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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 July 4, 1997 and
July 23, 1997
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
Unit 9, 15/F, Tower 1
China Hong Kong City, 33 Canton Road
TST, Kowloon, Hong Kong
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NAM TAI ELECTRONICS, INC. CONTACT: WENDY L. WISEMAN
SUITE 530 - 999 WEST HASTINGS STREET P.R. SECRETARY
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831 NEWS RELEASE
INTERNET WEBSITE: http://www.namtai.com
PETITION TO LIQUIDATE TELE-ART INC.
FILED BY NAM TAI ELECTRONICS, INC.
VANCOUVER, CANADA July 4, 1997 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NMS Symbol: NTAIF, TSE Symbol: NMT)
announced that a petition for the winding up of Tele-Art Inc.
(Symbols: TLARF, TLAFE) was filed with the High Court of Justice in
the British Virgin Islands on June 27, 1997. Tele-Art Inc. has been
unable to repay a judgment debt owing to Nam Tai.
Any creditor or contributory of Tele-Art Inc. desiring to support or
oppose the making of an order for the winding up of Tele-Art Inc.
may appear at the time of the hearing of the petition, by himself or
by counsel for that purpose. Any person who intends to appear at
the hearing of the petition must send notice by post to:
McW. Todman & Co.
Solicitors for the Petitioner
P.O. Box 3342, 116 Main Street
Road Town, Tortola, British Virgin Islands
Tele-Art Inc. is a British Virgin Islands incorporated company with
its principal place of business in Hong Kong. Tele-Art Inc. and Nam
Tai have another litigation matter which has been ongoing in the
British Virgin Islands.
Nam Tai is a full service contract manufacturer which provides
hardware and software design, plastic moulding, component
purchasing, assembly, quality control and shipping services to major
original equipment manufacturers ("OEMs") in Japan and North America.
The Company makes use of highly advanced technology at its ISO 9001
certified facilities in Shenzhen, China. It also maintains
marketing and administrative operations in Hong Kong and Vancouver,
Canada, respectively. The Company's electronic products include
personal organizers, spell checkers, dictionaries, calculators and
IC Card Readers as well as complex electronic subassemblies and
components. The Company's customers include Canon, Casio, Citizen,
Matsushita Battery, Nintendo (which orders through Sharp), Optrex,
Radio Shack, Sanyo Electric, Seiko Instruments, Sharp and Texas
Instruments.
-end-
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NAM TAI ELECTRONICS, INC. CONTACT: WENDY L. WISEMAN
SUITE 530 - 999 WEST HASTINGS STREET P.R. SECRETARY
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831 NEWS RELEASE
INTERNET WEBSITE: http://www.namtai.com
NAM TAI ELECTRONICS, INC.
2nd-Qtr. EPS UP 470% TO $0.97 vs. $0.17
VANCOUVER, CANADA July 23, 1997 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company")(NASDAQ Symbol: NTAIF, TSE Symbol: NMT) today
announced unaudited results for the second quarter ended June 30,
1997. Net sales for the period increased by 62% to $40,444,000 from
$24,885,000 for the second quarter of 1996. Operating income for
the second quarter of 1997 increased by 566% to $8,005,000 from
$1,201,000 for the prior year period. Net income for the period
increased by 450% to $7,763,000 from $1,409,000 for 1996. Earnings
per share for the second quarter of 1997 increased by 470% to $0.97
per share from $0.17 per share for the prior year period.
Net sales for the six months ended June 30, 1997 increased by 42% to
$71,596,000 from $50,242,000 for the first six months of 1996.
Operating income for the first six months of 1997 increased by 263%
to $11,635,000 from $3,208,000 for the prior year period. Net
income for the period increased by 256% to $13,333,000 from
$3,742,000 for 1996. Earnings per share for the first six months of
1997 increased by 265% to $1.68 from $0.46 per share for the prior
year period.
Nam Tai is a full service contract manufacturer which provides
hardware and software design, plastic moulding, component
purchasing, assembly, quality control and shipping services to major
original equipment manufacturers ("OEMs") in Japan and North America.
The Company makes use of highly advanced technology at its ISO 9001
certified facilities in Shenzhen, China. It also maintains
marketing and administrative operations in Hong Kong and Vancouver,
Canada, respectively. The Company's electronic products include
personal organizers, spell checkers, dictionaries, calculators and
IC Card Readers as well as complex electronic subassemblies and
components. The Company's customers include Canon, Casio, Citizen,
Matsushita Battery, Nintendo (which orders through Sharp), Optrex,
Radio Shack, Sanyo Electric, Seiko Instruments, Sharp and Texas
Instruments.
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NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
FOR THE PERIOD ENDED JUNE 30, 1997 AND 1996
(In Thousands of U.S. Dollars except per share data)
<TABLE>
<CAPTION>
Three Months ended Six Months ended
June 30, June 30,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net sales $ 40,444 $24,885 $ 71,596 $50,242
Cost of sales 27,850 19,978 51,756 40,299
Gross profit 12,594 4,907 19,840 9,943
------- ------- ------- -------
Costs and expenses
Selling, general and
administrative expenses 4,312 3,448 7,664 6,323
Research and development expenses 277 258 541 412
4,589 3,706 8,205 6,735
------- ------- ------- -------
Income from operations 8,005 1,201 11,635 3,208
(Loss) gain on disposal of
fixed assets (636) - (634) -
Other income - net 574 250 2,611 617
Interest expense (11) (18) (37) (19)
Income from consolidated companies
before income taxes and
minority interest 7,932 1,433 13,575 3,806
Income tax recovery (expense) (169) (24) (242) (64)
Net income $ 7,763 $ 1,409 $13,333 $ 3,742
Earnings per share $ 0.97 $ 0.17 $ 1.68 $ 0.46
Weighted average common shares
outstanding and common stock
equivalents 7,995,694 8,241,218 7,947,421 8,212,954
</TABLE>
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NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEET
AS AT JUNE 30, 1997 AND DECEMBER 31, 1996
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
--------- ---------
ASSETS (unaudited)
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 2,263 $ 1,761
Term deposits 28,794 15,980
Accounts receivable 23,342 16,589
Inventories 9,594 10,511
Prepaid expenses and deposits 2,194 1,768
Total current assets 66,187 46,609
-------- --------
Long term investment 2,157 4,050
Property, plant and equipment, at cost 44,665 46,751
Less: accumulated depreciation and amortization (12,378) (10,264)
32,287 36,487
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Other assets 1,702 1,245
Total assets $102,333 $88,391
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable 3,123 5,186
Accounts payable and accrued expenses 17,523 16,184
Income taxes payable 263 31
Total liabilities 20,909 21,401
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Shareholders' equity:
Common stock 81 78
Additional paid-in capital 30,725 28,572
Stock option grants 47 305
Retained earnings 50,544 38,007
Foreign currency translation adjustment 27 28
Total shareholders' equity 81,424 66,990
-------- --------
Total liabilities and shareholders' equity $102,333 $88,391
</TABLE>
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The Registrant hereby incorporates this Report on Form 6-K into its
Registration Statement on Form F-3 (Registration No. 33-91553).
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.
by
(S.d.) M.K. Koo
M.K. Koo, Chairman
Date: August 28, 1997
