-----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, B//S0eJQ8UYCGVDA2SdFjo8YvtGrOMB+oIpRrmZG5Why8NMntwVbt+yr38pniKMS Ry6Ob6VkxyC3T/CW1OKHtg== 0000950148-96-000845.txt : 19960517 0000950148-96-000845.hdr.sgml : 19960517 ACCESSION NUMBER: 0000950148-96-000845 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960531 FILED AS OF DATE: 19960515 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAM TAI ELECTRONICS INC CENTRAL INDEX KEY: 0000829365 STANDARD INDUSTRIAL CLASSIFICATION: CALCULATING & ACCOUNTING MACHINES (NO ELECTRONIC COMPUTERS) [3578] 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: 96565176 BUSINESS ADDRESS: STREET 1: 999 WEST HASTINGS STREET SUITE 530 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 REPORT OF FOREIGN ISSUER 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 THE MONTH OF MAY 1996 NAM TAI ELECTRONICS, INC. (Registrant's name in English) Citco Building, Wickhams Cay, P.O. Box 662, Road Town, Tortola, British Virgin Islands (Address of principal executive offices) 2 NAM TAI ELECTRONICS, INC. NEWS RELEASE SUITE 530 - 999 WEST HASTINGS STREET CONTACT: WENDY WISEMAN VANCOUVER, B.C. CANADA V6C 2W2 P.R. SECRETARY TEL: (604) 669-7800 FAX: (604) 669-7816 TOLL FREE TEL & FAX: 1-800-661-8831 NAM TAI ELECTRONICS, INC. ANNOUNCES FIRST QUARTER RESULTS SALES INCREASE BY 13%; NET INCOME UP 50% VANCOUVER, CANADA (May 7, 1996) -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NASDAQ/NMS Symbol: NTAIF) today announced unaudited results for the first quarter ended March 31, 1996. Sales for the first quarter increased by 13% to $25,357,000 from $22,443,000 for the first quarter ended March 31, 1995. Operating income increased by 25% to $2,007,000 compared to $1,609,000 for the previous year. Net income increased by 50% to $2,333,000 from $1,556,000 for the first quarter ended March 31, 1995. Earnings per share for the first quarter increased to $0.29 per share from $0.19 per share for the previous year. The Company is pleased with the first quarter results, particularly given general industry conditions slowed following a relatively weak Christmas sales period. This weakness is expected to continue into the second quarter during which sales for the Company may not reach the level of sales experienced for the quarter ended June 30, 1995. "We expect some weakness in the second quarter compared with the comparable period in 1995, however, the outlook for the third and fourth quarters is strong and we expect to achieve our goal for 1996 of a significant increase in revenue and profitability over 1995," commented Mr. M.K. Koo, Chairman of Nam Tai. The Company is now utilizing its new factory complex, completed on time and within budget thanks to the combined efforts of Shimizu Corporation of Japan and Guangdong 2nd Building Engineering Co. M.K. Koo further noted, "The additional capacity is extremely valuable to Nam Tai as the Company continues to grow. Production lines are now being moved to the new factory, following which the old facility will be renovated to prepare for the installation of new equipment. Nam Tai is proud to offer expanded service and higher technology production from our modern ISO 9001 Certified facilities." The Grand Opening Ceremony for the new plant will be held on May 16, 1996 to celebrate production from the new facility. In excess of 300 guests will attend, representing customers, suppliers and advisors world-wide. -more- 3 NAM TAI ELECTRONICS, INC. NEWS RELEASE SUITE 530 - 999 WEST HASTINGS STREET CONTACT: WENDY WISEMAN VANCOUVER, B.C. CANADA V6C 2W2 P.R. SECRETARY TEL: (604) 669-7800 FAX: (604) 669-7816 TOLL FREE TEL & FAX: 1-800-661-8831 Page 2 The Company is also pleased to announce that Mr. Robert McNamara will join the Board of Directors of Nam Tai effective May 18, 1996. Mr. McNamara has been a consultant to Nam Tai since 1995 and is currently Managing Director of Broadview Associates, L.P. of Fort Lee, New Jersey. Prior to joining Broadview Associates, L.P. in 1995, Mr. McNamara spent fifteen years in the investment banking business with Smith Barney Inc. and Salomon Brothers Inc., most recently as head of Salomon Brothers' Technology Group in New York. In addition to a stronger Board of Directors, Nam Tai also recently announced the addition of two consultants. Dr. Tadashi Sasaki, a senior executive and advisor to Sharp Corporation since 1964 (during which he was responsible for the successful development of the world's first electronic calculator for commercial sale), and Mr. C.S. Chuang, Managing Director of Inventec Co. of Taipei, are advising the Company in its efforts to upgrade its technology and assisting in the development of new products and market opportunities. As previously announced, Nam Tai's Annual Meeting will be held at 4:30 p.m. on June 20, 1996 at the Plaza Hotel, Fifth Avenue at Central Park South, New York. The record date for the Annual Meeting has been set as May 16, 1996. The Company's dividend plan and record date will be announced at the Annual Meeting. Nam Tai is registered in the British Virgin Islands and maintains offices in Hong Kong and Vancouver, Canada. It designs, develops, manufactures, assembles and sells consumer electronic products manufactured by it in the People's Republic of China at its ISO 9001 certified operations. The Company's products include personal organizers, spell checkers, dictionaries, LCD modules, IC card readers and calculators. To position itself to manufacture more sophisticated products, the Company has made advances in the use of COB, SMT, TAB, OLB and FPHS technologies. 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- 4 NAM TAI ELECTRONICS, INC. NEWS RELEASE SUITE 530 - 999 WEST HASTINGS STREET CONTACT: WENDY WISEMAN VANCOUVER, B.C. CANADA V6C 2W2 P.R. SECRETARY TEL: (604) 669-7800 FAX: (604) 669-7816 TOLL FREE TEL & FAX: 1-800-661-8831 Page 3 NAM TAI ELECTRONICS, INC. CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) FOR THREE MONTHS ENDED MARCH 31, 1996 (In Thousands of U.S. Dollars except per share data)
Three months Three months ended March 31 ended March 31 1996 1995 -------------- -------------- Net sales $ 25,357 $ 22,443 Cost of sales 20,321 18,187 -------- -------- Gross profit 5,036 4,256 -------- -------- Costs and expenses Selling, general and administrative expenses 2,875 2,554 Research and development expenses 154 93 -------- -------- 3,029 2,647 ======== ======== Income from operations 2,007 1,609 Gain/(loss)on disposal of fixed assets 0 (26) Other income - (loss) net 367 23 Interest (expense) (1) (19) -------- -------- Income from consolidated companies before income taxes and minority interest 2,373 1,587 Provision for income tax (expense) recovery (40) (31) -------- -------- Net income $ 2,333 $ 1,556 ======== ======== Earnings per share $ 0.29 $ 0.19 ======== ======== Weighted average shares outstanding and common stock equivalents 8,184,691 8,117,009 ========= =========
-more- 5 NAM TAI ELECTRONICS, INC. NEWS RELEASE SUITE 530 - 999 WEST HASTINGS STREET CONTACT: WENDY WISEMAN VANCOUVER, B.C. CANADA V6C 2W2 P.R. SECRETARY TEL: (604) 669-7800 FAX: (604) 669-7816 TOLL FREE TEL & FAX: 1-800-661-8831 Page 4 NAM TAI ELECTRONICS, INC. CONSOLIDATED BALANCE SHEET MARCH 31, 1996 AND DECEMBER 31, 1995 (In Thousands of U.S. Dollars)
March 31 December 31 1996 1995 -- -------- ----------- (unaudited) ASSETS Current assets: Cash and cash equivalents $ 2,034 $ 10,927 Term deposits 16,643 6,435 Accounts receivable 11,696 17,699 Inventories 8,485 10,425 Prepaid expenses and deposits 1,569 1,525 -------- -------- Total current assets 40,427 47,011 -------- -------- Long term investment 3,931 3,931 Property, plant and equipment, at cost 38,113 35,365 Less: Accumulated depreciation (8,438) (7,730) -------- -------- 29,675 27,635 -------- -------- Other assets 821 704 ======== ======== Total assets $ 74,854 $ 79,281 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term bank borrowings $ 0 $ 273 Notes payable 3,851 5,320 Accounts payable and accrued expenses 8,331 13,408 Income taxes payable 147 107 -------- -------- Total current liabilities 12,329 19,108 -------- -------- Shareholders' equity: Common stock 80 80 Additional paid-in capital 28,207 28,182 Outstanding stock options 460 467 Retained earnings 33,750 31,417 Foreign currency translation adjustment 28 27 -------- -------- Total shareholders' equity 62,525 60,173 ======== ======== Total liabilities and shareholders' equity $ 74,854 $ 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. 6 For and on behalf of Nam Tai Electronics, Inc. by (Sd.) Koo Ming Kown ------------------------------------- Koo Ming Kown Chairman Date: May 10, 1996 -----END PRIVACY-ENHANCED MESSAGE-----