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 January 13, 1998
January 20, 1998
January 27, 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
STOCK REPURCHASE PROGRAM
VANCOUVER, CANADA January 13, 1998 -- Nam Tai Electronics, Inc.
("Nam Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF)
today announced that its Board of Directors has approved a stock
repurchase program to buy-back up to an aggregate of 1,000,000
Common Shares in the open market from time to time at prevailing
market prices.
The repurchase program is expected to continue for a three month
period in accordance with SEC Rule 10b-18, unless extended or
shortened by the Board of Directors. The Company plans to use
existing cash balances to finance the repurchases. "Based on
current market prices, considering cash on hand and book value per
share, we believe that recently our stock price may have been
negatively impacted by the worldwide currency turmoil. To
demonstrate our confidence that the 'Asian Flu' will not affect
the underlying business, the Company is instituting a repurchase
program. The possible effect of any devaluation of Hong Kong or
China's currencies will reduce costs for the Company," said Mr. M.
K. Koo, Chairman of the Company. "Nam Tai continues to maintain
solid profitability and we do not expect this program will impair
our ability to expand our business through internal growth and
acquisition" he commented.
Except for the historical information contained herein, matters
discussed in this press release are forward-looking statements
that involve risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. The factors that might cause such a
difference include, but are not necessarily limited to, those
discussed in the companies 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, 1996.
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")
and outer lead bonding ("OLB") technologies. 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, 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-
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 NEWS
VANCOUVER, CANADA January 20, 1998 -- Nam Tai Electronics, Inc.
("Nam Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF, NTAWF)
announced the following corporate news:
CFO APPOINTMENT
The Company welcomes Mr. Allan V. Parkin as Chief Financial
Officer. Mr. Parkin is based in Vancouver, Canada and is
responsible for the management and direction of the financial and
administrative affairs of the Nam Tai group of companies. He has
served in senior finance roles with high growth manufacturing
operations for the past ten years. Mr. Parkin obtained his
C.I.M.A. designation in 1975, his M.B.A. from Cranfield
University, U.K. in 1978, and his C.M.A. designation in 1984.
"After an intensive search with the assistance of three
professional executive search firms, we are pleased to have Mr. Parkin
join our multinational management team as Chief Financial
Officer. We hope that his background and qualifications will be
an asset to our corporation," commented Mr. M. K. Koo, Chairman of
the Company. Mr. Parkin, accompanied by Mr. M. K. Koo, will
travel to China and Hong Kong in the near future to visit the
Company's operations in order for him to gain a better
understanding of the Nam Tai group.
UPDATE ON STOCK REPURCHASE PROGRAM
As of January 19, 1998 the Company had repurchased 3,366 common
shares at an average price of $15.16 per share in the Nasdaq
National Market. On January 13, 1998 the Company announced its
intention to repurchase up to 1,000,000 common shares over the
next three months, unless extended or shortened by the Board, from
time to time at prevailing market prices in accordance with Rule 10b-18.
ASIAN CURRENCY DEVALUATIONS
The Company reiterates its confidence that the 'Asian Flu' will
not affect its business. While the Governments of Hong Kong and
China have indicated they will support their currencies, there
continues to be increasing pressure for a devaluation as they are
in the middle of a region that has gone through extraordinary
market volatility. Possible devaluations of the currencies of
Hong Kong and China would benefit the Company by reducing expenses
when translated into U.S. dollars.
Nam Tai's two major competitors have already transferred their
principle manufacturing operations to China. As such, currency
devaluations in other Asian countries do not impact the Company's
position relative to its competitors which are located in the same
country. Currency devaluations in China would result in lower
production costs for both Nam Tai and its competitors resulting in
neither a competitive advantage nor a disadvantage for the
Company.
"While the Company is confident that the 'Asian Flu' will not
affect its business, a worldwide economic slowdown could have some
impact," commented Mr. M. K. Koo, Chairman.
UPDATE ON ACQUISITION PROGRAM
As previously announced an important element of the Company's
strategy is to review acquisition prospects that would complement
the Company's existing products and services, augment its market
coverage and sales ability or enhance its technological
capabilities. In its acquisition search in North America, Hong
Kong, China and Japan, the Company has sought the assistance of a
number of investment bankers and advisors.
"We are still aggressively seeking a North American acquisition to
enable the Company to expand its product lines and add new
customers," commented Mr. M. K. Koo, Chairman. "The Company is
also considering acquisitions in Hong Kong, China and Japan but is
proceeding with patience and caution due to the pressure on these
currencies. Japan's currency decline relative to the U.S. dollar
has been small compared to other Asian currencies. Hong Kong and
China's currencies have not devalued. The Governments in Hong
Kong and China strongly emphasize that their currencies will not
be devalued within this year. The Company, however, is concerned
that the currency turmoil may not yet have stabilized. Any
devaluations in the currencies of Hong Kong, China or Japan would
reduce the cost of an acquisition in these countries. Being
patient, could result in cost savings for an acquisition and may
comfortably allow Nam Tai to consider acquisitions which were
previously beyond its financial means."
FOURTH QUARTER AND YEAR END 1997 FINANCIAL RESULTS
To provide shareholders and investors with earlier disclosure of
fourth quarter results, the Company will release an unaudited
preliminary announcement including approximate sales revenue and
earnings per share for its fourth quarter ended December 31, 1997
by Tuesday, January 27, 1998. The Company will follow the
preliminary announcement with finalized fourth quarter and audited
year end 1997 results before the end of March 1998 upon filing its
Annual Report on Form 20-F with the Securities and Exchange
Commission.
Except for the historical information contained herein, matters
discussed in this press release are forward-looking statements
that involve risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. The factors that might cause such a
difference include, but are not necessarily limited to, those
discussed in the companies 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, 1996.
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")
and outer lead bonding ("OLB") technologies. 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, 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-
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 PRELIMINARY
UNAUDITED FOURTH QUARTER RESULTS
VANCOUVER, CANADA January 27, 1998 -- Nam Tai Electronics, Inc.
("Nam Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF,) today
announced that preliminary unaudited results for the fourth
quarter ended December 31, 1997 indicate approximate net sales of
$30 million, and expected diluted earnings per share for that
period in the range of $0.75 to $0.90. This compares with
unaudited results for the same period last year which showed net
sales of $30.0 million and earnings per share of $0.38 before 1996
year end audit adjustments.
The earnings per share calculations for the fourth quarter ended
December 31, 1997 take into account the significant change in the
weighted average common shares outstanding and common stock
equivalents from 7,963,808 in the fourth quarter of 1996 to
9,422,291 in the same period of 1997. The change resulted
principally from the issuance of approximately 3,000,000
additional shares in the Company's Rights Offering which was
completed around the end of November, 1997.
The Company cautions that the preliminary results are unaudited.
The expected earnings per share range includes other income which
is derived mostly from the sale of land in Hong Kong. The year end
audit is in progress and adjustment issues must still be
considered by the Company and its auditors. The Company
anticipates that adjustments, if required, will not result in a
material impact to its expected range of earnings per share growth
for the fourth quarter of 1997.
The Company strengthened its financial position, ending the fourth
quarter of 1997 with over $8.95 cash per share and approximately
$13.00 of Book Value per share, based on the number of shares
outstanding as of December 31, 1997. The Company, as of December
31, 1997, had a quick ratio in excess of 5:1, a current ratio in
excess of 6:1, a total asset to total liability ratio exceeding
8:1, no long term debt, and, more than $100 million of cash, $95
million of which is in short term deposits in U.S. currency in
North America. This includes the approximate net proceeds of
$47,700,000 raised in the recently completed Rights Offering.
"We are very happy that our preliminary unaudited earnings per
share range shows significant growth over the same period last
year," commented Nam Tai's Chairman, Mr. Koo. "The Asian Flu has
not caused a reduction in business and the Company still has
significant earnings. Even with the increased number of shares as
a result of the Rights Offering, expected earnings per share,
including the other income, have grown substantially over the prior
year's period. For 1998 the Company expects that the world
wide economic turmoil will result in some pressure to reduce
average unit prices which may lower net profit margins; however,
at the moment the impact is expected to be minimal."
"With over $100 million in cash the Company believes that it is
protected from the turmoil in the Asian economy and is in a
strengthened position to pursue strategic investments and support
internal growth," commented Mr. M.K. Koo. "The timing of the
Asian crisis in conjunction with our financial strength increases
the acquisition opportunities available to the Company. Nam Tai
has the financial resources to buy when everyone else is selling,
thus minimizing the impact of any economic slowdown."
Nam Tai follows standard U.S. practice and will issue the
finalized 1997 fourth quarter with fully audited year end
financial results. These results will be released before the end
of March 1998 at the time of filing its Annual Report on Form 20-F
with the Securities and Exchange Commission.
Except for the historical information contained herein, matters
discussed in this press release are forward-looking statements
that involve risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. The factors that might cause such a
difference 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, 1996.
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")
and outer lead bonding ("OLB") technologies. 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, 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.
______________________
M.K. Koo, Chairman
Date: February 9, 1998
