-----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, TESjRF95L+jPEU3j/SF+D6GLjE3TZuXU1zVn/QuqpLevG+JlyaK4BDVG1esXmEyt O8bA83qctXywouUKT3sjbg== 0000947871-05-000528.txt : 20050228 0000947871-05-000528.hdr.sgml : 20050228 20050228065221 ACCESSION NUMBER: 0000947871-05-000528 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050224 FILED AS OF DATE: 20050228 DATE AS OF CHANGE: 20050228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAM TAI ELECTRONICS INC CENTRAL INDEX KEY: 0000829365 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS, NEC [3679] IRS NUMBER: 000000000 STATE OF INCORPORATION: D8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31583 FILM NUMBER: 05643142 BUSINESS ADDRESS: STREET 1: 116 MAIN STREET STREET 2: 2ND FLOOR CITY: ROAD TOWN, TORTOLA STATE: D8 ZIP: 00000 BUSINESS PHONE: 85223410273 MAIL ADDRESS: STREET 1: C/O PAN PACIFIC I.R. LTD. STREET 2: 999 WEST HASTINGS STREET, SUITE 1790 CITY: VANCOUVER BC STATE: A1 ZIP: V6C 2W2 6-K 1 f6k_022305.txt REPORT OF FOREIGN PRIVATE ISSUER FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February 2005 NAM TAI ELECTRONICS, INC. (Name of the Registrant) 116 Main Street 3rd Floor Road Town, Tortola British Virgin Islands (Address of Principal Executive Offices) (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F X Form 40-F --- (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).) Yes No X --- --- (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X --- (If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ) Nam Tai Electronics, Inc. (the "Company") is furnishing under the cover of Form 6-K: Exhibit 99.1: a press release dated February 22, 2005, announcing the Company's new dividend policy. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Nam Tai Electronics, Inc. Date: February 24, 2005 By: /s/ Joseph Li -------------------------------- Name: Joseph Li Title: Chief Executive Officer EX-99.1 3 ex99-1_022305.txt PRESS RELEASE - FEBRUARY 22, 2005 [NAM TAI ELECTRONICS, INC. LOGO] NEWS RELEASE - -------------------------------------------------------------------------------- REPRESENTED BY PAN PACIFIC I.R. LTD. CONTACT: Lorne Waldman 1790-999 WEST HASTINGS STREET President VANCOUVER, BC, CANADA V6C 2W2 E-MAIL: shareholder@namtai.com TEL: (604) 669-7800 FAX: (604) 669-7816 WEB: www.namtai.com TOLL FREE TEL/FAX: 1-800-661-8831 NAM TAI ELECTRONICS, INC. Dividend Policy VANCOUVER, CANADA -- February 22, 2005 -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) in response to inquiries from shareholders provided further information regarding the Company's dividend policy that was recently changed by the Company's board of directors in order to maintain a strong financial position, and to support and back up the future growth of the Company. The Board of Directors reserves the right to adjust the dividend policy if the overall situation changes significantly. Under the new dividend policy, the annual dividend will be determined by considering combined operating income and other income in cash, if any, based on the following formula: i) 2/3 Operating earnings (OE): The Company will pay approximately 2/3 of its operating income from the prior year as dividends. The remaining balance of income from operations will be used to increase working capital; plus, ii) 1/3 Other income in cash, if any (OI): One-time cash based realized gains on other income, less tax expenses, minority interest and any other item below the operating income line, will be fully paid out as dividends in equal 1/3 amounts over the coming three years. Non-cash other income will not be considered for payment of the dividend. The annual dividend amount will be announced following the announcement of the year end results. The dividend will be paid in equal amounts each quarter in the coming year. Based on the above formula, on February 7, 2005 the Company announced a 175% increase in its dividend for 2005 from $0.48 per share to $1.32 per share payable as follows: ----------------------------------------------------------------------- | Record Date | Payment Date | Dividend | ----------------------------------------------------------------------- | March 31, 2005 | On or before April 21, 2005 | $0.33 | ----------------------------------------------------------------------- | June 30, 2005 | On or before July 21, 2005 | $0.33 | ----------------------------------------------------------------------- | September 30, 2005 | On or before Oct 21, 2005 | $0.33 | ----------------------------------------------------------------------- | December 31, 2005 | On or before January 21, 2006 | $0.33 | ----------------------------------------------------------------------- | Total: | $1.32 | ----------------------------------------------------------------------- For your reference only, the table on the next page helps demonstrate the application of the new dividend policy. If there are any further questions regarding the Company's dividend policy please contact Nam Tai's investor relations firm, Pan Pacific I.R. Ltd. at 1-800-661-8831. Page 1 of 3 Dividend Computation Formula (For Reference Only, subject to change as determined by the Board of Directors)
- ------------------------------------------------------------------------------------------------------------------------------------ Composition of Dividends (Note A) Annual Dividend per share distributed in | Remarks Year of Source of income 2005 2006 2007 2008 2009 2010 | income (Note B) ---> | - ------------------------------------------------------------------------------------------------------------------------------------ 2004 (1) 2/3 of operating | $OE(04)(2/3) / / / |Each year, Actual earnings | $0.68 / / / |1/3 of (2) 1/3 of other | $OI(04)(1/3) $OI(04)(1/3) $OI(04)(1/3) / / / |operating income in cash | $0.64 $0.64 $0.64 / / / |earnings | TTL: $1.32 / / / |+ - -------------------------------------------------------------------------------------------------------------------------|2/3 of | (+) (+) |other - -------------------------------------------------------------------------------------------------------------------------|income 2005 (1) 2/3 of operating | $OE(05)(2/3) / / |delayed data for earnings | / / |payments reference (2) 1/3 of other | $OI(05)(1/3) $OI(05)(1/3) $OI(05)(1/3) / / |will be income in cash | ---> / / |reserved (if any) | / / |for - -------------------------------------------------------------------------------------------------------------------------|growth. | (+) (+) | - -------------------------------------------------------------------------------------------------------------------------| 2006 (1) 2/3 of operating | $OE(06)(2/3) / | data for earnings | / | reference (2) 1/3 of other | $OI(06)(1/3) $OI(06)(1/3) $OI(06)(1/3) / | income in cash | ---> ---> / | (if any) | / | - -------------------------------------------------------------------------------------------------------------------------| | (+) (+) | - -------------------------------------------------------------------------------------------------------------------------| 2007 (1) 2/3 of operating | $OE(07)(2/3) | data for earnings | | reference (2) 1/3 of other | $OI(07)(1/3) $OI(07)(1/3) $OI(07)(1/3) | income in cash | ---> ---> ---> | (if any) | | - -------------------------------------------------------------------------------------------------------------------------| | (+) (+) | - -------------------------------------------------------------------------------------------------------------------------| 2008 (1) 2/3 of operating | $OE(08)(2/3) | data for earnings | | reference (2) 1/3 of other | $OI(08)(1/3) $OI(08)(1/3)) | income in cash | ---> ---> ---> ---> | (if any) | | - -------------------------------------------------------------------------------------------------------------------------| | | - -------------------------------------------------------------------------------------------------------------------------| 2009 | | | v | | - -------------------------------------------------------------------------------------------------------------------------| Total (Note C): | 1 OE 1 OE 1 OE 1 OE 1 OE 1 OE | | +1 OI +2 OI +3 OI +3 OI +3 OI +3 OI | - -------------------------------------------------------------------------------------------------------------------------|
Notes: (A) (1) Reason for the new dividend policy - to increase working capital. (2) Effective Date- This computation method becomes effective for dividends declared for 2005. (3) The Board reserves the right to review and revise the dividend policy, if necessary. (B) Under the new policy, source of dividends composed of 2 categories of income: (1) Operating earnings (OE) - Approximately 2/3 will be used for distribution in the following year and the remaining 1/3 balance will be used to increase working capital and strengthen the Company in the coming year. (2) Other income in cash, if any (OI) - Equal 1/3 amounts will be issued as dividends in the following 3 years. Delaying the issuance over three years also strengthens the cash position. Non-cash other income will not be paid out as dividend. Dividends based on other income will be determined every year and only other income in cash would be considered for distribution. This part of dividend will not continue if there is no other income in cash for a particular year. (C) The total dividend listed is for reference only. The above example illustrates that if there is other income from 2005 and 2006, then in 2007, dividend paid will compose of one year operating earnings (from 2006) and three years' other income (from 2004, 2005 and 2006). Page 2 of 3 About Nam Tai Electronics, Inc. - ------------------------------- We are an electronics manufacturing and design services provider to original equipment manufacturers of telecommunications and consumer electronic products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD panels, LCD modules, radio frequency modules, flexible printed circuit sub-assemblies and image sensors. These components are used in numerous electronic products, including cellular phones, laptop computers, digital cameras, copiers, fax machines, electronic toys, handheld video game devices and microwave ovens. We also manufacture finished products, including cellular phones, palm-sized PCs, personal digital assistants, electronic dictionaries, calculators and digital camera accessories for use with cellular phones. Nam Tai has two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited ("NTEEP") and J.I.C. Technology Company Limited ("JIC"). Interested investors may go to the website of The Stock Exchange of Hong Kong at www.hkex.com.hk to obtain the information. The stock code of NTEEP and JIC in The Stock Exchange of Hong Kong are 2633 and 987, respectively. Investors are reminded to exercise caution when assessing such information and not to deal with the shares of the Company based solely on reliance of such information. The results of NTEEP and JIC only represent a part of the results of the Company and there are GAAP differences in the financial statements of NTEEP and JIC, when compared with the financial statements of the Company. Furthermore, different subsidiaries of the Company may have a different peak season during a year. Page 3 of 3 -----END PRIVACY-ENHANCED MESSAGE-----