation and amortization (10,202) (7,730) 36,779 27,635 -------- -------- Other assets 1,245 704 Total assets $89,159 $ 79,281 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank borrowings $ 0 $ 273 Notes payable 5,186 5,320 Accounts payable and accrued expenses 16,248 13,408 Income tax payable 31 107 Total liabilities 21,465 19,108 -------- -------- Shareholders' equity: Common stock 78 80 Additional paid-in capital 28,572 28,182 Stock option grants 305 467 Retained earnings 38,711 31,417 Foreign currency translation adjustment 28 27 Total shareholders' equity 67,694 60,173 Total liabilities and shareholders' equity $ 89,159 $ 79,281
The Registrant hereby incorporates this Report on Form 6-K into its Registration Statement on Form F-3 (Registration No. 33-91553). Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. For and on behalf of Nam Tai Electronics, Inc. by (S.d.) Ronald G. Erdman Ronald G. Erdman Chief Financial Officer Date: January 29, 1997 -----END PRIVACY-ENHANCED MESSAGE-----