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 News Releases of:
May 5, 2003;
April 25, 2003;
April 14, 2003;
April 7, 2003;
March 31, 2003
NAM TAI ELECTRONICS, INC.
(Registrant's name in English)
15th Floor, China Merchants Tower, Shun Tak Centre
168-200 Connaught Road Central, Hong Kong
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Announces $4.2 Million Investment in FPC Sub-assembly Line
VANCOUVER, CANADA -- May 5, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or the
"Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced it has invested
$4.2 million for a new flexible printed circuit ("FPC") sub-assembly line.
Historically, Nam Tai purchased finished FPC sub-assemblies from outside vendors
to assemble LCD modules, PDAs and other products for its customers. With the
installation of this new FPC sub-assembly line, the Company can penetrate into
the FPC market and can produce its own FPC sub-assemblies at customers'
specifications in-house. Hence, the Company can provide a broader range of
services to customers and believes it can reduce their costs. The Company also
believes that the new production line will further enhance the manufacturing
capability of the Company for products such as LCD modules, RF modules, PDAs and
cellular phones.
"It is exciting to witness the ongoing advancement of Nam Tai's manufacturing
capabilities," said Mr. Tadao Murakami, Nam Tai's Chairman. "We already have COG
and COF production lines. With this new FPC sub-assembly line, we are now
positioned to pursue new business opportunities."
About Nam Tai
We are an electronics manufacturing and design services provider to original
equipment manufacturers of telecommunications and consumer electronic products.
Through our electronics manufacturing services operations, we manufacture
electronic components and subassemblies, including LCD panels, transformers, LCD
modules and radio frequency modules. These components are used in numerous
electronic products, including cellular phones, laptop computers, digital
cameras, copiers, fax machines, handheld gaming devices and microwave ovens. We
also manufacture finished products, including cordless phones, palm-sized PCs,
personal digital assistants, electronic dictionaries, calculators and digital
camera accessories for use with cellular phones. Further information is
available 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
expectation of penetrating the FPC market is a forward-looking statement that is
uncertain and depends on its ability to provide new FPC manufacturing processes
and solutions that compare favorably on the basis of cost, time to introduction,
and performance with in-house capabilities of OEMs and competitive third-party
suppliers. Nam Tai's belief that it can reduce its customers' costs by producing
FPC modules itself is also a forward-looking statement that is uncertain and
depends on Nam Tai's ability to overcome potential problems it may encounter in
implementing the new production line and achieving component reliability and the
high quality expected by Nam Tai and required by its customers. Other factors
that might cause differences in these and 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 3 "Key Information - Risk Factors" in the Company's
Annual Report on Form 20-F for the year ended December 31, 2002.
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Q1 Operating Income Up 183% to $8.9 Million vs. $3.1 Million,
EPS $0.83 vs. $0.40
VANCOUVER, CANADA -- April 25, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) announced unaudited results
for the first quarter ended March 31, 2003. Net sales of $88.0 million for the
first quarter of 2003 was up 71.8% as compared to net sales of $51.2 million for
the first quarter of 2002. Income from operations for the first quarter of 2003
was $8.9 million ($0.72 per share) compared to income from operations of $3.1
million ($0.30 per share) in the first quarter of 2002. Net income for the first
quarter of 2003 was $10.2 million, an increase of 144.6% compared to net income
of $4.2 million in the first quarter of 2002. Basic and diluted earnings per
share for the first quarter of 2003 were $0.84 and $0.83, respectively, compared
to $0.41 and $0.40, respectively, in the first quarter of 2002.
The Company continues to maintain a strong financial position, with $5.04 of
cash per share and $17.52 of net book value per share, based on 12,130,668
shares outstanding as at March 31, 2003. The Company, as at March 31, 2003, had
a cash to current liabilities ratio of 0.87, a current ratio of 2.26, a total
assets to total liabilities ratio of 3.95, and approximately $61.1 million of
cash on hand.
Supplementary Information (unaudited) for the First Quarter of 2003
1. Quarterly Sales Breakdown
(In Thousands of US Dollars)
-----------------------------------------------------------------------------
Quarter 2001 2002 2003 YoY(%)
-----------------------------------------------------------------------------
1st Quarter 51,487 (a)51,217 87,981 71.8%
-----------------------------------------------------------------------------
2nd Quarter 55,882 52,311
-----------------------------------------------------------------------------
3rd Quarter 59,551 56,872
-----------------------------------------------------------------------------
4th Quarter 67,086 75,616
-----------------------------------------------------------------------------
Total 234,006 236,016 87,981
-----------------------------------------------------------------------------
Note (a): Sales of battery packs for the first quarter of 2002 were $5,096K.
Upon disposal of BPC on April 30, 2002, revenue from battery packs was no longer
included in the total sales.
2. Net Sales Breakdown by Product Segment
-------------------------------------------------------------------------------
2003 2002
-------------------------------------------------------------------------------
Segment 1st Quarter YTD 1st Quarter YTD
(%) (%) (%) (%)
-------------------------------------------------------------------------------
Assembling:
- LCD Consumer Products 41% 41% 36% 36%
- Telecom. Components Assembly 46% 46% 52% 52%
Software Development Services 1% 1% 1% 1%
-------------------------------------------------------------------------------
Parts & Components :
- LCD Panels 8% 8% 7% 7%
- Transformers 4% 4% 4% 4%
-------------------------------------------------------------------------------
100% 100% 100% 100%
-------------------------------------------------------------------------------
Assembling included finished goods and modules, together with Software
Development Services collectively termed as Consumer Electronic Products
("CEP"), while parts and components including LCD panels and transformers are
termed ("LPT") for business segment classification.
SARS Update
Today, the recent outbreak of severe acute respiratory syndrome or SARS ("the
Outbreak") has already caused an adverse impact on the worldwide economy and
aroused severe public concern. According to latest press reports, which are to
the Company's comfort, the magnitude of the Outbreak in the southern part of
China and Hong Kong seems to have been stabilized and controlled.
Anyway, the Company has, since February, set up a special committee to closely
monitor the situation and has taken a number of necessary and appropriate
preventive measures for SARS, including but not limited to the reduction of
business travel and meetings, use of electronic communication devices to
maintain smooth running of the business, and distribution of quality respiratory
masks to its employees, which has also extended to all its business partners,
government agencies and hospitals.
Meanwhile, the Outbreak has thus far had no material impact on the Company's
operations and business only that the SG&A expenses may slightly go up because
of the preventive measures implemented.
First Quarter Results Analyst Conference Call
The Company will hold a conference call on Monday, April 28, 2003 at 10:00 a.m.
Eastern Time for analysts to discuss the first quarter results with management.
Shareholders, media, and interested investors are invited to listen to the live
conference over the internet by going to www.namtai.com/news/news.htm and
clicking on the conference call link or over the phone by dialing (651) 291-5254
just prior to its start time. Callers will be asked to register with the
conference call operator.
Dividends
The record date for the second quarter dividend of $0.15 per share is June 30,
2003 and the payment date is July 21, 2003.
Annual General Meeting
The Company will hold its Annual Shareholders' Meeting at 11:30 a.m. (ET) on
Tuesday, July 8, 2003 at The Peninsula New York, 700 Fifth Avenue at 55th
Street, New York, NY. The record date for voting is May 30, 2003.
Nam Tai Electronics, Inc. is an electronics manufacturing and design 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 and various components including
LCD modules, wireless communication terminals and their modules, transformers
and LCD panels. The Company utilises advanced production technologies such as
chip on board (COB), chip on glass (COG), chip on film (COF), surface mount
technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer
lead bonding (OLB) technologies. Further information is available at
www.namtai.com.
Except for the historical information contained herein, matters discussed in
this press release are forward-looking statements. Other factors that might
cause differences in any 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
3 "Key Information - Risk Factors" in the Company's Annual Report on Form 20-F
for the year ended December 31, 2002.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(In Thousands of US Dollars except per share data)
Unaudited
Three months ended
March 31
2003 2002
----------------------------------------------------------------- --------------
Net sales - related parties $ 2,931 $ 5,096
Net sales - third parties 85,050 46,121
--------------- --------------
Total net sales 87,981 51,217
Cost of sales 72,835 43,466
--------------- --------------
Gross profit 15,146 7,751
Costs and expenses
Selling, general and administrative expenses 5,471 3,952
Research and development expenses 811 665
--------------- --------------
6,282 4,617
--------------- --------------
Income from operations 8,864 3,134
Interest income 201 147
Other income - net 2,067 25
Equity in income of affiliated companies 75 1,135
--------------- --------------
Income before income taxes and minority interests 11,207 4,441
Income tax expense (384) (165)
--------------- --------------
Income before minority interests 10,823 4,276
Minority interests (613) (101)
=============== ==============
Net income $ 10,210 $ 4,175
=============== ==============
Net income per share
Basic $ 0.84 $ 0.41
=============== ==============
Diluted $ 0.83 $ 0.40
=============== ==============
Weighted average number of shares ('000')
Basic 12,117 10,306
Diluted 12,266 10,476
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
AS AT MARCH 31, 2003 AND DECEMBER 31, 2002
(In Thousands of US Dollars)
Unaudited Audited
March 31 December 31
2003 2002
--------------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 61,114 $ 82,477
Accounts receivable, net 57,168 50,944
Amount due from a related party 806 -
Inventories, net 32,113 19,200
Prepaid expenses and other receivables 7,139 1,867
Income taxes recoverable 952 855
-----------------------------------
Total current assets 159,292 155,343
Investments in affiliated companies 10,075 -
Convertible notes 5,128 5,128
Long term investment 16,366 15,982
Property, plant and equipment, at cost 118,600 116,583
Less: accumulated depreciation and amortization (43,455) (40,669)
-----------------------------------
75,145 75,914
Goodwill 21,308 21,308
Other assets 1,411 1,411
-----------------------------------
Total assets $ 288,725 $ 275,086
===================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 2,030 $ 985
Long term bank loans - current portion 1,125 13,985
Accounts payable 54,071 38,714
Accrued expenses and other payables 10,790 12,609
Dividend payable 1,820 1,442
Income taxes payable 564 200
-----------------------------------
Total current liabilities 70,400 67,935
Long-term bank loans - non-current portion 2,531 2,812
Deferred income taxes 112 112
-----------------------------------
Total liabilities 73,043 70,859
Minority interests 3,117 2,099
Shareholders' equity:
Common shares 121 120
Additional paid-in capital 149,874 147,828
Retained earnings 62,572 54,182
Accumulated other comprehensive loss (Note 1) (2) (2)
-----------------------------------
Total shareholders' equity 212,565 202,128
Total liabilities and shareholders' equity $ 288,725 $ 275,086
===================================
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(In Thousands of US Dollars)
Unaudited
Three months ended
March 31
2003 2002
----------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 10,210 $ 4,175
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 2,869 2,547
Net (gain)/loss on disposal of property, plant and equipment (209) 39
Realized gain on marketable securities - (642)
Compensation expenses 509 -
Equity in (income) loss of affiliated companies (75) (1,135)
Minority interest 613 101
Changes in current assets and liabilities, net of effects of
acquisition and disposal:
Proceeds from marketable securities - 10,147
Increase in accounts receivable (6,224) (341)
Increase in amount due from a related party (806) -
(Increase) decrease in inventories (12,913) 1,277
Increase in prepaid expenses and other receivable (5,272) (40)
Increase in income taxes recoverable (97) (726)
Increase (decrease) in notes payable 1,045 (751)
Increase (decrease) in accounts payable 15,357 (7,763)
Decrease in accrued expenses and other payable (1,819) (1,350)
Increase in amount due to a related party - 209
Increase in income taxes payable 364 257
-------------------------------
Total adjustments (6,658) 1,829
-------------------------------
Net cash provided by operating activities $ 3,552 $ 6,004
-------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of long term investment $ (384) $ (11,957)
Purchase of property, plant and equipment (4,218) (10,763)
Proceed from partial disposal of subsidiary 160 -
Acquisition of affiliated companies (10,000) -
Proceeds from disposal of property, plant and equipment 2,327 5
-------------------------------
Net cash used in investing activities $ (12,115) $ (22,715)
-------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ - $ (3,528)
Dividends paid (1,442) (1,023)
-
Repayment of bank loan (13,141) (535)
Proceeds from shares issued on exercise of options and warrants 1,783 789
-------------------------------
Net cash used in financing activities $ (12,800) $ (4,297)
-------------------------------
Foreign currency translation adjustments - (40)
-------------------------------
Net decrease in cash and cash equivalents (21,363) (21,048)
-------------------------------
Cash and cash equivalents at beginning of period 82,477 58,676
-------------------------------
Cash and cash equivalents at end of period $ 61,114 $ 37,628
===============================
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(In Thousands of US Dollars)
1. Accumulated other comprehensive income represents foreign currency
translation adjustments. The comprehensive income of the Company was $10,210 and
$4,140 for the three months ended March 31, 2003 and March 31, 2002,
respectively.
2. Business segment information - The Company operates primarily in two
segments, the Consumer Electronic Products ("CEP") segment and the LCD Panels
and Transformers ("LPT") segment.
Unaudited
Three months ended
March 31
2003 2002
----------------------------------------------------------- ---------------
Net sales:
- CEP $ 77,581 $ 45,841
- LPT 10,400 5,376
--------------- ---------------
--------------- ---------------
Total net sales $ 87,981 $ 51,217
=============== ===============
Net income:
- CEP $ 10,032 $ 4,069
- LPT 178 106
--------------- ---------------
Total net income $ 10,210 $ 4,175
=============== ===============
Unaudited Audited
March 31, 2003 Dec. 31, 2002
----------------------------------------------------------- ---------------
Identifiable assets by segment:
- CEP $ 238,747 $ 225,754
- LPT 49,978 49,332
--------------- ---------------
Total assets $ 288,725 $ 275,086
=============== ===============
3. A summary of the net sales, net income and long-lived assets by geographic
areas is as follows:
Unaudited
Three months ended
March 31
2003 2002
------------------------------------------- -- --------------- ---------------
Net sales from operations within:
- Hong Kong:
Unaffiliated customers $ 84,386 $ 44,934
Related party 2,931 -
Inter-companies sales 155 477
- PRC, excluding Hong Kong:
Unaffiliated customers 664 1,187
Related party - 5,096
Inter-companies sales 73,955 37,673
- Inter-companies eliminations (74,110) (38,150)
--------------- ---------------
Total net sales $ 87,981 $ 51,217
=============== ===============
Net sales from operations within:
- PRC, excluding Hong Kong $ 8,547 $ 2,235
- Hong Kong 1,663 1,940
--------------- ---------------
Total net income $ 10,210 $ 4,175
=============== ===============
Unaudited Audited
March 31, 2003 Dec. 31, 2002
------------------------------------------- -- --------------- ---------------
Long-lived assets within:
- PRC, excluding Hong Kong $ 56,318 $ 54,481
- Hong Kong 18,827 21,433
--------------- ---------------
Total long-lived assets $ 75,145 $ 75,914
=============== ===============
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
New Record-Breaking Sales in Q1/03
VANCOUVER, CANADA -- April 14, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced it achieved
a new quarterly sales record of $88 million in the first quarter of 2003, an
increase of 71.8% compared to the sales of $51.2 million in the first quarter of
2002. Strong sales of LCD modules and the Company's expanded customer and
product base contributed significantly to the overall growth. Details of the
unaudited first quarter results for the period ended March 31, 2003, will be
released on April 28, 2003 after the review by the Company's auditor. To cope
with the increase of business, the Company has successfully recruited more
workers for its production facilities. The total number of employees in Nam Tai
has therefore increased from 4,246 (as at December 31, 2002) to 5,300 (as at
April 9, 2003).
"Despite today's sluggish market conditions, we are very pleased that Nam Tai
was able to achieve such a good result. This encouraging performance on sales
demonstrates the Company's ability to grow in the competitive market. Meanwhile,
we are also looking forward to satisfactory first quarter earning results on
April 28, 2003. In addition, with our strong financial position and further
expansion of business operations, we are well-equipped to seize more business
opportunities and enhance our sales revenues in the coming future," commented
Mr. Tadao Murakami, Nam Tai's Chairman.
Q1/03 Results & Analyst Conference Call
The Company will release its unaudited first quarter results for the period
ended March 31, 2003 before the market opens on Monday, April 28, 2003. The
Company will hold a conference call on Monday, April 28, 2003 at 10:00 a.m.
Eastern Time for analysts to discuss the first quarter results with management.
Analysts who wish to receive the toll free dial-in number for this conference
call are invited to contact the Investor Relations Office at 1-800-661-8831 no
later than 6:00 p.m. Eastern Time on Friday, April 25, 2003.
Shareholders, media, and interested investors are invited to listen to the live
conference call over the Internet by going to www.namtai.com/news/news.htm and
clicking on the conference call link or over the phone by dialing (651) 291-5254
just prior to its start time. Users will be asked to register with the
conference call operator.
Dividend Reminder
The Company will pay the first quarter 2003 dividend of $0.15 per share on April
21, 2003 to shareholders of record at the close of business on March 31, 2003.
On February 14, 2003 the Company announced, for the tenth consecutive year, an
increase in its dividend.
The annual dividend was increased to $0.60 per share for 2003 up from $0.48 per
share in 2002.
About Nam Tai
We are an electronics manufacturing and design services provider to original
equipment manufacturers of telecommunications and consumer electronic products.
Through our electronics manufacturing services operations, we manufacture
electronic components and subassemblies, including LCD panels, transformers, LCD
modules and radio frequency modules. These components are used in numerous
electronic products, including cellular phones, laptop computers, digital
cameras, copiers, fax machines, electronic toys and microwave ovens. We also
manufacture finished products, including cordless phones, palm-sized PCs,
personal digital assistants, electronic dictionaries, calculators and digital
camera accessories for use with cellular phones. Further information is
available at www.namtai.com.
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
Manufactures Attachable Cameras for Cellular Phones of New Customer
VANCOUVER, CANADA -- April 7, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced that it has
received a new order to manufacture 50,000 attachable cameras for cellular
phones from a new customer. These attachable cameras are the video graphics
array (VGA) resolution digital camera accessory products of 300,000 pixels that
can be supported by cellular phones. Nam Tai expects to deliver the attachable
cameras during the second quarter of 2003.
"Besides manufacturing snap-on cameras for an existing customer, we are pleased
to be offered an opportunity to manufacture attachable cameras for cellular
phones of another customer. This new order demonstrates that customers have
recognized Nam Tai's manufacturing technology and capability. We also believe it
illustrates Nam Tai's ability to compete in this market segment of the
electronics industry," said Mr. Tadao Murakami, Chairman of Nam Tai. "We believe
that the demand for cellular phones with digital cameras is giving a boost to
the electronic manufacturing industry and that Nam Tai will benefit from the
business opportunities arising in this area."
Atypical Pneumonia or SARS
There has been a recent outbreak of atypical pneumonia, which is being referred
to as severe acute respiratory syndrome or SARS, in Hong Kong and China where
our operations are located. This outbreak is being investigated by the World
Health Organization and several other health agencies and has been widely
reported by news services around the world. To date, we are not aware that any
of our employees have contracted this illness. For the personal safety of our
employees, we have issued directions to our employees, to minimize business
travel so as to reduce the possibility of contracting SARS. We have also
distributed N95 particulate filter respiratory masks to our employees in Hong
Kong and China. We currently do not believe that this condition has had a
material impact on our operations or financial results of the first quarter and
second quarter to date. A prolonged outbreak or further limitations on our
business activities however could negatively impact our future operating
results.
About Nam Tai
We are an electronics manufacturing and design services provider to original
equipment manufacturers of telecommunications and consumer electronic products.
Through our electronics manufacturing services operations, we manufacture
electronic components and subassemblies, including LCD panels, transformers, LCD
modules and radio frequency modules. These components are used in numerous
electronic products, including cellular phones, laptop computers, digital
cameras, copiers, fax machines, electronic toys and microwave ovens. We also
manufacture finished products, including cordless phones, palm-sized PCs,
personal digital assistants, electronic dictionaries, calculators and digital
camera accessories for use with cellular phones. Further information is
available at www.namtai.com.
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: shareholder@namtai.com WEB: www.namtai.com CONTACT: LORNE WALDMAN
NAM TAI ELECTRONICS, INC.
To Receive Cash Dividend of $1.46 Million from TCL Mobile
VANCOUVER, CANADA -- March 31, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced that it has
received notice from cellular phone maker Huizhou TCL Mobile Communication Co.
Ltd. ("TCL Mobile") that it has declared a dividend of $48.16 million for the
year ended December 31, 2002. For the year ended December 31, 2002, TCL Mobile
announced sales of approximately $1.0 billion (HK$7,875.8 million), an increase
of 289% from the sales it reported for the year ended December 31, 2001 and an
increase for 2002 in profit attributable to shareholders of 290% to
approximately $153.6 million compared with such profit for the year ended
December 31, 2001. With an effective 3.033% holding interest in TCL Mobile, Nam
Tai expects to receive its share of the cash dividend of approximately $1.46
million.
"Being a shareholder and supplier of TCL Mobile, we are pleased to see TCL
Mobile's outstanding performance during 2002," said Mr. Tadao Murakami, Chairman
of Nam Tai. "We are confident that TCL Mobile will continue to grow and bring
returns to its shareholders."
About Nam Tai
We are an electronics manufacturing and design services provider to original
equipment manufacturers of telecommunications and consumer electronic products.
Through our electronics manufacturing services operations, we manufacture
electronic components and subassemblies, including LCD panels, transformers, LCD
modules and radio frequency modules. These components are used in numerous
electronic products, including cellular phones, laptop computers, digital
cameras, copiers, fax machines, electronic toys and microwave ovens. We also
manufacture finished products, including cordless phones, palm-sized PCs,
personal digital assistants, electronic dictionaries, calculators and digital
camera accessories for use with cellular phones. Further information is
available at www.namtai.com.
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/ MING KOWN KOO
-----------------------
MING KOWN KOO
CHIEF FINANCIAL OFFICER
Date: May 9, 2003