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 Releases of:
February 14, 2003;
February 10, 2003
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
2002 Sales Up 0.9% EPS $1.86 vs. $0.87
Q4 Sales Up 12.7% EPS $0.40 vs. $0.82
VANCOUVER, CANADA -- February 14, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai"
or the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced unaudited
results for the fourth quarter ended December 31, 2002.
Net sales for the fourth quarter of 2002 were a record of $75.6 million, an
increase of 12.7% compared to net sales of $67.1 million for the fourth quarter
of 2001. Operating income for the fourth quarter of 2002 was $3.6 million ($0.32
per share) a decrease of 41.7% compared to operating income of $6.2 million
($0.59 per share) for the fourth quarter of 2001. Net income for the fourth
quarter of 2002 decreased 48.2% to $4.5 million compared to $8.7 million for the
fourth quarter of 2001. Basic and diluted earnings per share for the fourth
quarter of 2002 were $0.41 and $0.40, respectively, versus $0.83 and $0.82,
respectively, for the fourth quarter of 2001.
Net sales for the twelve months ended December 31, 2002 increased 0.9% to $236.0
million from $234.0 million for the twelve months of 2001. Operating income for
the twelve months of 2002 increased by 234%, to $17.1 million ($1.59 per share)
compared to operating income of $5.1 million ($0.49 per share) for the twelve
months of 2001. Net income for the twelve months of 2002 was $20.0 million, an
increase of 121% compared to net income of $9.0 million for the twelve months of
2001. Basic and diluted earnings per share for the twelve months of 2002 were
$1.89 and $1.86, respectively, compared to $0.88 and $0.87, respectively, for
the twelve months of 2001.
The Company continues to maintain a strong financial position, with $6.86 of
cash per share and $16.82 of net book value per share, based on 12,019,668
shares outstanding as at December 31, 2002. The Company, as at December 31,
2002, had a cash to current liabilities ratio of 1.21, a current ratio of 2.29,
a total assets to total liabilities ratio of 3.88, and approximately $82.48
million of cash on hand.
Supplementary Information (unaudited) for the Fourth Quarter of 2002
1. Quarterly Sales Breakdown
(In Thousands of US Dollars)
- ---------------------------------------------------------------------------------
Quarter 2000 2001 2002 YoY (%) YoY (%) Notes
(Accumulated)
- ---------------------------------------------------------------------------------
1st Quarter 44,592 51,487 51,217 (0.5%) (0.5%)
- ---------------------------------------------------------------------------------
2nd Quarter 50,540 55,882 52,311 (6.4%) (3.6%) (a)
- ---------------------------------------------------------------------------------
3rd Quarter 57,249 59,551 56,872 (4.5%) (3.9%) (a)
- ---------------------------------------------------------------------------------
4th Quarter 61,307 67,086 75,616 12.7% 0.9% (a)
- ---------------------------------------------------------------------------------
Total 213,688 234,006 236,016 0.9% 0.9% (a)
- ---------------------------------------------------------------------------------
Note (a): Sales of battery packs for May and June 2001 were $1,181K &
1,648K respectively and $6,425K and $7,919K in the third and fourth
quarters of 2001 respectively. Upon disposal of BPC on April 30, 2002,
revenue from battery packs was no longer included in the total sales for
the months of May and June 2002, and the third & fourth quarters of 2002.
2. Net Sales Breakdown by Product Segment
- ---------------------------------------------------------------------------------------
2002 2001
Segment 4th Quarter YTD 4th Quarter YTD
(%) (%) (%) (%)
- ---------------------------------------------------------------------------------------
Assembling:
- - LCD Consumer Products 44% 40% 30% 31%
- - Telecom. Components Assembly 42% 44% 56% 52%
Software Development Services 1% 1% 1% 1%
- ---------------------------------------------------------------------------------------
Parts & Components :
- - LCD Panels 8% 10% 9% 11%
- - Transformers 5% 5% 4% 5%
- ---------------------------------------------------------------------------------------
100% 100% 100% 100%
- ---------------------------------------------------------------------------------------
Assembling included finished goods and modules, together with Software
Development Services collectively termed as Consumer Electronic Products
("CEP"), while parts and components including LCD panels and transformers
are termed ("LPT") for business segment classification.
3. Average Selling Price (ASP)
ASP for fourth quarter of 2002 was 13.8% higher than third quarter of 2002
and 0.7% lower than fourth quarter of 2001.
4. Analytical Data (for the twelve months ended December 31, 2002)
12/2002 12/2001
- ------------------------------------------------------------------------------------
Debt Capacity
Total Debt / Capitalization 8.11 % 8.21 %
Long-term Debt / Capitalization 1.36 % 7.04 %
Total Debt / Equity 8.31 % 8.86 %
Net Debt / Equity 0 % 0 %
Long-term Debt / Equity 1.39 % 7.59 %
Total Liabilities / Equity 35.06 % 32.36 %
Coverage
Net Interest Coverage 2732.41 % 5308.99 %
Total Debt / Earning before Interest and Tax (EBIT) 77.81 % 158.73 %
Interest Expense / Total Debt 4.70 % 1.19 %
Short-term Debt Coverage 154.35 % 441.59 %
Profitability
Return on Investment 8.64 % 4.37 %
Earning before Tax Margin 8.81 % 3.96 %
Return on Sales 9.15 % 4.04 %
Earning before Tax / Total Assets 7.56 % 4.13 %
Return (EBIT) on Capital 16.64 % 8.69 %
SG&A Expense / Revenue 7.76 % 9.39 %
Cash Flow
Funds from Operations / Total Debt 235.17 % 154.90 %
Funds from Operations / Net Interest 5000.25 % 13053.37 %
Turnover
Receivable Turnover 4.6 Times 5.6 Times
Inventory Turnover 10.3 Times 17.1 Times
Fourth Quarter Results Analyst Conference Call
The Company will hold a conference call on Tuesday, February 18, 2003 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 call over the Internet by going to
http://www.namtai.com/news/news.htm and clicking on the conference call link or
over the phone by dialing (612) 288-0318 just prior to its start time. Users
will be asked to register with the conference call operator.
Increase in Dividends
The Company announced that for the tenth consecutive year it is increasing its
dividend. The annual dividend will increase to $0.60 per share for 2003 up from
$0.48 per share in 2002. The Company will pay quarterly dividend of $0.15 per
share commencing with the first quarter dividend to be paid on or before April
21, 2003 to shareholders of record at the close of business on March 31, 2003.
Dividends
On January 21, 2003 the Company paid a quarterly dividend of $0.12 per share to
shareholders of record at the close of business on December 31, 2002. A special
dividend of $1.00 per common share was paid on December 6, 2002 to shareholders
of record at the close of business on November 29, 2002.
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, wireless communication terminals and their modules, 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 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 recovery of Tele-Art Inc. debt is a forward looking
statement that is dependant on many factors including the outcome of future
litigation and the performance of Nam Tai's share price. 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 3 "Key Information - Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended December 31, 2001.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2002 AND 2001
(In Thousands of US Dollars except per share data)
Three months ended Twelve months ended
December 31 December 31
Note 2002 2001 2002 2001
- ------------------------------------------------ ------- --------- --------- ---------- ----------
Net sales $75,616 $67,086 $236,016 $234,006
Cost of sales 65,442 55,294 197,956 203,974
--------- --------- ---------- ----------
Gross profit 10,174 11,792 38,060 30,032
Costs and expenses
Selling, general and administrative expenses A 5,481 4,907 17,983 21,974
Research and development expenses 741 688 2,686 2,954
Impairment of goodwill 339 - 339 -
--------- --------- ---------- ----------
6,561 5,595 21,008 24,928
--------- --------- ---------- ----------
Income from operations 3,613 6,197 17,052 5,104
Gain on disposal of Land - - - 18
Interest income 241 213 799 1,195
Other (loss) income - net B (8,476) 1,473 (7,632) 1,318
Equity in income of affiliated companies C 8,637 1,099 10,741 1,867
--------- --------- ---------- ----------
Income before income taxes and minority interest 4,015 8,982 20,960 9,502
Income taxes benefit (expense) 442 (111) (773) (227)
--------- --------- ---------- ----------
Income before minority interest 4,457 8,871 20,187 9,275
Minority interest 29 (206) (164) (230)
--------- --------- ---------- ----------
Net income $ 4,486 $ 8,665 $ 20,023 $ 9,045
========= ========= ========== ==========
Net income per share
Basic $ 0.41 $ 0.83 $ 1.89 $ 0.88
========= ========= ========== ==========
Diluted $ 0.40 $ 0.82 $ 1.86 $ 0.87
========= ========= ========== ==========
Weighted average number of shares (`000')
Basic 11,058 10,470 10,571 10,274
Diluted 11,209 10,571 10,736 10,393
Notes to Consolidated Statements of Income for the fourth quarter of 2002:
A G&A Expenses
Includes one-time charges in respect of loss on disposal of fixed assets
amounting to $0.8 million.
B Other (Loss) Income - net
Partial disposal of subsidiaries
In the fourth quarter of 2002 the Company disposed $1.5 million of
goodwill attributable to a minority interest in its subsidiary JIC,
resulting from JIC's June 2002 listing on the Hong Kong Stock Exchange,
and charged that amount to Other (Loss) Income.
Provision for Legal Contingencies
A provision of $5.2 million for legal contingencies was made following the
delivery of a January 21, 2003 judgment by the High Court of Justice of
the British Virgin Islands in relation to the liquidation of Tele-Art Inc.
Previously, on August 9, 2002, the High Court of Justice awarded a
judgment in Nam Tai's favor against Tele-Art Inc. for approximately $34
million. Pursuant to the January 21, 2003 judgment, the High Court of
Justice declared that redemption and set off of dividends by Nam Tai of
138,500 shares owned by Tele-Art Inc be set aside and that all Tele-Art
Inc. property withheld by Nam Tai be handed over to Tele-Art Inc. in
liquidation, noting that the Nam Tai claim was subordinate to that of a
secured creditor. On February 4, 2003 Nam Tai filed an application for a
stay of execution and leave to appeal the decision. Nam Tai believes the
decision was reached in error and intends to vigorously pursue its rights
so as to recover the maximum amount of the outstanding debt from Tele-Art
Inc.
C Equity in income of affiliated companies
During the fourth quarter of 2002, Mate Fair Group Limited (originally,
the Company held 25% in Mate Fair Group Limited) disposed 13.8% out of its
18% shareholding in Huizhou TCL Mobile Communication Limited. Upon
completion of the transaction, Nam Tai's interest in Mate Fair Group
Limited increased to 72.22% and Mate Fair Group Limited distributed its
profit to the shareholders with Nam Tai receiving $10.4 million, of which
$8.6 million was recorded as equity income and $0.4 million for goodwill
release in the fourth quarter of 2002, whilst $1.4 million was recorded as
equity income in prior periods until May, 2002 when the Company ceased to
adopt equity accounting as a result of the shareholding in Huizhou TCL
Mobile Communication Limited by Mate Fair Group Limited being diluted from
20% to 18%.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 2002 AND DECEMBER 31, 2001
(In Thousands of US Dollars)
Unaudited Audited
December 31 December 31
2002 2001
- ---------------------------------------------------------- ----------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 82,477 $ 58,676
Marketable securities - 9,505
Accounts receivable, net 50,944 41,968
Inventories 19,200 11,892
Prepaid expenses and deposits 1,867 2,377
Income taxes recoverable 855 1,353
---------- ----------
Total current assets 155,343 125,771
Investments in affiliated companies - 3,921
Investment in debt security 5,128 -
Long-term investment 15,982 -
Property, plant and equipment, at cost 116,582 105,536
Less: accumulated depreciation and amortization (40,668) (35,122)
---------- ----------
75,914 70,414
Intangible assets - net 21,308 23,060
Other assets 1,411 1,407
---------- ----------
Total assets $ 275,086 $ 224,573
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:
Notes payable $ 985 $ 1,547
Long-term bank loan - current portion 13,985 2,140
Accounts payable 38,714 27,929
Accrued expenses 12,609 6,329
Amount due to a related party - 2,733
Dividend payable 1,442 1,023
Income taxes payable 200 88
---------- ----------
Total current liabilities 67,935 41,789
Long-term bank loan - non-current portion 2,812 12,860
Deferred income taxes 112 151
---------- ----------
Total liabilities 70,859 54,800
Minority interest 2,099 422
Shareholders' equity:
Common shares 120 104
Additional paid-in capital 147,828 111,368
Retained earnings 54,182 57,864
Accumulated other comprehensive income (Note 1) (2) 15
---------- ----------
Total shareholders' equity 202,128 169,351
Total liabilities and shareholders' equity $ 275,086 $ 224,573
========== ==========
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE PERIODS ENDED DECEMBER 31, 2002 AND 2001
(In Thousands of US Dollars)
Three months ended Twelve months ended
December 31 December 31
2002 2001 2002 2001
- ------------------------------------------------------------ --------- -------- --------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 4,486 $ 8,665 $ 20,023 $ 9,045
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 2,747 3,013 10,629 12,273
Impairment of goodwill 339 - 339 -
Loss on disposal of property, plant and 772 245 977 378
equipment
Loss on disposal of other assets 21 - 21 -
Dividend withheld - - (394) -
Share redemption - - (3,125) -
Gain on disposal of intangible assets - - (60) -
Unrealised gain on marketable securities - (2,005) - (1,568)
Gain on disposal of a subsidiary - - (17) -
Loss on partial disposal of subsidiaries 1,483 - 2,655 -
Equity in loss (income) of affiliated companies 1,787 (1,099) (285) (1,867)
less dividend received and amortisation of
goodwill
Loss on partial disposal of investment in 51 - 520 -
affiliated companies
Deferred income taxes (39) 117 (39) 117
Minority interest (29) 206 164 230
Changes in current assets and liabilities, net of effects
of acquisitions and disposals:
Decrease in marketable securities - - 9,505 -
(Increase) decrease in accounts receivable (11,508) 670 (8,531) (4,378)
(Increase) decrease in inventories (2,301) 5,408 (7,625) 15,302
(Increase) decrease in prepaid expenses and (42) 3,224 496 (620)
deposits
Decrease (increase) in income taxes recoverable 730 (189) 498 689
Increase (decrease) in notes payable 667 1,525 (562) 48
Increase (decrease) in accounts payable and 14,243 (4,353) 16,967 (6,062)
accrued expenses
(Decrease) increase in amount due to a related - (1,311) (2,766) 2
party
(Decrease) increase in income taxes payable (540) (95) 112 (354)
--------- -------- --------- ---------
Total adjustments 8,381 5,356 19,479 14,190
--------- -------- --------- ---------
Net cash provided by operating activities $ 12,867 $14,021 $ 39,502 $ 23,235
--------- -------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of long-term investment $ - $ - $(11,968) $ -
Acquisition of investment in debt security (5,128) - (5,128) -
Purchase of property, plant and equipment (1,450) (8,338) (18,485) (36,013)
Acquisition of subsidiaries 1 - (436) (85)
Cash inflow on disposal of a subsidiary - - 854 -
Proceeds from disposal of intangible assets - - 800 -
Proceeds from disposal of property, plant and 460 415 628 698
equipment
Increase in other assets (25) (38) (25) (38)
--------- -------- --------- ---------
Net cash used in investing
activities $ (6,142) $(7,961) $(33,760) $(35,438)
--------- -------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ - $(1,461) $ (3,528) $ (3,353)
Dividends paid (13,112) (1,032) (16,654) (3,947)
Repayment of bank loan (817) - (2,703) -
Repayment of short term debt - - - (24)
Proceeds from shares issued on exercise of 32,159 1 36,470 4,307
options and warrants
Proceeds from bank loan - 15,000 4,500 15,000
--------- -------- --------- ---------
Net cash provided by financing activities $ 18,230 $12,508 $ 18,085 $ 11,983
--------- -------- --------- ---------
Foreign currency translation adjustments - - (26) -
--------- -------- --------- ---------
Net increase (decrease) in cash and cash 24,955 18,568 23,801 (220)
equivalents
--------- -------- --------- ---------
Cash and cash equivalents at beginning of period 57,522 40,108 58,676 58,896
--------- -------- --------- ---------
Cash and cash equivalents at end of period $ 82,477 $58,676 $ 82,477 $ 58,676
========= ======== ========= =========
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 2002 AND 2001
(In Thousands of US Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments. The comprehensive income of the Company was
$20,006 and $9,065 for the twelve months ended December 31, 2002 and
December 31, 2001, respectively.
2. Business segment information - The Company operates primarily in two
segments, the consumer electronic products ("CEP") segment and the LCD
panels and transformers ("LPT") segment.
Three months ended Twelve months ended
December 31 December 31
2002 2001 2002 2001
- ------------------------------------ ------------- ------------- -------------- -------------
Net SALES:
- CEP $ 66,040 $ 58,319 $ 200,755 $ 198,048
- LPT 9,576 8,767 35,261 35,958
------------- ------------- -------------- -------------
Total net sales $ 75,616 $ 67,086 $ 236,016 $ 234,006
============= ============= ============== =============
NET Income (loss) from OPERATIONS:
- CEP $ 4,986 $ 7,874 $ 20,214 $ 6,133
- LPT (500) 791 (191) 2,912
------------- ------------- -------------- -------------
Total net income $ 4,486 $ 8,665 $ 20,023 $ 9,045
============= ============= ============== =============
Unaudited Audited
Dec. 31, 2002 Dec. 31, 2001
- ---------------------------------------------------------------- -------------- -------------
Identifiable assets by SEGMENT:
- CEP $ 225,754 $ 188,262
- LPT 49,332 36,311
============== =============
Total assets $ 275,086 $ 224,573
============== =============
3. 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
2002 2001 2002 2001
- -------------------------------------------- ------------ ----------- -------------- -------------
Net sales from operations within:
- Hong Kong:
Unaffiliated customers $ 74,670 $ 57,583 $ 223,709 $ 206,902
Inter-companies sales 53 - 979 -
- PRC, excluding Hong Kong:
Affiliated customers - 7,919 7,849 21,072
Unaffiliated customers 946 1,584 4,458 6,032
Inter-companies sales 62,981 45,791 179,411 160,503
- Inter-companies eliminations (63,034) (45,791) (180,390) (160,503)
------------ ----------- -------------- -------------
Total net sales $ 75,616 $ 67,086 $ 236,016 $ 234,006
============ =========== ============== =============
NET Income (loss) from operations within:
- PRC, excluding Hong Kong $ 6,664 $ 5,017 $ 17,930 $ 4,848
- Hong Kong (2,178) 3,648 2,093 4,197
------------ ----------- -------------- -------------
Total net income $ 4,486 $ 8,665 $ 20,023 $ 9,045
============ =========== ============== =============
As at As at
Dec 31, 2002 Dec 31, 2001
- -------------------------------------------- ------------ ----------- -------------- -------------
Identifiable assets by geographic area:
- PRC, excluding Hong Kong $ 88,942 $ 60,866
- Hong Kong 186,144 163,707
-------------- -------------
Total assets $ 275,086 $ 224,573
============== =============
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: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Begins New Business Manufacturing TFT LCD Modules for Mobile Phones
VANCOUVER, CANADA -- February 10, 2003 -- Nam Tai Electronics, Inc., ("Nam Tai"
or the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced it has
received new orders from a major Japanese manufacturer to produce TFT LCD
modules and advanced high resolution LCD modules for mobile phones.
TFT LCD modules are the most advanced LCD modules used in today's mobile phones.
Compared with STN LCD modules, TFT LCD modules have a higher resolution and are
used in high-end mobile phones with camera and/or video functions. TFT LCD
modules can produce 65K color image quality while STN LCD modules generally
produce 4096 color image quality at most.
"Mobile phones with color displays and multi-media functions are the new global
trend. We generally expect that the demand for innovative and sophisticated
components for mobile phones will grow significantly in the future. In order to
keep pace with the fast moving mobile phone industry, Nam Tai will continue to
upgrade its technology to strengthen its competitive position in the mobile
phone components manufacturing industry," commented Mr. Tadao Murakami, Nam
Tai's Chairman. "In addition, Nam Tai is very pleased to be granted the
opportunity of manufacturing TFT LCD modules, one of the most advanced LCD
modules. This new business, not only diversifies our product lines of LCD
modules for mobile phones, it also enhances our services for OEM customers in
the mobile phone marketplace. With our extensive experience in manufacturing
high quality and sophisticated mobile phone components, we strongly believe that
Nam Tai will benefit from the business opportunities arising from the rapidly
growing mobile phone industry."
Fourth Quarter Results and Analyst Conference Call
Nam Tai will release its unaudited fourth quarter results for the period ended
December 31, 2002 and its planned decision for the 2003 dividend amount at the
close of the market on Friday, February 14, 2003. The Company will hold a
conference call on Tuesday, February 18, 2003 at 10:00 a.m. Eastern Time for
analysts to discuss the fourth quarter results with management.
Analysts who wish to participate on this conference call should contact the
Investor Relations Office at 1-800-661-8831 no later than 6:00 p.m. Eastern Time
on Friday, February 14, 2003 to register and obtain the toll-free dial-in
number. Shareholders, media, and interested investors are invited to listen to
the live conference call over the Internet by going to
http://www.namtai.com/news/news.htm and clicking on the conference call link or
over the phone by dialing 612-288-0318 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, wireless communication terminals and their modules, transformers
and LCD panels. The Company utilizes 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
website at www.namtai.com.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, the expectation
that the demand for innovative and sophisticated components for mobile phones
will grow significantly is a forward looking statement that is subject to many
uncertain factors including end-user acceptance, development of new user
applications, competition for new or alternative technologies, and
macro-economic factors. Whether the Company can benefit from this growing demand
is also uncertain and dependant on its ability to attract and retain customers,
ability to adopt new technologies in a timely manner, and competitiveness within
the industry. Other factors that might cause differences in these and the other
forward looking statements, include 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 3 "Key Information - Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended December 31, 2001.
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/ MING KOWN KOO
-----------------------
MING KOWN KOO
CHIEF FINANCIAL OFFICER
Date: February 18, 2003