EXHIBIT 99.1
Highlights: * Revenues, gross margin and EPS for the fourth quarter of 2008 were all within our previous guidance * Expect revenues, gross margin and GAAP EPS for the first quarter of 2009 to remain at a similar level as the previous quarter * Non-driver revenues grew 78% year-over-year in 2008 and accounted for 5.1% of 2008 total revenues * Became Taiwan's second largest fabless IC design house in terms of full year 2008 revenues
TAINAN, Taiwan, Feb. 18, 2009 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. ("Himax" or "Company") (Nasdaq:HIMX) today reported financial results for the quarter and full year ended December 31, 2008.
For the fourth quarter of 2008, Himax reported net revenues of $124.3 million, representing a 53.5% decrease from $267.1 million for the fourth quarter of 2007 and a 46.0% decrease from the $230.1 million for the third quarter of 2008. Gross margin was 21.0% in the fourth quarter of 2008, down 370 basis points year-over-year and down 350 basis points sequentially. Operating income for the quarter was $3.6 million, compared to $42.4 million in the same period last year and $15.0 million in the previous quarter.
Net income for the fourth quarter of 2008 was $4.0 million or $0.02 per diluted share, down from $46.0 million or $0.23 per diluted share in the fourth quarter of 2007, and down from $17.7 million or $0.09 per diluted share in the third quarter of 2008.
Excluding share-based compensation and acquisition-related charges, non-GAAP operating income for the fourth quarter of 2008 was $6.5 million, down from $44.4 million in the same period last year, and down from $30.6 million in the previous quarter. Non-GAAP net income for the fourth quarter of 2008 was $6.7 million or $0.03 per diluted share, down from $48.0 million or $0.24 per diluted share in the fourth quarter of 2007, and down from $32.5 million from $0.17 per diluted share in the third quarter of 2008.
For the year ended December 31, 2008, Himax reported total revenues of $832.8 million, representing a 9.3% decrease from 2007. Display drivers for small- and medium-sized applications accounted for 16.7% of 2008 total revenues compared to 15.5% of total 2007 revenues. Non-driver businesses achieved an annual growth of 78.0% and accounted for 5.1% of total 2008 revenues compared to 2.6% of total revenues in 2007. Gross margin for the full year 2008 was 24.5%, up from 22.0% in 2007 and GAAP EPS was $0.49, compared to $0.57 in 2007.
Reconciliation of gross margin, operating margin, net income and diluted EPS excluding share-based compensation and acquisition-related charges, a non-GAAP financial measure, to GAAP gross margin, GAAP operating margin, GAAP net income and diluted GAAP EPS, most comparable GAAP figure, is set out in the attached reconciliation schedule.
Jordan Wu, President and Chief Executive Officer of Himax, commented, "In spite of the dramatically deteriorated market demand, 2008 was a notable year for Himax. In seven years since the company's inception, we became Taiwan's second largest fabless IC design house in terms of revenue."
Mr. Wu continued, "Recently, we launched our LCOS pico-projector solution with USB interface, a mainstream connecting interface used among a number of electronic devices, specifically in laptop and netbook computers. There are a fast increasing number of customers designing pico projector products with our LCOS solutions, a vast majority of which are expected to launch in the upcoming quarters. Furthermore, we have been working with some of the world's leading baseband solution providers and successfully have our LCOS microdisplays and their baseband platforms connected to each other. Our goal is to provide an easy engineering reference for our customers' product design. We expect further co-developments with baseband chip vendors would accelerate the adoption of our LCOS solution in mobile devices. In order to meet customers' demand for higher quality, lower cost, and faster time-to-market, we established an in-house color filter facility and moved in the equipments during the fourth quarter. An i n-house color filter facility enhances the competitiveness of our LCOS products and creates value for our customers."
Mr. Wu added, "As recently announced, we shipped display drivers with Content Adaptive Brightness Control (CABC), a power-saving technology, to the world's top-tier handset brands and further integrated CABC technology into timing controllers for laptop and netbook applications. CABC is a sought-after feature for power-conscious mobile device makers and end-users. We expect this technology to be broadly adopted in various mobile applications in the quarters to come."
Mr. Wu added, "We have recently seen an increase in rush orders which represent challenges for our in-time delivery. We are pleased to report that so far, we have been able to fulfill such rush orders, allowing our customers to capture the sales opportunities. We are pleased that we have, once again, proven to be a valuable vendor for our customers thanks to our long-standing partnership relationships and our key strategic suppliers."
Guidance
The Company's long-term strategy of being the world's leading semiconductor solution provider for flat panel displays remains intact. Display drivers will continue to be the major business in 2009 and the goal is to remain the global market share leader, although the overall market prospects remain uncertain. Meanwhile, 2009 will be a year when Himax will substantially expand the non-driver businesses. The Company is confident that the non-driver businesses will grow in both dollar terms and as a percentage of total sales in 2009.
For the first quarter of 2009, Himax expects revenues, gross margin and GAAP EPS to remain at a similar level as the previous quarter.
Investor Conference Call / Webcast Details
The Company's management will review detailed fourth quarter 2008 results on Wednesday, February 18, 2009 at 6:00 PM EST (7:00 AM, Thursday, February 19, Taiwan time). The conference dial-in numbers are +1-201-689-8560 (international) and +1-877-407-0784 (U.S. domestic). A live webcast of the conference call will be available on the Company's website at www.himax.com.tw. The playback will be available beginning two hours after the conclusion of the conference call and will be accessible by dialing +1-201-612-7415 (international) and 1-877-660-6853 (U.S. domestic). The account number to access the replay is 3055 and the confirmation ID number is 309790.
About Himax Technologies, Inc.
Himax Technologies, Inc. designs, develops, and markets semiconductors that are critical components of flat panel displays. The Company's principal products are display drivers for large-sized TFT-LCD panels, which are used in desktop monitors, notebook computers and televisions, and display drivers for small- and medium-sized TFT-LCD panels, which are used in mobile handsets and consumer electronics products such as digital cameras, mobile gaming devices and car navigation displays. In addition, the Company is expanding its product offering to include LCD TV chipset solutions, power management ICs, LCOS microdisplays and CMOS image sensors. Based in Tainan, Taiwan, the Company has regional offices in Hsinchu and Taipei, Taiwan; Ninbo, Foshan, Suzhou and Shenzhen, China; Yokohama, Japan; Anyangsi Kyungkido, and Matsusaka, South Korea; and Irvine California, USA.
Forward-Looking Statements:
Certain statements in this press release, including statements regarding expected future financial results and industry growth, are forward-looking statements that involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this press release. Factors that could cause actual results to differ include, but not limited to, general business and economic conditions and the state of the semiconductor industry; level of competition; demand for end-use applications products; reliance on a small group of principal customers; continued success in technological innovations; development of alternative flat panel display technologies; ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; shortages in supply of key components; changes in environmental laws and regulations; exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; and other risks described from time to time in the Company's SEC filings, including those risks identified in the section entitled "Risk Factors" in its Form 20-F for the year ended December 31, 2007 filed with SEC on June 20, 2008, as amended. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Income
(These interim financials do not fully comply with US GAAP because
they omit all interim disclosure required by US GAAP)
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
Three
Months
Ended
Three Months September
Ended December 31, 30,
-------------------- ---------
2008 2007 2008
--------- --------- ---------
Revenues
Revenues from third parties, net $ 46,977 $101,195 $ 95,468
Revenues from related parties, net 77,301 165,905 134,598
--------- --------- ---------
124,278 267,100 230,066
--------- --------- ---------
Costs and expenses:
Cost of revenues 98,186 201,255 173,761
Research and development 16,298 17,607 30,551
General and administrative 3,961 3,790 6,427
Sales and marketing 2,277 2,080 4,341
--------- --------- ---------
Total costs and expenses 120,722 224,732 215,080
--------- --------- ---------
Operating income 3,556 42,368 14,986
--------- --------- ---------
Non operating income (loss):
Interest income 900 1,108 714
Foreign exchange gains (losses), net (605) 164 (1,089)
Other income, net 186 209 342
--------- --------- ---------
481 1,481 (33)
--------- --------- ---------
Earnings before income taxes and
minority interest 4,037 43,849 14,953
Income tax expense (benefit) 700 (1,860) (1,697)
--------- --------- ---------
Income before minority interest 3,337 45,709 16,650
Minority interest, net of tax 649 253 1,036
--------- --------- ---------
Net income $ 3,986 $ 45,962 $ 17,686
========= ========= =========
Basic earnings per ordinary share
and ADS $ 0.02 $ 0.23 $ 0.09
========= ========= =========
Diluted earnings per ordinary share
and ADS $ 0.02 $ 0.23 $ 0.09
========= ========= =========
Basic Weighted Average Outstanding
Shares 192,305 196,327 191,306
Diluted Weighted Average Outstanding
Shares 192,305 197,264 191,629
Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
Three
Months
Ended
Three Months September
Ended December 31, 30,
-------------------- ---------
2008 2007 2008
--------- --------- ---------
The amount of share-based compensation
included in applicable statements of
income categories is summarized as
follows:
Share-based compensation
Cost of revenues $ 14 $ 17 $ 365
Research and development 1,850 1,210 10,558
General and administrative 260 162 2,141
Sales and marketing 263 170 1,998
Income tax benefit (53) -- (634)
--------- --------- ---------
Total $ 2,334 $ 1,559 $ 14,428
========= ========= =========
The amount of acquisition-related
charges included in applicable
statements of income categories is
summarized as follows:
Research and development $ 239 $ 210 $ 239
Sales and marketing 290 251 290
Income tax benefit (162) -- (162)
--------- --------- ---------
Total $ 367 $ 461 $ 367
========= ========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Income
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
Twelve Months Ended
December 31,
--------------------
2008 2007
--------- ---------
Revenues
Revenues from third parties, net $312,336 $371,267
Revenues from related parties, net 520,463 546,944
--------- ---------
832,799 918,211
--------- ---------
Costs and expenses:
Cost of revenues 628,693 716,163
Research and development 87,927 73,906
General and administrative 19,363 14,903
Sales and marketing 11,798 9,334
--------- ---------
Total costs and expenses 747,781 814,306
--------- ---------
Operating income 85,018 103,905
--------- ---------
Non operating income (loss):
Interest income 3,315 5,433
Foreign exchange losses, net (846) (319)
Other income, net 1,382 576
--------- ---------
3,851 5,690
--------- ---------
Earnings before income taxes and
minority interest 88,869 109,595
Income tax benefit (997) (1,860)
--------- ---------
Income before minority interest 89,866 111,455
Minority interest, net of tax 3,657 1,141
--------- ---------
Net income $ 93,523 $112,596
========= =========
Basic earnings per ordinary share
and ADS $ 0.49 $ 0.57
========= =========
Diluted earnings per ordinary share
and ADS $ 0.49 $ 0.57
========= =========
Basic Weighted Average Outstanding
Shares 191,615 196,862
Diluted Weighted Average Outstanding
Shares 191,843 197,522
Himax Technologies, Inc.
Unaudited Supplemental Financial Information
(Amounts in Thousands of U.S. Dollars)
Twelve Months Ended
December 31,
--------------------
2008 2007
--------- ---------
The amount of share-based compensation included
in applicable statements of income categories is
summarized as follows:
Share-based compensation
Cost of revenues $ 435 $ 422
Research and development 16,215 15,393
General and administrative 2,866 2,182
Sales and marketing 2,746 2,324
Income tax benefit (687) (622)
--------- ---------
Total $ 21,575 $ 19,699
========= =========
The amount of acquisition-related charges
included in applicable statements of income
categories is summarized as follows:
Research and development $ 957 $ 2,483
Sales and marketing 1,158 1,061
Income tax benefit (1,244) --
--------- ---------
Total $ 871 $ 3,544
========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Balance Sheets
(Amounts in Thousands of U.S. Dollars, Except Per Share Data)
December September December
31, 30, 31,
2008 2008 2007
--------- --------- ---------
Assets
Current assets:
Cash and cash equivalents $135,200 $123,139 $ 94,780
Marketable securities
available-for-sale 13,870 8,973 15,208
Restricted marketable securities 2,160 2,113 97
Accounts receivable, less allowance
for doubtful accounts, sales returns
and discounts 76,358 105,403 88,682
Accounts receivable from related
parties, less allowance for doubtful
accounts, sales returns and
discounts 104,445 145,612 194,902
Inventories 96,921 115,411 116,550
Deferred income taxes 15,507 12,776 12,684
Prepaid expenses and other current
assets 11,707 13,814 15,369
--------- --------- ---------
Total current assets $456,168 $527,241 $538,272
--------- --------- ---------
Property, plant and equipment, net 55,111 47,808 46,180
Deferred income taxes 23,354 20,893 20,714
Goodwill 26,846 26,878 26,878
Intangible assets, net 10,965 11,114 12,721
Investments in non-marketable
securities 11,619 11,619 7,138
Refundable deposits and prepaid
pension costs 1,168 876 859
--------- --------- ---------
129,063 119,188 114,490
--------- --------- ---------
Total assets $585,231 $646,429 $652,762
========= ========= =========
Liabilities, Minority Interest and
Stockholders' Equity
Current liabilities:
Accounts payable $ 53,720 $120,846 $147,221
Income tax payable 17,900 12,511 19,147
Other accrued expenses and other
current liabilities 22,455 25,073 19,231
--------- --------- ---------
Total current liabilities $ 94,075 $158,430 $185,599
Accrued pension liabilities $ 214 $ 220 $ 218
Deferred income taxes $ 3,352 $ 3,488 $ 4,547
--------- --------- ---------
Total liabilities $ 97,641 $162,138 $190,364
--------- --------- ---------
Minority interest $ 6,835 $ 6,287 $ 11,089
--------- --------- ---------
Stockholders' equity:
Ordinary shares, US$0.0001 par value,
500,000,000 shares authorized;
190,119,594,192,488,685, and
191,979,691 shares issued and
outstanding at December 31, 2008,
September 30, 2008, and
December 31, 2007, respectively 19 19 19
Additional paid-in capital 238,961 240,006 235,894
Accumulated other comprehensive loss (334) (144) (7)
Unappropriated retained earnings 242,109 238,123 215,403
--------- --------- ---------
Total stockholders' equity $480,755 $478,004 $451,309
--------- --------- ---------
Total liabilities, minority interest
and stockholders' equity $585,231 $646,429 $652,762
========= ========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
Three
Months
Ended
Three Months September
Ended December 31, 30,
-------------------- ---------
2008 2007 2008
--------- --------- ---------
Cash flows from operating activities:
Net income $ 3,986 $ 45,962 $ 17,686
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 3,210 2,892 3,102
Share-based compensation expenses 2,388 1,559 2,347
Minority interest, net of tax (649) (253) (1,036)
Loss on disposal of property, plant
and equipment 6 -- 11
Gain on disposal of subsidiary shares
and investments in non-marketable
securities, net (27) (160) (217)
Gain on disposal of marketable
securities, net (119) (28) (82)
Deferred income taxes (5,279) (13,891) 1,834
Inventories write downs 3,359 3,754 3,626
Changes in operating assets and
liabilities:
Accounts receivable 29,038 12,698 240
Accounts receivable from related
parties 41,229 (16,708) 27,221
Inventories 15,202 5,686 11,875
Prepaid expenses and other current
assets 3,677 (1,912) (1,163)
Accounts payable (67,463) (12,988) (31,236)
Income tax payable 5,400 11,814 (2,434)
Other accrued expenses and other
current liabilities (4,925) 2,825 2,414
--------- --------- ---------
Net cash provided by operating
activities 29,033 41,250 34,188
--------- --------- ---------
Cash flows from investing activities:
Purchase of property, plant and
equipment (9,364) (3,138) (2,825)
Proceeds from disposal of property,
plant and equipment 3 3 1
Purchase of available-for-sale
marketable securities (21,487) (11,028) (18,580)
Disposal of available-for-sale
marketable securities 16,763 12,002 19,944
Cash paid in acquisition -- (36) --
Proceeds from disposal of subsidiary
shares by Himax Technologies Limited 56 253 472
Purchase of investments in
non-marketable securities -- (4,531) --
Purchase of subsidiary shares from
minority interest (351) (120) (88)
Refund from (increase in) refundable
deposits (3) (20) 24
Release (pledge) of restricted
marketable securities (49) 100 (47)
--------- --------- ---------
Net cash used in investing
activities (14,432) (6,515) (1,099)
--------- --------- ---------
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Amounts in Thousands of U.S. Dollars)
Three
Months
Ended
Three Months September
Ended December 31, 30,
-------------------- ---------
2008 2007 2008
--------- --------- ---------
Cash flows from financing activities:
Distribution of cash dividends $ -- $(39,710) $ --
Proceeds from issuance of new shares
by subsidiaries 824 8,307 --
Payments to acquire of ordinary
shares for retirement (3,195) (27,879) (90)
--------- --------- ---------
Net cash used in financing
activities (2,371) (59,282) (90)
--------- --------- ---------
Effect of exchange rate changes on
cash and cash equivalents (169) 81 (264)
--------- --------- ---------
Net increase (decrease) in cash and
cash equivalents 12,061 (24,466) 32,735
Cash and cash equivalents at
beginning of period 123,139 119,246 90,404
--------- --------- ---------
Cash and cash equivalents at end of
period $135,200 $ 94,780 $123,139
========= ========= =========
Supplemental disclosures of cash flow
information:
Cash paid during the period for
income taxes $ 517 $ 32 $ 96
========= ========= =========
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Figures in Thousands of U.S. Dollars)
Twelve Months
Ended December 31,
--------------------
2008 2007
--------- ---------
Cash flows from operating activities:
Net income $ 93,523 $112,596
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 12,318 10,260
Write-off of in-process research and development -- 1,600
Share-based compensation expenses 9,548 5,895
Minority interest, net of tax (3,657) (1,141)
Loss on disposal of property and equipment 89 223
Gain on disposal of subsidiary shares and
investment in non-marketable securities, net (341) (418)
Gain on disposal of marketable securities, net (913) (112)
Deferred income taxes (6,601) (14,618)
Inventories write downs 18,028 14,824
Changes in operating assets and liabilities:
Accounts receivable 12,318 25,971
Accounts receivable from related parties 89,882 (78,044)
Inventories 1,371 (29,602)
Prepaid expenses and other current assets 8,012 (4,477)
Accounts payable (93,301) 26,232
Income tax payable (1,236) 7,481
Other accrued expenses and other current
liabilities (2,306) 492
--------- ---------
Net cash provided by operating activities 136,734 77,162
--------- ---------
Cash flows from investing activities:
Purchase of property, plant and equipment (17,490) (18,998)
Proceeds from disposal of property, plant and
equipment 32 9
Purchase of available-for-sales marketable
securities (68,892) (52,476)
Disposal of available-for-sale marketable
securities 71,172 46,303
Cash acquired in acquisition, net of cash paid -- 6,161
Proceeds from disposal of subsidiary shares and
investment in non-marketable securities by
Himax Technologies Limited 719 562
Purchase of investments in non-marketable
securities (4,481) (6,321)
Purchase of subsidiary shares from minority
interest (673) (295)
Refund from (increase in) refundable deposits (86) 25
Release (pledge) of restricted marketable
securities (2,065) 11
--------- ---------
Net cash used in investing activities (21,764) (25,019)
--------- ---------
Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(Figures in Thousands of U.S. Dollars)
Twelve Months
Ended December 31,
--------------------
2008 2007
--------- ---------
Cash flows from financing activities:
Distribution of cash dividends $(66,817) $(39,710)
Proceeds from issuance of new shares by
subsidiaries 913 11,814
Payments to acquire ordinary shares for
retirement (8,656) (39,345)
--------- ---------
Net cash used in financing activities (74,560) (67,241)
--------- ---------
Effect of exchange rate change on cash and cash
equivalents 10 125
--------- ---------
Net increase (decrease) in cash and cash
equivalents 40,420 (14,973)
Cash and cash equivalents at beginning of year 94,780 109,753
--------- ---------
Cash and cash equivalents at end of year $135,200 $ 94,780
========= =========
Supplemental disclosures of cash flow
information:
Cash paid during the year for income taxes $ 7,175 $ 4,779
========= =========
Supplemental disclosures of non-cash investing
and financing activities:
Fair value of ordinary shares issued and to be
issued by Himax Technologies, Inc. in the
acquisition of Wisepal Technologies, Inc. $ -- $ 46,719
========= =========
Himax Technologies, Inc.
Unaudited Supplemental Data - Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
Gross Margin and Operating Margin Excluding Share-based Compensation
and Acquisition-Related Charges:
Three
Months
Ended
Three Months September
Ended December 31, 30,
-------------------- ---------
2008 2007 2008
--------- --------- ---------
Revenues $124,278 $267,100 $230,066
Gross profit 26,092 65,845 56,305
Add: Share-based compensation - Cost
of revenues 14 17 365
Gross profit excluding share-based
compensation 26,106 65,862 56,670
Gross margin excluding share-based
compensation 21.0% 24.7% 24.6%
Operating income 3,556 42,368 14,986
Add: Share-based compensation 2,387 1,559 15,062
Operating income excluding share-based
compensation 5,943 43,927 30,048
Add: Acquisition-related charges -
Intangible assets amortization 529 461 529
Operating income excluding share-based
compensation and acquisition-related
charges 6,472 44,388 30,577
Operating margin excluding share-based
compensation and acquisition-related
charges 5.2% 16.6% 13.3%
Net income 3,986 45,962 17,686
Add: Share-based compensation, net of
tax 2,334 1,559 14,428
Add: Acquisition-related charges, net
of tax 367 461 367
Net income excluding share-based
compensation and acquisition-related
charges 6,687 47,982 32,481
Net margin excluding share-based
compensation and acquisition-related
charges 5.4% 18.0% 14.1%
*Gross margin excluding share-based compensation equals gross profit excluding share-based compensation divided by revenues *Operating margin excluding share-based compensation and acquisition-related charges equals operating income excluding share-based compensation and acquisition-related charges divided by revenues *Net margin excluding share-based compensation and acquisition-related charges equals net income excluding share-based compensation and acquisition-related charges divided by revenues
Himax Technologies, Inc.
Unaudited Supplemental Data - Reconciliation Schedule
(Amounts in Thousands of U.S. Dollars)
Gross Margin and Operating Margin Excluding Share-based Compensation
and Acquisition-Related Charges:
Twelve Months
Ended December 31,
--------------------
2008 2007
--------- ---------
Revenues $832,799 $918,211
Gross profit 204,106 202,048
Add: Share-based compensation - Cost of revenues 435 422
Gross profit excluding share-based compensation 204,541 202,470
Gross margin excluding share-based compensation 24.6% 22.1%
Operating income 85,018 103,905
Add: Share-based compensation 22,262 20,321
Operating income excluding share-based
compensation 107,280 124,226
Add: Acquisition-related charges
- Intangible assets amortization 2,115 1,944
- In-process R&D write off -- 1,600
Operating income excluding share-based
compensation
and acquisition-related charges 109,395 127,770
Operating margin excluding share-based
compensation
and acquisition-related charges 13.1% 13.9%
Net income 93,523 112,596
Add: Share-based compensation, net of tax 21,575 19,699
Add: Acquisition-related charges, net of tax 871 3,544
Net income excluding share-based compensation
and acquisition-related charges 115,969 135,839
Net margin excluding share-based compensation
and acquisition-related charges 13.9% 14.8%
*Gross margin excluding share-based compensation equals gross profit excluding share-based compensation divided by revenues *Operating margin excluding share-based compensation and acquisition-related charges equals operating income excluding share-based compensation and acquisition-related charges divided by revenues *Net margin excluding share-based compensation and acquisition-related charges equals net income excluding share-based compensation and acquisition-related charges divided by revenues
Diluted Earnings Per Share Excluding Share-based Compensation and
Acquisition-Related Charges:
Three Months Twelve Months
Ended Ended
December 31, December 31,
2008 2008
------------- -------------
Diluted GAAP EPS $0.02 $0.49
Add: Share-based compensation per diluted
share $0.01 $0.11
Add: Acquisition-related charges per
diluted share $-- $--
Diluted non GAAP EPS excluding
share-based compensation and
acquisition-related charges $0.03 $0.60
Numbers do not add up due to rounding
CONTACT: Himax Technologies, Inc.
Max Chan, Chief Financial Officer
+886-2-2370-3999 Ext. 22300
max_chan@himax.com.tw
Investor Relations
Jessie Wang
+886-2-2370-3999 Ext. 22618
jessie_wang@himax.com.tw
The Ruth Group
In the U.S.
Joseph Villalta
+1-646-536-7003
jvillalta@theruthgroup.com