Company Meets Q 4 Revenue , Misses Gross Margin and EPS Company Guidance Due to an Additional Inventory Write-down
Provides First Quarter 2017 Guidance Revenue to Decrease 18.0% to 25.0% Sequentially, Gross Margin to be Around 23.0% to 24.0 % , and GAAP EPS to be 0.5 to 2.0 Cents
Company Accelerates WLO Capacity Expansion in First Half 2017 to Meet Strong Customer Demand
- Net revenue for the fourth quarter of 2016 decreased 6. 7 % sequentially to $203.4 million, in line with the Company’s guidance .
- Compared to the previous quarter, large-sized panel driver sales decreased 6.0%, s mall and medium-sized panel driver sales increased by 0.4% and n on-driver sales decreased 22.9%.
- In the fourth quarter of 2016, small and medium-sized panel driver revenue increased 21. 8%, l arge-sized panel driver revenue increased 9.0%, and n on-driver sales increased 6.0 %, when compared to the fourth quarter of 2015 .
- Gross margin for t he fourth quarter of 2016 was 19.1%, down 650 bps sequentially and 380 bps year-over-year due to an additional inventory write-down.
- Q4 2016 GA A P net income was $ 4.4 million , or 2.6 cents per diluted ADS , versus GAAP net income of $13.6 million, or 7.9 cents per diluted ADS, in the third quarter of 2016. Excluding the additional inventory write-down, GAAP net income would have been $14.8 million, or 8.6 cents per diluted ADS.
- Q4 2016 Non- GA A P net income was $4. 8 million , or 2.8 cents per diluted ADS , versus Non-GAAP net income of $21.3 million, or 12.4 cents per diluted ADS, in the third quarter of 2016. Excluding the additional inventory write-down, Non-GAAP net income would have been $15.1 million, or 8.8 cents per diluted ADS.
- FY 201 6 revenues in creased 16.1 % year-over-year and gross margin came in at 2 4.2 %. FY 201 6 GAAP net income was 29.5 cents per diluted ADS .
- Company remains positive on its 2017 and long term business outlook.
- Company have proceeded with the expansion plan for next generation LCOS and WLO product lines in 2017.
TAINAN, Taiwan, Feb. 16, 2017 (GLOBE NEWSWIRE) -- Himax Technologies, Inc. (Nasdaq:HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year ended December 31, 2016.
SUMMARY FINANCIALS
| Fourth Quarter 2016 Results Compared to Fourth Quarter 2015 Results (USD in millions ) (unaudited) | ||||||||||
|
Q4
2016
| Q4 2015 | CHANGE | ||||||||
| Net Revenue | $ | 203.4 | $ | 178.0 | +14.3 | % | ||||
| Gross Profit | $ | 38.9 | $ | 40.7 | -4.4 | % | ||||
| Gross Margin | 19.1 | % | 22.9 | % | -3.8 | % | ||||
| GAAP Net Income Attributable to Shareholders | $ | 4.4 | $ | 6.1 | -27.6 | % | ||||
| Non-GAAP Net Income Attributable to Shareholders | $ | 4.8 | (1) | $ | 6.5 | (2) | -26.2 | % | ||
| GAAP EPS (Per Diluted ADS, USD) | $ | 0.026 | $ | 0.036 | -27.6 | % | ||||
| Non-GAAP EPS (Per Diluted ADS, USD) | $ | 0.028 | (1) | $ | 0.038 | (2) | -26.2 | % | ||
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.2 million share-based compensation expenses, net of tax and $0.2 million non-cash acquisition related charge, net of tax.
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.2 million share-based compensation expenses, net of tax and $0.2 million non-cash acquisition related charge, net of tax.
| Fourth Quarter 2016 Results Compared to Third Quarter 2016 Results (USD in millions ) (unaudited) | |||||||||
| Q4 2016 | Q3 2016 | CHANGE | |||||||
| Net Revenue | $ | 203.4 | $ | 218.1 | -6.7 | % | |||
| Gross Profit | $ | 38.9 | $ | 55.7 | -30.2 | % | |||
| Gross Margin | 19.1 | % | 25.6 | % | -6.5 | % | |||
| GAAP Net Income Attributable to Shareholders | $ | 4.4 | $ | 13.6 | -67.4 | % | |||
| Non-GAAP Net Income Attributable to Shareholders | $ | 4.8 | (1) | $ | 21.3 | (2) | -77.5 | % | |
| GAAP EPS (Per Diluted ADS, USD) | $ | 0.026 | $ | 0.079 | -67.4 | % | |||
| Non-GAAP EPS (Per Diluted ADS, USD) | $ | 0.028 | (1) | $ | 0.124 | (2) | -77.5 | % | |
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