-----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, MrrgXfxkpEA/Jjk4ovKJJg6EvsN4AMIWeR80qZwVyiMke4gHCp2CUXj47k6TG2Ev RPvZ3r9FQJBpMkJKe2CClw== 0000829365-97-000018.txt : 19971110 0000829365-97-000018.hdr.sgml : 19971110 ACCESSION NUMBER: 0000829365-97-000018 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971107 FILED AS OF DATE: 19971107 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: SEC FILE NUMBER: 000-16673 FILM NUMBER: 97709989 BUSINESS ADDRESS: STREET 1: C/O NAM TAI ELECTRONICS INC STREET 2: SUITE 530-999 WEST HASTING ST CITY: VANCOUVER BC STATE: K3 ZIP: V6CZWZ BUSINESS PHONE: 6046697800 MAIL ADDRESS: STREET 1: C/O NAM TAI ELECTRONICS CANADA LTD STREET 2: SUITE 530-999 WEST HASTING ST CITY: VANCOUVER BC STATE: A1 ZIP: V6CZWZ 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 November 7, 1997 NAM TAI ELECTRONICS, INC. (Registrant's name in English) Unit 9, 15/F, Tower 1 China Hong Kong City, 33 Canton Road TST, Kowloon, Hong Kong NAM TAI ELECTRONICS, INC. NEWS RELEASE CONTACT: WENDY L. WISEMAN P.R. SECRETARY 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 NAM TAI ELECTRONICS, INC. ANNOUNCES 3rd-Qtr EPS UP 165% TO $1.06 vs. $0.40 VANCOUVER, CANADA November 7, 1997 -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NASDAQ/NMS Symbol: NTAIF) today announced results for the third quarter ended September 30, 1997. Net sales increased 12% to $31,245,000 compared to sales of $28,005,000 in the third quarter ended September 30, 1996. Operating income for the third quarter 1997 increased by 34% to $3,878,000 compared to 1996 third quarter operating income of $2,893,000. Net income for the period increased by 164% to $8,751,000 compared to $3,318,000 in the third quarter of 1996. Earnings per share for the third quarter of 1997 increased by 165% to $1.06 per share from $0.40 per share for the prior year period. Extraordinary income contributed $5,318,235 or $0.65 to net income and income per share, respectively. Net sales for the nine months ended September 30, 1997 increased by 31% to $102,841,000 from $78,247,000 for the first nine months of 1996. Operating income for the first nine months of 1997 increased by 154% to $15,513,000 from $6,101,000 for the prior year period. Net income for the period increased by 213% to $22,084,000 from $7,060,000 for 1996. Earnings per share for the first nine months of 1997 increased by 219% to $2.75 from $0.86 per share for the prior year period. Nam Tai is a full service contract manufacturer working on behalf of 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 products include personal organizers, spell checkers, dictionaries and electronic calculators as well as complex electronic subassemblies and electronic 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. -more- Page 2 of 3 NAM TAI ELECTRONICS, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) FOR THE PERIOD ENDED SEPTEMBER 30, 1997 AND 1996 (In Thousands of U.S. Dollars except per share data) Three months ended Nine months ended September 30 September 30 1997 1996 1997 1996 Net sales $31,245 $28,005 $102,841 $78,247 Cost of sales 23,709 21,661 75,465 61,960 Gross profit 7,536 6,344 27,376 16,287 ------ ------ ------ ------ Costs and expenses Selling, general and administrative expenses 3,125 3,204 10,789 9,527 Research and development expenses 533 247 1,074 659 3,658 3,451 11,863 10,186 ------ ------ ------ ------ Income from operations 3,878 2,893 15,513 6,101 Gain (loss) on disposal of fixed assets 2,298 (1) 1,664 (1) Other income - net 2,654 499 5,265 1,116 Interest expense (1) (15) (38) (34) Income before income tax 8,829 3,376 22,404 7,182 Provision for income tax recovery (expense) (78) (58) (320) (122) Net income $ 8,751 $ 3,318 $22,084 $ 7,060 Per share amounts (in dollars): Earnings per share $ 1.06 $ 0.40 $ 2.75 $ 0.86 Weighted average common shares outstanding and common stock equivalents 8,228,865 8,179,709 8,042,366 8,201,896 Page 3 of 3 NAM TAI ELECTRONICS, INC. CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 1997 AND DECEMBER 31, 1996 (In Thousands of U.S. Dollars) September 30 December 31 1997 1996 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 4,287 $ 1,761 Term deposits 41,693 15,980 Accounts receivable 18,370 16,589 Inventories 8,945 10,511 Prepaid expenses and deposits 3,804 1,768 Total current assets 77,099 46,609 ------ ------ Long term investment 833 4,050 Property, plant and equipment, at cost 43,067 46,751 Less: Accumulated depreciation and amortization (11,778) (10,264) ------- ------- 31,289 36,487 Other assets 1,302 1,245 Total assets $110,523 $88,391 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable 2,051 5,186 Accounts payable and accrued expenses 16,635 16,184 Income tax payable 342 31 Total liabilities 19,028 21,401 ------ ------ Shareholders' equity: Common stock 82 78 Additional paid-in capital 32,094 28,572 Stock option grants 0 305 Retained earnings 59,295 38,007 Foreign currency translation adjustment 24 28 Total shareholders' equity 91,495 66,990 ------ ------ Total liabilities and shareholders' equity $110,523 $88,391 -end- The Registrant hereby incorporates this Report on Form 6-K into its Registration Statement on Form F-3 (Registration No. 333- 36135). 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. ______________________ M.K. Koo, Chairman Date: November 7, 1997 -----END PRIVACY-ENHANCED MESSAGE-----