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 News Release of:
May 16, 2001; May 7, 2001; April 9, 2001; April 2, 2001.
NAM TAI ELECTRONICS, INC. (Registrant's name in English)
Suite 4, 9/F, Tower 1 China Hong Kong City,
33 Canton Road TST, Kowloon, Hong Kong
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
E-MAIL: investor@namtai.com
WEB SITE: www.namtai.com
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
INCREASES LCD PANEL PRODUCTION CAPACITY
VANCOUVER, CANADA May 16, 2001 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
the successful doubling of the front end production process for LCD panels. The
new production line has successfully completed its pilot run testing and is
ramping up mass production. As a result total LCD panel production capacity will
increase by 74% by September. To accommodate the increased production levels the
Company has leased an additional 43,500 square feet of manufacturing space in an
adjacent building.
Nam Tai is pleased with LCD panel operations and growth and expects to benefit
from future synergies as LCD panel is a critical component in most products
manufactured for Nam Tai customers.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service
provider to some of the world's leading original equipment manufacturers. Nam
Tai manufactures telecommunication products, palm-sized PCs, personal digital
assistants, linguistic products, calculators and various components including
LCD modules for cellular phones, lithium ion rechargeable battery packs,
transformers and LCD panels. The Company utilises advanced production
technologies such as chip on board (COB), chip on glass (COG), surface mount
technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer
lead bonding (OLB) technologies. Further information is available on Nam Tai's
website at www.namtai.com.
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
E-MAIL: investor@namtai.com
WEB SITE: www.namtai.com
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Q1 SALES UP 15%, NET INCOME DOWN 95%
VANCOUVER, CANADA May 7, 2001 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced
unaudited results for the first quarter ended March 31, 2001. Net sales for the
first quarter of 2001 were $51.5 million, an increase of 15% compared to net
sales of $44.6 million for the first quarter of 2000. Gross profit for the first
quarter of 2001 was $6.2 million, a decrease of 10% compared to gross profit of
$6.9 million for the first quarter of 2000. Operating loss for the first quarter
of 2001 was $24,000 compared to 2000 first quarter operating income of $2.5
million ($0.28 per share). Net income for the first quarter of 2001 decreased
95% to $0.7 million compared to $14.6 million in the first quarter of 2000.
Basic and diluted earnings per share for the first quarter of 2001 were $0.07
and $0.06 compared to $1.65 and $1.60 in the first quarter of 2000.
Sales of $51.5 million, including $8.4 million from recently acquired JIC, set a
new first quarter sales record. The first quarter is traditionally the slowest
quarter resulting from both the closing of the Company's factories in China for
two weeks for the Chinese New Year holidays and the general reduction in sales
following the holiday season. Operating loss of $24,000, which includes an
operating profit of $0.4 million from JIC, is primarily attributed to a
reduction in calculator orders, pricing pressure in the weak market, and a $0.3
million inventory write off. The decline in first quarter 2001 net income is
primarily due to a $12.1 million ($1.33 per share) profit from the sale of the
Company's investment in Group Sense (International) Holdings Ltd. in the first
quarter of 2000.
As a result of the impact of the weak market on customer orders a further
inventory write off is possible in the second quarter which will negatively
impact sales and earnings guidance provided on March 22, 2001. Until customer
order forecast visibility improves and the inventory write off is clarified the
Company is not in a position to provide updated guidance.
Still, the Company continues to maintain a strong financial position, ending the
first quarter of 2001 with $4.87 of cash per share and approximately $15.83 of
net book value per share, based on 10,233,940 shares outstanding as at March 31,
2001. The Company, as at March 31, 2001, had a cash to current liabilities ratio
of 1.37, a current ratio of 3.39, a total assets to total liabilities ratio of
5.45 and approximately $49.8 million of cash. The Company believes that the
market situation will be stabilizing and the Company's strong financial position
will allow it to continue with its expansion plans including the construction of
a new 138,000 square foot factory.
SHARE REPURCHASE PROGRAM
As of May 4, 2001 the Company repurchased 143,000 common shares at an average
price $13.19. On March 19, 2001 the Company announced a share repurchase program
to buy-back up to an aggregate of 500,000 common shares in the open market from
time to time at prevailing market prices in accordance with SEC Rule 10b-18,
unless extended or shortened by the Board of Directors.
SECOND QUARTER DIVIDEND
The Company will pay the second quarter dividend of $0.10 per share on or before
July 21, 2001 to shareholders of record at the close of business on July 1,
2001.
ANNUAL GENERAL MEETING
The Company will hold its Annual Shareholders Meeting on Friday, June 22, 2001
at 11:30 a.m. at The Mandarin Oriental, 222 Sansome Street, San Francisco,
California. The record date for voting is May 1, 2001.
NEW CORPORATE VIDEO
Nam Tai has recently completed its new corporate video. Please call
1-800-661-8831 to obtain a free VHS or CD copy or view it on Nam Tai's website
at www.namtai.com.
FIRST QUARTER RESULTS ANALYST CONFERENCE CALL
The Company will hold a conference call on Monday, May 7, 2001 at 10:00 a.m.
Eastern Time for analysts to discuss the first quarter results with management.
Shareholders, media, and interested investors are invited to listen to the live
conference over the internet by clicking
http://www.videonewswire.com/NTAI/050701/050701.html or over the phone by
dialing (612)-332-1020 just prior to its start time. Callers will be asked to
register with the conference call operator.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service
provider to some of the world's leading original equipment manufacturers. Nam
Tai manufactures telecommunication products, palm-sized PCs, personal digital
assistants, linguistic products, calculators and various components including
LCD modules for cellular phones, lithium ion rechargeable battery packs,
transformers and LCD panels. The Company utilises advanced production
technologies such as chip on board (COB), chip on glass (COG), surface mount
technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer
lead bonding (OLB) technologies. Further information is available on Nam Tai's
website at www.namtai.com.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(In Thousands of US Dollars except share data)
Unaudited
Three months ended
March 31
2001 2000
- ---------------------------------------------------------------------------------------
Net sales $ 51,487 $ 44,592
Cost of sales 45,296 37,719
--------------- --------------
Gross profit 6,191 6,873
Costs and expenses
Selling, general and administrative expenses 5,454 3,659
Research and development expenses 761 774
--------------- --------------
6,215 4,433
--------------- --------------
(Loss) Income from operations (24) 2,440
Gain on disposal of land 18 340
Interest income 502 620
Other income - net 317 11,271
Equity in loss of affiliated companies (17) -
--------------- --------------
Income before income taxes and minority interest 796 14,671
Income tax expense (132) (97)
--------------- --------------
Income before minority interest 664 14,574
Minority interest 11 -
--------------- --------------
Net income $ 675 $ 14,574
=============== ==============
Net income per share
Basic $ 0.07 $ 1.65
=============== ==============
Diluted $ 0.06 $ 1.60
=============== ==============
Weighted average number of shares (`000')
Basic 10,240 8,846
Diluted 10,417 9,089
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 2001 AND DECEMBER 31, 2000
(In Thousands of U.S. Dollars)
Unaudited Audited
March 31 December 31
2001 2000
- ------------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 49,831 $ 58,896
Marketable securities 7,125 7,937
Accounts receivable, net 32,868 37,550
Inventories 25,440 27,172
Prepaid expenses and deposits 7,171 1,755
Income taxes recoverable 1,060 2,042
-----------------------------------
Total current assets 123,495 135,352
Investments in affiliated companies 2,037 2,054
Property, plant and equipment, at cost 76,251 71,624
Less: accumulated depreciation and amortization (29,101) (27,025)
-----------------------------------
47,150 44,599
Intangible assets - net 24,579 24,996
Other assets 1,369 1,369
-----------------------------------
Total assets $ 198,630 $ 208,370
===================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 213 $ 1,499
Short term debt - 24
Accounts payable and accrued expenses 33,823 40,224
Amount due to a related party 1,093 2,691
Dividend payable 1,016 904
Income taxes payable 250 442
-----------------------------------
Total current liabilities 36,395 45,784
Deferred income taxes 34 34
-----------------------------------
Total liabilities 36,429 45,818
Minority interest 179 188
Shareholders' equity:
Common shares 102 102
Additional paid-in capital 107,260 105,963
Retained earnings 54,655 56,304
Accumulated other comprehensive income (Note 1) 5 (5)
-----------------------------------
Total shareholders' equity 162,022 162,364
Total liabilities and shareholders' equity $ 198,630 $ 208,370
===================================
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(In Thousands of U.S. Dollars)
Unaudited
Three months ended
March 31
2001 2000
- ----------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 675 $ 14,574
Adjustments to reconcile net income to net cash used in
operating activities:
Depreciation and amortisation 2,783 1,807
Gain on disposal of property, plant and equipment (20) (340)
Unrealised loss on marketable securities 812 -
Gain on disposal of marketable securities - (12,129)
Equity in loss of affiliated companies less dividend received
and amortisation of goodwill 17 -
Fair value of shares issued as compensation - 136
Minority interest (11) -
Changes in current assets and liabilities, net of effects of acquisition and
disposal:
Decrease (increase) in accounts receivable 4,705 (8,637)
Decrease (increase) in inventories 1,744 (738)
Decrease (increase) in prepaid expenses and deposits (5,415) 573
Decrease (increase) in income taxes recoverable 982 (41)
Decrease in notes payable (1,286) (6,907)
(Decrease) increase in accounts payable and accrued expenses (6,433) 6,285
Decrease in amount due to a related party (1,621) -
(Decrease) increase in income taxes payable (192) 97
--------------- --------------
Total adjustments (3,935) (19,894)
--------------- --------------
Net cash used in operating activities $ (3,260) $ (5,320)
--------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment $ (4,975) $ (381)
Increase in investment of subsidiaries (85) -
Purchase of interest in affiliated companies - (207)
Proceeds from disposal of property, plant and equipment 244 376
Proceeds from disposal of marketable securities - 26,463
--------------- --------------
Net cash (used in) provided by investing activities $ (4,816) $ 26,251
--------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ (1,292) $ (73)
Dividends paid (904) (717)
Repayment of short term debt (24) 121
Proceeds from shares issued on exercise of options and warrants 1,231 105
Contribution by minority interest - 200
--------------- --------------
Net cash used in financing activities $ (989) $ (364)
--------------- --------------
Foreign currency translation adjustments - 2
--------------- --------------
Net (decrease) increase in cash and cash equivalents (9,065) 20,569
--------------- --------------
Cash and cash equivalents at beginning of period 58,896 54,215
--------------- --------------
Cash and cash equivalents at end of period $ 49,831 $ 74,784
=============== ==============
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(In Thousands of U.S. Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments. The comprehensive income of the Company was $685 and
$14,574 for the three months ended March 31, 2001 and March 31, 2000,
respectively.
2. Business segment information - The Company operates principally in the
consumer electronic product segment of the electronics manufacturing services
(EMS) industry. A summary of the net sales, income from operations and
identifiable assets by geographic areas is as follows:
Unaudited
Three months ended
March 31
2001 2000
- ---------------------------------------------------------------------------
NET SALES FROM OPERATIONS WITHIN:
- Hong Kong:
Unaffiliated customers $ 47,326 $ 43,557
- PRC, excluding Hong Kong:
Unaffiliated customers 4,161 1,035
Intersegment sales 36,621 41,984
- Intersegment eliminations (36,621) (41,984)
--------------- ---------------
Total net sales $ 51,487 $ 44,592
=============== ===============
INCOME (LOSS) FROM OPERATIONS WITHIN:
- PRC, excluding Hong Kong $ (265) $ 2,017
- Hong Kong 940 12,557
--------------- ---------------
Total net income $ 675 $ 14,574
=============== ===============
Unaudited Audited
March 31, 2001 Dec. 31, 2000
- ------------------------------------------------------------------------------
IDENTIFIABLE ASSETS BY GEOGRAPHIC AREA:
- PRC, excluding Hong Kong $ 68,163 $ 71,242
- Hong Kong 130,467 137,128
--------------- ---------------
Total assets $ 198,630 $ 208,370
=============== ===============
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
E-MAIL: investor@namtai.com
WEB SITE: www.namtai.com
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
SIGNS AGREEMENT TO ACQUIRE OFFICE SPACE IN HONG KONG CENTRAL
VANCOUVER, CANADA April 9, 2001 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced it has
entered into a sale and purchase agreement to acquire approximately 23,000
square feet of contiguous prime office space at Shun Tak Centre in the Central
district of Hong Kong at a consideration, including transaction fees, of
approximately $12 million which will be financed internally from operating cash
flows and existing cash on hand.
By acquiring the office space Nam Tai will have room to consolidate three of its
administrative and marketing offices at different locations onto a single floor
of office space. The new centralised office location will help strengthen
management communication and control, and provide room for future expansion as
Nam Tai's Far-East headquarters. The office is conveniently located above the
ferry terminal and beside the highway, permitting easy transportation by sea or
by land to and from the manufacturing facilities in Shenzhen. The Company
expects to move into its new premises on August 18, 2001.
FORM 20-F SEC FILING
Nam Tai filed its Annual Report on Form 20-F for the fiscal year ended December
31, 2000 on March 21, 2000 with the Securities and Exchange Commission.
Electronic versions may be obtained online at the Company's website
www.namtai.com or by calling the Investor Relations Office at 1-800-661-8831.
FIRST QUARTER RESULTS
Nam Tai will release its first quarter results for the period ended March 31,
2001 before the market opens on Monday, May 7, 2001. The Company will hold a
conference call on Monday, May 7, 2001 at 10:00 a.m. Eastern Time for analysts
to discuss the first quarter results with management. Analysts who wish to
receive the toll free dial-in number for this conference call are invited to
contact the Investor Relations Office at 1-800-661-8831 no later than 6:00 p.m.
Eastern Time on Friday, May 4, 2001.
Shareholders, media, and interested investors are invited to listen to the live
conference call by dialing (612)-332-1020 just prior to its start time. Callers
will be asked to register with the conference call operator.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service
provider to some of the world's leading original equipment manufacturers. Nam
Tai manufactures telecommunication products, palm-sized PCs, personal digital
assistants, linguistic products, calculators and various components including
LCD modules for cellular phones, lithium ion rechargeable battery packs,
transformers and LCD panels. The Company utilises advanced production
technologies such as chip on board (`COB'), chip on glass (`COG'), surface mount
technology (`SMT'), ball grid array (`BGA'), tape automated bonding (`TAB'), and
outer lead bonding (`OLB') technologies. Further information is available on Nam
Tai's website at www.namtai.com.
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
E-MAIL: investor@namtai.com
WEB SITE: www.namtai.com
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
SOFTWARE SUBSIDIARY NAMTEK NAMED AS ENTERPRISE OF ADVANCED TECHNOLOGY
VANCOUVER, CANADA April 2, 2001 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced that
its wholly owned subsidiary, Shenzhen Namtek Co., Ltd. ("Namtek") has been
confirmed as a "Enterprise of Advanced Technology" following the completion of a
review by a Shenzhen government evaluation team. Being an Enterprise of Advanced
Technology entitles Namtek to various tax concessions including an extended
three year 50% reduced tax rate of 7.5% and reduced import taxes on various
equipment and technologies.
Namtek, provides facilities and expertise to assist in new product research and
development services, offering its customers program design for microprocessors,
enhanced software design and development services.
SHARE REPURCHASE PROGRAM UPDATE
Since announcing its share repurchase program on March 19, 2001 the Company
repurchased a total of 96,900 common shares at an average price of $13.42.
FIRST QUARTER DIVIDEND
The Company will pay the first quarter dividend of $0.10 per share on or before
April 21, 2001 to shareholders of record at the close of business on April 1,
2001.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service
provider to some of the world's leading original equipment manufacturers. Nam
Tai manufactures telecommunication products, palm-sized PCs, personal digital
assistants, linguistic products, calculators, and various components including
LCD modules for cellular phones, lithium ion rechargeable battery packs,
transformers and LCD panels. The Company utilises advanced production
technologies such as chip on board ("COB"), chip on glass ("COG"), surface mount
technology ("SMT"), ball grid array ("BGA"), tape automated bonding ("TAB"), and
outer lead bonding ("OLB") technologies. Further information is available on Nam
Tai's web-site at www.namtai.com.
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.
/s/ M. K. KOO
-----------------------
M. K. KOO
CHIEF FINANCIAL OFFICER
Date: May 18, 2001