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 March 31, 1998
April 2, 1998
April 8, 1998
May 4, 1998
May 5, 1998
May 19, 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
FIRST QUARTER RESULTS
NET INCOME UP 5.3%, EPS DECREASES 25.4% vs. 1st Qtr 1997
VANCOUVER, CANADA May 5, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced results for the first quarter ended March 31, 1998. Net
sales for the first quarter of 1998 were $26.3 million, a decrease
of 15.6% compared to sales of $31.2 million for the first quarter of
1997. Operating income decreased 8.5% to $3.32 million ($0.30 per
share) compared to 1997 first quarter operating income of $3.63
million ($0.46 per share). Non-operating income increased by $0.60
million to $2.60 million ($0.23 per share) from $2.01 million ($0.25
per share). Net income increased 5.3% to $5.87 million compared to
$5.57 million in the first quarter of 1997. Basic and diluted
earnings per share for the first quarter of 1998 were $0.53 compared
to $0.71 for the first quarter of 1997.
The Company continues to maintain a strong financial position,
ending the first quarter of 1998 with $8.93 of cash per share and
approximately $13.62 of net book value per share, based on
10,972,975 shares outstanding as at March 31, 1998. The Company, as
at March 31, 1998, had a cash to current liabilities ratio of
5.8:1, a current ratio of 7.9:1, a total assets to total liabilities
ratio of 9.9:1, no long term debt, and over $98 million of cash, $79
million of which is in short term deposits in U.S. currency in North
America.
The Company showed continuing strength in its operating performance
with higher gross profit margin (25.1% vs. 23.3%) and operating
income to sales (12.6% vs. 11.7%) in the first quarter of 1998
compared to the first quarter of 1997.
The earnings per share calculations for the first quarter of 1998
take into account the significant increase in the weighted average
common shares outstanding from 7,898,900 in the first quarter of
1997 to 11,132,335 in the first quarter of 1998. The change resulted
principally from the issuance of approximately 3,000,000 additional
shares in the November 1997 Rights Offering.
The Company's first quarter 1998 non-operating income increased
$597,000 to $2.60 million from 2.01 million in the first quarter of
1997, including a gain on disposal of certain land and fixed assets
in Hong Kong ($0.34 million), interest income of $1.27 million, and
a gain of $0.97 million on the sale of 70,000 shares in Deswell
Industries Inc. The remaining shares of Deswell Industries Inc.
have been subsequently sold.
The Company's sales of higher margin electronic calculators
increased to 64% of sales in the first quarter of 1998 from 51% in
the first quarter of 1997. The sales of personal organizers
and linguistic products formed 14% of sales in the first quarter of 1998
compared to 29% in the first quarter of 1997. Sales by region, to
North America (51%), Japan (24%), Europe (18%), others (7%) stayed
relatively constant in the first quarter of 1998 compared to the
first quarter in 1997.
"Following the outbreak of the Asian economic turmoil which led to
devaluations in many Asian currencies, the Company has faced
increased competition and customer pressure for unit price
reductions" commented Mr. Koo. "The decrease in sales resulted
mainly from lower unit prices. Net income is up by $ 295,000, the
improvement resulting from non-operating income increasing by
$597,000. Most importantly, we are pleased that the Company
continues to strengthen its operating performance by successfully
sourcing materials at lower costs, negotiating lower component costs
with suppliers, and improving operating efficiencies. As a result,
the Company improved its gross profit margin. Management hopes to
maintain this operating improvement and to increase sales in the
second quarter with increased orders and more diversification of
sales by product lines. We are also aware that competition in the
second and third quarters will be more severe especially after
further reductions in unit prices."
ADDITIONS TO MANAGEMENT
Concomitant with the search for a Chief Financial Officer with
suitable qualifications and experience, the Company has decided to
further strengthen the Finance Department and reorganize its
structure. Besides a CFO, Nam Tai added the positions of Financial
Controller, Treasurer and EDP Manager to support the CFO, together
with the existing Internal Audit Manager, to manage the ongoing
daily financial operations and to deal with forthcoming
acquisitions. The filling of most of the above positions has now
been basically accomplished, subject only to minor arrangements to
be completed soon. Nam Tai plans to announce the new members for
most of the above positions on Monday, May 25, 1998. "We hope,
after the Company's diligent efforts in the search, all these new
members of senior professional management are appropriate and can
accommodate the Company's needs for further growth." commented Mr.
M. K. Koo, Chairman of Nam Tai.
ACQUISITION UPDATE
The Company has previously announced its intention 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. The Company is
in the process of evaluating various investments and acquisitions in
the United States, China, Hong Kong and Japan and expects that with
time and patience the process will yield results before the end of
July 1998. Management is very confident that the current economic
crisis in Southeast Asia presents an excellent opportunity for the
Company to take advantage of its $98 million cash balance to make
strategic acquisitions to support its continued growth.
UPDATE ON STOCK REPURCHASE PROGRAM
On January 13, 1998 the Company announced its intention to
repurchase up to 1,000,000 common shares over the next three months,
from time to time, at prevailing market prices in accordance with
SEC Rule 10b-18. The Company subsequently extended the program for
a further three months to achieve the target of 1,000,000 common
shares. As of March 31, 1998 the Company repurchased 251,118 common
shares at an average price of $15.82 per share in the Nasdaq
National Market. As of May 4, 1998 a total of 864,850 common shares
were repurchased at an average price of $16.56.
DIVIDENDS
On April 28, 1998 the Company paid a quarterly dividend of $0.07 per
share to shareholders of record on April 6, 1998. Payment and
record dates for the second 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 wind-up of Tele-Art Inc. (Symbols: TLARF, TLAFE) because
Tele- Art has been unable to repay a judgment debt and interest owing to
Nam Tai of approximately $1,000,000. A hearing of the Petition is
now scheduled in the High Court of Justice in the British Virgin
Islands for May 28, 1998; however, Tele-Art has filed a Summons with
the court, seeking to stay the wind-up Petition on the basis that
the Company withheld Tele-Art's shares and is preventing them from
being sold. Nam Tai will strongly contest such assertions.
Tele-Art is a British Virgin Island incorporated company with its
principal place of business in Hong Kong. Tele-Art Inc. is a
shareholder of Nam Tai beneficially owning approximately 300,000
common shares. Tele-Art was listed on NASDAQ until November 1990
when it was delisted due to its failure to meet its disclosure
requirements. Tele-Art and Nam Tai have another litigation matter
which has been ongoing in the British Virgin Islands since 1993.
The Company does not expect any of the litigation matters to have a
material financial impact.
ANNUAL GENERAL MEETING
As previously announced, Nam Tai's Annual Meeting of Shareholders
will be held at 11:30 a.m. on June 8, 1998 at the Four Seasons
Hotel, 57 East 57th Street, New York. The record date for the Annual
Meeting is April 24, 1998. Proxy forms and annual reports will be
sent out to shareholders on May 13, 1998.
REMINDER OF ANALYST CONFERENCE CALL TIME
The Company will hold an analysts-only conference call on Wednesday,
May 6 at 12:00 noon Eastern Time for analysts to discuss the first
quarter results with management. Analysts who wish to participate
in this conference call are invited to register with Ms. Wendy
Wiseman, P.R. Secretary at 1-800-661-8831 extension 202.
Shareholders, Investors and other interested individuals are invited
to listen to the live conference call by dialing 1-888-290-7011 just
prior to its start time of 12:00 noon Eastern Time on Wednesday, May
6. 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.
-more-
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
FOR THE PERIOD ENDED MARCH 31, 1998 AND 1997
(In Thousands of U.S. Dollars except per share data)
Three months ended March 31
1998 1997
Net sales $ 26,280 $ 31,152
Cost of sales 19,689 23,906
------ ------
Gross profit 6,591 7,246
------ ------
Costs and expenses
Selling, general and
administrative expenses 2,989 3,352
Research and development expenses 281 264
------ ------
3,270 3,616
------ ------
Income from operations 3,321 3,630
Gain on disposal of property, plant
and equipment 340 2
Other income - net 998 1,835
Interest income 1,272 176
------ ------
2,610 2,013
------ ------
Income before income taxes 5,931 5,643
Income tax expense 66 73
------- --------
Net income $ 5,865 $ 5,570
======= ========
Basic earnings per share $ 0.53 $ 0.71
Diluted earnings per share $ 0.53 $ 0.71
-more-
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 1998 AND DECEMBER 31, 1997
(In Thousands of U.S. Dollars)
March 31 December 31
1998 1997
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 98,069 $102,411
Accounts receivable, net 19,833 16,985
Inventories 8,359 9,838
Marketable investments 1,167 0
Prepaid expenses and deposits 5,511 3,788
Total current assets 132,939 133,022
------- -------
Long term investments 253 833
------- -------
Property, plant and equipment, at cost 44,177 44,295
Less: accumulated depreciation and
amortization (12,614) (11,853)
------- -------
31,563 32,442
------- -------
Other assets 1,491 1,491
------- -------
Total assets $166,246 $167,788
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 858 $ 1,814
Accounts payable and accrued expenses 15,141 17,551
Dividend payable 768 0
Income taxes payable 43 187
Total current liabilities 16,810 19,552
------- -------
Shareholders' equity:
Common shares 110 112
Additional paid-in capital 80,044 80,044
Stock option grants 75 0
Retained earnings 69,177 68,050
Foreign currency translation adjustment 30 30
Total shareholders' equity 149,436 148,236
-------- --------
Total liabilities and shareholders'
equity $ 166,246 $ 167,788
========= =========
-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
1st-Qtr RELEASE DATE OF MAY 5, 1998
VANCOUVER, CANADA May 4, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
indicated it will announce its first quarter results for the period
ended March 31, 1998 after the market closes on Tuesday, May 5,
1998.
The Company will hold an analysts-only conference call for
Wednesday, May 6 at 12:00 noon Eastern Time for analysts to discuss
the first quarter results with management. Analysts who wish to
participate in this conference call are invited to register with Ms.
Wendy Wiseman, P.R. Secretary at 1-800-661-8831 extension 202 before
Monday, May 4 at 3:00 p.m. Eastern Time.
Shareholders, Investors and other interested individuals are invited
to listen to the live conference call by dialing 1-888-290-7011 just
prior to its start time of 12:00 noon Eastern Time on Wednesday, May
6. 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 ("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-
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
ADDITIONS TO SENIOR MANAGEMENT
VANCOUVER, CANADA April 8, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced the following additions to senior management.
MR. MAMORU KOIKE has joined Nam Tai as Vice General Manager of the
Research and Development Department, based in Shenzhen, China,
effective April 1, 1998. He is responsible for the Research and
Development Department and in charge of design and development of
the Company's products. Before joining Nam Tai, Mr. Koike served
Sharp Corporation for thirty-five years since his graduation from
Osaka Electric Communication High School in 1963. At Sharp, Mr.
Koiki worked in the Audio Division, Calculator Division and Computer
Division. His latest position with Sharp was Department General
Manager of Engineering Department - Design and Development in the
Calculator Division of the Nara Factory.
"Nam Tai is pleased to announce the appointment of Mr. Koike as Vice
General Manager of the Research and Development Department. His
extensive knowledge and experience in research and product design
attained at Sharp will assist Nam Tai in upgrading its technology
and in developing its own new products. Nam Tai is at a milestone
as it seeks to augment its original equipment manufacturing ("OEM")
business with original design manufacturing ("ODM") business. In
the OEM business, Nam Tai manufactures products in accordance with
the customer's design specifications. In the ODM business, Nam Tai
will be responsible for the design and development of new products
and will own the rights to the products. These products will be
sold to customers and marketed to end users under the customer's own
brand name. The shift to ODM from OEM was strongly requested by the
Company's customers to help them reduce costs and allow them to
concentrate on marketing. It is auspicious that Mr. Koike will
provide tremendous support to strengthen Nam Tai's engineering and
design department at this milestone in the Company's history,"
commented Mr. M. K. Koo, Chairman of Nam Tai.
MR. MARK WASLEN will rejoin Nam Tai as Treasurer on June 1, 1998
based in Vancouver, Canada. He will be responsible for treasury and
financial control functions for the Nam Tai Group. Mr. Waslen
served Nam Tai as Group Financial Controller from 1990 to 1995 in
charge of the financial affairs of Nam Tai Group. At that time, Mr.
Waslen was also responsible for internal audit, filings to the SEC,
contact with investment bankers, analysts and brokers and supported
the Chairman on roadshows. Mr. Waslen left Nam Tai near the end of
1995 to join Deloitte Touche Tohmatsu to pursue further training on
Canadian tax matters. Before joining Nam Tai in 1990, Mr. Waslen
worked at Peat Marwick Thorne doing auditing work. He is a C.A. and
C.P.A. and obtained a Bachelor of Commerce (Accounting Major) from
the University of Saskatchewan in 1982."Nam Tai is delighted to
welcome back Mr. Waslen. With his knowledge of Nam Tai, we look
forward to his contribution to the strengthening of our treasury
and financial functions." commented Mr. M. K. Koo, Chairman of
Nam Tai. "Nam Tai will continue its search for a CFO to further
strengthen our team for financial and accounting matters."
MR. EDISON FUKAYA joined Nam Tai effective February 1, 1998 as
General Manager based in Hong Kong responsible for new customers and
new business development. Mr. Fukaya has worked in the marketing
industry in various countries/cities including Brazil, Hong Kong,
Singapore and Japan for the past nineteen years, most recently as
Senior Manager of Sumida Electric Company Limited. Prior to that, he
served Nippon Denso Industry Company Limited from 1987 to 1996 in
various positions including Manager of Overseas Sales & Marketing in
Japan, General Manager of its Singapore Branch and General Manager
of its Hong Kong Branch. From 1979 to 1987, he worked in Brazil
first with Toyobo do Brazil S.A. and later served Mitsubishi
Corporation do Brazil as Manager of its Marketing & Sales Division.
He obtained a Bachelor of Business Administration & Marketing
from F.A.A.P. Sao Paulo in Brazil in 1985.
"Nam Tai is pleased to announce the appointment of Mr. Fukaya. His
experience and knowledge in the marketing industry will be very
valuable to Nam Tai as we continue to expand new customers, new
business and to develop the potential of North American markets"
commented Mr. M. K. Koo, Chairman of Nam Tai.
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-
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 BLOCK SALE BY CHAIRMAN
VANCOUVER, CANADA April 2, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
confirmed its Chairman, Mr. M. K. Koo, filed a Form 144 on April
1, 1998 indicating a block sale of 560,000 shares at a price of
$16.875 per share.
According to Mr. Koo the shares were sold to reduce a margin loan
outstanding and no further sales are contemplated for at least the
next three months.
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-
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. FILES ANNUAL REPORT ON FORM 20-F
VANCOUVER, CANADA March 31, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced the electronic filing of its 1997 annual report on
Form 20-F dated March 27, 1998 with the U.S. Securities and Exchange
Commission ("SEC") in Electronic Data Gathering and Retrieval
("EDGAR") format. This annual filing was accepted with the SEC on
March 30, 1998 and should be available through the EDGAR Archives
section of their web-site - http://www.sec.gov. Alternatively, a
paper copy of the document is available upon request to Ms.
Wendy Wiseman, P.R. Secretary of Nam Tai Electronics, Inc. at
1-800-661- 8831 ext. 202.
EXTENSION OF REPURCHASE PROGRAM
The Company announces that it is extending its stock repurchase
program for a further three month period. The repurchase program
was originally announced on January 13, 1998 in accordance with SEC
rule 10b-18 as a three month plan unless extended or shortened by
the Board of Directors. The Company originally announced that it
intends 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. To
date, the Company has repurchased approximately 263,000 shares at an
average price of $15.78 per share.
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, 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 2ND QUARTER DIVIDEND
VANCOUVER, CANADA May 19, 1998 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") NASDAQ/NM Symbol: NTAIF and NTAWF,) today
announced the second quarter 1998 dividend of $0.07 per share will
be paid on or before July 17, 1998 to shareholders of record at the
close of business on June 30, 1998.
This is the first year that the Company has announced dividends on
a quarterly basis. Previously, the Company paid annual dividends of
$0.01, $0.15, $0.03 and $0.10 per share in 1994, 1995, 1996, and
1997, respectively. The increase in the annual dividend to $0.28 per
share for 1998 ($0.07 per quarter) was previously announced on March 23,
1998.
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
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. 33-36135).
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.) M.K. Koo
-----------------
M.K. Koo, Chairman
Date: May 19, 1998
