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 May 26, 1998
May 27, 1998
June 16, 1998
July 2, 1998
July 27, 1998
August 6, 1998
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
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES SECOND QUARTER RESULTS
SALES DOWN 23.7%, EPS DECREASES 72.4% vs. 2ND QTR 1997
VANCOUVER, CANADA August 6, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF) today
announced results for the second quarter ended June 30, 1998. Net sales for
the second quarter of 1998 were $30.86 million, a decrease of 23.7% compared
to sales of $40.44 million for the second quarter of 1997. Operating income
decreased 51.6% to $3.88 million ($0.38 per share) compared to 1997 second
quarter operating income of $8.01 million ($1.02 per share). Non-operating
net expense increased by $934,000 to $1.01 million ($0.10 per share) from
$0.07 million ($0.01 per share). Net income decreased 63.9% to $2.8 million
compared to $7.76 million in the second quarter of 1997. Basic earnings per
share for the second quarter of 1998 were $0.27 compared to $0.98 for the
second quarter of 1997.
When compared to the 1997 second quarter, the percentage decrease in basic
earnings per share is proportionately greater than the percentage of net sales
decline. The primary reasons are that gross profit margin decreased by 6.9%,
and there has been a 31% increase in weighted average common shares outstanding.
Net sales for the six months ended June 30, 1998 decreased by 20.2% to $57.14
million from $71.60 million for the first six months of 1997. Operating income
for the first six months of 1998 decreased by 38.1% to $7.20 million from $11.64
million for the prior year period. Net income for the period decreased by 35.0%
to $8.67 million from $13.33 million for 1997. Basic earnings per share for the
first six months of 1998 were $0.81 compared to $1.70 for the prior year
period.
The Company continues to maintain a strong financial position, ending the second
quarter of 1998 with $7.34 of cash per share and approximately $13.59 of net
book value per share, based on 10,220,023 shares outstanding as at June 30,
1998. The Company, as at June 30, 1998, had a cash to current liabilities
ratio of 3.8:1, a current ratio of 5.5:1, a total assets to total
liabilities ratio of 8.1:1, no long term debt, and approximately $75
million of cash, $63 million of which is in short term deposits in U.S.
currency in North America.
The Company's gross profit margin was 24.2% for the second quarter 1998 versus
31.1% in the prior year. "The 31.1% margin for the second quarter of 1997 was an
exceptionally good quarter," noted Mr. Edward K.W. Chan, Chief Financial
Officer. He added, "The 1998 second quarter margin of 24.2% is down slightly
from the 25.1% margin in the first quarter as a result of continuing pricing
pressures in the market."
The basic earnings per share calculations for the second quarter of 1998 take
into account the significant increase in the weighted average common shares
outstanding from 7,881,632 (diluted 7,995,694) in the second quarter of 1997 to
10,312,067 (diluted 10,332,366) in the second quarter of 1998.
Non-operating items include the write-off of $840,000 paid for a currency option
contract. This option provides Nam Tai with the right to purchase US$30 million
at a fixed rate of HK$7.8 for each U.S. dollar on December 29, 1998.
Calculator sales formed 70% of sales in the second quarter of 1998 compared to
57% in the second quarter of 1997. The sales of personal organizers and
linguistic products formed 12% of sales in the second quarter of 1998 compared
to 25% in the second quarter of 1997. Sales by region in the second quarter of
1998 versus 1997 were to North America (53%) versus (60%), Japan (20%)
versus (18%), Europe (22%) versus (13%), and others (5%) versus (9%).
The Asian economic turmoil has caused the Company to face a slow down in
orders, and customer pressure for unit price reductions. On July 2, 1998, the
Company announced that it was adjusting its forecast for the remaining quarters
of 1998 and is anticipating a drop in sales of approximately 15% - 25% for the
full year ending December 31, 1998.
ACQUISITION UPDATE
The Company continues to actively pursue and evaluate acquisitions in the United
States, China, Hong Kong and Japan. Our 20% investment in Group Sense
(International) Limited, a Hong Kong publicly listed company, will result in
cash inflow of approximately US$520,000 in August 1998 in the form of dividends
from that investee.
UPDATE ON STOCK REPURCHASE PROGRAM
On July 2, 1998, the Company increased the maximum number of common shares
that may be repurchased under the repurchase program from 1,000,000 to
2,000,000 common shares. At that date the repurchase program was extended for
an additional six months. As at July 31, 1998, the Company repurchased an
aggregate of 1,121,900 common shares at an average price of $16.27, reducing the
number of common shares outstanding to 10,098,123.
DIVIDENDS
On July 17, 1998, the Company paid a quarterly dividend of $0.07 per share to
shareholders of record on June 30, 1998. Payment and record dates for the third
quarter dividend of $0.07 per share will be announced at a later date.
LITIGATION UPDATE
On July 4, 1997, the Company announced that it filed a Petition for the
winding-up of Tele-Art Inc. ("Tele-Art") (Symbols: TLARF, TLAFE) because
Tele-Art failed to repay a judgment debt and interest owing to Nam Tai of
approximately $1,000,000. The High Court of Justice in the British Virgin
Islands on July 17, 1998 ordered that Tele-Art be wound up by the Court and
appointed a liquidator based in Hong Kong.
REMINDER OF ANALYST CONFERENCE CALL TIME
The Company will hold an analysts-only conference call on Friday, August 7 at
12:00 noon Eastern Time for analysts to discuss the second quarter results with
management.
Shareholders, investors and other interested individuals are invited to
listen to the live conference call by dialing 1-416-620-1943 just prior to
its start time of 12:00 noon Eastern Time. Callers will be asked to
register with the conference call operator upon dialing in.
Except for the historical information contained herein, matters
discussed in this press release are forward-looking statements
involving risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward-looking statements.
The factors that might cause differences include, but are not necessarily
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, 1997.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's
Republic of China ("China"). Nam Tai assists OEMs in the design and
development of products and furnishes full turnkey manufacturing services to its
OEM customers utilizing advanced processes such as chip on board ("COB"),
surface mount technology ("SMT"), tape automated bonding ("TAB"), outer lead
bonding ("OLB") technologies, and anisotropic conductive film ("ACF") heat seal
technology. The Company provides hardware and software design, plastic
molding, component purchasing, assembly into finished products or electronic
subassemblies, post-assembly testing and shipping. The Company manufactures a
broad line of finished products for its OEM customers, including personal
organizers, personal digital assistants ("PDA"), linguistic products,
calculators, integrated circuit ("IC") or smart card readers (referred
to as "IC card readers"). It also manufactures electronic components and
subassemblies for printed circuit boards ("PCBs"). These products include
large scale integrated circuits ("LSI") bonded on PCBs that are used
in the manufacture of products such as electronic toys, and subassemblies
for liquid crystal display ("LCD") modules that are in turn used in
the manufacture of communications, camera and computer products.
In addition, Nam Tai provides OEMs with silk screening services for plastic
parts, polyvinyl chloride ("PVC") products and metal parts.
<TABLE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE PERIOD ENDED JUNE 30, 1998 AND 1997
(In Thousands of U.S. Dollars except share data)
<CAPTION>
Three Months ended Six Months ended
June 30 June 30
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Net sales $ 30,857 $ 40,444 $ 57,137 $ 71,596
Cost of sales 23,392 27,850 43,081 51,756
Gross profit 7,465 12,594 14,056 19,840
-------- ------- -------- -------
Costs and expenses
Selling, general and
administrative expenses 3,295 4,312 6,284 7,664
Research and development expenses 293 277 574 541
3,588 4,589 6,858 8,205
-------- -------- -------- --------
Income from operations 3,877 8,005 7,198 11,635
Gain (loss) on disposal of property,
plant and equipment 490 (636) 830 (634)
Other (expense) income - net (1,129) 280 (131) 2,115
Interest income 1,077 283 2,349 459
Non-recurring customs assessment (1,445) 0 (1,445) 0
Income before income taxes 2,870 7,932 8,801 13,575
Income tax expense 68 169 134 242
Net income $ 2,802 $ 7,763 $ 8,667 $ 13,333
Net income per share:
Basic $ 0.27 $ 0.98 $ 0.81 $ 1.70
Diluted $ 0.27 $ 0.97 $ 0.81 $ 1.68
Weighted average number of shares:
Basic 10,312,067 7,881,632 10,712,247 7,859,370
Diluted 10,332,366 7,995,694 10,730,778 7,947,421
</TABLE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30, 1998 AND DECEMBER 31, 1997
(In Thousands of U.S. Dollars)
June 30, December 31,
1998 1997
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 75,047 $ 102,411
Accounts receivable, net 21,596 16,985
Inventories 5,752 9,838
Marketable investments 674 0
Prepaid expenses and deposits 4,463 3,788
Total current assets 107,532 133,022
-------- --------
Long term investments 16,279 833
-------- --------
Property, plant and equipment, at cost 46,717 44,295
Less: accumulated depreciation
and amortization (13,640) (11,853)
33,077 32,442
-------- --------
Other assets 1,512 1,491
-------- --------
Total assets $ 158,400 $ 167,788
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 17,897 $ 17,551
Notes payable 814 1,814
Dividend payable 715 0
Income taxes payable 120 187
Total current liabilities 19,546 19,552
-------- --------
Shareholders' equity:
Common shares 102 112
Additional paid-in capital 80,044 80,044
Stock option grants 75 0
Retained earnings 58,595 68,050
Foreign currency translation adjustment 38 30
Total shareholders' equity 138,854 148,236
--------- ---------
Total liabilities and shareholders' equity $ 158,400 $ 167,788
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES 2ND-QTR RELEASE DATE OF AUGUST 6, 1998
VANCOUVER, CANADA July 27, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF) today
indicated it will announce its second quarter results for the period
ended June 30, 1998 after the market closes on Thursday, August 6, 1998.
The Company will hold an analysts-only conference call for Friday, August 7, at
12:00 noon Eastern Time for analysts to discuss the second quarter results
with management. Analysts who wish to receive the dial-in number for
this conference call are invited to contact Ms. Wendy Wiseman, P.R. Secretary
at 1-800-661-8831 extension 202 before Thursday, August 6 at 5:00 p.m.
Eastern Time.
Shareholders, investors and other interested individuals are invited to
listen to the live conference call by dialing 1-416-620-1943 just
prior to its start time of 12:00 noon Eastern Time on Friday, August 7.
Callers will be asked to register with the conference call operator upon
dialing in.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's Republic
of China. Nam Tai assists OEMs in the design and development of products and
furnishes full turnkey manufacturing services to its OEM customers utilizing
advanced processes such as chip on board ("COB"), surface mount technology
("SMT"), tape automated bonding ("TAB"), outer lead bonding ("OLB")
technologies, and anisotropic conductive film ("ACF") heat seal technology. The
Company provides hardware and software design, plastic molding, component
purchasing, assembly into finished products or electronic subassemblies,
post-assembly testing and shipping. The Company manufactures a broad line of
finished products for its OEM customers, including personal organizers, personal
digital assistants ("PDAs"), linguistic products, calculators, integrated
circuit ("IC") or smart card readers (referred to as "IC card readers"). It
also manufactures electronic components and subassemblies for printed circuit
boards ("PCBs"). These products include large scale integrated circuits ("LSI")
bonded on PCBs that are used in the manufacture of products such as electronic
toys, and subassemblies for liquid crystal display ("LCD") modules that are in
turn used in the manufacture of communications, camera and computer products.
In addition, Nam Tai provides OEMs with silk screening services for plastic
parts, polyvinyl chloride ("PVC") products and metal parts.
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES CORPORATE UPDATE
VANCOUVER, CANADA July 2, 1998 -- Nam Tai Electronics, Inc. ("Nam Tai"
or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced that Group Sense (International) Limited ("GSL"), a Hong Kong
publicly listed company 20% owned by Nam Tai, announced its earnings results
for the year ended 31 March, 1998. GSL's gross revenue for the year was
US$143.8 million, an increase of 53% compared with 1997. GSL's net income
was US$11.6 million for the year ended March 31, 1998, an increase of 49%
compared with 1997. GSL also announced a proposed dividend of HK 2 cents per
share. As a result, the Company will receive dividends of approximately
US$520,000 in August 1998.
"We acquired our 20% equity interest in GSL in May 1998. We are pleased with
the significantly improved performance of GSL in 1998, which should contribute
a significant return to the Company despite the economic turmoil in Asia"
commented Mr. Edward K. W. Chan, Chief Financial Officer of the Nam Tai
group of companies.
The 'Asian Flu' is worse than initially anticipated and is now expected to have
a negative impact on the Company's business. "The Company is making every
effort to improve operating efficiency and minimize the negative impact caused
by the Asian crisis, and will continue to explore acquisition opportunities,"
commented Mr. Chan. The Company has adjusted its forecast accordingly for the
remaining quarters of 1998 and is anticipating a drop in sales of approximately
15% to 25% for the full year ending December 31, 1998. The Company
previously announced anticipated double digit growth in sales for the year;
however, sales are now under severe pressure from the currency troubles created
by the Asian financial crisis. Customers requesting lower unit prices and a slow
down in orders are responsible for the decline in sales.
Second quarter results of the Company are expected to be released by August 7,
1998.
Despite the worsening economic situation and devaluation of other Asian
currencies, the Government of Hong Kong is insisting on maintaining the current
peg between the Hong Kong and U.S. currencies. As a result, exports from Hong
Kong are facing increasing pressure and the economic situation in Hong Kong
continues to deteriorate. To protect the Company's assets in Hong Kong from the
adverse effects of devaluation in the currency, the Company has purchased an
option contract from a bank at a cost of $840,000. This option contract
provides Nam Tai with the right to purchase US$30 million at a fixed exchange
rate of HK$7.8 for each US dollar on December 29, 1998.
Nam Tai today also announced that its Board of Directors has increased the
maximum number of common shares that may be repurchased under the Company's
repurchase program from 1,000,000 to 2,000,000 common shares. The repurchase
program will be extended for an additional six months from the date of this
announcement.
On January 13, 1998, the Company announced its intention to repurchase up to
1,000,000 common shares over a three-month period, from time to time, at
prevailing market prices in accordance with SEC Rule 10b-18. On March 30,
1998, the Company extended the program for an additional three months. To
date, the Company has repurchased an aggregate of 1,000,000 common shares at
an average price of $16.58, reducing the number of common shares outstanding to
10,220,023.
"We believe that a continuation of the repurchase program will be in the best
interests of our shareholders if the market price of the common shares does not
reflect the long-term potential of the Company," said Mr. Chan.
On or before July 17, 1998, the second quarter dividend of $0.07 per share will
be paid to all shareholders of record at the close of business on June 30, 1998.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially
from those anticipated in the forward-looking statements. The factors
that might cause differences include, but are not necessarily 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, 1997.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's
Republic of China ("China"). Nam Tai assists OEMs in the design and
development of products and furnishes full turnkey manufacturing services to its
OEM customers utilizing advanced processes such as chip on board ("COB"),
surface mount technology ("SMT"), tape automated bonding ("TAB"), outer lead
bonding ("OLB") technologies, and anisotropic conductive film ("ACF") heat seal
technology. The Company provides hardware and software design, plastic
molding, component purchasing, assembly into finished products or electronic
subassemblies, post-assembly testing and shipping. The Company manufactures a
broad line of finished products for its OEM customers, including personal
organizers, personal digital assistants ("PDA"), linguistic products,
calculators, integrated circuit ("IC") or smart card readers (referred to as
"IC card readers"). It also manufactures electronic components and
subassemblies for printed circuit boards ("PCBs"). These products include
large scale integrated circuits ("LSI") bonded on PCBs that are used in the
manufacture of products such as electronic toys, and subassemblies for
liquid crystal display ("LCD") modules that are in turn used in the
manufacture of communications, camera and computer products.
In addition, Nam Tai provides OEMs with silk screening services for plastic
parts, polyvinyl chloride ("PVC") products and metal parts.
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES
IMPROVED WEB-SITE TO ENHANCE SERVICES TO SHAREHOLDERS
VANCOUVER, CANADA June 16, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced the unveiling of the Company's improved worldwide web-site to
enhance our services to shareholders and interested investors. We encourage our
shareholders to visit the site as a means of staying up-to-date on corporate
events through the Company's news releases and other corporate literature.
The web-site now offers shareholders and investors the opportunity to "Sign on
with Nam Tai" to receive our news releases via e-mail as soon as they are
posted. Please visit us on the web at http://www.namtai.com.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's Republic
of China. Nam Tai assists OEMs in the design and development of products and
furnishes full turnkey manufacturing services to its OEM customers utilizing
advanced processes such as chip on board ("COB"), surface mount technology
("SMT"), tape automated bonding ("TAB"), outer lead bonding ("OLB")
technologies, and anisotropic conductive film ("ACF") heat seal technology. The
Company provides hardware and software design, plastic molding, component
purchasing, assembly into finished products or electronic subassemblies,
post-assembly testing and shipping. The Company manufactures a broad line of
finished products for its OEM customers, including personal organizers, personal
digital assistants ("PDAs"), linguistic products, calculators, integrated
circuit ("IC") or smart card readers (referred to as "IC card readers"). It
also manufactures electronic components and subassemblies for printed circuit
boards ("PCBs"). These products include large scale integrated circuits
("LSI") bonded on PCBs that are used in the manufacture of products such as
electronic toys, and subassemblies for liquid crystal display ("LCD") modules
that are in turn used in the manufacture of communications, camera and computer
products. In addition, Nam Tai provides OEMs with silk screening services for
plastic parts, polyvinyl chloride ("PVC") products and metal parts.
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES STRATEGIC INVESTMENT
VANCOUVER, CANADA May 27, 1997, 1998 -- Nam Tai Electronics, Inc.
("Nam Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,)
today announced a strategic investment of $16 million for approximately 20% of
the outstanding shares of Group Sense (International) Limited ("Group Sense"), a
Hong Kong publicly listed company (Hang Seng company # 601). The purchase
price of the Group Sense shares is based on the closing price of the shares as
quoted on The Stock Exchange of Hong Kong Limited on May 26, 1998. BNP
Prime Peregrine Securities Limited in Hong Kong arranged the transaction.
Group Sense is involved in Original Design Manufacturing ("ODM") and is
principally engaged in the design, manufacture and sale of a range of
information and educational products including electronic personal Chinese
dictionaries, electronic multi-lingual translators, LCD hand-held games,
electronic personal organizers, computer products, and educational toys. Group
Sense also manufactures telecommunication products, and is especially
successful in the manufacture and sale of pagers to customers such as Motorola.
Besides manufacturing products under its own name, Group Sense is also
involved in the design and production of high-end electronic products for
several major international brands. Group Sense has strong development
capabilities, most notably in software, and was awarded several major
industrial awards in the areas of technological achievement, quality, and
product design in Hong Kong.
Group Sense's principle office is in Hong Kong. Its manufacturing facility is
located in Dongguan, China. It has strong sales to markets in Europe. Group
Sense has also successfully expanded its market in the PRC by developing a
retail distribution network in major cities.
Although Nam Tai and Group Sense are both involved in the electronics industry,
their customer base, market focus and product lines are different but
complementary. It is envisioned that Nam Tai's acquisition of an interest in
Group Sense will develop into a strategic alliance which promotes future growth
and success for both entities.
Group Sense reported approximate sales and net income of US$ 94.1 million and
US$7.8 million respectively for the fiscal year ended March 31, 1997. For the
first six months of fiscal 1998 ended September 30, 1997 Group Sense reported
unaudited sales and net income of US$ 67.5 million and US$7.6 million
respectively.
"As part of this strategic investment, two non-executive directors nominated by
Nam Tai will be appointed to the Group Sense board of directors", commented
Mr. M. K. Koo, Chairman of Nam Tai. "Nam Tai intends to explore mutually
beneficial opportunities with Group Sense."
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially from those
anticipated in the forward-looking statements. The factors that might cause
differences include, but are not necessarily 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, 1997.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's Republic
of China ("China"). Nam Tai assists OEMs in the design and development of
products and furnishes full turnkey manufacturing services to its OEM customers
utilizing advanced processes such as chip on board ("COB"), surface mount
technology ("SMT"), tape automated bonding ("TAB"), outer lead bonding
("OLB") technologies, and anisotropic conductive film ("ACF") heat seal
technology. The Company provides hardware and software design, plastic
molding, component purchasing, assembly into finished products or electronic
subassemblies, post-assembly testing and shipping. The Company manufactures a
broad line of finished products for its OEM customers, including personal
organizers, personal digital assistants ("PDAs"), linguistic products,
calculators, integrated circuit ("IC") or smart card readers (referred to as
"IC card readers"). It also manufactures electronic components and
subassemblies for printed circuit boards ("PCBs"). These products include
large scale integrated circuits ("LSI") bonded on PCBs that are used in the
manufacture of products such as electronic toys, and subassemblies for liquid
crystal display ("LCD") modules that are in turn used in the manufacture of
communications, camera and computer products. In addition, Nam Tai provides
OEMs with silk screening services for plastic parts, polyvinyl chloride
("PVC") products and metal parts.
NEWS RELEASE
CONTACT: WENDY L. WISEMAN
P.R. SECRETARY
NAM TAI ELECTRONICS, INC.
CORPORATE OFFICE:
SUITE 530 - 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
INTERNET WEBSITE: http://www.namtai.com
E-MAIL: [email protected]
NAM TAI ELECTRONICS, INC. ANNOUNCES
C.F.O. APPOINTMENT AND ADDITIONS TO SENIOR MANAGEMENT
VANCOUVER, CANADA May 26, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced the following additions to senior management.
CHIEF FINANCIAL OFFICER - MR. EDWARD K. W. CHAN
The Company is pleased to announce that Mr. Edward K. W. Chan has joined
Nam Tai as Chief Financial Officer. Mr. Chan, based out of the Vancouver
office, will be responsible for the management and direction of the financial
and administrative affairs of the Nam Tai group of companies. Mr. Chan
has 26 years of public practice experience as a Chartered Accountant ("C.A.")
in Canada, including 13 years with a predecessor firm of KPMG and 13 years
as a partner of Price Waterhouse. Both Price Waterhouse and KPMG are among
the Big 6 international accounting firms. In this capacity Mr. Chan has
served a number of public companies and affiliates of public companies
in Canada, Hong Kong, and Taiwan, and assisted over 12 companies with their
public listings and offerings. He has served a diverse base of clients in
major industry sectors including manufacturing, communications, financial
services, natural resources, and real estate development. Mr. Chan earned
his Chartered Accountant designation in British Columbia in 1975 and a
Bachelor of Commerce degree from the University of British Columbia in 1972.
"Nam Tai is pleased to welcome Mr. Chan as Chief Financial Officer. With 26
years of public accounting experience in Canada, much of it dealing with Asian
business, Mr. Chan strengthens our Finance Department and provides leadership
for the entire group of Nam Tai companies", commented Mr. M. K. Koo,
Chairman of Nam Tai. "Mr. Chan's experience in both the North American and
Asian business environments will be a significant asset to Nam Tai."
FINANCIAL CONTROLLER - MR. RAY MOORE
Nam Tai further strengthened its financial management team with the addition of
Mr. Ray Moore as Financial Controller for the Nam Tai group of companies. Mr.
Moore, based out of the Company's Vancouver office, is responsible for all
accounting and information systems within Nam Tai. Mr. Moore brings
extensive financial management, project management, and information systems
design and management expertise to this position. Mr. Moore was Vice President
Finance and Controller for a consulting firm and previously owned his own public
accounting practice for 13 years. Mr. Moore's professional and academic
qualifications include a Chartered Accountant designation in British Columbia
in 1974 and a Masters of Business Administration degree from the University of
Western Ontario in 1973.
"With the recent hiring of Mr. Chan as C.F.O., Mr. Moore, as Financial
Controller, and Mr. Mark Waslen as Treasurer, Nam Tai's Financial management
team now has the experience and capabilities to effectively manage and control
the Company's internal growth and the integration of any acquisitions",
commented Mr. Koo. "At the June 8, 1998 Annual General Meeting in New York
shareholders will have an opportunity to meet the C.F.O. and Controller."
Except for the historical information contained herein, matters
discussed in this press release are forward-looking statements
involving risks and uncertainties that could cause actual results
to differ materially from those anticipated in the forward-looking
statements. The factors that might cause differences include, but
are not necessarily 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, 1997.
Nam Tai is an independent provider of high quality manufacturing services to
original equipment manufacturers ("OEMs") in the consumer electronics industry.
All of the Company's manufacturing operations are based in the People's
Republic of China ("China"). Nam Tai assists OEMs in the design and
development of products and furnishes full turnkey manufacturing services to its
OEM customers utilizing advanced processes such as chip on board ("COB"),
surface mount technology ("SMT"), tape automated bonding ("TAB"), outer lead
bonding ("OLB") technologies, and anisotropic conductive film ("ACF") heat seal
technology. The Company provides hardware and software design, plastic
molding, component purchasing, assembly into finished products or electronic
subassemblies, post-assembly testing and shipping. The Company manufactures a
broad line of finished products for its OEM customers, including personal
organizers, personal digital assistants ("PDA"), linguistic products,
calculators, integrated circuit ("IC") or smart card readers (referred
to as "IC card readers"). It also manufactures electronic components and
subassemblies for printed circuit boards ("PCBs"). These products include
large scale integrated circuits ("LSI") bonded on PCBs that are used in
the manufacture of products such as electronic toys, and subassemblies
for liquid crystal display ("LCD") modules that are in turn used in the
manufacture of communications, camera and computer products.
In addition, Nam Tai provides OEMs with silk screening services
for plastic parts, polyvinyl chloride ("PVC") products and metal parts.
- -end-
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.
by: (S.d.) Edward K. W. Chan
Edward K. W. Chan, Chief Financial Officer
Date: August 11, 1998
