Nam Tai Electronics, Inc. Announces 2006 First Quarter Results18 May 2006
The parent company of J.I.C. Technology Company Limited ("J.I.C.") (HKEX Stock Code: 987) and Nam Tai Electronic & Electrical Products Limited ("NTEEP") (HKEX Stock Code: 2633) -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company"), the New York Stock Exchange listed electronics manufacturing services provider, is very pleased to announce its unaudited results for the first quarter ended March 31, 2006.
Consistent with its strong performance in 2005, Nam Tai is pleased to announce that it once again achieved outstanding results in the first quarter of 2006. Net sales increased by 32.8% from $157 million in the first quarter of 2005 to $208 million in the first quarter of 2006, which exceeded Nam Tai's first quarter guidance for 2006. Capitalizing on the benefits from the restructuring of its Hong Kong operations in 2005, the Company was successful in reducing its selling, general and administrative expenses as well as research and development expenses as a percentage of sales to 4.1% in the first quarter of 2006 as compared to 5.6% in the same period last year. As a result, the Company's diluted operating income per share increased by 26.1% from $0.23 in the first quarter of 2005 to $0.29 in the first quarter of 2006. Most importantly, Nam Tai continued to outperform its industry peers by achieving industry leading gross profit margins of 10.1% and operating profit margins of 6.0% in the first quarter of 2006.
Such strong results in the first quarter of 2006 was still attributable to the Company's fast growing and high-tech key component subassemblies of telecommunication products, which continued to outperform its other business segments.
Nam Tai is very pleased to see that its business growth strategy of gaining market share and achieving earnings growth has proven to be highly successful, resulting in its financial performance repeatedly surpassing its expectation.
About J.I.C., NTEEP and Nam Tai Electronics, Inc.
J.I.C. is principally engaged in manufacturing and marketing of LCD panels and modules. NTEEP is a vertically integrated manufacturing services provider, its customers include world well-known brands of consumer electronics and communication products. Both are listed companies on the Stock Exchange of Hong Kong (Stock Code are 987 and 2633 respectively). Their parent company Nam Tai Electronics, Inc. is listed on the New York Stock Exchange under the stock ticker symbol "NTE". Nam Tai Electronics is an electronics design and manufacturing service provider to many of the world's leading original equipment manufacturers, including Canon, Epson, Optrex, Seiko Instruments, Sharp, Sony, Sony Ericsson, Texas Instruments and others. It manufactures high-quality telecommunications products, linguistic products, calculators and components such as LCD panels, LCD modules, CMOS sensor modules, radio frequency modules and related modules. Nam Tai Electronics is the major shareholder of J.I.C. For more information about J.I.C., NTEEP and Nam Tai Electronics, please visit their websites at http://www.jic-group.com , http://www.namtaieep.com , and http://www.namtai.com respectively.
For more information, please contact:
Joyce Lam
Tel: +852-2263-1014
Fax: +852-2263-1223
Email: joycelam@namtai.com.hk
Source: prnewswire
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