<PAGE>
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: February 28, 2000
February 22, 2000
February 14, 2000
January 31, 2000
December 22, 1999
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
Suite 4, 9/F, Tower 1
China Hong Kong City, 33 Canton Road
Tsim Sha Tsui, Kowloon
Hong Kong
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
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
NAM TAI ELECTRONICS, INC. ANNOUNCES JOINT VENTURE WITH TOSHIBA
VANCOUVER, CANADA February 28, 2000 - Nam Tai Electronics, Inc. (" Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced a joint
venture investment agreement between Nam Tai Electronic & Electrical Products
Limited, a wholly-owned subsidiary of the Company, and Toshiba Battery Co., Ltd.
("Toshiba Battery") for the establishment of BPC (Shenzhen) Co., Ltd. ("BPC"), a
wholly foreign owned enterprise in Shenzhen, the People's Republic of China
("PRC"). BPC will be located within Nam Tai's existing manufacturing complex
where it will produce and sell high-end, environmentally friendly, rechargeable
lithium ion battery packs for the large and expanding domestic market of the
PRC. Subject to receiving the necessary government approval, the Company is
planning to immediately set up the first two assembly lines with a May 2000
target date for commencement of production.
In November 1999 Nam Tai Electronics, Inc. announced the conclusion of a
Technical Collaboration Agreement with Toshiba Battery Co., Ltd. regarding
technology introduction from Toshiba Battery for designing and manufacturing the
battery packs. The related licensing fees for this technology will be passed on
to BPC.
"Nam Tai and Toshiba's close 20 year relationship is the foundation which made
the Technical Collaboration Agreement, and now this first joint venture
possible", commented Mr. Murakami, Nam Tai's Chairman. "We expect that with our
good management, and close co-ordination with Toshiba, this joint venture will
show a positive contribution to both Toshiba and our shareholders, setting a
precedent for future Nam Tai joint ventures with Toshiba and other world
renowned companies."
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 LCD modules and, in the near future,
rechargeable lithium ion battery packs which are used in cellular phones, laptop
computers, 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.
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 joint ventures is a forward looking statement the result
of which is uncertain and dependant upon many factors including the success of
this venture. 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, 1998.
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
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
NAM TAI ELECTRONICS, INC.
1999 SALES UP 42.7%, NET INCOME UP 234%, EPS $1.25 VS. $0.34
VANCOUVER, CANADA February 22, 2000 - Nam Tai Electronics, Inc. (" Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced unaudited year
end results. Net sales for the year ended December 31, 1999 increased by 42.7%
to a record high of $145.1 million from $101.6 million for 1998. Operating
income for the year ended December 31, 1999 decreased 4.8% to $8.0 million from
$8.4 million for 1998. Net income for the year ended December 31, 1999 increased
234% to $11.8 million from $3.5 million for 1998. Basic earnings per share for
the year ended December 31, 1999 were $1.26 compared to $0.34 for the prior year
period. Diluted earnings per share were $1.25 compared to $0.34 for the prior
year period.
Net sales for the fourth quarter of 1999 were $38.3 million, up 84% compared to
$20.9 million for the fourth quarter of 1998. Operating loss in the fourth
quarter of 1999 was $0.6 million compared to $0.8 million for the fourth quarter
1998. Net income in the fourth quarter of 1999 was $1.0 million, compared to a
loss of $7.7 million for the fourth quarter of 1998. Basic and diluted earnings
per share for the fourth quarter of 1999 were $0.11 versus a loss of $0.78 for
the fourth quarter of 1998.
The Company's gross profit margin was 12.5% for the fourth quarter 1999 versus
24.7% in the prior year period as a result of material shortages, material
quality problems, inventory write-offs, currency fluctuations, a shifting
product mix, continuing pricing pressure and problems with the Company's Chip on
Glass ("COG") production equipment leading to higher defect rates.
"By attaining additional orders in the fourth quarter, Nam Tai achieved record
sales for 1999 despite problems with our COG equipment, higher defect rates, and
material shortages", explained Mr. Murakami, Nam Tai's Chairman. "We are happy
that these difficulties, which caused a decline in our 4th quarter gross margin,
are now behind us. With these problems mostly resolved, margins should begin
improving in the first quarter 2000, with a further improvement and full
recovery by the second quarter. With expected improvements in gross margins, and
strong growth in sales, management is confident of achieving its sales and
profit targets for year 2000."
The Company has been trying its best to resolve technical difficulties with its
second line of COG equipment. The second line is supposed to operate at higher
specifications than the first line. Unfortunately, when operated at the higher
specification levels, the production defect rate exceeds the original quality
tolerance targets. The Company expects these problems to be totally solved by
May, in time to benefit from additional orders which will push the Company's COG
production to full capacity. In the interim, starting in March, this line will
manufacture products with the same specifications as the first COG line.
Following eleven consecutive profitable years since its initial public offering
in 1988, the Company continues to maintain a strong financial position, ending
1999 with $6.13 of cash per share and approximately $14.20 of net book value per
share, based on 8,840,823 shares outstanding as at December 31, 1999. The
Company, as at December 31, 1999, had a cash to current liabilities ratio of
1.6:1, a current ratio of 2.8:1, a total assets to total liabilities ratio of
4.8:1, no long term debt, and approximately $54.2 million of cash, $44.8 million
of which is in short term deposits in U.S. currency.
NAM TAI TELECOM
The Company's Korea Branch office is expanding its research and development team
to accelerate the development of new high-end product models including digitally
enhanced cordless telephones ("DECT"). Nam Tai also established a second
research and development team based out of the Company's Shenzhen manufacturing
facility, to continue developing 900 MHz analog products.
Market response to Nam Tai Telecom has been very positive with orders fully
booked up to the end of the second quarter, including the first orders to
produce over 170,000 units of Family Radio Systems for the U.S. market with
delivery requested in the months of April and May 2000.
"We are excited that we are successfully expanding and growing our
telecommunication business with new products and additional customers and we
have never lost any customers since entering this industry", commented Mr.
Murakami. "We expect that the business will continue experiencing successful
growth and we are planning to release further expansion details on March 20th
pending the obtaining of customer consent."
UPDATE ON INVESTMENT IN ALBATRONICS
The Company just received an invitation soliciting offers for the
rescue/restructuring of Albatronics (Far East) Company Limited ("Albatronics")
from Albatronics' liquidator. According to the invitation, such offers will
likely be subject to the consent and approval of the creditors, the Hong Kong
Stock Exchange and shareholders of Albatronics. The success of any
rescue/restructuring proposal is therefore necessarily dependant upon acceptance
from Nam Tai which is the majority shareholder of Albatronics. Nam Tai will
carefully consider the terms of the solicitation and any proposals, coordinating
with other creditors and the liquidator, with the objective of maximizing its
return from this $10 million investment which was fully written off in 1998. "We
have no liability at all", commented Mr. Murakami. "Nam Tai will act in its own
best interest in response to the Liquidator's rescue invitation attempting to
benefit from our majority shareholder position, as well as our position as a
creditor of Albatronics, with the possibility of recovering some investment
depending on the outcome of the restructuring."
Page 2 of 8
<PAGE>
In 1999 Nam Tai commenced legal proceedings against Albatronics seeking
compensation to recover its investment claiming damages for breach of
representations, warranties and undertakings. Nam Tai believes that its
investment in Albatronics should be treated as unsecured debt and share pro rata
in any distribution of liquidation proceeds.
DIVIDENDS
On January 17, 2000, the Company paid a quarterly dividend of $0.08 per share to
shareholders of record on December 31, 1999. The dividend for the first quarter
2000 was recently increased to $0.09 per share and will be paid on April 21 to
shareholders of record at the close of business on March 31, 2000.
ANNUAL SHAREHOLDERS MEETING
The Annual Shareholders Meeting of Nam Tai Electronics, Inc. has been set for
11:30 a.m. June 9, 2000 at the Peninsula Hotel, 700 5th Avenue at 55th Street,
New York, New York. Shareholders of record as of April 24, 2000 will be eligible
to vote at the meeting.
FOURTH QUARTER AND YEAR END RESULTS ANALYST CONFERENCE CALL
The Company will hold an analyst-only conference call today, Tuesday, February
22, 2000, at 10:30 a.m. Eastern Time for analysts to discuss the fourth quarter
and year end results with management. Shareholders, investors and other
interested individuals may listen to the live conference call by dialling
1-612-288-0337 just prior to the start time and registering 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 and various components including LCD modules and, in the near future,
rechargeable battery packs which are used in cellular phones, laptop computers,
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.
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 growth and improving margins are forward
looking statements the results of which are uncertain and dependant upon many
factors including end-user demand, competitive pressures, stable supply of
materials, technological obsolescence, changes in general economic conditions,
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, 1998.
Page 3 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 1999 AND 1998
(In Thousands of U.S. Dollars except share data)
<TABLE>
<CAPTION>
Three months ended Twelve months ended
December 31 December 31
1999 1998 1999 1998
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales ........................................... $ 38,283 $ 20,853 $ 145,054 $ 101,649
Cost of sales ....................................... 33,513 15,712 120,074 76,939
--------- --------- --------- ---------
Gross profit ........................................ 4,770 5,141 24,980 24,710
Costs and expenses
Selling, general and administrative expenses ...... 4,436 3,495 15,224 13,190
Research and development expenses ................. 886 853 2,624 1,691
Non-recurring (income) expense .................... - - (848) 1,445
--------- --------- --------- ---------
5,322 4,348 17,000 16,326
--------- --------- --------- ---------
Income from operations .............................. (552) 793 7,980 8,384
Net (loss) gain on disposal of property,
plant and Equipment ................................ (115) (9) 159 766
Write off / provision for impairment of
investment in an unconsolidated subsidiary ......... - (8,271) (1) (8,271)
Other (loss) income - net ........................... (472) 92 (876) (183)
Interest income ..................................... 839 1,735 3,330 5,047
--------- --------- --------- ---------
Income before income taxes .......................... (300) (5,660) 10,592 5,743
Income tax benefit (expense) ........................ 439 (869) 60 (1,040)
--------- --------- --------- ---------
139 (6,529) 10,652 4,703
Equity in income of an affiliated company
less amortization of goodwill ..................... 886 534 1,146 534
Equity in losses of an unconsolidated subsidiary .... - (1,708) - (1,708)
--------- --------- --------- ---------
Net income .......................................... $ 1,025 $ (7,703) $ 11,798 $ 3,529
========= ========= ========= =========
Net income per share
Basic ............................................ $ 0.11 $ (0.78) $ 1.26 $ 0.34
========= ========= ========= =========
Diluted .......................................... $ 0.11 $ (0.78) $ 1.25 $ 0.34
========= ========= ========= =========
Weighted average number of shares ('000')
Basic ............................................ 9,146 9,819 9,328 10,317
Diluted .......................................... 9,336 9,913 9,417 10,351
</TABLE>
Page 4 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT DECEMBER 31, 1999 AND DECEMBER 31, 1998
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Unaudited Audited
December 31 December 31
1999 1998
- -------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents .......................... $ 54,215 $ 71,215
Accounts receivable, net ........................... 24,283 16,138
Inventories ........................................ 10,901 4,355
Marketable securities .............................. - 513
Prepaid expenses and deposits ...................... 4,995 4,794
Income tax recoverable ............................. 42 -
--------- ---------
Total current assets ............................ 94,436 97,015
Investment in unconsolidated subsidiary .............. - 1
Investment in associated company ..................... 17,308 16,223
Property, plant and equipment, at cost ............... 65,076 48,117
Less: accumulated depreciation and amortization ...... (20,359) (15,672)
--------- ---------
44,717 32,445
Other assets ......................................... 1,447 1,544
Intangible assets .................................... 839 -
--------- ---------
Total assets .................................... $ 158,747 $ 147,228
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable ...................................... $ 6,949 $ 329
Accounts payable and accrued expenses .............. 25,504 18,377
Dividend payable ................................... 718 665
Income tax payable ................................. - 105
--------- ---------
Total current liabilities ........................ 33,171 19,476
Deferred tax liabilities ............................. 8 56
--------- ---------
Total Liabilities .................................... 33,179 19,532
Shareholders' equity:
Common shares ...................................... 88 98
Additional paid-in capital ......................... 80,870 80,044
Retained earnings .................................. 44,566 47,509
Accumulated other comprehensive income (note 1) .... 44 45
--------- ---------
Total shareholders' equity ....................... 125,568 127,696
Total liabilities and shareholders' equity ....... $ 158,747 $ 147,228
========= =========
</TABLE>
Page 5 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 1999 AND 1998
(In Thousands of U.S. Dollars)
<TABLE>
<CAPTION>
Three months ended Twelve months ended
December 31 December 31
1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income / (loss) .......................................... $ 1,025 $ (7,703) $ 11,798 $ 3,529
Adjustments to reconcile net income (loss) to net cash
Provided by operating activities:
Depreciation and amortization .............................. 1,838 1,042 5,669 4,258
Fair value of stock issued as compensation ................. - - 103 -
--------- --------- --------- ---------
Net loss (gain) on disposal of property,
Plant & equipment ......................................... 115 9 (159) (766)
Gain on disposal of long-term investment ................... - - - (1,299)
Unrealized loss on decline of market value of
Marketable securities ..................................... - 468 - 468
Loss on disposal of a subsidiary ........................... - - 290 -
Equity in income of affiliated company less
Dividend received and amortization of goodwill ............. (599) (404) (859) (404)
Equity in loss of an unconsolidated subsidiary ............. - 1,708 - 1,708
Write-off / provision for impairment of investment in an
unconsolidated subsidiary ................................. - 8,271 1 8,271
Changes in current assets and liabilities, net of effects of
acquisition and disposal:
Decrease (increase) in marketable securities ............... 96 (383) 287 (981)
(Increase) decrease in accounts receivable ................. (3,643) 247 (8,147) 824
(Increase) decrease in inventories ......................... (144) (425) (6,546) 5,483
Increase in prepaid expenses & deposits .................... (778) (125) (184) (1,006)
Increase (decrease) in notes payable ....................... 96 147 6,620 (1,485)
(Decrease) increase in accounts payable & accrued
expenses................................................... (6,839) 3,973 7,224 826
(Decrease) increase in income taxes payable ................ (468) 4 (195) (26)
--------- --------- --------- ---------
Total adjustments ............................................ (10,326) 14,532 4,104 15,871
--------- --------- --------- ---------
Net cash provided by operating activities .................... $ (9,301) $ 6,829 $ 15,902 $ 19,400
--------- --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash outflow on disposal of subsidiaries ................... $ (19) $ - $ (19) $ -
Purchase of interest in an affiliated company .............. - - - (15,819)
Purchase of interest in an Unconsolidated subsidiary........ - (9,980) - (9,980)
Purchase of property, plant & equipment .................... (2,708) (708) (17,888) (4,699)
Page 6 of 8
<PAGE>
Purchase of other assets ................................... (121) (40) (53) (53)
Proceeds from disposal of long-term investments ............ - - - 2,132
--------- --------- --------- ---------
Proceeds from disposal of property,
Plant & equipment ......................................... 1 (2) 322 1,197
Acquisition of business .................................... 23 - (951) -
--------- --------- --------- ---------
Net cash used in investing activities ........................ $ (2,824) $ (10,730) $ (18,589) $ (27,222)
--------- --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program ..................................... $ (6,049) $ (620) $ (10,260) $ (21,255)
Dividend paid .............................................. (716) (675) (2,889) (2,141)
Additional shares issued on exercise of options ............ 388 - 394 -
Redemption of shares ....................................... - - (1,549) -
--------- --------- --------- ---------
Net cash used in financing activities ........................ $ (6,377) $ (1,295) $ (14,304) $ (23,396)
--------- --------- --------- ---------
Foreign currency translation adjustments ..................... (1) (11) (9) 22
--------- --------- --------- ---------
Net decrease in cash and cash equivalents .................... (18,503) (5,207) (17,000) (31,196)
--------- --------- --------- ---------
Cash and cash equivalents at beginning of period ............. 72,718 76,422 71,215 102,411
========= ========= ========= =========
Cash and cash equivalents at end of period ................... $ 54,215 $ 71,215 $ 54,215 $ 71,215
========= ========= ========= =========
</TABLE>
Page 7 of 8
<PAGE>
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE PERIODS ENDED DECEMBER 31, 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
$11,797 and $3,544 for the twelve months ended December 31, 1999 and
December 31, 1998, respectively.
2. Certain comparative items have been reclassified to agree to the
presentation in the 1998 audited financial statements. In year to date
1999, a part of the amortization of advisor's warrant amounting to $264 has
been reclassified to general administrative expense from other expense.
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 Twelve months ended
December 31 December 31
1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net sales from operations within:
-Hong Kong
Unaffiliated customers ...... $ 37,589 $ 20,228 $ 142,347 $ 100,081
-PRC, excluding Hong Kong:
Unaffiliated customers ...... 694 625 2,707 1,568
Intersegment sales ......... 39,452 18,741 136,648 93,556
-Intersegment eliminations ....... (39,452) (18,741) (136,648) (93,556)
--------- --------- --------- ---------
Total net sales ...... $ 38,283 $ 20,853 $ 145,054 $ 101,649
========= ========== ======== =========
Income (loss) from operations within:
-PRC, excluding Hong Kong ........ $ 954 $ 143 $ 7,341 $ 7,272
-Hong Kong ....................... 71 (7,299) 4,457 (4,122)
-North America ................... - (547) - 379
--------- ---------- -------- ---------
Total net income ..... $ 1,025 $ (7,703) $ 11,798 $ 3,529
========= ========== ======== =========
As at As at
Dec. 31, 1999 Dec. 31, 1998
- ----------------------------------------------------------------------------------
Identifiable assets by geographic area:
-PRC, excluding Hong Kong ..................... $ 56,003 $ 42,690
-Hong Kong .................................... 102,744 85,419
-North America ................................ - 19,119
--------- ----------
Total Assets ....................... $158,747 $147,228
======== ========
</TABLE>
<PAGE>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
SUITE 1790 - 999 WEST HASTINGS STREET
VANCOUVER, B.C. CANADA V6C 2W2
TEL: (604) 669-7800 FAX: (604) 669-7816
TOLL FREE TEL & FAX: 1-800-661-8831
E-MAIL: [email protected]
WEB SITE: www.namtai.com
NAM TAI ELECTRONICS, INC.
-- GROUP SENSE SHARE PRICE INCREASES SHARPLY --
VANCOUVER, CANADA February 14, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today commented on this year's
65% increase in the share price of Group Sense (International) Ltd. ("Group
Sense"), a Hong Kong publicly listed company (Hang Seng company # 601) which is
20% owned by Nam Tai. Group Sense's share price started increasing significantly
reaching HK$ 1.06 at Friday's close, up from HK$0.64 at the 1999 year end. Nam
Tai invested approximately $16.5 million in May 1998 acquiring almost 205
million Group Sense common shares at an average price of approximately $HK0.63.
"While the appreciating market value of our strategic investment in Group Sense
is a positive development, this is a long term investment, and we have no
intention at this moment to consider liquidating our position in the market",
commented Mr. Murakami, Nam Tai's Chairman. "Group Sense is a strong business,
with an excellent reputation in the design, manufacture and sale of a range of
high technology products. We believe that its strong business fundamentals,
combined with the recent boom in the Hong Kong Stock Market, particularly for
network and high technology companies, are factors influencing the recent
increase in its share price. We invested in Group Sense with a view of
developing a strategic alliance to promote the future growth and success for
both entities. The recent share appreciation is proof of the success of this
long term investment. Our companies continue to strengthen this relationship,
meeting frequently to discuss how we can co-ordinate to support each other to
create new business providing mutual benefits."
The investment in Group Sense's common shares is accounted for under the equity
method of accounting. Accordingly, any appreciation in the market value of Group
Sense's common shares has no impact on Nam Tai's financial statements until the
disposition of the shares.
FOURTH QUARTER RESULTS RELEASE DATE SCHEDULED FOR FEBRUARY 22, 2000
The Company will release its unaudited fourth quarter results for the period
ended December 31, 1999 before the market opens on February 22, 2000. An
analyst-only conference call will follow at 10:30 a.m. Eastern Time for analysts
to discuss the fourth quarter results with management. Analysts who wish to
receive the dial-in number for this conference call should contact the Investor
Relations Office at 1-800-661-8831 before Friday, February 18, 2000 at 6:00 p.m.
Eastern Time.
Shareholders, investors and other interested individuals may listen to the live
conference call by dialling 1-612-288-0337 just prior to the start time and
registering 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 and various components including LCD modules and 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>
NEWS RELEASE
NAM TAI ELECTRONICS, INC.
REPRESENTED BY: PAN PACIFIC I.R. LTD.
CONTACT: WENDY WISEMAN
INVESTOR RELATIONS ASSOCIATE
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
NAM TAI ELECTRONICS, INC. RAISES ANNUAL DIVIDEND to $0.36 from $0.32
-- DIVIDENDS OF $0.09 TO BE PAID QUARTERLY --
VANCOUVER, CANADA January 31, 2000 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced that for the
seventh consecutive year it is increasing its dividend. The annual dividend will
increase to $0.36 per share for 2000 up from $0.32 per share in 1999. The
Company will pay quarterly dividends of $0.09 per share commencing with the
first quarter dividend to be paid on or before April 21, 2000 to shareholders of
record at the close of business on March 31, 2000.
Previously, the Company declared annual dividends of $0.01, $0.015, $0.03,
$0.10, $0.28, and $0.32 per share in 1994, 1995, 1996, 1997, 1998, and 1999
respectively.
"We are pleased with Nam Tai's growth in 1999, particularly our success in
developing our telecommunication business. The increase in the dividend is
intended to show our confidence for continued growth in 2000," announced Mr.
Tadao Murakami, Nam Tai's Chairman.
REPURCHASE PROGRAM UPDATE
To date, the Company has repurchased 2,292,800 common shares at an average price
of $13.78. Under the Company's repurchase program up to 3,000,000 common shares
may be repurchased in the open market, from time to time, at prevailing market
prices in accordance with SEC Rule 10b-18, unless extended or shortened by the
Board of Directors.
FACTORY EXPANSION PROGRESS
The Company has already signed a contract appointing an architectural firm in
Hong Kong, engaging their services to carry out all architectural design and
project management for the Company's new factory project. The new factory will
be a five-storied electronics factory building within the Company's existing
manufacturing complex. Two floors will be used as an electronics workshop, one
floor as a bonding workshop which will include a clean room for Chip on Glass
production, one floor will be used as an engineering office, and the remaining
floor will be used as storage and workshop space. The total floor area upon
completion will be approximately 118,000 square feet. Completion is expected in
early 2001.
FOURTH QUARTER RESULTS RELEASE DATE SET FOR FEBRUARY 22, 2000
The Company will release its unaudited fourth quarter results for the period
ended December 31, 1999 before the market opens on February 22, 2000. An
analyst-only conference call will follow at 10:30 a.m. Eastern Time for analysts
to discuss the fourth quarter results with management. Analysts who wish to
receive the dial-in number for this conference call should contact the Investor
Relations Office at 1-800-661-8831 before Friday, February 18, 2000 at 6:00 p.m.
Eastern Time.
Shareholders, investors and other interested individuals may listen to the live
conference call by dialling 1-612-288-0337 just prior to the start time and
registering 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 and various components including LCD modules and 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
confidence for growth in 2000 and the expected date for completing the new
factory are forward looking statements the results of which are uncertain and
dependant upon many factors including possible changes in customer orders,
increased competition, production difficulties, currency fluctuations, 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 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
NAM TAI ELECTRONICS, INC. ANNOUNCES NEW CUSTOMER
VANCOUVER, CANADA December 22, 1999 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NASDAQ/NM Symbol: NTAI and NTAIW) today announced a new
customer, Asahi Corporation, a subsidiary of Casio Computer Co., Ltd. Asahi
markets audio, telecommunication and electronic toys to the world-wide market.
Commencing January 2000, Nam Tai will produce cordless phones for Asahi that
will be marketed under the brand name Casio. "Nam Tai is excited that it has
further diversified its customer base for its telecommunication products",
explained Mr. Murakami, Nam Tai's Chairman. "We expect this new business will
contribute to 2000 sales and hope our close co-operation will foster a long-term
relationship that will include additional products in the future."
REPURCHASE PROGRAM EXTENDED
The Nam Tai Board of Directors approved an extension of the share repurchase
program to June 30, 2000. Under the repurchase program the Company may
repurchase up to 3,000,000 common shares in the open market, from time to time,
at prevailing market prices in accordance with SEC Rule 10b-18, unless extended
or shortened. To date, the Company has repurchased 2,128,200 common shares at an
average price of $12.67.
FOURTH QUARTER DIVIDEND
The Company will pay its fourth quarter dividend of $0.08 per share on or before
January 17, 2000 to shareholders of record as of December 31, 1999.
FOURTH QUARTER RESULTS RELEASE DATE SET FOR FEBRUARY 22, 1999
The Company will release its unaudited fourth quarter results for the period
ending December 31, 1999 before the market opens on February 22, 2000.
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 LCD modules and 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 for additional future products is a forward looking statement the
result of which is uncertain and dependant upon many factors including increased
competition, end customer demand, and changes in the general economic climate.
Other factors that might cause differences in this and other 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 8 of 8
<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
Chairman
Date: March 2, 2000
