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 November 22, 1999
November 8, 1999
November 2, 1999
November 1, 1999
October 18, 1999
August 12, 1999
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
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC. ANNOUNCES CORPORATE UPDATE
VANCOUVER, CANADA November 22, 1999 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today provided an update on a
number of factors that will impact its sales growth, gross margins and inventory
levels in the fourth quarter:
COG PRODUCTION EQUIPMENT
Management of Nam Tai previously indicated that they expected the temporary
production difficulties with the Company's second production line of Chip on
Glass (COG) equipment to improve within November. To date, these difficulties
have not been completely corrected, resulting in higher than normal defect rates
and reducing production capabilities. The Company continues to try to totally
correct the identified problems. Until the problems are completely solved,
production of LCD modules will continue primarily on its first Chip on Glass
line. The management is targeting to completely solve the problem as soon as
possible. If this target is achieved by early December, the impact on fourth
quarter sales, gross margins and inventory levels will be reduced.
TELECOM CUSTOMER DIFFICULTIES
The Company's major telecom customer continues to experience financial
difficulty. In keeping with the Company's prudent control policies, shipment of
finished products to this customer is being withheld until payment can be
reasonably assured. As a result, sales have been delayed and inventory levels
increased.
The Company is working on several possible solutions to tackle this matter and
is confident that the problem will not last beyond the end of February 2000.
The above two factors combined are causing the management to adjust the
Company's fourth quarter 1999 forecast sales to between $25 million to $30
million depending on how soon the problem is solved. The fourth quarter EPS
forecast, as a result, is between $0.00 and $0.15. If significant progress is
made in the earlier part of December the impact on the fourth quarter will be
less. In any event, the Company has the confidence to solve these two problems
completely by the end of February 2000.
COMPONENT SHORTAGES
The Company continues to be somewhat impacted by the industry-wide shortage of
components, especially from Japan, in the electronics industry. The impact of
this shortage is not worsening compared with the third quarter, but if the
situation deteriorates it could result in further reduction of expected fourth
quarter sales, gross margins and increased inventory.
FUTURE PROSPECTS
"The Company continues to be optimistic about its future prospects and the
increased product line diversification resulting from the introduction of new
technologies and product lines", commented Mr. Murakami, Nam Tai's Chairman. "As
a result, compared to the 1998 fiscal year, we expect to see sales for 1999 year
rebound sharply, up 30% to 40%. During the start-up phase learning period, gross
profit will be limited or may even decrease, a price we pay for product mix
diversification and advancement. The expected payoffs from the new technologies
and product lines will be increased sales in years 2000, in the range of $170
million to $190 million, with earnings per share in the range of $1.25 to $1.40.
In 2001, sales are expected to be between $230 million and $260 million, with
earnings per share between $1.35 to $1.85.
<PAGE>
REPURCHASE PROGRAM
Since the release of the third quarter results on November 8, 1999, the Company
has repurchased 85,000 common shares, increasing the total number repurchased to
date to 1,916,200. "The Board of Directors' is confident in the long-term
potential of the Company and therefore plans to continue the share repurchase in
accordance with SEC Rule 10b-18 until it has repurchased 3 million shares",
commented Mr. Murakami.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers and various components including battery packs which are used in
cellular phones, laptop computers, electronic toys and household appliances. The
Company utilises advanced production technologies such as chip on board ("
COB"), chip on glass (" COG"), surface mount technology (" SMT"), tape automated
bonding (" TAB") and outer lead bonding (" OLB") technologies and anistropic
conductive film (" ACF") heat seal technology. Further information is available
from Nam Tai's web site at www.namtai.com.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, the Company's
expectations regarding sales and earnings per share in the fourth quarter 1999,
for year 2000 and 2001 are forward looking statements the results of which are
uncertain and dependant upon many factors including possible changes in customer
order expectations, production difficulties, increased competition, currency
fluctuation, or changes in the general economic climate. Other factors that
might cause differences in the forward looking statements include those
discussed in the Company's reports filed with the Securities and Exchange
Commission, such as the factors set forth in Item 1. " Description of Business -
Risk Factors" in the Company's Annual Report on Form 20-F/A for the year ended
December 31, 1998.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC.
Q3 SALES UP 59%, OPERATING INCOME UP 36%, EPS UP 35% TO $0.35
VANCOUVER, CANADA November 8, 1999 - Nam Tai Electronics, Inc. (" Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced results for
the third quarter ended September 30, 1999. Net sales for the third quarter of
1999 were $37.6 million, up 59% compared to $23.7 million for the third quarter
of 1998. Operating income increased to $2.5 million ($0.27 per share), up 36%
compared to 1998 third quarter operating income of $1.8 million ($0.18 per
share). Non-operating income was $0.9 million, up from $0.8 million in 1998. Net
income was $3.3 million, an increase of 28% over the $2.6 million in the third
quarter of 1998. Basic and diluted earnings per share for the third quarter of
1999 were up 35% to $0.35 versus $0.26 for the third quarter of 1998.
"I am pleased to see the continued strong rebound in sales and earnings,
although it has not been as great as expected during the introduction phase of
new products and new technologies in our production", commented Mr. Murakami,
Nam Tai's Chairman. "At the same time, we continue to diversify our geographic
markets, and have achieved a more balanced product mix amongst calculators,
subassemblies and components, personal organisers and linguistic products, and
our new telecom products."
Net sales for the nine months ended September 30, 1999 increased by 32% to
$106.8 million from $80.8 million for the nine months of 1998. Operating income
for the nine months of 1999 increased by 16% to $8.8 million ($0.93 per share)
from $7.6 million ($0.72 per share) for the prior year period. Non-operating
income decreased by $1.4 million to $2.4 million ($0.25 per share) from $3.8
million ($0.36 per share). As a result, net income for the nine month period was
down 4% to $10.8 million from $11.2 million for 1998. Basic earnings per share
for the nine months of 1999 were $1.15 compared to $1.07 for the prior year
period. Diluted earnings per share for the nine months of 1999 were $1.14
compared to $1.07 for the prior year period.
The Company continues to maintain a strong financial position, ending the third
quarter of 1999 with $7.85 of cash per share and approximately $14.13 of net
book value per share, based on 9,260,823 shares outstanding as at September 30,
1999. The Company, as at September 30, 1999, had a cash to current liabilities
ratio of 1.8:1, a current ratio of 2.7:1, a total assets to total liabilities
ratio of 4.2:1, no long term debt, and approximately $72.7 million of cash,
$68.2 million of which is in short term deposits in U.S. currency.
Page 1 of 8
<PAGE>
The Company's gross profit margin was 15.0% for the third quarter 1999 versus
23.3% in the prior year period. The 1999 third quarter margin of 15.0% is down
from the 20.5% margin in the second quarter, and reflected the very intense
market competition leading to falling prices. Also a number of new products and
new technologies in production were introduced in the third quarter which
impacted gross margins.
The Company indicated that a combination of other factors lowered sales growth,
increased inventory levels and eroded gross profit margins:
FIRST, a temporary production difficulty was encountered in Nam Tai's second
production line of Chip on Glass (COG) equipment. This was due to its very
sophisticated specifications and narrower pitch standards than the first line.
Higher than normal defect rates were encountered in the initial production as a
result of using this new, state-of-the-art prototype machinery. As a result,
operations did not proceed as smoothly as expected. The problem has been
identified and substantially corrected by the Company. Management expects that
within November operations of the second COG line will significantly improve.
From this experience, the Company has gained expertise and will be in a better
position when, in the future, it introduces the third line of more advanced COG
equipment able to handle more precise specifications. Problems will be solved
with less difficulty, resulting in a shorter lead time to normal production.
SECOND, there is currently an industry-wide shortage of components, especially
from Japan, in the electronics industry. Nam Tai is not totally immune from the
impact. Thanks to strong relationships with component suppliers, the Company is
able to significantly reduce the impact. However, certain delays in production
have still been inevitable and the inventory of other raw materials also
increased.
THIRD, the Company is closely monitoring its telecom business which is still in
the start-up phase. The sales forecast for Telecom for 1999 is around US$10
million. Because of the financial difficulty of the major telecom customer,
management has adopted a very prudent control policy when shipments are made. If
this customer cannot overcome their current financial problems, the Company will
work directly with the end buyers with this customer's support. For the year of
2000, the sales forecast for the telecom business is US$30-40 million with
minimal profits.
Mr. S.H. Shim and Mr. D.G. Hahn, formerly Managing Director and Executive
Director respectively of Nam Tai Telecom (Hong Kong) Company Limited ("NT
Telecom"), resigned from their offices for personal reasons. Though no longer
involved in the day-to-day management of the telecom business, they will
continue to act as independent advisers to support the growth of Nam Tai's
telecom business until March 31, 2000. The Company is thankful for their
contributions establishing this new line of business. Mr. Kim Jong Sun and Mr.
Takehiko Kaminaga have been appointed as General Manager and Vice General
Manager respectively to manage the marketing and manufacturing functions. They
have recently set up a research and development branch of NT Telecom in Korea.
Page 2 of 8
<PAGE>
FOURTH, the recent sudden weakening of US Dollar against Japanese Yen has
increased costs for the Company because salary payments to the Japanese
management team and a portion of material purchases are denominated in Yen.
These increased costs when converted from Yen to US Dollars in the third quarter
1999 have been recorded as foreign exchange losses whenever the actual
conversion exchange rate on the settlement of account payables or notes payable
ended up higher than when previously booked. For machinery and equipment
purchased in Yen, amounts are capitalized as fixed assets on the balance sheet
according to the actual conversion exchange rate.
The 59% sales growth in the third quarter over the prior year period combined
with the above factors increased inventory levels by 174% at the end of the
third quarter of 1999 compared to the end of the third quarter of 1998.
Operating margins (6.6% vs. 7.8%) and net income margins (8.7% vs. 10.8%) both
fell compared to the same period in 1998. Selling, general and administrative
expenses fell to $2.5 million (6.5% of sales) in the third quarter of 1999 from
$3.4 million (14.4% of sales) in the same quarter of 1998. The reduction arose
mainly from the reversal of an over-provision of custom duty. Research and
development expense increased by $406,000 to $670,000 in the third quarter of
1999 compared to $264,000 in the prior year period.
Sales by product line in the third quarter of 1999 versus 1998 were: Calculators
(20% vs. 60%), Subassemblies and Components (29% vs. 12%), Personal Organizers
and Linguistic Products (26% vs. 14%) and Telecom Products (15% vs. 0%). Sales
by region in the third quarter of 1999 versus 1998 were to North America (22%
vs. 48%), Japan (14% vs. 27%), Europe (24% vs. 18%), Hong Kong (35% vs. 5%) and
others (5% vs. 2%).
BATTERY PACK BUSINESS
Following the recent conclusion of a Technical Collaboration Agreement with
Toshiba Battery Co. Ltd., as announced in the Company's November 1, 1999 news
release, the Company is taking steps to obtain the approval and issuance of a
business license for China. Nam Tai is planning to invest $2-3 million in
machinery and equipment. The investment will occur in stages over four years,
commencing in year 2000. At the same time, arrangements will also be made for
engineers to undergo training both in China and Japan to be supported and
co-ordinated by Toshiba as contracted. The Company is targeting to start
production before the end of summer in 2000 and will require approximately 60
additional employees including engineers. Production is expected to be in full
swing by 2003 at which time approximately 200 employees will be needed.
The battery packs to be produced will be sold to other manufacturers to be used
in portable information devices such as notebook computers, cellular phones and
PDA's, as well as audio-visual devices such as camcorders and miniature audio
appliances. The Company is in the process of obtaining approval from the Chinese
government for domestic sales. Future sales channels in China as well as
overseas will be developed under co-ordination and consultation with the
original license owner.
Page 3 of 8
<PAGE>
The Company is optimistic that there exists a growing demand for battery packs.
Sales of US$4 million are forecasted for the year 2000 following with a target
growth to exceed US$30 million by the year 2003. The Company will initially
target computer and cellular phone manufacturers within China and thereafter
expand beyond China. Nam Tai's target is to capture 10% to 18% of China's
battery pack market share by quantity.
DIVIDENDS
On October 11, 1999, the Company paid a quarterly dividend of $0.08 per share to
shareholders of record on September 30, 1999. The record date for the fourth
quarter dividend of $0.08 per share is December 31, 1999 and the payment date is
on or before January 17, 2000.
THIRD QUARTER RESULTS ANALYST CONFERENCE CALL
The Company will hold an analyst-only conference call today, Monday, November 8,
1999, at 10:30 a.m. Eastern Time for analysts to discuss the third quarter
results with management. Shareholders, investors and other interested
individuals are invited to listen to the live conference call by dialing
(612)-332-0107 just prior to its start time of 10:30 a.m. Eastern Time on
Monday, November 8, 1999. Callers will be asked to register with the conference
call operator.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, the Company's
expectations regarding future sales in the telecom business and the battery pack
business are forward looking statements the results of which are uncertain and
dependant upon many factors including end-user demand, competitive pressures,
technological change, regulatory approval and changes in general economic
conditions. Other factors that might cause differences in this and other forward
looking statements include, but are not limited to, those discussed in the
Company's reports filed with the Securities and Exchange Commission from time to
time, such as the factors set forth in Item 1 "Description of Business - Risk
Factors" in the Company's Annual Report on Form 20-F for the years ended
December 31, 1998.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers and various components including battery packs which are used in
cellular phones, laptop computers, electronic toys and household appliances. The
Company utilises advanced production technologies such as chip on board ("COB"),
chip on glass ("COG"), surface mount technology ("SMT"), tape automated bonding
("TAB") and outer lead bonding ("OLB") technologies and anistropic conductive
film ("ACF") heat seal technology. Further information is available from Nam
Tai's web site at www.namtai.com.
Page 4 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
(In Thousands of U.S. Dollars except share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Net sales .................................................. $ 37,560 $ 23,659 $ 106,771 $ 80,796
Cost of sales .............................................. 31,943 18,146 86,561 61,227
--------- --------- --------- ---------
Gross profit ............................................... 5,617 5,513 20,210 19,569
Costs and expenses
Selling, general and administrative expenses ............. 2,455 3,411 9,676 11,140
Research and development expenses ........................ 670 264 1,738 838
--------- --------- --------- ---------
3,125 3,675 11,414 11,978
--------- --------- --------- ---------
Income from operations ..................................... 2,492 1,838 8,796 7,591
Gain (loss) on disposal of property, plant and equipment ... (20) (55) 274 775
Other income (loss) - net .................................. 5 (144) (669) (275)
Interest income ............................................ 904 963 2,491 3,312
--------- --------- --------- ---------
Income before income taxes ................................. 3,381 2,602 10,892 11,403
Income tax expense ......................................... 99 37 379 171
--------- --------- --------- ---------
3,282 2,565 10,513 11,232
Share of results of associated company ..................... - - 260 -
========= ========= ========= =========
Net income ................................................. $ 3,282 $ 2,565 $ 10,773 $ 11,232
========= ========= ========= =========
Net income per share
Basic ................................................... $ 0.35 $ 0.26 $ 1.15 $ 1.07
========= ========= ========= =========
Diluted ................................................. $ 0.35 $ 0.26 $ 1.14 $ 1.07
========= ========= ========= =========
Weighted average number of shares ('000')
Basic ................................................... 9,260 10,036 9,390 10,485
Diluted ................................................. 9,403 10,043 9,444 10,499
</TABLE>
Page 5 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Unaudited Audited
September 30 December 31
1999 1998
------------ ------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 72,718 $ 71,215
Accounts receivable, net 20,665 16,138
Inventories 10,757 4,355
Marketable investments 0 513
Prepaid expenses and deposits 4,375 4,794
------------ ------------
Total current assets 108,515 97,015
Investment in unconsolidated subsidiary 0 1
Investment in associated company 16,805 16,223
Property, plant and equipment, at cost 62,737 48,117
Less: accumulated depreciation and amortisation (18,935) (15,672)
------------ ------------
43,802 32,445
Other assets 1,402 1,544
Goodwill 799 0
------------ ------------
Total assets $ 171,323 $ 147,228
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 6,853 $ 329
Accounts payable and accrued expenses 32,440 18,377
Dividend payable 741 665
Income tax payable 376 105
------------ ------------
Total current liabilities 40,410 19,476
Deferred tax liabilities 57 56
------------ ------------
Shareholders' equity:
Common shares 93 98
Additional paid-in capital 80,416 80,044
Retained earnings 50,302 47,509
Accumulated other comprehensive income (note 1) 45 45
------------ ------------
Total shareholders' equity 130,856 127,696
Total liabilities and shareholders' equity $ 171,323 $ 147,228
============ ============
</TABLE>
Page 6 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATIONS
Net income ....................................... $ 3,282 $ 2,565 $ 10,773 $ 11,232
Add/(deduct) adjustments to net income:
Depreciation and amortisation .................. 1,296 1,157 3,831 3,216
Stock option compensation expense .............. 103 (75) 103 -
(Gain) loss on disposal of fixed assets ........ 20 55 (274) (775)
Equity in income of affiliated company ......... - - (260) -
Loss on disposal of subsidiary ................. - - 290 -
Write-off remaining carrying value of investment 1 - 1 -
(Gain) on disposal of Deswell shares ........... - - - (1,299)
Increase in deferred taxes ..................... - - 1 -
Changes in current assets and liabilities:
Marketable securities .......................... 72 76 513 (598)
Accounts receivable ............................ 4,732 5,188 (4,504) 577
Inventories .................................... (3,265) 1,822 (6,402) 5,908
Prepayments and deposits ....................... 2,603 (206) 594 (881)
Notes payable .................................. (764) (632) 6,524 (1,632)
Accounts payable ............................... 754 (3,472) 14,063 (3,147)
Income taxes payable ........................... 99 37 271 (30)
--------- --------- --------- ---------
4,231 2,813 11,059 197
--------- --------- --------- ---------
Net cash flows from operations .. $ 8,933 $ 6,515 $ 25,524 $ 12,571
--------- --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds on disposal of Deswell Shares ........... $ - $ - $ - $ 2,132
Proceeds on disposal of land in Hong Kong ........ - - 318 817
Proceeds on disposal of fixed assets ............. 1 5 3 382
Additions to fixed assets ........................ (9,974) (932) (15,180) (3,991)
Other assets ..................................... (6) 8 68 (13)
Long-term investment ............................. (974) - (974) -
Investment in associated company ................. - 460 (322) (15,819)
--------- --------- --------- ---------
Net cash flow from investing .... $ (10,953) $ (459) $ (16,087) $ (16,492)
--------- --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back ................................... $ - $ (3,947) $ (4,211) $ (20,635)
Additional shares issued ......................... 6 - 6 -
Redemption of shares ............................. - - (1,550) -
Dividend paid .................................... (740) (759) (2,171) (1,466)
--------- --------- --------- ---------
Net cash flow from financing .... $ (734) $ (4,706) $ (7,926) $ (22,101)
--------- --------- --------- ---------
Foreign currency translation adjustments ......... 1 25 (8) 33
--------- --------- --------- ---------
Net change in cash and cash equivalents .......... (2,753) 1,375 1,503 (25,989)
--------- --------- --------- ---------
Cash and cash equivalents, beginning of period ... 75,471 75,047 71,215 102,411
========= ========= ========= =========
Cash and cash equivalents, end of period ......... $ 72,718 $ 76,422 $ 72,718 $ 76,422
========= ========= ========= =========
</TABLE>
Page 7 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED SEPTEMBER 30, 1999 AND 1998
(In Thousands of U.S. Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments. The comprehensive income of the company was
$10,773 and $11,258 for the nine months ended September 30, 1999 and
September 30, 1998, respectively.
2. Certain comparative items have been reclassified to agree to the
presentation in the 1998 audited financial statements.
3. Business segment information - The Company operates principally in only one
segment of the consumer electronic products industry. A summary of the net
sales, income (loss) from operations and identifiable assets by geographic
areas is as follows:
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET SALES FROM OPERATIONS WITHIN:
-Hong Kong
Unaffiliated customers .................... $ 36,851 $ 23,257 $ 104,758 $ 79,853
-PRC, excluding Hong Kong:
Unaffiliated customers ..................... 709 402 2,013 943
Intersegment sales ........................ 34,167 21,681 97,196 74,815
-Intersegment eliminations ...................... (34,167) (21,681) (97,196) (74,815)
--------- --------- --------- ---------
Total net sales ..................... $ 37,560 $ 23,659 $ 106,771 $ 80,796
========= ========= ========= =========
INCOME (LOSS) FROM OPERATIONS WITHIN:
-PRC, excluding Hong Kong ....................... $ 1,640 $ 2,099 $ 6,387 $ 7,129
-Hong Kong ...................................... 862 643 4,842 3,177
-North America .................................. 780 (177) (456) 926
--------- --------- --------- ---------
Total net income .................... $ 3,282 $ 2,565 $ 10,773 $ 11,232
========= ========= ========= =========
As at As at
Sept. 30, 1999 Dec. 31, 1998
-------------- -------------
IDENTIFIABLE ASSETS BY GEOGRAPHIC AREA:
-PRC, excluding Hong Kong ...................... $ 57,896 $ 42,690
-Hong Kong ..................................... 113,427 85,419
-North America ................................. - 19,119
--------- ---------
Total Assets ........................ $ 171,323 $ 147,228
========= =========
</TABLE>
Page 8 of 8
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC. TO RELEASE 3RD QTR. RESULTS ON NOVEMBER 8
VANCOUVER, CANADA November 2, 1999 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today indicated it will
announce its third quarter results for the period ended September 30, 1999
before the market opens on Monday, November 8, 1999.
The Company will hold an analysts-only conference call on Monday, November 8,
1999 at 10:30 a.m. Eastern Time for analysts to discuss the third quarter
results with management. Analysts who wish to receive the dial-in number for
this conference call are invited to contact the Investor Relations Office at
1-800-661-8831 no later than Friday, November 5, 1999 at 6:00 p.m. Eastern Time.
Shareholders, investors and other interested individuals are invited to listen
to the live conference call by dialing (612)-332-0107 just prior to its start
time of 10:30 a.m. Eastern Time on Monday, November 8, 1999. Callers will be
asked to register with the conference call operator.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers, battery packs and LCD modules which are used in, telecommunication
products, electronic toys, and household appliances. The Company utilizes
advanced production technologies such as chip on board ("COB"), chip on glass
("COG"), surface mount technology ("SMT"), tape automated bonding ("TAB") and
outer lead bonding ("OLB") technologies and anistropic conductive film ("ACF")
heat seal technology. Further information is available from Nam Tai's web site
at www.namtai.com.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC.
NAM TAI INTRODUCES BATTERY PACK TECHNOLOGY FROM TOSHIBA BATTERY (JAPAN)
VANCOUVER, CANADA November 1, 1999 - Nam Tai Electronics, Inc. ("the Company")
(NASDAQ/NM Symbol: NTAI and NTAIW) has today announced the conclusion of a
Technical Collaboration Agreement between Nam Tai Electronic & Electrical
Products Limited ("NAM TAI"), a wholly-owned subsidiary of the Company, and
Toshiba Battery Co., Ltd. ("Toshiba Battery") in Japan regarding technology
introduction from Toshiba Battery for designing and manufacturing the battery
packs.
At the advent of highly-developed information society, the wide spread use of
portable information devices such as personal computers, cellular phones and
PDA's, as well as audio-visual devices such as camcorders and miniature audio
appliances, has become more and more conspicuous than ever. The spread of these
devices is attributable greatly to the enhancement in performance of the
rechargeable nickel-metal hydride batteries and lithium-ion batteries used for
the power source of such devices, resulting in the increasing demand for the
light-weight and high-performance battery packs usable as the portable power
source.
In view of these circumstances, NAM TAI believes that the technical know-how for
designing and manufacturing battery packs obtained from Toshiba Battery, one of
the world's leading manufacturers and suppliers of rechargeable batteries and
battery packs, will enable NAM TAI to timely offer such battery packs as used
effectively and positively by the customers of NAM TAI who are engaged in the
manufacture of various types of devices in Hong Kong, Mainland of China and
their neighboring countries.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers and LCD modules which are used in telecommunication products, electronic
toys, and household appliances. The Company utilizes advanced production
technologies such as chip on board ("COB"), chip on glass ("COG"), surface mount
technology ("SMT"), tape automated bonding ("TAB") and outer lead bonding
("OLB") technologies and anistropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's web site at
www.namtai.com.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC. TO RELEASE 3RD QTR. RESULTS ON NOVEMBER 8
VANCOUVER, CANADA Oct. 18, 1999 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today indicated it will announce
its third quarter results for the period ended September 30, 1999 before the
market opens on Monday, November 8, 1999.
The Company will hold an analysts-only conference call on Monday, November 8,
1999 at 10:30 a.m. Eastern Time for analysts to discuss the third quarter
results with management. Analysts who wish to receive the dial-in number for
this conference call are invited to contact the Investor Relations Office at
1-800-661-8831 no later than Friday, November 5, 1999 at 6:00 p.m. Eastern Time.
THIRD QUARTER DIVIDEND
The Company paid its third quarter dividend of $0.08 per share on October 16,
1999 to shareholders of record on September 30, 1999. The fourth quarter
dividend payment dates will be announced when the third quarter results are
released.
NO IMPACT FROM TAIWAN EARTHQUAKES
The Company confirmed that the recent earthquake in Taiwan is not expected to
significantly impact its production output, schedules, or costs.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers and LCD modules which are used in, telecommunication products,
electronic toys, and household appliances. The Company utilizes advanced
production technologies such as chip on board ("COB"), chip on glass ("COG"),
surface mount technology ("SMT"), tape automated bonding ("TAB") and outer lead
bonding ("OLB") technologies and anistropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's web site at
www.namtai.com.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1500 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC. ANALYST TRIP UPDATE
SHENZHEN GOVERNMENT SHOWS SUPPORT FOR THE HIGH TECHNOLOGY INDUSTRY
VANCOUVER, CANADA August 12, 1999 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW) announced that the Government of
the Shenzhen Economic Zone of Mainland China ("the Government") has formally
invited all guests on the upcoming analyst trip to an official welcome dinner,
to be attended by various government dignitaries, including the mayor of
Shenzhen. The dinner is scheduled for August 18, 1999 following an afternoon
tour of Nam Tai's factory complex.
As previously announced, the Company will be hosting an analyst trip scheduled
for August 15th to 20th, 1999 to Hong Kong and Shenzhen, China to visit the
facilities of Nam Tai, Deswell Industries Inc. ("Deswell") (NASDAQ/NM Symbol:
DSWL), and Bonso Electronics International Inc. ("Bonso") (NASDAQ/NM Symbol:
BNSO and BNSOW).
Government officials noted they are following the Central Government in
Beijing's recently issued investment policy to develop, support and attract high
technology industry investment in Shenzhen. This dinner recognises the
continuous contributions and investment efforts of Nam Tai, Deswell, and Bonso
in helping develop the high technology industry in Shenzhen in the past years,
and shows support for Nam Tai's recently announced expansion and re-investment
plans.
"We are honored to accept this invitation from the Shenzhen Government which
shows their appreciation and support of high technology industries", commented
Mr. Murakami, Nam Tai's Chairman. "Nam Tai foresees smooth and continuous growth
in its investment prospects in China."
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing
service provider to some of the world's leading original equipment
manufacturers. Nam Tai manufactures telecommunication products, palm-sized PC's,
personal digital assistants, linguistic products, calculators, smart card
readers and various components which are used in, telecommunication products,
electronic toys, and household appliances. The Company utilizes advanced
production technologies such as chip on board ("COB"), chip on glass ("COG"),
surface mount technology ("SMT"), tape automated bonding ("TAB") and outer lead
bonding ("OLB") technologies and anistropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's web site at
www.namtai.com.
<PAGE>
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.
/s/ TADAO MURAKAMI
-----------------------
Tadao Murakami, Chairman
Date: November 23, 1999
