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 August 21, 2000
August 14, 2000
July 24, 2000
July 11, 2000
June 19, 2000
June 05, 2000
June 02, 2000
May 11, 2000
May 09, 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. POSTS RECORD SALES IN JULY
VANCOUVER, CANADA August 21, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
that in July it achieved a new all time monthly sales record of $20.6 million a
63% increase over sales of $12.6 million for July 1999. July is typically the
strongest month within the third quarter due to the seasonality impact of the
back-to-school product categories.
By diversifying into new business areas, particularly advanced cellular phone
LCD modules, Nam Tai has succeeded in achieving strong sales growth of 54% over
the latest twelve months. This achievement is even more impressive considering
that the company's production output has been materially constrained by the
industry wide component shortage.
Higher component costs resulting from the industry wide component shortage and a
shifting product mix have lowered the company's gross profit margins over the
last year. To lessen the impact of the component shortage, Nam Tai has
strengthened its procurement department and increased inventory of safety stock.
Additionally, its research and development team is working with customers to
design in new components that are more readily available. As a result of these
measures the company expects to see some improvement in its gross profit margin
going forward.
By diversifying into cellular phone LCD modules and rechargeable battery packs
Nam Tai has gained significant sales growth at lower gross profit margin. The
company's gross profit margin of 14.9% in the second quarter is still above the
industry average and the company expects that the increased sales, even with
lower gross profit margins, will translate into increased profits and earnings
per share.
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. 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 small improvements in its gross profit margin and increased
earnings are dependent upon many factors including component costs, competitive
pressure, 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 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. Q2 SALES UP 20%, EPS $0.41 VS. $0.51
VANCOUVER, CANADA August 14, 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 second quarter ended June 30, 2000. Net sales for the
second quarter of 2000 were a record $50.5 million, boosted by strong component
assembly sales particularly for advanced cellular phone LCD modules utilizing
the Chip on Glass process. This represents an increase of 20% compared to sales
of $42.1 million for the second quarter of 1999. Operating income for the second
quarter of 2000 decreased 29% to $2.6 million ($0.29 per share) compared to 1999
second quarter operating income of $3.6 million ($0.39 per share). Net income
for the second quarter of 2000 decreased 23% to $3.6 million compared to $4.7
million in the second quarter of 1999. Basic and diluted earnings per share for
the second quarter of 2000 were $0.41 and $0.40, versus $0.51 for both in the
second quarter of 1999.
Net sales for the six months ended June 30, 2000 increased by 37% to $95.1
million from $69.2 million for the first six months of 1999. Operating income
for the first six months of 2000 decreased 13% to $5.1 million ($0.57 per share)
from $5.9 million ($0.62 per share) for the first six months of 1999. Net income
for the six months of 2000 was $18.2 million, which includes other income of
$11.4 million. This compares to net income of $7.5 million for the first six
months of 1999. Basic and diluted earnings per share for the first six months of
2000 were $2.05 and $2.00 compared to $0.79 for both in the first six months of
1999.
The Company continues to maintain a strong financial position, ending the second
quarter of 2000 with $7.53 of cash per share and approximately $15.17 of net
book value per share, based on 8,873,323 shares outstanding as at June 30, 2000.
The Company, as at June 30, 2000, had a cash to current liabilities ratio of
1.7:1, a current ratio of 3.3:1, a total assets to total liabilities ratio of
4.4:1, no long term debt, and approximately $66.8 million of cash and term
deposits.
The Company's gross profit margin in the second quarter of 2000 was 14.9% versus
20.5% in the prior year period. The decline in the gross profit margin is
attributed to a number of factors including increased material costs due to the
industry wide component shortages, a shift in the sales mix towards advanced
cellular phone LCD modules, start-up expenses for BPC Battery Ltd., and the sale
of all of the remaining excess cordless phone inventory at below cost.
Selling, general and administrative expenses in the second quarter of 2000
decreased to 7.9% of sales versus 10.5% in the prior year period as the Company
reduced total SG&A costs by $410,000 while supporting an additional 20% in
sales.
DIVIDENDS
On July 21, 2000 the Company paid a quarterly dividend of $0.09 per share to
shareholders of record on June 30, 2000. The record date for the third quarter
dividend of $0.09 per share is September 30, 2000 and the payment date is
October 21, 2000.
SECOND QUARTER RESULTS ANALYST CONFERENCE CALL
The Company will hold an analysts-only conference call today, Monday, August 14,
2000, at 10:30 a.m. Eastern Time for analysts to discuss the second quarter
results with management. Shareholders, investors and other interested
individuals are invited to listen to the live conference call by dialing
(612)-332-0523 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 which are used in cellular phones. It has also
developed the ability to integrate MP3 functionality into hand-held electronic
products. 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
anisotropic conductive film ("ACF") heat seal technology. Further information is
available from Nam Tai's web-site at www.namtai.com.
Page 1 of 5
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED JUNE 30, 2000 AND 1999
(In Thousands of US Dollars except share data)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30 June 30
2000 1999 2000 1999
------------------------------------------------ -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Net sales $ 50,540 $ 42,136 $ 95,132 $ 69,211
Cost of sales 43,024 33,513 80,743 54,618
-------------- --------------- -------------- ---------------
Gross profit 7,516 8,623 14,389 14,593
Costs and expenses
Selling, general and administrative expenses 3,993 4,403 7,583 7,666
Research and development expenses 949 589 1,723 1,067
-------------- --------------- -------------- ---------------
4,942 4,992 9,306 8,733
-------------- --------------- -------------- ---------------
Income from operations 2,574 3,631 5,083 5,860
Net gain (loss) on disposal of property,
plant and equipment (27) 302 313 302
Other income (loss) - net 230 (84) 11,432 (237)
Interest income 1,082 779 1,702 1,586
-------------- --------------- -------------- ---------------
Income before income taxes 3,859 4,628 18,530 7,511
Income tax expense (227) (205) (324) (280)
Minority interest 13 - 13 -
-------------- --------------- -------------- ---------------
3,645 4,423 18,219 7,231
Share of results of associated company (31) 260 (31) 260
-------------- --------------- -------------- ---------------
Net income $ 3,614 $ 4,683 $ 18,188 $ 7,491
============== =============== ============== ===============
Net income per share
Basic $ 0.41 $ 0.51 $ 2.05 $ 0.79
============== =============== ============== ===============
Diluted $ 0.40 $ 0.51 $ 2.00 $ 0.79
============== =============== ============== ===============
Weighted average number of shares ('000')
Basic 8,848 9,252 8,854 9,454
Diluted 9,108 9,252 9,106 9,465
Page 2 of 5
</TABLE>
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NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT JUNE 30, 2000 AND DECEMBER 31, 1999
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Unaudited Audited
June 30 December 31
2000 1999
-----------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 66,770 $ 54,215
Accounts receivable, net 36,143 24,283
Inventories 18,262 10,901
Marketable securities 3,807 -
Prepaid expenses and deposits 2,813 2,967
Income tax recoverable 1,772 2,070
-----------------------------------
Total current assets 129,567 94,436
Investment in an associated company 177 17,308
Property, plant and equipment, at cost 66,009 65,076
Less: accumulated depreciation and amortization (23,598) (20,359)
-----------------------------------
42,411 44,717
Other assets 1,286 1,447
Intangible assets 894 839
-----------------------------------
Total assets $ 174,335 $ 158,747
===================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 38,520 $ 25,504
Notes payable - 6,949
Dividend payable 799 718
Income taxes payable 205 -
-----------------------------------
Total current liabilities 39,524 33,171
Deferred tax liabilities 8 8
Minority interest 186 -
-----------------------------------
Total liabilities 39,718 33,179
Shareholders' equity:
Common shares 89 88
Additional paid-in capital 81,431 80,870
Accumulated other comprehensive income (Note 1) 878 44
Retained earnings 52,219 44,566
-----------------------------------
Total shareholders' equity 134,617 125,568
Total liabilities and shareholders' equity $ 174,335 $ 158,747
===================================
Page 3 of 5
</TABLE>
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE PERIODS ENDED JUNE 30, 2000 AND 1999
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30 June 30
2000 1999 2000 1999
-------------------------------------------------------- -------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 3,614 $ 4,683 $ 18,188 $ 7,491
Adjustments to reconcile net income to net cash
provide by (used in) operating activities:
Depreciation and amortization 1,808 1,294 3,615 2,535
Fair value of stock issued as compensation - - 135 -
Net loss (gain) on disposal of property, 28 (300) (312) (294)
plant and equipment
Gain on disposal of marketable securities - - (10,783) -
Gain on disposal of shares in an associated company - - (1,346) -
Equity in income of an associated company 31 (260) 31 (260)
Loss on disposal of a subsidiary - 290 - 290
Minority interest (13) - (13) -
Deferred income taxes - 1 - 1
Decrease in other assets 159 - 159 -
Changes in current assets and liabilities, net of
effects of acquisition and disposal:
Decrease in marketable securities - 198 - 441
Increase in accounts receivable (3,223) (4,056) (11,860) (9,236)
Increase in inventories (6,623) (1,004) (7,361) (3,137)
Decrease in income tax recoverable 339 - 298 -
(Increase) decrease in prepaid expenses and deposits (419) (2,379) 154 (2,009)
(Decrease) increase in notes payable (42) 5,789 (6,949) 7,288
Increase in accounts payable and accrued expenses 6,730 8,330 13,016 13,309
Increase in income taxes payable 108 200 205 172
-------------- --------------- --------------- --------------
Total adjustments (1,117) 8,103 (21,011) 9,100
-------------- --------------- --------------- --------------
Net cash provided by (used in) operating activities $ 2,497 $ 12,786 $ (2,823) $ 16,591
-------------- --------------- --------------- --------------
CASH FLOWS FROM INVESTING ACTIVITIES
Disposal of property, plant and equipment $ - $ 320 $ 376 $ 320
Purchase of property, plant and equipment (915) (4,570) (1,296) (5,206)
Disposal of marketable securities - - 22,588 -
Disposal of shares of an associated company - - 3,875 -
Purchase of other assets - 80 - 74
Investment in an associated company - (322) (207) (322)
-------------- --------------- --------------- --------------
Net cash (used in) provided by investing activities $ (915) $ (4,492) $ 25,336 $ (5,134)
-------------- --------------- --------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Short term bank loan $ (121) $ - $ - $ -
Share buy-back program - (341) (73) (4,211)
Redemption of shares - - - (1,550)
Additional shares issued on exercise of options 190 - 295 -
Contribution by minority interest - - 200 -
Dividend paid (9,663) (743) (10,381) (1,431)
-------------- --------------- --------------- --------------
Net cash used in financing activities $ (9,594) $ (1,084) $ (9,959) $ (7,192)
-------------- --------------- --------------- --------------
Foreign currency translation adjustments (1) (4) 1 (9)
-------------- --------------- --------------- --------------
Net (decrease) increase in cash and cash equivalents (8,013) 7,206 12,555 4,256
-------------- --------------- --------------- --------------
Cash and cash equivalents at beginning of period 74,783 68,265 54,215 71,215
-------------- --------------- --------------- --------------
Cash and cash equivalents at end of period $ 66,770 $ 75,471 $ 66,770 $ 75,471
============== =============== =============== ==============
Page 4 of 5
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED JUNE 30, 2000 AND 1999
(In Thousands of U.S. Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments and unrealised gain on marketable securities. The
comprehensive income of the Company was $19,022 and $7,490 for the six
months ended June 30, 2000 and June 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 (loss) from operations and identifiable assets by geographic
areas is as follows:
<S> <C> <C> <C> <C>
Three months ended Six months ended
June 30 June 30
2000 1999 2000 1999
------------------------------------------ --------------- --------------- --------------- --------------
NET SALES FROM OPERATIONS WITHIN:
- Hong Kong:
Unaffiliated customers $ 49,557 $ 41,408 $ 93,114 $ 67,907
- PRC, excluding Hong Kong:
Unaffiliated customers 983 728 2,018 1,304
Intersegment sales 48,233 38,444 90,217 63,029
- Intersegment eliminations (48,233) (38,444) (90,217) (63,029)
--------------- --------------- --------------- --------------
Total net sales $ 50,540 $ 42,136 $ 95,132 $ 69,211
=============== =============== =============== ==============
INCOME (LOSS) FROM OPERATIONS WITHIN:
- PRC, excluding Hong Kong $ 1,588 $ 2,662 $ 3,605 $ 4,747
- Hong Kong 2,026 2,535 14,583 3,980
- North America - (514) - (1,236)
--------------- --------------- --------------- --------------
Total net income $ 3,614 $ 4,683 $ 18,188 $ 7,491
=============== =============== =============== ==============
As at As at
June 30, 1999 Dec 31, 1999
------------------------------------------ --------------- ---------------
IDENTIFIABLE ASSETS BY GEOGRAPHIC AREA:
- PRC, excluding Hong Kong $ 62,289 $ 55,962
- Hong Kong 112,046 102,785
--------------- ---------------
Total assets $ 174,335 $ 158,747
=============== ===============
Page 5 of 5
</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. TO RELEASE Q2 RESULTS ON AUGUST 14
VANCOUVER, CANADA July 24, 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 second quarter results for the period ended June 30, 2000
before the market opens on Monday, August 14, 2000.
The Company will hold an analysts-only conference call on Monday, August 14,
2000 @ 10:30 a.m. Eastern Time for analysts to discuss the second quarter
results with management. Analysts who wish to receive the dial-in number for
this conference call are invited to contact the Investor Relations Office at
1-800-661-8831 no later than Friday, August 11, 2000 @ 6:00 p.m. Eastern Time.
Shareholders, media, and interested investors are invited to listen to the live
conference call by dialing (612)-332-0523 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 PCs, personal digital
assistants, linguistic products, calculators, smart card readers and various
components including LCD modules for cellular phones and lithium ion
rechargeable battery packs which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
<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.
CONTINUES EXPANSION OF CELLULAR PHONE BATTERY PACK PRODUCTION
VANCOUVER, CANADA July 11, 2000 - Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced,
for the second time in less than 6 months, plans to expand its production
capacity for lithium ion rechargeable battery packs for cellular phones.
The Company initially planned to set up one production line, but in response to
strong market demand it smoothly installed two production lines in June. In
light of continued strong market demand for cellular phones, the Company and its
joint venture partner Toshiba Battery have decided to add an additional five
production lines within the coming two months, increasing the total number of
production lines from two lines to seven lines within this year.
Based on the new forecast demands, the Company expects to increase its
production capabilities again to between 12 and 20 production lines before the
end of 2001.
The Battery Packs are being produced by BPC (Shenzhen) Co., Ltd. ("BPC"), a
joint venture between Nam Tai Electronic & Electrical Products Limited, a
wholly-owned subsidiary of the Company, and Toshiba Battery Co., Ltd. ("Toshiba
Battery"). BPC's production is located within Nam Tai's existing manufacturing
complex with the products being sold through Toshiba's sales channels to the
world's leading cellular phone makers including famous Japanese and European
brands. The Company has also received government approval to sell its products
in China's growing domestic market.
NEW CORPORATE VIDEO
Nam Tai has recently completed its new corporate video. Please call
1-800-661-8831 or e-mail [email protected] to obtain a free VHS copy. The
video can also be viewed on the Company's website at www.namtai.com.
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 which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. For example, the Company
plans to expand the number of production lines in year 2000 and 2001 are
forward-looking statements the outcome of which is uncertain and dependant upon
many factors including continued strong end user demand and smooth installation
of production equipment. 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.
NAM TAI EMPLOYEE APPOINTED AS DEPUTY OF SHENZHEN MUNICIPAL PEOPLE'S CONGRESS
VANCOUVER, CANADA June 19, 2000 - Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
that Mr. Wang Xi Quan, Supervisor of the Total Quality Control Department and
representative of the Nam Tai factory employees was appointed as Deputy of
Shenzhen Municipal People's Congress. Mr. Wang joined Nam Tai in 1994 and his
appointment to such an honored position reflects Nam Tai's strong relationships
and influence in China.
The appointment of Mr. Wang to this position is of great assistance to Nam Tai,
enhancing its relationships and representation with the senior leaders in
Shenzhen and providing important information and feedback regarding business
practices of other companies in the region. Furthermore, Mr. Wang can provide
Nam Tai with an earlier understanding of government policies and directions as
well as information regarding foreign investment activity.
PETER R. KELLOGG ELECTED AS NEW DIRECTOR AT ANNUAL SHAREHOLDERS MEETING
The Company's Annual Shareholders Meeting was held in New York on June 9, 2000.
Over 99% of shareholders voting in person or by proxy voted in favour of the
election of the six director nominees, and in favour of a proposal approving the
selection of Deloitte Touche Tohmatsu as the independent accountants of the
Company for the year ending December 31, 2000.
The Company is pleased to welcome Mr. Peter R. Kellogg as the newest member of
Nam Tai's board of directors. Mr. Kellogg, age 57, is Senior Managing Director
of Spear, Leeds & Kellogg ("SLK"), a registered broker-dealer of all major U.S.
securities exchanges. SLK is the largest specialist firm on the floors of the
New York and American Stock Exchanges. SLK is also an industry leader in NASDAQ
market-making for over 85 years.
DIVIDEND ANNOUNCEMENT
The second quarter dividend of $0.09 per share will be paid on July 21, 2000 to
shareholders of record at the close of business on June 30, 2000. Also, as
previously announced on May 9, 2000, a special dividend of $1.00 per share, will
be paid on June 21, 2000 to shareholders of record at the close of business on
May 31, 2000.
NEW CORPORATE VIDEO
Nam Tai has recently completed its new corporate video. Please call
1-800-661-8831 to obtain a free VHS copy. The video can also be viewed or
ordered on the Company's website at www.namtai.com.
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 which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
<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.
COMMENCES CELLULAR PHONE BATTERY PACK PRODUCTION
VANCOUVER, CANADA June 5, 2000 - Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
the successful completion of a pilot production run for its new line of lithium
ion rechargeable battery packs for cellular phones. Mass production will be
ramping up over the next month on its two new production lines.
The Battery Packs are being produced by BPC (Shenzhen) Co., Ltd. ("BPC"), a
joint venture between Nam Tai Electronic & Electrical Products Limited, a
wholly-owned subsidiary of the Company, and Toshiba Battery Co., Ltd. ("Toshiba
Battery"). BPC's production is located within Nam Tai's existing manufacturing
complex with the products being sold through Toshiba's sales channels to the
world's leading cellular phone makers including famous Japanese and European
brands. The Company has also received government approval to sell its products
in China's growing domestic market.
DIVIDEND ANNOUNCEMENT
The second quarter dividend of $0.09 per share will be paid on July 21, 2000 to
shareholders of record at the close of business on June 30, 2000. Also, as
previously announced on May 9, 2000, a special dividend of $1.00 per share, will
be paid on June 21, 2000 to shareholders of record at the close of business on
May 31, 2000.
NEW CORPORATE VIDEO
Nam Tai has recently completed its new corporate video. Please call
1-800-661-8831 to obtain a free VHS copy. The video can also be viewed on the
Company's website at www.namtai.com.
ANNUAL SHAREHOLDERS MEETING
The Annual Shareholders Meeting of Nam Tai Electronics, Inc. is scheduled for
11:30 a.m. June 9, 2000 at the Peninsula Hotel, 700 5th Avenue at 55th
Street, New York, New York.
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 which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
<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.
APPOINTS CHIEF OPERATING OFFICER OF NORTH AMERICA
VANCOUVER, CANADA June 2, 2000 - Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
it has further strengthened its multinational management team with the
appointment of Joe Fox as Chief Operating Officer of North America. Mr. Fox was
formerly a Vice President of Texas Instruments Inc. where he was a member of the
Strategic Leadership team of the Educational and Productivity Solutions
business. In addition he was responsible for the successful transition from
internal manufacturing to 100% outsourcing. He brings experience and
understanding of the transition process a OEM customer goes through to select a
strategic outsourcing partner. Mr. Fox was also responsible for new product
designs, manufacturing process development, quality and reliability management,
worldwide procurement, logistics, warehousing, and support to geographic market
expansion efforts.
As Chief Operating Officer of North America, Mr. Fox will support Nam Tai's
operations within North America including business development, establishing
operating and R&D facilities, and representing the company for investor
relations. In addition he will be working closely with the entire management
team to identify and implement business process best practices.
NEW CORPORATE VIDEO
Nam Tai has recently completed its new corporate video. Please call
1-800-661-8831 to obtain a free VHS copy. The video can also be viewed on the
Company's website at www.namtai.com.
ANNUAL SHAREHOLDERS MEETING
The Annual Shareholders Meeting of Nam Tai Electronics, Inc. is scheduled for
11:30 a.m. June 9, 2000 at the Peninsula Hotel, 700 5th Avenue at 55th
Street, New York, New York.
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 which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
<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.
PETER R. KELLOGG ACCEPTS DIRECTOR NOMINATION
VANCOUVER, CANADA May 11, 2000 - Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced
that Mr. Peter R. Kellogg accepted an invitation from the board of directors of
Nam Tai to allow his name to stand as a nominee for a directorship position at
the annual shareholder meeting on June 9, 2000.
Mr. Kellogg, age 57, is Senior Managing Director of Spear, Leeds & Kellogg
("SLK"), a registered broker-dealer of all major U.S. securities exchanges. SLK
is the largest specialist firm on the floors of the New York and American Stock
Exchanges. SLK is also an industry leader in NASDAQ market-making for over 85
years.
Mr. Kellogg is the first individual investor since the Company's 1988
initial public offering to acquire an investment position in the Company of over
10%. Mr. Kellogg holds directly 152,600 common shares and 1,000,000 common
shares indirectly through I.A.T. Reinsurance Syndicate Ltd., a Corporation of
which Mr. Kellogg is the sole shareholder of voting stock. Mr. Kellogg disclaims
beneficial ownership of these shares.
The board of directors of the Company and the senior management team are excited
that Mr. Kellogg has accepted their directorship nomination invitation. All
directors and senior managers, including the founding and largest shareholder
Mr. Koo, have indicated that they will be voting their shares to elect Mr.
Kellogg. The Company believes that Mr. Kellogg can make a great contribution and
is encouraging all shareholders to support his nomination.
Nam Tai's Annual Meeting of Shareholders will be held at 11:30 a.m. on June 9,
2000 at the Peninsula Hotel, 700 5th Avenue at 55th Street, New York, New York.
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 which are used in cellular phones, laptop computers,
electronic toys and household appliances. 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.
<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: September 4, 2000
