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:
January 31, 2002;
February 4, 2002;
February 6, 2002
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
15th Floor, China Merchants Tower, Shun Tak Centre
168-200 Connaught Road Central, 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.
Investment in TCL Holding Company
VANCOUVER, CANADA January 31, 2002 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced that on January 25, 2002 Nam Tai entered an agreement with Huizhou
Investments Holdings Company Limited ("Huizhou Investments") to acquire a 6%
equity interest in the parent company of the TCL Group of Companies, TCL
Holdings Corporation Ltd. ("TCL Holdings") for a consideration of approximately
USD $12 million, which will be financed internally from operating cash flows and
existing cash on hand. Subject to the satisfaction of a number of conditions and
government approval, the transaction is expected to close within sixty days.
Huizhou Investments is a wholly-state owned limited liability company registered
in Huizhou, the Peoples Republic of China. Huizhou Investments' decision to
reduce its interest in TCL Holdings is consistent with the PRC government's
policy to reduce its ownership interest in numerous state-owned enterprises.
Nam Tai in October 2000 acquired a 5% indirect interest in Huizhou TCL Mobile
Communication, a member of the TCL Group of Companies. Huizhou TCL Mobile
Communication is one of China's largest companies engaged in the design,
manufacturing, sales and marketing of mobile phones. It has production
facilities in the PRC, and is one of 27 authorised GSM handset manufacturers and
one of 20 authorised CDMA handset manufacturers in the PRC. For the year ended
December 31, 2001 Huizhou TCL Mobile Communication anticipates net income of not
less than $36 million. Huizhou TCL Mobile Communication is also a customer of
Nam Tai, as it currently purchases rechargeable battery packs from BPC
(Shenzhen) Co., Ltd. - a joint venture company owned by Nam Tai and Toshiba
Battery Co., Ltd.
The TCL Group is controlled by TCL Holdings, a PRC state-owned enterprise that
has extensive sales and distribution channels in China. TCL Holdings' scope of
business includes the import and export of raw materials, the design
manufacturing and sales and marketing of telephones, VCD players, color
television sets, mobile phones and other consumer electronic products.
With this transaction both Nam Tai and the TCL Group aim to create a strategic
partnership which will allow the parties to support and co-ordinate with each
other to expand and develop new business in the manufacturing and marketing of
consumer electronic products, including telecommunication products in the
growing domestic China market and globally.
Following our earlier investment in Huizhou TCL Mobile Communication, Nam Tai is
pleased to have the opportunity to increase its investment in the TCL Group of
Companies, especially in the parent company TCL Holdings Company. We are looking
forward to both parties achieving increased business and benefits to each other
in the future as a result of this strategic partnership.
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.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, statements
regarding increased business, expansion of business and development of new
business are uncertain forward looking statements which are dependant upon many
factors including the successful closing of the transaction, end-user demand for
mobile phones in China and globally, and possible changes government policy in
China. Other factors that might cause differences in these and the other forward
looking statements, include, but are not limited to, those discussed in the
Company's reports filed with the Securities and Exchange Commission from time to
time, such as the factors set forth in Item 1 "Description of Business - Risk
Factors" in the Company's Annual Report on Form 20-F for the year ended December
31, 2000.
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.
Q4 Sales Up 9.4%, EBITDA Per Share $1.13 vs. $0.50
2001 Sales Up 9.5%, Adjusted EBITDA Per Share $2.84 vs. $2.33
VANCOUVER, CANADA February 4, 2002 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced unaudited results for the fourth quarter ended December 31, 2001.
Net sales for the fourth quarter of 2001 were a record of $67.1 million, an
increase of 9.4% compared to net sales of $61.3 million for the fourth quarter
of 2000. Operating income for the fourth quarter of 2001 was $6.2 million ($0.59
per share) an increase of 238.8% compared to operating income of $1.8 million
($0.18 per share) for the fourth quarter of 2000. Net income for the fourth
quarter of 2001 increased 443.6% to $8.7 million compared to $1.6 million for
the fourth quarter of 2000. Basic and diluted earnings per share for the fourth
quarter of 2001 were $0.83 and $0.82 versus $0.16 for the fourth quarter of
2000.
The cash net income for the fourth quarter of 2001 was $9.1 million ($0.86 per
share) compared to adjusted cash net income of $3.4 million ($0.34 per share)
for the fourth quarter of 2000. EBITDA for the fourth quarter of 2001 was $12.0
million ($1.13 per share) compared to adjusted EBITDA of $5.1 million ($0.50 per
share) for the fourth quarter of 2000.
Net sales for the twelve months ended December 31, 2001 increased 9.5% to $234.0
million from $213.7 million for the twelve months of 2000. Operating income
including one-time charges for the twelve months of 2001 decreased 51.2% to $5.1
million ($0.49 per share) compared to operating income of $10.5 million ($1.12
per share) for the twelve months of 2000. Net income for the twelve months of
2001 was $9.0 million. This compares to net income of $24.0 million for the
twelve months of 2000, including an $11 million gain from the sale of a non-core
asset. Basic and diluted earnings per share for the twelve months of 2001 were
$0.88 and $0.87 compared to $2.63 and $2.56 for the prior year period.
The Company is pleased with the strong rebound of business in the fourth quarter
of 2001 and record sales. Operating income for the fourth quarter of 2001
increased by 238.8% compared to the prior year period as a result of the
improved gross profit margin and a lower level of SG&A expenses. The continuous
effort in material cost reduction, cost realignment, tightened inventory and
overhead control, as well as higher capacity utilization helped to improve gross
profit margin from 15.3% in the third quarter to 17.6% in the fourth quarter of
2001. Since consolidating the marketing and administration offices into a
centralized location, the Company has better utilized its resources leading to
reduced SG&A expenses. Net income for the fourth quarter of 2001 increased by
443.6% compared to the prior year period as a result of above-mentioned and the
contribution from investments in Huizhou TCL Mobile Communication Co., Ltd. and
Deswell Industries, Inc. (NASDAQ Symbol: DSWL). Despite the challenging
environment, the Company always has the confidence to seek further business
expansion and investment opportunities.
As a result of improved asset management, inventory was reduced to $11.9 million
or 17.2 turns as of December 31, 2001 from $27.2 million or 6.7 turns as of
December 31, 2000 which is much better than the Company's targeted stock level
of 8 turns or 1.5 months. The Company continues to maintain a strong financial
position, with $5.64 of cash per share and $16.28 of net book value per share,
based on 10,401,940 shares outstanding as at December 31, 2001. The Company, as
at December 31, 2001, had a cash to current liabilities ratio of 1.40, a current
ratio of 3.01, a total assets to total liabilities ratio of 4.10, and
approximately $58.7 million of cash on hand.
With the Company's strong financial position, and net cash provided by operating
activities of $23.2 million in 2001, it will continue making necessary
investments to support future growth. The external structure of the new 138,000
square feet factory building was completed on time and on schedule. Installation
of machinery and fixtures is under progress, but there will be a slight delay to
commence production due to the change of the original layout of the Clean Room
from one floor to two floors to cope with business expansion, but it will be
finished within the second quarter of 2002. Machineries in respect of the $15
million new STN LCD Panel production line were received, installation and
testing is expected to be completed by end of February, 2002. The Company is
also pursuing merger and acquisition as well as other investment opportunities
to help augment its internal growth.
Summary of December 31, 2001 Financial Results
Excluding one-time charges and amortisation of goodwill
(In Thousands of US Dollars except share data)
Three months ended Twelve months ended
December 31 December 31
2001 2000 2001 2000
- ---------------------------- ------------ ------------ ------------ ------------
Net sales 67,086 61,307 234,006 213,688
Gross profit (1) 11,792 8,221 35,815 31,653
Operating income (1,2) 6,197 1,829 12,394 10,860
Net income (1-3) 8,665 2,942 16,835 13,623
EPS diluted 0.82 0.29 1.62 1.45
Cash net income (1-4) 9,121 3,397 18,661 14,223
Cash EPS diluted 0.86 0.34 1.80 1.52
EBITDA (1-4) 11,959 5,058 29,513 21,876
EBITDA per share diluted 1.13 0.50 2.84 2.33
- ---------------------------- ------------ ------------ ------------ ------------
1. Excludes $5.5 million in inventory write-offs and provisions for slow moving
raw materials and $0.3 million for severance payment for the twelve months ended
December 31, 2001.
2. Excludes stock option compensation expense of $0.8 million and realignment
charges (including additional provisions for severance payments) of $0.7 million
for the twelve months ended December 31, 2001.
3. Excludes provision for impairment in value of non-core assets of $0.5 million
for the twelve months ended December 31, 2001, and an $11 million gain on the
sale of non-core assets in the year 2000.
4. Excludes amortization of goodwill of $0.5 million and $1.8 million for the
three months and twelve months ended December 31, 2001.
Outlook
Despite the difficult challenges of 2001, including the global economic slowdown
and the WTC disaster, Nam Tai achieved its 13th consecutive profitable year.
Based on improved sales and profitability in the fourth quarter of 2001 and
information from customers, management is confident in the business prospects
for 2002. Still, due to uncertain economic indications and recent world events,
results may differ. With Nam Tai's strong financial position, strong customer
relationships, and an experienced management team we are well prepared to cope
with any uncertainty. To minimize the impact of uncertainties in 2002, and
achieve steady long-term growth, management plans to implement further cost
realignments and salary reductions to increase the Company's competitive
position.
The Company is proud that it has achieved three consecutive quarters of sales
growth. First quarter sales are traditionally affected by seasonality 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. As a result, the Company may not achieve sequential sales growth
in the first quarter of 2002.
Repurchase Program
On October 1, 2001 the Company announced a stock repurchase program to buy-back
up to an aggregate of two million common shares in the open market from time to
time at prevailing market prices in accordance with SEC Rule 10b-18. As at
February 1, 2002 the Company repurchased 157,000 of its common shares at an
average price of $16.73. The stock re-purchase program is scheduled to continue
until the end of June 2002 unless extended or shortened by the board of
directors.
Fourth Quarter Results Analyst Conference Call
The Company will hold a conference call on Monday, February 4, 2002 at 10:00
a.m. Eastern Time for analysts to discuss the fourth quarter results with
management. Shareholders, media, and interested investors are invited to listen
to the live conference over the Internet at
http://www.videonewswire.com/event.asp?id=2673 or over the phone by dialing
(651) 224-7472 just prior to its start time. Users 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), chip on film
(COF), 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.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, the Company's
statements regarding future business expansion and investment opportunities are
uncertain forward looking statements which are uncertain and dependant upon many
factors including the level of overall growth in the electronics manufacturing
services ("EMS") industry, end-user demand, global economic conditions, and
changes government policy in China. Other factors that might cause differences
in these and the other forward looking statements, include, but are not limited
to, those discussed in the Company's reports filed with the Securities and
Exchange Commission from time to time, such as the factors set forth in Item 1
"Description of Business - Risk Factors" in the Company's Annual Report on Form
20-F for the year ended December 31, 2000.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2001 AND 2000
(In Thousands of US Dollars except per share data)
Three months ended Twelve months ended
December 31 December 31
2001 2000 2001 2000
- -------------------------------------------------------------- ------------ ------------ -------------
Net sales $ 67,086 $ 61,307 $ 234,006 $ 213,688
Cost of sales 55,294 53,086 203,974 182,096
----------- ------------ ------------ -------------
Gross profit 11,792 8,221 30,032 31,592
Costs and expenses
Selling, general and administrative expenses 4,907 5,477 21,974 17,646
Research and development expenses 688 915 2,954 3,489
----------- ------------ ------------ -------------
5,595 6,392 24,928 21,135
----------- ------------ ------------ -------------
Income from operations 6,197 1,829 5,104 10,457
Gain on disposal of Land - - 18 355
Interest income 213 736 1,195 3,300
Other income (loss) - net 1,473 (1,487) 1,318 10,033
Equity in income (loss) of affiliated companies 1,099 (79) 1,867 (189)
----------- ------------ ------------ -------------
Income before income taxes and minority interest 8,982 999 9,502 23,956
Income taxes (expense) benefit (111) 597 (227) 33
----------- ------------ ------------ -------------
Income before minority interest 8,871 1,596 9,275 23,989
Minority interest (206) (2) (230) 12
----------- ------------ ------------ -------------
Net income $ 8,665 $ 1,594 $ 9,045 $ 24,001
=========== ============ ============ =============
Net income per share
Basic $ 0.83 $ 0.16 $ 0.88 $ 2.63
=========== ============ ============ =============
Diluted $ 0.82 $ 0.16 $ 0.87 $ 2.56
=========== ============ ============ =============
Weighted average number of shares (`000')
Basic 10,470 9,854 10,274 9,114
Diluted 10,571 10,097 10,393 9,375
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 2001 AND DECEMBER 31, 2000
(In Thousands of US Dollars)
Unaudited Audited
December 31 December 31
2001 2000
- --------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 58,676 $ 58,896
Marketable securities 9,505 7,937
Accounts receivable, net 41,968 37,550
Inventories 11,892 27,172
Prepaid expenses and deposits 2,377 1,755
Income taxes recoverable 1,353 2,042
--------------------------
Total current assets 125,771 135,352
Investments in affiliated companies 3,921 2,054
Property, plant and equipment, at cost 105,536 71,624
Less: accumulated depreciation and amortization (35,122) (27,025)
--------------------------
70,414 44,599
Intangible assets - net 23,060 24,996
Other assets 1,407 1,369
--------------------------
Total assets $ 224,573 $ 208,370
==========================
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Notes payable $ 1,547 $ 1,499
Short term debt - 24
Long term bank loan - current portion 2,140 -
Accounts payable and accrued expenses 34,258 40,224
Amount due to a related party 2,733 2,691
Dividend payable 1,023 904
Income taxes payable 88 442
--------------------------
Total current liabilities 41,789 45,784
Long-term bank loan - Non current portion 12,860 -
Deferred income taxes 151 34
--------------------------
Total liabilities 54,800 45,818
Minority interest 422 188
Shareholders' equity:
Common shares 104 102
Additional paid-in capital 111,368 105,963
Retained earnings 57,864 56,304
Accumulated other comprehensive income (Note 1) 15 (5)
--------------------------
Total shareholders' equity 169,351 162,364
Total liabilities and shareholders' equity $ 224,573 $ 208,370
==========================
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED DECEMBER 31, 2001 AND 2000
(In Thousands of US Dollars)
Three months ended Twelve months ended
December 31 December 31
2001 2000 2001 2000
- ------------------------------------------------------------ ----------- ------------ ------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,665 $ 1,594 $ 9,045 $ 24,001
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation and amortization 3,013 2,697 12,273 8,121
Loss (gain) on disposal of property, plant and 245 11 378 (244)
equipment
Unrealized gain on marketable securities (2,005) (433) (1,568) (433)
Loss (gain) on disposal of marketable securities - 1,348 - (9,435)
Gain on disposal of investment in an affiliated company - - - (1,346)
Equity in (income) loss of affiliated companies (1,099) 79 (1,867) 189
less dividend received and amortization
Fair value of shares issued as compensation - 1 - 136
Deferred income taxes 117 (110) 117 (110)
Minority interest 206 2 230 (12)
Changes in current assets and liabilities, net of
effects of acquisitions and disposals:
Increase in marketable securities - (4) - (7,504)
Decrease (increase) in accounts receivable 670 4,858 (4,378) (5,137)
Decrease (increase) in inventories 5,408 (4,137) 15,302 (13,245)
Decrease (increase) in prepaid expenses and 3,224 25 (620) 407
deposits
(Increase) decrease in income taxes recoverable (189) (210) 689 28
Increase (decrease) in notes payable 1,525 578 48 (6,331)
(Decrease) increase in accounts payable and (4,353) (7,140) (6,062) 7,203
accrued expenses
(Decrease) increase in amount due to a (1,311) 2,691 2 2,691
related party
Decrease in income taxes payable (95) (462) (354) (114)
----------- ------------ ------------ -----------
Total adjustments 5,356 (206) 14,190 (25,136)
----------- ------------ ------------ -----------
Net cash provided by (used in) operating activities $ 14,021 $ 1,388 $ 23,235 $ (1,135)
----------- ------------ ------------ -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment $ (8,338) $ (1,310) $ (36,013) $ (3,579)
Proceeds from disposal of investment - 1,626 - 24,214
Proceeds from disposal of investment in an - - - 3,875
affiliated company
Proceeds from disposal of property, plant and equipment 415 - 698 388
(Increase) decrease in other assets (38) (36) (38) 123
Increase in investment of subsidiaries / acquisition of - (7,872) (85) (7,872)
subsidiaries
Purchase of interest in affiliated companies - - - (2,243)
----------- ------------ ------------ -----------
Net cash (used in) provided by investing activities $ (7,961) $ (7,592) $ (35,438) $ 14,906
----------- ------------ ------------ -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ (1,461) $ - $ (3,353) $ (73)
Repayment of short term debt - (1) (24) (1)
Proceeds from shares issued on exercise of options and 1 1,288 4,307 2,753
warrants
New bank loan raised 15,000 - 15,000
-
Contribution by minority interest - - - 200
Dividends paid (1,032) (793) (3,947) (11,973)
----------- ------------ ------------ -----------
Net cash provided by (used in) financing activities $ 12,508 $ 494 $ 11,983 $ (9,094)
----------- ------------ ------------ -----------
Effect of foreign currencies on cash flows - 9 - 4
----------- ------------ ------------ -----------
Net increase (decrease) in cash and cash
equivalents 18,568 (5,701) (220) 4,681
----------- ------------ ------------ -----------
Cash and cash equivalents at beginning of period 40,108 64,597 58,896 54,215
----------- ------------ ------------ -----------
Cash and cash equivalents at end of period $ 58,676 $ 58,896 $ 58,676 $ 58,896
=========== ============ ============ ===========
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2001 AND 2000
(In Thousands of US Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments. The comprehensive income of the Company was $9,065 and
$23,952 for the twelve months ended December 31, 2001 and December 31, 2000,
respectively.
2. A summary of the net sales, income from operations and identifiable assets by
geographic areas is as follows:
Three months ended Twelve months ended
December 31 December 31
- ---------------------------------------- ------------------------------- -- ------------------------------
2001 2000 2001 2000
Net sales from operations within:
- Hong Kong:
Unaffiliated customers $ 57,583 $ 55,341 $ 206,902 $ 202,364
- PRC, excluding Hong Kong:
Unaffiliated customers 9,503 5,966 27,104 11,324
Intersegment sales 45,791 42,216 160,503 180,065
- Intersegment eliminations (45,791) (42,216) (160,503) (180,065)
--------------- --------------- --------------- --------------
Total net sales $ 67,086 $ 61,307 $ 234,006 $ 213,688
=============== =============== =============== ==============
Income (loss) from operations within:
- PRC, excluding Hong Kong $ 5,017 $ 227 $ 4,848 $ 6,549
- Hong Kong 3,648 1,367 4,197 17,452
--------------- --------------- --------------- --------------
Total net income $ 8,665 $ 1,594 $ 9,045 $ 24,001
=============== =============== =============== ==============
As at As at
Dec 31, 2001 Dec 31, 2000
- ---------------------------------------- --------------- ---------------
Identifiable assets by geographic area:
- PRC, excluding Hong Kong $ 60,866 $ 71,242
- Hong Kong 163,707 137,128
--------------- ---------------
Total assets $ 224,573 $ 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. RAISES ANNUAL DIVIDEND FROM $0.40 TO $0.48
-- DIVIDENDS OF $0.12 TO BE PAID QUARTERLY --
VANCOUVER, CANADA February 6, 2002 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced that for the
nineth consecutive year it is increasing its dividend. The annual dividend will
increase to $0.48 per share for 2002 up from $0.40 per share in 2001. The
increase in the dividend is intended to show Nam Tai's confidence for continued
growth. The Company will pay quarterly dividends of $0.12 per share commencing
with the first quarter dividend to be paid on or before April 21, 2002 to
shareholders of record at the close of business on April 1, 2002.
Annual General Meeting Record Date
The Company will hold its Annual Shareholders Meeting on Friday, June 14, 2002
at 11:30 a.m. in Los Angeles. The record date is May 1, 2002.
Fourth Quarter Results Analyst Conference Call Replay
Shareholders, media, and interested investors who were not able to listen to
Monday's Fourth Quarter Results Analyst Conference Call are invited to listen to
a replay of the call over the internet by visiting Nam Tai's website at
www.namtai.com or by clicking http://www.videonewswire.com/event.asp?id=2673.
Changes to Senior Management and the Board of Directors
The Company is pleased to announce that Mr. Tadao Murakami will again assume the
position of Chairman of the Board following Mr. Takizawa's retirement and
resignation as a director. Mr. Takizawa will continue to support Nam Tai as a
technical consultant, and director for two of Nam Tai's subsidiary companies.
Mr. Murakami previously served as Nam Tai's Chairman from September 1998 until
March 2001.
The Company is also pleased to announce the promotion of Mr. Joseph Li from the
position of President to Chief Financial Officer. Mr. Li will supervise all
financial controllers in the Nam Tai Group to handle daily finance and operating
matters. Mr. Li replaces Mr. Koo who is retiring as the acting Chief Financial
Officer. Mr. Koo will remain as an executive director.
The Company's Chief Executive officer continues to be Mr. Toshiaki Ogi who
joined Nam Tai in February 2001. Prior to joining Nam Tai Mr. Ogi was a senior
director for Toshiba Battery Co., Ltd., Nam Tai's joint venture partner in its
rechargeable battery pack business. Mr. Ogi has 35 years of sales and marketing
experience with Toshiba Corp. including 1.5 years with Toshiba Battery.
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
Statements on Form F-3 (Registration Nos. 333-36135 and 333-58468).
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/ JOSEPH LI
-----------------------
JOSEPH LI
CHIEF FINANCIAL OFFICER
Date: February 8, 2002