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: November 06, 2000;
October 30, 2000; October 16, 2000;
September 26, 2000; September 21, 2000;
September 13, 2000; September 11, 2000
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
Suite 4, 9/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.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Q3 Sales up 52%, EPS UP 34% to $0.47 vs. $0.35
VANCOUVER, CANADA November 6, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced unaudited results for the third quarter ended September 30, 2000. Net
sales for the third quarter of 2000 were a record of $57.2 million, an increase
of 52% compared to net sales of $37.6 million for the third quarter of 1999.
Operating income for the third quarter of 2000 increased 25% to $3.6 million
($0.41 per share) compared to 1999 third quarter operating income of $2.9
million ($0.31 per share). Net income for the third quarter of 2000 increased
29% to $4.2 million compared to $3.3 million for the third quarter of 1999.
Basic and diluted earnings per share for the third quarter of 2000 were $0.47
and $0.46 versus $0.35 for both for the third quarter of 1999.
Net sales for the nine months ended September 30, 2000 increased 43% to $152.4
million from $106.8 million for the first nine months of 1999. Operating income
for the first nine months of 2000 was unchanged at $8.7 million ($0.98 per share
vs. $0.93 per share in 1999). Net income for the first nine months of 2000
increased 108% to $22.4 million compared to net income of $10.8 million for the
first nine months of 1999. Basic and diluted earnings per share for the first
nine months of 2000 were $2.53 and $2.45 compared to $1.15 and $1.14 for the
first nine months of 1999.
HIGHLIGHTS FROM ACTUAL UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(US dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
---------------------------------------- --------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Net sales $ 57,249 $ 37,560 $ 152,381 $ 106,771
-------------- --------------- -------------- --------------
Gross profit $ 8,982 $ 5,617 $ 23,371 $ 20,210
Operating income $ 3,624 $ 2,889 $ 8,707 $ 8,748
============== =============== ============== ==============
Net income $ 4,219 $ 3,282 $ 22,407 $ 10,773
============== =============== ============== ==============
Operating income per share
Basic $ 0.41 $ 0.31 $ 0.98 $ 0.93
============== =============== ============== ==============
Diluted $ 0.39 $ 0.31 $ 0.95 $ 0.93
============== =============== ============== ==============
Net income per share
Basic $ 0.47 $ 0.35 $ 2.53 $ 1.15
============== =============== ============== ==============
Diluted $ 0.46 $ 0.35 $ 2.45 $ 1.14
============== =============== ============== ==============
Weighted average number of shares ('000')
Basic 8,889 9,260 8,866 9,390
Diluted 9,187 9,403 9,133 9,444
</TABLE>
The Company continues to maintain a strong financial position, ending the third
quarter of 2000 with $7.19 of cash per share and approximately $15.38 of net
book value per share, based on 8,984,723 shares outstanding as at September 30,
2000. The Company, as at September 30, 2000, had a cash to current liabilities
ratio of 1.57, a current ratio of 3.25, a total assets to total liabilities
ratio of 4.35, no long-term debt, approximately $64.6 million of cash, and net
book value of $138.2 million.
Page 1 of 7
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PRO FORMA FINANCIAL HIGHLIGHTS AFTER THE ACQUISITION OF JIC GROUP
The following highlights from pro forma consolidated statements of income give
effect to the acquisition of the JIC Group of Companies ("JIC") that closed on
October 27, 2000 as if this transaction occurred on January 1, 1999. Pro forma
net sales for the third quarter ended September 30, 2000 increased 55% to $68.8
million compared to $44.4 million for the third quarter of 1999. Operating
income for the third quarter of 2000 increased 28% to $5.1 million ($0.51 per
share) compared to $4.0 million ($0.38 per share) for the third quarter of 1999.
Net income for the third quarter of 2000 increased 29% to $5.5 million ($0.54
per share) compared to $4.2 million ($0.41 per share) for the third quarter of
1999.
Pro forma net sales for the first nine months ended September 30, 2000 increased
45% to $178.0 million compared to $122.8 million for the first nine months of
1999. Operating income for the first nine months of 2000 increased 5% to $10.5
million ($1.05 per share) compared to $10.0 million ($0.95 per share) for the
first nine months of 1999. Net income for the first nine months of 2000
increased 104% to $23.6 million ($2.35 per share) compared to $11.6 million
($1.10 per share) for the first nine months of 1999.
HIGHLIGHTS FROM UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
(US dollars in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
------------------------------------------ -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Net sales $ 68,797 $ 44,381 $ 178,013 $ 122,847
Gross profit $ 11,709 $ 7,871 $ 29,023 $ 24,828
Operating income $ 5,115 $ 3,989 $ 10,498 $ 10,007
============== =============== ============== ===============
Operating income per share
Basic $ 0.51 $ 0.38 $ 1.05 $ 0.95
============== =============== ============== ===============
Diluted $ 0.49 $ 0.38 $ 1.02 $ 0.94
============== =============== ============== ===============
Net income $ 5,462 $ 4,232 $ 23,582 $ 11,578
============== =============== ============== ===============
Net income per share
Basic $ 0.54 $ 0.41 $ 2.35 $ 1.10
============== =============== ============== ===============
Diluted $ 0.53 $ 0.40 $ 2.29 $ 1.09
============== =============== ============== ===============
Weighted average number of shares ('000')
Basic 10,051 10,422 10,027 10,551
Diluted 10,348 10,564 10,294 10,606
</TABLE>
Following the acquisition of JIC, the Company continues to maintain a strong
financial position, with $56.8 million in cash, total assets of $ 207.2 million
including goodwill from the acquisition of JIC of $23.1 million and
approximately $156.5 million of net book value as at September 30, 2000.
The above pro forma consolidated results of operations include adjustments to
give effect to the amortization of goodwill, interest income on cash and certain
other adjustments. (Goodwill from the JIC acquisition is being amortized over 15
years at $386,000 per quarter.) The unaudited pro forma information is not
necessarily indicative of the results of operations that would have occurred had
the purchase been made at the beginning of the periods presented or the future
results of the combined operations.
Page 2 of 7
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DIVIDENDS
On October 21, 2000 the Company paid a quarterly dividend of $0.09 per share to
shareholders of record on September 30, 2000. The record date for the fourth
quarter dividend of $0.09 per share is December 31, 2000 with a payment date of
January 21, 2001.
THIRD QUARTER RESULTS ANALYST CONFERENCE CALL
The Company will hold an analysts conference call on Monday, November 6, 2000 at
10:30 a.m. Eastern Time for analysts to discuss the third quarter results and
J.I.C. acquisition with management. Shareholders, media, and interested
investors are invited to listen to the live conference call by dialing
(612)-332-0630 just prior to its start time. Callers will be asked to register
with the conference call operator.
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones, lithium ion rechargeable
battery packs, transformers and LCD panels. The Company utilises advanced
production technologies such as chip on board ("COB"), chip on glass ("COG"),
surface mount technology ("SMT"), ball grid array ("BGA") tape automated bonding
("TAB") and outer lead bonding ("OLB") technologies and anisotropic conductive
film ("ACF") heat seal technology. Further information is available from Nam
Tai's website at www.namtai.com.
Page 3 of 7
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
(In Thousands of US Dollars except share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
---------------------------------------------- -------------- -------------- --------------- -------------
<S> <C> <C> <C> <C>
Net sales $ 57,249 $ 37,560 $ 152,381 $ 106,771
Cost of sales 48,267 31,943 129,010 86,561
-------------- -------------- --------------- -------------
Gross profit 8,982 5,617 23,371 20,210
Costs and expenses
Selling, general and administrative expenses 4,507 2,906 12,090 10,572
Research and development expenses 851 670 2,574 1,738
Non-recurring income - (848) - (848)
-------------- -------------- --------------- -------------
5,358 2,728 14,664 11,462
-------------- -------------- --------------- -------------
Income from operations 3,624 2,889 8,707 8,748
Net gain on disposal of property, plant and equipment 42 - 355 302
Interest income 862 904 2,564 2,491
Other income (loss) - net 9 (412) 11,441 (649)
-------------- -------------- --------------- -------------
Income before income taxes and minority interest 4,537 3,381 23,067 10,892
Income tax expense (240) (99) (564) (379)
-------------- -------------- --------------- -------------
Income before minority interest 4,297 3,282 22,503 10,513
Minority interest 1 - 14 -
Equity in (loss) income of an affiliated company (79) - (110) 260
-------------- -------------- --------------- -------------
Net income $ 4,219 $ 3,282 $ 22,407 $ 10,773
============== ============== =============== =============
Net income per share
Basic $ 0.47 $ 0.35 $ 2.53 $ 1.15
============== ============== =============== =============
Diluted $ 0.46 $ 0.35 $ 2.45 $ 1.14
============== ============== =============== =============
Weighted average number of shares ('000')
Basic 8,889 9,260 8,866 9,390
Diluted 9,187 9,403 9,133 9,444
Page 4 of 7
</TABLE>
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT SEPTEMBER 30, 2000 AND DECEMBER 31, 1999
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Unaudited Audited
September 30 December 31
2000 1999
------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 64,597 $ 54,215
Marketable securities 10,218 -
Accounts receivable, net 34,278 24,283
Inventories 20,009 10,901
Prepaid expenses and deposits 2,585 2,967
Income taxes recoverable 1,832 2,070
-------------------------------------------
Total current assets 133,519 94,436
Investment in an affiliated company 2,133 17,308
Property, plant and equipment, at cost 66,805 65,076
Less: accumulated depreciation and amortization (25,170) (20,359)
-------------------------------------------
41,635 44,717
Intangible assets 831 839
Other assets 1,291 1,447
-------------------------------------------
Total assets $ 179,409 $ 158,747
===========================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 39,847 $ 25,504
Notes payable 40 6,949
Dividend payable 793 718
Income taxes payable 348 -
-------------------------------------------
Total current liabilities 41,028 33,171
Deferred tax liabilities 8 8
Minority interest 186 -
-------------------------------------------
Total liabilities 41,222 33,179
Shareholders' equity:
Common shares 90 88
Additional paid-in capital 82,666 80,870
Retained earnings 55,645 44,566
Accumulated other comprehensive income (Note 1) (214) 44
-------------------------------------------
Total shareholders' equity 138,187 125,568
Total liabilities and shareholders' equity $ 179,409 $ 158,747
===========================================
Page 5 of 7
</TABLE>
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
-------------------------------------------------------- -------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 4,219 $ 3,282 $ 22,407 $ 10,773
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 1,809 1,296 5,424 3,831
Fair value of stock issued as compensation - 103 135 103
Net loss (gain) on disposal of property,
plant and equipment 57 20 (255) (274)
Gain on disposal of marketable securities - - (10,783) -
Gain on disposal of shares in an affiliated company - - (1,346) -
Equity in loss (income) of an affiliated company 79 - 110 (260)
Loss on disposal of a subsidiary - - - 290
Minority interest (1) - (14) -
Deferred income taxes - - - 1
Write-off of remaining carrying value of
investment in an unconsolidated subsidiary - 1 - 1
Changes in current assets and liabilities,
net of effects of acquisition and disposal:
Decrease in marketable securities - 72 - 513
Decrease/(increase) in accounts receivable 1,865 4,732 (9,995) (4,504)
Increase in inventories (1,747) (3,265) (9,108) (6,402)
Decrease in income taxes recoverable 84 - 238 -
Decrease in prepaid expenses and deposits 84 2,603 382 594
Increase/(decrease) in notes payable 40 (764) (6,909) 6,524
Increase in accounts payable and accrued expenses 1,327 754 14,343 14,063
Increase in income taxes payable 143 99 348 271
-------------- ------------- -------------- -------------
Total adjustments 3,740 5,651 (17,430) 14,751
-------------- ------------- -------------- -------------
Net cash provided by operating activities $ 7,959 $ 8,933 $ 4,977 $ 25,524
-------------- ------------- -------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Disposal of property, plant and equipment $ 12 $ 1 $ 388 $ 321
Purchase of marketable securities (7,500) - (7,500) -
Purchase of property, plant and equipment (973) (9,974) (2,269) (15,180)
Disposal of marketable securities - - 22,588 -
Disposal of shares of an affiliated company - - 3,875 -
(Increase)/decrease in other assets - (6) 159 68
Acquisition of business - (974) - (974)
Investment in an affiliated company (2,036) - (2,243) (322)
-------------- ------------- -------------- -------------
Net cash (used in) provided by investing activities $ (10,497) $ (10,953) $ 14,998 $ (16,087)
-------------- ------------- -------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ - $ - $ (73) $ (4,211)
Redemption of shares - - - (1,550)
Additional shares issued on exercise of options 1,170 6 1,465 6
Contribution by minority interest - - 200 -
Dividend paid (799) (740) (11,180) (2,171)
-------------- ------------- -------------- -------------
Net cash provided by (used in) financing activities $ 371 $ (734) $ (9,588) $ (7,926)
-------------- ------------- -------------- -------------
Foreign currency translation adjustments (6) 1 (5) (8)
-------------- ------------- -------------- -------------
Net (decrease) increase in cash and cash equivalents (2,173) (2,753) 10,382 1,503
-------------- ------------- -------------- -------------
Cash and cash equivalents at beginning of period 66,770 75,471 54,215 71,215
-------------- ------------- -------------- -------------
Cash and cash equivalents at end of period $ 64,597 $ 72,718 $ 64,597 $ 72,718
============== ============= ============== =============
Page 6 of 7
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
(In Thousands of U.S. Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments and unrealized gain on marketable securities. The
comprehensive income of the Company was $22,149 and $10,773 for the nine
months ended September 30, 2000 and September 30, 1999, respectively.
2. Business segment information - The Company operates principally in only one
segment of the consumer electronic products industry. A summary of the net
sales, income from operations and identifiable assets by geographic areas
is as follows:
Three months ended Nine months ended
September 30 September 30
2000 1999 2000 1999
-------------------------------------- ------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
Net sales from operations within:
- Hong Kong:
Unaffiliated customers $ 53,909 $ 36,851 $ 147,023 $ 104,758
- PRC, excluding Hong Kong:
Unaffiliated customers 3,340 709 5,358 2,013
Intersegment sales 50,526 34,167 137,849 97,196
- Intersegment eliminations (50,526) (34,167) (137,849) (97,196)
-------------- -------------- -------------- -------------
Total net sales $ 57,249 $ 37,560 $ 152,381 $ 106,771
============== ============== ============== =============
Income (loss) from operations within:
- PRC, excluding Hong Kong $ 2,717 $ 1,640 $ 6,322 $ 6,387
- Hong Kong 1,502 862 16,085 4,842
- North America - 780 - (456)
-------------- -------------- -------------- -------------
Total net income $ 4,219 $ 3,282 $ 22,407 $ 10,773
============== ============== ============== =============
</TABLE>
<TABLE>
<CAPTION>
As at As at
September 30, 1999 Dec 31, 1999
--------------------------------------- ------------------ ----------------
<S> <C> <C>
Identifiable assets by geographic area:
- PRC, excluding Hong Kong $ 64,554 $ 55,962
- Hong Kong 114,855 102,785
---------------- ----------------
Total assets $ 179,409 $ 158,747
================ ================
Page 7 of 7
</TABLE>
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
COMPLETES ACQUISITION OF LCD MAKER
VANCOUVER, CANADA October 30, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced it has completed its acquisition of the J.I.C. Group of companies
("JIC"). JIC is engaged in the manufacture and marketing of liquid crystal
display ("LCD") panels, - a key component for a variety of consumer electronic
products. The purchase price of $32.7 million is based on a guaranteed after tax
net income of not less than US$3.8 million for the twelve month period ending
March 31, 2001 multiplied by 8.5.
Nam Tai paid two thirds of the purchase price by issuing 1.16 million common
shares of Nam Tai with the $10.7 million balance paid in cash which will be
financed internally from operating cash flows. Nam Tai will account for its
acquisition of JIC under the purchase method in accordance with U.S. GAAP and
the results of JIC's operations will be consolidated with Nam Tai's results from
October 1, 2000.
Nam Tai is pleased to welcome the JIC's management team and over 2400 employees
to the Nam Tai family. Nam Tai is retaining JIC's management team and the
original owner/managers have each signed a three-year service agreement. As a
result of the acquisition, the original JIC owners control over 11% of Nam Tai's
outstanding common shares. These shares are subject to a two-year lock up
agreement.
With significant growth expected, within this year JIC will set up new
production lines to increase the production volume of higher quality LCD panels
including Higher Twisted Nematic, Super Twisted Nematic, and single and double
Film Super Twisted Nematic, which offer benefits of clearer visibility and wider
viewing angles.
JIC has been a participant in the LCD market place since 1983. JIC has a strong
customer base, including Hitachi, Nanox, Vtech, Nishimura & Musen Denki, with
its sales revenues evenly divided between transformer sales and LCD sales. JIC
has $19 million in total assets, a healthy and strong financial position and no
long-term debt with total equity of $9.6 million as at September 30, 2000. As a
result, the JIC acquisition will be immediately accretive to Nam Tai's operating
income per share.
JIC has obtained ISO 9002 certification and its three manufacturing facilities
are in the People's Republic of China close to Nam Tai's manufacturing complex.
JIC's administrative and marketing offices are based in Hong Kong.
As previously announced, Nam Tai expects that the acquisition of JIC will assist
Nam Tai to alleviate LCD shortages and permit Nam Tai to expand its chip on
glass LCD module business in the future. JIC has licenses to manufacture LCD
panels in China. Due to government environmental regulations for this industry,
manufacturing licenses are tightly controlled and not easily obtained.
THIRD QUARTER RESULTS AND CONFERENCE CALL
Nam Tai will release its third quarter results for the period ended September
30, 2000 before the market opens on Monday, November 6, 2000. At the same time
Nam Tai will release financial information reflecting the pro forma effect of
the JIC acquisition.
The Company will hold an analyst conference call on Monday, November 6, 2000 at
10:30 a.m. Eastern Time for analysts to discuss the third quarter results and
the JIC acquisition with management. Analysts who wish to receive the dial-in
number to participate in this conference call are invited to contact the
Investor Relations Office at 1-800-661-8831 no later than Friday, November 3rd,
2000 at 6:00 p.m. Eastern Time.
Shareholders, media, and interested investors are invited to listen to the live
conference call by dialing (612)-332-0630 just prior to its start time. Callers
will be asked to register with the conference call operator.
Page 1 of 2
<PAGE>
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones, lithium ion rechargeable
battery packs, transformers and LCD panels. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website at
www.namtai.com.
This press release contains forward-looking statements that are uncertain
including expectations of significant growth for JIC and a positive outcome from
the JIC acquisition. Factors that might cause differences in this and the other
forward looking statements, include, but are not limited to, increased
competition, new technological development, difficulties successfully
integrating JIC's management team, and other factors including 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, 1999.
Page 2 of 2
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
TO RELEASE Q3 RESULTS ON NOVEMBER 6
VANCOUVER, CANADA October 16, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced it will release its third quarter results for the period ended
September 30, 2000 before the market opens on Monday, November 6, 2000.
The Company will hold an analysts-only conference call on Monday, November 6,
2000 @ 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 3rd, 2000 @ 6:00 p.m. Eastern
Time.
Shareholders, media, and interested investors are invited to listen to the live
conference call by dialing (612)-332-0630 just prior to its start time. Callers
will be asked to register with the conference call operator.
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones and lithium ion
rechargeable battery packs. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website at
www.namtai.com.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
SIGNS AGREEMENT TO ACQUIRE LCD MAKER
VANCOUVER, CANADA September 26, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced that it has signed an agreement to acquire 100% ownership of the JIC
Group of companies ("JIC"). The purchase price will be between $32 million and
$40 million and will be determined based on a multiple of after tax net profit
for JIC's fiscal year ending March 31, 2001. One third of the purchase price
will be paid in cash and the balance in common shares of the Nam Tai, which will
be restricted from resale or other disposition for a period of two years from
the closing date. The closing of the transaction, which is expected to occur on
or before October 27, 2000, is subject to a number of conditions, including
satisfactory completion of due diligence by Nam Tai.
JIC is primarily engaged in the manufacture and marketing of liquid crystal
display ("LCD") panels, - a key component for a variety of consumer electronic
products. JIC's three manufacturing facilities, which employ over 2000 workers,
are in the People's Republic of China close to Nam Tai's manufacturing complex.
JIC's administrative and marketing offices are based in Hong Kong.
The acquisition of JIC will assist Nam Tai to alleviate LCD shortages and permit
Nam Tai to expand its chip on glass LCD module business in the future. JIC has
existing licenses to manufacture LCD panels in China. Due to government
environmental regulations for this industry, manufacturing licenses are tightly
controlled and not easily obtained.
JIC has been a participant in the LCD market place since 1983. JIC's strong
customer base supports annual sales in the $25 - $30 million range. JIC's strong
management team has operated JIC at above industry average profitability, with
no long-term debt. After completion of the acquisition, Nam Tai plans to provide
JIC with financial support to allow JIC to upgrade its technology and expand its
core LCD business.
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones and lithium ion
rechargeable battery packs. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website at
www.namtai.com.
This press release contains forward-looking statements that are uncertain
including statements that assume the successful completion of the JIC
acquisition. Acquisitions do not always complete and involve risks and
uncertainty. Factors that might cause differences in this and the 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, 1999.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
- FACTORY EXPANSION UPDATE
VANCOUVER, CANADA September 21, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
provided an update on its plans to expand its manufacturing facilities.
The Company will be expanding its manufacturing facilities with the construction
of a five-storied electronics factory building within the Company's existing
manufacturing campus. The new building will be approximately 138,000 square feet
including:
- a new clean room to house the Company's advanced chip on glass and chip on
board machinery
- room for additional surface mount technology production lines - office space
for the research and development department
The Company expects to begin construction before November of this year.
Completion of construction and installation of machinery is scheduled for one
year from the initial ground breaking. The grand opening for the new factory
building is expected before the end of 2001 with normal operations commencing
from March 2002.
The projected cost for the new factory building is approximately $15 million
including the installation of all necessary machinery and interior work. This
amount was included in Nam Tai's capital expenditure budget and financed
internally from operating cash flows.
CHAIRMAN MURAKAMI INCREASES OWNERSHIP IN NAM TAI
During the period of September 12 to September 14, 2000 Mr. Murakami, Nam Tai's
Chairman sold 28,500 common shares and 20,000 common share purchase warrants.
Mr. Murakami has advised the Company that the proceeds from his disposition of
common shares and warrants will be used to finance the exercise of employee
stock options to purchase 61,500 common shares. Mr. Murakami's exercise will
increase his common share ownership in the Company to 646,155 common shares, or
7.2% of the outstanding common shares. Mr. Murakami has now advised the Company
that he has no intention to sell further shares for at least three months.
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones and lithium ion
rechargeable battery packs. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website 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
expectation for the completion of various stages of the new factory building is
uncertain and dependent upon many factors including weather, supply issues, and
reliability of the construction company. Other factors that might cause
differences in this and the 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, 1999.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
ANNOUNCES NEW TELECOM CUSTOMER
VANCOUVER, CANADA September 13, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced a new customer, Kanda Tsushin Kogyo Co., Ltd. ("Kanda") has started a
business relationship with Nam Tai by requesting Nam Tai to begin manufacturing
Caller ID Function telephones.
Kanda, listed on the Tokyo Stock Exchange, manufactures and markets
telecommunication equipment such as telephones, business phones, facsimiles with
answering machines, telephone-applied equipment, communication control systems,
wireless and network products, and medical equipment. Kanda, who is affiliated
with Fujitsu Ltd., has dealer networks both in Japan and overseas and is a
supplier of NTT Japan.
By producing Caller ID Function telephones for Kanda, Nam Tai can demonstrate
its high quality, low cost manufacturing capabilities. This is the first step
towards securing further business from Kanda for more advanced telecommunication
products. The Company expects that in the future it will manufacture for Kanda
wireless terminal adapters incorporating Blue Tooth technology. This will enable
individual telephone units to connect to computers and the internet.
EMPLOYEE INTERNET BAR GRAND OPENING
Nam Tai announced that on September 9, 2000 it officially opened an Internet bar
with 30 computers for its employees' off-hour use. It is unprecedented for a
company to provide such kind of recreational activities to the employees in the
PRC. Approximately 3000 people attended the opening ceremony at its Shenzhen
manufacturing campus including manufacturing employees, management and various
government officials and dignitaries. The employee internet bar strengthens Nam
Tai's reputation as one of the PRC's best employers. Other benefits offered by
the Company to its workers include a library, T.V. room, chess room, karaoke
bar, and exercise facilities. Concurrent with the grand opening of the internet
bar the Company celebrated its 13th anniversary of operations in Shenzhen, PRC
by hosting a traditional Xinjiang style lamb BBQ for all of its employees.
Nam Tai Electronics, Inc. is an 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 LCD modules for cellular phones and lithium ion
rechargeable battery packs. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website 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
expectation for future business from Kanda is uncertain and dependent upon many
factors including competitive pressures, technology developments, end user
demand, and manufacturing performance. Other factors that might cause
differences in this and the 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, 1999.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
SUITE 1790 - 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
CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
INVESTS IN MOBILE PHONE MANUFACTURER
VANCOUVER, CANADA September 11, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today
announced that it has made a strategic investment, acquiring a 5% indirect
shareholding in both TCL Mobile Communication (HK) Co., Ltd. and Huizhou TCL
Mobile Communication Co., Ltd. (collectively "TCL Mobile"). TCL Mobile is
engaged in manufacturing, distributing and trading of digital mobile telephones
and accessories in China as well as overseas markets. TCL Mobile, with operation
facilities in Hong Kong and Huizhou, China, is one of only 10 PRC companies
licensed to manufacture GSM cellular phones in China.
TCL Mobile currently purchases rechargeable battery packs from BPC (Shenzhen)
Co., Ltd - a joint venture company owned by Nam Tai and Toshiba Battery Co.,
Ltd. With this investment Nam Tai aims to strengthen its relationship with TCL
Mobile and develop new business relationships with other companies within the
TCL Group.
The TCL Group is controlled by TCL Holdings Corporation Ltd. ("TCL Holdings"), a
People's Republic of China state-owned enterprise that has extensive sales and
distribution channels in China. TCL Holdings' scope of business includes the
import and export of raw materials, the manufacturing and sale of telephones,
VCDs, television sets, household appliances, mobile phones and other
telecommunication products.
TCL Holdings also controls TCL International Holdings Limited ("TCL
International"), a Hong Kong publicly listed company (Hang Seng Index Code No.
1070). TCL International, with sales of US$800 million and pre tax profits of
US$73 million in financial year 1999 and a market capitalization of US$660
million, is engaged in the design, manufacture, assembly and sale of a wide
range of consumer electronic products and home appliances. TCL Holdings also
controls TCL Communication Equipment Share Co., Ltd. which is listed on the
Shenzhen, PRC Stock Exchange (Company Code 0542).
Nam Tai Electronics, Inc. is an 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 cellular phone LCD modules and lithium ion rechargeable
battery packs. It has also developed the ability to integrate MP3 functionality
into hand-held electronic products. 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 anisotropic conductive film ("ACF") heat seal
technology. Further information is available from Nam Tai's website 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 for future business from the TCL Group is uncertain and dependent
upon many factors including competitive pressures, end user demand, and currency
fluctuations. Other factors that might cause differences in these and the 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 year ended
December 31, 1999.
<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 8, 2000
