Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results; Provides First Quarter 2017 Guidance

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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