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Segment Information
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Information
20. Segment Information

The Chief Operating Decision Makers are identified as the Chief Executive Officer and Chief Financial Officer. They review these segment results when making decisions about allocating resources and assessing the performance of the Company.

In 2011, the Company’s business was separated into two segments, TCA and CECP.

In 2012, the CECP segment fell below the thresheld and it was combined with the TCA segment.The Company’s business was then separated into TCA and FPC segments. Since the first quarter of 2013, the FPC segment has been discontinued and only one TCA segment still existed.

The segment information in 2011 and 2012 has been restated in order to conform with the change in segment reporting in 2013 in accordance with FASB ASC 280-10-50-34.

Year ended December 31, 2011

 

     TCA     Corporate     Total  

Net sales

   $ 509,124      $ —       $ 509,124   

Cost of sales

     (479,037     —         (479,037
  

 

 

   

 

 

   

 

 

 

Gross profit

     30,087        —         30,087   

General and administrative expenses

     (9,662     (7,117     (16,779

Selling expenses

     (2,886     —         (2,886

Research and development expenses

     (1,709     —         (1,709

Impairment loss on goodwill

     —         (2,951     (2,951

Other income, net

     3,659        3,707        7,366   

Interest income

     172        2,504        2,676   
  

 

 

   

 

 

   

 

 

 

Income (loss) before income tax

     19,661        (3,857     15,804   

Income tax expenses

     (2,196     —         (2,196
  

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations

   $ 17,465      $ (3,857   $ 13,608   
  

 

 

   

 

 

   

 

 

 

 

Year ended December 31, 2012

 

     TCA     Corporate     Total  

Net sales

   $ 678,113      $ —       $ 678,113   

Cost of sales

     (609,875     —         (609,875
  

 

 

   

 

 

   

 

 

 

Gross profit

     68,238        —         68,238   

General and administrative expenses

     (16,328     (4,411     (20,739

Selling expenses

     (1,483     —         (1,483

Research and development expenses

     (716     —         (716

Other income, net

     4,016        1,267        5,283   

Interest income

     167        1,871        2,038   
  

 

 

   

 

 

   

 

 

 

Income (loss) before income tax

     53,894        (1,273     52,621   

Income tax expenses

     (15,188     —         (15,188
  

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations

   $ 38,706      $ (1,273   $ 37,433   
  

 

 

   

 

 

   

 

 

 

Year ended December 31, 2013

 

     TCA     Corporate     Total  

Net sales

   $ 855,847      $ —       $ 855,847   

Cost of sales

     (788,212     —         (788,212
  

 

 

   

 

 

   

 

 

 

Gross profit

     67,635        —         67,635   

General and administrative expenses

     (26,045     (7,272     (33,317

Selling expenses

     (462     —         (462

Other operating income

     1,609        —          1,609   

Other income, net

     6,573        5,382        11,955   

Interest income

     1,624        3,315        4,939   
  

 

 

   

 

 

   

 

 

 

Income before income tax

     50,934        1,425        52,359   

Income tax (expenses) credit

     (12,522     1,379        (11,143
  

 

 

   

 

 

   

 

 

 

Net income from continuing operations

   $ 38,412      $ 2,804      $ 41,216   
  

 

 

   

 

 

   

 

 

 

There were no material inter-segment sales for the years ended December 31, 2011, 2012 and 2013. Intercompany sales arise from the transfer of finished goods between subsidiaries operating in different areas. These sales are generally at prices consistent with what the Company would charge third parties for similar goods.

Year ended December 31, 2011

 

     TCA      Corporate      Total  

Depreciation and amortization

   $ 5,252       $ 260       $ 5,512   

Capital expenditures

   $ 7,424       $ 4,723       $ 12,147   

Total assets

   $ 169,048       $ 132,915       $ 301,963   

Year ended December 31, 2012

 

     TCA      Corporate      Total  

Depreciation and amortization

   $ 7,909       $ 293       $ 8,202   

Capital expenditures

   $ 29,488       $ —        $ 29,488   

Total assets

   $ 321,575       $ 145,937       $ 467,512   

 

Year ended December 31, 2013

 

     TCA      Corporate      Total  

Depreciation and amortization

   $ 12,761       $ 290       $ 13,051   

Capital expenditures

   $ 277       $ 34       $ 311   

Total assets

   $ 355,000       $ 137,055       $ 492,055   

A summary of net sales, net income (loss) attributable to Nam Tai shareholders and long-lived assets by geographical areas is as follows:

By geographical area:

 

Year ended December 31,

   2011     2012     2013  

Net sales from operations within:

      

- PRC, excluding Hong Kong:

   $ 509,124      $ 678,113      $ 855,847   
  

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to Nam Tai shareholders within:

      

- PRC, excluding Hong Kong

   $ 19,973      $ 40,023      $ 43,602   

- Hong Kong

     (6,365     (2,590     (2,386
  

 

 

   

 

 

   

 

 

 

Total net income attributable to Nam Tai shareholders

   $ 13,608      $ 37,433      $ 41,216   
  

 

 

   

 

 

   

 

 

 

 

Year ended December 31,

   2011      2012      2013  

Net sales to customers by geographical area:

        

- Hong Kong

   $ 69,135       $ 72,498       $ 58,045   

- Europe

     30,282         14,400         6,496   

- United States

     32,332         3,021         —    

- PRC (excluding Hong Kong)

     793         1,316         —    

- Japan

     374,129         583,280         791,299   

- Others

     2,453         3,598         7  
  

 

 

    

 

 

    

 

 

 

Total net sales

   $ 509,124       $ 678,113       $ 855,847   
  

 

 

    

 

 

    

 

 

 

 

As of December 31,

   2011      2012      2013  

Long-lived assets by geographical area:

        

- PRC, excluding Hong Kong

   $ 49,206       $ 71,151       $ 56,060   

- Hong Kong

     4,586         4,293         3,967   
  

 

 

    

 

 

    

 

 

 

Total long-lived assets

   $ 53,792       $ 75,444       $ 60,027   
  

 

 

    

 

 

    

 

 

 

The Company’s customers which accounted for 10% or more of its sales are as follows:

 

Year ended December 31,

   2011      2012      2013  

A(1)

   $ 369,105       $ 570,246      $ 791,256  

B

     58,527         N/A         N/A   

C

     62,894         N/A         N/A   
  

 

 

    

 

 

    

 

 

 
   $ 490,526       $ 570,246       $ 791,256   
  

 

 

    

 

 

    

 

 

 

 

  (1) Two of our largest customers, each accounting for 10% or more of our net sales in the years ended December 2011 and 2012 respectively, were reorganized into Customer A in 2012.

The Company’s suppliers which accounted for 10% or more of its purchases are as follows:

 

Year ended December 31,

   2011      2012      2013  

A

   $ 160,274       $ 511,923       $ 808,144   

B

     114,322         108,340         —    
  

 

 

    

 

 

    

 

 

 
   $ 274,596       $ 620,263       $ 808,144