SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 6-K
REPORT of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of October 2003
Commission File Number: 0-16673
Nam Tai Electronics, Inc.
(Exact name of registrant as specified in charter)
British Virgin Islands
(Jurisdiction of organization)
116 Main Street, Road Town, Tortola, British Virgin Islands
(Address of principal executive offices)
Registrant's telephone number, international: + 852-2341-0273
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): __
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): __
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________
This Form 6-K consists of the following:
1. Press release of Nam Tai Electronics, Inc., dated October 24, 2003,
announcing its financial results for the third second quarter of its 2003
fiscal year.
NAM TAI ELECTRONICS, INC. THIRD QUARTER NEWS RELEASE
REPRESENTED BY PAN PACIFIC I.R. LTD. CONTACT: Lorne Waldman
1790-999 WEST HASTINGS STREET President
VANCOUVER, BC, CANADA V6C 2W2 E-MAIL: shareholder@namtai.com
TEL: (604) 669-7800 FAX: (604) 669-7816 WEB: www.namtai.com
TOLL FREE TEL/FAX: 1-800-661-8831
NAM TAI ELECTRONICS, INC.
Q3 Income From Operations Up 198% to $9.9 Million vs. $3.3 Million,
EPS $0.23 vs. $0.19
VANCOUVER, CANADA -- October 24, 2003 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced unaudited
results for the third quarter ended September 30, 2003.
KEY HIGHLIGHTS
(In thousands of US Dollars, except as otherwise stated)
Quarterly Results Nine Months Results
Q3/03 Q3/02 YoY(%) 9M/03 9M/02 YoY(%)
Net sales 93,157 56,872 63.8 297,852 160,400 85.7
Income from operations 9,854 3,305 198.2 29,622 13,439 120.4
per share(diluted) 0.26 0.10 160.0 0.80 0.42 90.5
Net income (1) 8,392 6,054 38.6 30,096 14,054 114.1
% of sales 9.0% 10.6% 10.1% 8.8%
Basic earnings per share (2) & (3) 0.23 0.19 21.1 0.83 0.45 84.4
Diluted earnings per share (2) & (3) 0.23 0.19 21.1 0.81 0.44 84.1
Note: (1) Net income already included the deduction of professional fee $702K in relation to
the recently discontinued stock offering. For details, please refer to the
consolidated statements of income.
(2) All share and earnings per share data have been adjusted for the 3 for 1 stock split
effective June 30, 2003.
(3) The number of outstanding shares (diluted) increased from 36.91 million in second
quarter of 2003 to 37.29 million in the third quarter of 2003 as a result of the
exercise of stock options.
With $13.8 million of net cash provided by operating activities in the third
quarter of 2003, the Company continues to maintain a strong financial position,
with approximately $85.5 million of cash on hand.
Supplementary Information (Unaudited) for the Third Quarter of 2003
1. Quarterly Sales Breakdown
(In thousands of US Dollars)
Quarter 2002 2003 YoY(%) YoY(%)
(Quarterly) (Quarterly accumulated)
1st Quarter (a)51,217 87,981 71.8% 71.8%
2nd Quarter (a)52,311 116,714 123.1% 97.7%
3rd Quarter 56,872 93,157 63.8% 85.7%
4th Quarter 75,616
Total 236,016 297,852
Note:(a) Sales of battery packs for the first and second quarters of 2002 were
$5.10 million and $2.75 million respectively. Upon the disposal of our
interest in BPC, a joint venture, 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 3rd Quarter YTD 3rd Quarter YTD
(%) (%) (%) (%)
Assembling:
- LCD Consumer Products 26% 32% 42% 38%
- Telecom. Components Assembly 63% 57% 37% 45%
Software Development Services 1% 1% 1% 1%
Parts & Components :
- LCD Panels 10% 8% 14% 11%
- Transformers 0% 2% 6% 5%
100% 100% 100% 100%
Note: In June 2003, we sold our transformers operation to a third party.
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.
3. Financial Position
(unaudited) (audited)
As at September 30, As at December 31,
2003 2002 2002
Cash on Hand $85.5 million $57.5 million $82.5 million
Cash/Current Liabilities 1.21 1.35 1.21
Current Ratio 2.57 2.75 2.29
Total Assets/Total Liabilities 4.21 4.12 3.88
Debtors Turnover 61 days 67 days 79 days
Inventory Turnover 17 times 10 times 10 times
"The Company has been listed in the United States for 15 years and moved from
NASDAQ to the New York Stock Exchange ("NYSE") in January 2003. In these 15
years, Nam Tai has delivered solid financial performance and has been
profitable each year.
Our results for this quarter are also encouraging with per share income from
operations of $0.26. Despite the expenses incurred for the Company's
discontinued stock offering and an increase in the number of outstanding
shares caused by the exercise of stock options by our employees, we were
still able to achieve an EPS of $0.23, an increase of 21.1% when compared to
the EPS for the third quarter of 2002, after adjustment for the stock split,"
said Mr. Tadao Murakami, Chairman of Nam Tai.
"Net sales for the quarter increased by 63.8% and income from operations
increased 198.2% when compared with the third quarter of 2002. However, sales
in this quarter are comparatively lower than the sales in the second quarter
for the following reasons:
a. As mentioned in our analysts conference for the second quarter this year,
we accelerated our production schedule, and built up inventory in the
second quarter because of concerns over SARS to minimize any interruption
of our business. By agreement of our customers, we were able to shift
shipments of such inventory from the third quarter to the second quarter.
b. The production of cellular phones in semi knocked down ("SKD") form did
not commence in the third quarter because of a change in design by our
customer. However, we are pleased to announce that the pilot run of
cellular phones in SKD form was completed now within October 2003 and mass
production has been scheduled to start in November 2003.
c. Furthermore, some of our customers discontinued production of some of
their older model products in the third quarter and placed orders with us
for their new models. The production of those new models started by the
end of third quarter and will contribute to our sales in the fourth
quarter.
Despite these factors, we have still been able to deliver encouraging third
quarter results which exceeded management's expectations. The gross profit
margin of 17% for the quarter again beat the Company's target gross profit
margin of 15%.
With sales of our customers' new models picking up and the launch of
production of various new products, accordingly, the Company has started
recruiting an additional 1,000 workers. The Company will continue to adopt
its diversified business strategy and will endeavour to maintain a steady
business growth to bring sustainable and healthy returns for our
shareholders," said Mr. Murakami.
Third Quarter Results Analyst Conference Call
---------------------------------------------
The Company will hold a conference call for analysts on Monday, October 27, 2003
at 10:00 a.m. Eastern Time to discuss the third quarter results with management.
Shareholders, media and interested investors are invited to listen to the live
conference call over the internet by going to www.namtai.com and clicking on the
conference call link, or over the phone by dialing (651) 224-7497 just prior to
its start time. Callers will be asked to register with the conference call
operator.
Dividends
---------
The record date for the fourth quarter dividend of $0.05 per share is December
31, 2003 and the payment date is January 21, 2004.
Special Cash Dividend and Stock Dividend
----------------------------------------
To celebrate its fifteen consecutive profitable years, and especially the
remarkable performance of the Company in this year and its fifteenth anniversary
of listing, since its IPO in 1988, and its move to the NYSE earlier this year,
the Board of Directors is pleased to declare a special cash dividend of $0.80
per share, plus the issue of a stock dividend to shareholders at the ratio of
one dividend share for every 10 shares held by the shareholders. The special
dividend and the stock dividend are a reward for the loyalty and support of the
shareholders of the Company.
The record date for such special dividend and stock dividend is November 7,
2003. No action is required on the part of shareholders to receive the special
dividend and dividend shares. The special dividend and new shares are expected
to be mailed from the Company's transfer agent, Registrar and Transfer Company,
before November 30, 2003.
As at September 30, 2003, the Company has $85.5 million of cash on hand. The
Company also sees significant growth in its sales and income this year when
compared with previous years. Looking
forward, the Company is confident to maintain the growth of the Company and the
declaration of the special dividend will not affect its expansion plan and cash
flow.
Regarding the dividend to be paid for the year of 2004, the Company will review
its position at the end of the fourth quarter and an appropriate announcement
will be included in the fourth quarter results announcement.
Set up of the PRC Headquarters in Macau
---------------------------------------
Nam Tai announced that the Company has set up the PRC's headquarters in Macau,
PRC, due to its continuous increase in investment in PRC. Besides three major
manufacturing facilities of Nam Tai in Shenzhen, PRC, Nam Tai has offices in
Hong Kong, Shekou and Shanghai, PRC. In light of its substantial investment and
its intention to expand its manufacturing facilities to other cities of PRC, Nam
Tai finds it necessary to have a headquarters in the PRC and to oversee its
operations there.
The Company has considered various locations for such headquarters. Macau, like
Hong Kong, is a special administrative region of the PRC. It has recently
introduced an incentive program to attract investments in Macau. The Company
therefore decided to set up the PRC headquarters in Macau. The Company's
application has been approved by the Macau government and the PRC headquarters
of the Company commenced operation at the beginning of October 2003.
Change of Auditors
------------------
The Company's auditors, Messrs Grant Thornton, do not have an office in Macau
and do not have a licence to handle Macau statutory tax filings. After
discussion with the Company, Grant Thornton tendered its resignation as auditors
of the Company.
Deloitte Touche Tohmatsu ("Deloitte"), had been the auditors of the Company from
1998 to 2001. Deloitte has indicated its willingness to be appointed as auditors
of the Company for 2003 at a reasonable fee. The Company has therefore appointed
Deloitte as the Company's auditors in place of Grant Thornton with effect from
October 24, 2003. Grant Thornton will, however, continue to provide tax advisory
services to the Company, other than with respect to Macau.
Changes of the Chairman of Audit Committee and Corporate Secretary
------------------------------------------------------------------
Nam Tai is pleased to announce that Mr. Mark Waslen has been appointed as
Chairman of the Audit Committee, effective September 22, 2003, following Mr.
Stephen Seung's resignation as Chairman and member of the Audit Committee. Mr.
Seung continues as a non-executive director. Mr. Seung replaced Mr. Lorne
Waldman as Corporate Secretary of Nam Tai, effective October 15, 2003.
Mr. Seung has been a director of the Company since 1995 and is familiar with the
corporate matters of the Company. Mr. Mark Waslen is also a Chartered Accountant
and was the Group Financial Controller of Nam Tai from 1990 to 1995.
The Company believes these changes in directorship and Corporate Secretary will
further strengthen the management control of the Company which is in the
interest of its shareholders.
About Nam Tai Electronics,Inc.
------------------------------
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, LCD modules,
radio frequency modules, flexible printed circuit sub-assemblies and image
sensors. These components are used in numerous electronic products, including
cellular phones, laptop computers, digital cameras, copiers, fax machines,
electronic toys, handheld video game devices and microwave ovens. We also
manufacture finished products, including cellular phones, palm-sized PCs,
personal digital assistants, electronic dictionaries, calculators and digital
camera accessories for use with cellular phones.
Forward-Looking Statements
--------------------------
Certain statements in this press release are "forward-looking statements" within
the meaning of U.S. federal securities laws. Nam Tai intends that these
statements be covered by the safe harbors created under these laws. These
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed or implied by the forward-looking statements. There are important
factors that could cause actual results to differ materially from the
information set forth in these forward-looking statements. Many of these factors
are beyond Nam Tai's ability to control or predict. Given these uncertainties,
readers are cautioned not to place undue reliance on the forward-looking
statements which only speak as of the date of this press release. Nam Tai does
not undertake any obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated events, except
as may be required under applicable securities laws.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars except share data)
Note Unaudited Unaudited
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
-------------------------------------------------- --------- -------------- --------------- -- -------------- ---------------
Net sales - related parties $ 2,174 $ - $ 13,939 $ 7,849
Net sales - third parties 90,983 56,872 283,913 152,551
-------------- --------------- -- -------------- ---------------
Total net sales 93,157 56,872 297,852 160,400
Cost of sales 77,609 48,673 248,837 132,514
-------------- --------------- -- -------------- ---------------
Gross profit 15,548 8,199 49,015 27,886
Costs and expenses
Selling, general and administrative expenses 4,657 4,277 16,618 12,502
Research and development expenses 1,037 617 2,775 1,945
-------------- --------------- -- -------------- ---------------
5,694 4,894 19,393 14,447
-------------- --------------- -- -------------- ---------------
Income from operations 9,854 3,305 29,622 13,439
Gain on disposal of land 9 - 9 -
Interest income 161 222 553 558
Other (loss) income - net (1) (1,010) 3,160 1,972 (639)
Equity in income of affiliated companies 76 - 288 2,104
-------------- --------------- -- -------------- ---------------
Income before income taxes and minority interests 9,090 6,687 32,444 15,462
Income tax expense (470) (598) (1,329) (1,215)
-------------- --------------- -- -------------- ---------------
Income before minority interests 8,620 6,089 31,115 14,247
Minority interests (228) (35) (1,019) (193)
-------------- --------------- -- -------------- ---------------
Net income $ 8,392 $ 6,054 $ 30,096 $ 14,054
============== =============== == ============== ===============
Net income per share
Basic (2) $ 0.23 $ 0.19 $ 0.83 $ 0.45
============== =============== == ============== ===============
Diluted (2) $ 0.23 $ 0.19 $ 0.81 $ 0.44
============== =============== == ============== ===============
Weighted average number of shares ('000')
Basic (2) 36,636 31,422 36,474 31,222
Diluted (2) 37,290 31,647 36,999 31,731
Note: (1) During the quarter ended September 30, 2003, we recorded charges of $702,000 for professional fees related
to a discontinued stock offering. The total cost of $1.75 million in relation to the stock offering was
shared and paid by the beneficiaries of the offering on a pro-rata basis according to the number of shares
proposed to be offered and the anticipated proceeds of each party, thus 60%, or $1.05 million, was borne by
the selling shareholders whilst 40%, or $702,000, was borne by the Company.
(2) All share and earnings per share data have been adjusted to give effect to the 3 for 1 stock split effective
June 30, 2003.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED BALANCE SHEETS
-----------------------------------------------------------------------------------------------------------------------------
AS AT SEPTEMBER 30, 2003 AND DECEMBER 31, 2002
(In Thousands of US Dollars)
Unaudited Audited
September 30, December 31,
2003 2002
-----------------------------------------------------------------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $ 85,525 $ 82,477
Accounts receivable, net 64,313 50,944
Amount due from a related party 2,074 -
Inventories, net 19,951 19,200
Prepaid expenses and other receivables 5,522 1,867
Income taxes recoverable 4,291 855
-----------------------------------
Total current assets 181,676 155,343
-
Investments in affiliated companies 9,646 -
Convertible notes - 5,128
Long term investments 16,366 15,982
Property, plant and equipment, at cost 123,526 116,583
Less: accumulated depreciation and amortization (47,426) (40,669)
-----------------------------------
76,100 75,914
Intangible assets 21,635 21,308
Other assets 1,411 1,411
-----------------------------------
Total assets $ 306,834 $ 275,086
===================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Notes payable $ 1,560 $ 985
Long term bank loans - current portion 1,125 13,985
Accounts payable 54,504 38,714
Accrued expenses and other payables 10,316 12,609
Dividend payable 1,838 1,442
Income taxes payable 1,404 200
-----------------------------------
Total current liabilities 70,747 67,935
Long-term bank loans - non-current portion 1,969 2,812
Deferred income taxes 87 112
-----------------------------------
Total liabilities 72,803 70,859
Minority interests 2,907 2,099
Shareholders' equity: **
Common shares 368 360
Additional paid-in capital 152,130 147,754
Retained earnings 78,628 54,016
Accumulated other comprehensive loss (Note 1) (2) (2)
-----------------------------------
Total shareholders' equity 231,124 202,128
Total liabilities and shareholders' equity $ 306,834 $ 275,086
===================================
Note (**): Shareholders' equity for September 30, 2003 and December 31, 2002 were adjusted for the 3 for 1 stock split
effective June 30, 2003.
NAM TAI ELECTRONICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars)
Unaudited Unaudited
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
-----------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 8,392 $ 6,054 $ 30,096 $ 14,054
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 3,178 2,818 9,058 7,872
Amortization of advisors' warrants and options - - - 10
Dividend withheld - (394) - (394)
Share redemption - (3,125) - (3,125)
Net loss (gain) on disposal of property, plant and 59 90 (100) 205
equipment
Gain on disposal of intangible assets - - - (60)
Realized gain on marketable securities - - - (642)
Gain on disposal of a subsidiary - - (2,133) (17)
Loss on partial disposal of subsidiaries - - 151 -
Loss on disposal of convertible notes 102 - 102 -
Loss on reverse merger of subsidiaries - - - 2,655
Compensation expenses - - 509 -
Equity in income of affiliated companies (77) - (289) (2,104)
Dividend income from affiliated companies - - - 32
Loss on partial disposal of investment in affiliated - - - 469
companies
Minority interests 228 35 1,019 193
Deferred income taxes - - (25) -
Changes in current assets and liabilities, net of effects
of acquisition and disposal:
Proceeds from marketable securities - - - 10,147
(Increase) decrease in accounts receivable (2,829) 3,234 (13,369) 2,977
Decrease (increase) in amount due from a related party 3,309 - (2,074) -
Decrease (increase) in inventories 1,338 (3,165) (1,473) (5,324)
(Increase) decrease in prepaid expenses and other (7) 371 (3,803) 538
receivables
(Increase) decrease in income taxes recoverable (1,000) 414 (3,436) (232)
Increase (decrease) in notes payable 259 34 575 (1,229)
Increase in accounts payable 3,023 1,153 16,801 6,119
Decrease in accrued expenses and other payables (2,506) (1,429) (2,128) (3,395)
Decrease in amount due to a related party - - - (2,766)
Increase in income taxes payable 376 158 1,204 652
----------------------------------------------------------------
Total adjustments 5,453 194 589 12,581
----------------------------------------------------------------
Net cash provided by operating activities $ 13,845 $ 6,248 $ 30,685 $ 26,635
----------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of long term investments $ - $ - $ (384) $ (11,968)
Purchase of property, plant and equipment (2,170) (3,605) (12,227) (17,035)
Proceeds from disposal of property, plant and equipment 15 153 2,593 168
Proceeds from disposal of intangible assets - - - 800
Acquisition of additional shares in subsidiaries - (437) - (437)
Proceeds from disposal of a subsidiary - 2,131 2,386 854
Proceeds from partial disposal of subsidiaries - - 453 -
Proceeds from disposal of convertible notes 5,026 - 5,026 -
Acquisition of affiliated companies - - (10,000) -
----------------------------------------------------------------
Net cash provided by (used in) investing activities $ 2,871 $ (1,758) $ (12,153) $ (27,618)
----------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Share buy-back program $ - $ - $ - $ (3,528)
Dividends paid (2,079) (1,306) (5,901) (3,542)
Repayment of bank loans (281) (816) (13,703) (1,886)
Proceeds from bank loans - - - 4,500
Proceeds from shares issued on exercise of options and 1,536 - 4,120 4,311
warrants
----------------------------------------------------------------
Net cash (used in) financing activities $ (824) $ (2,122) $ (15,484) $ (145)
----------------------------------------------------------------
Foreign currency translation adjustments - - - (26)
----------------------------------------------------------------
Net increase (decrease) in cash and cash equivalents 15,892 2,368 3,048 (1,154)
----------------------------------------------------------------
Cash and cash equivalents at beginning of period 69,633 55,154 82,477 58,676
----------------------------------------------------------------
Cash and cash equivalents at end of period $ 85,525 $ 57,522 $ 85,525 $ 57,522
================================================================
NAM TAI ELECTRONICS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
------------------------------------------------------------------------------------------------------------------------------
FOR THE PERIODS ENDED SEPTEMBER 30, 2003 AND 2002
(In Thousands of US Dollars)
1. Accumulated other comprehensive loss represents foreign currency translation adjustments. The comprehensive income
of the Company was $30,096 and $14,037 for the nine months ended September 30, 2003 and September 30, 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 Unaudited
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
----------------------------------------------------------- -------------- --------------- -- --------------- ---------------
NET SALES:
- CEP $ 83,849 $ 45,513 $ 266,908 $ 134,715
- LPT 9,308 11,359 30,944 25,685
-------------- --------------- -- --------------- ---------------
Total net sales $ 93,157 $ 56,872 $ 297,852 $ 160,400
============== =============== == =============== ===============
NET INCOME:
- CEP $ 7,270 $ 5,539 $ 27,264 $ 13,745
- LPT 1,122 515 2,832 309
-------------- --------------- -- --------------- ---------------
Total net income $ 8,392 $ 6,054 $ 30,096 $ 14,054
============== =============== == =============== ===============
Unaudited Audited
Sept. 30, 2003 Dec. 31, 2002
------------------------------------------------------------------------------------------- -- --------------- ---------------
IDENTIFIABLE ASSETS BY SEGMENT:
- CEP $ 260,561 $ 225,754
- LPT 46,273 49,332
--------------- ---------------
Total assets $ 306,834 $ 275,086
=============== ===============
3. A summary of the net sales, net income and long-lived assets by geographic
areas is as follows:
Unaudited Unaudited
Three months ended Nine months ended
September 30, September 30,
2003 2002 2003 2002
--------------------------------------------------------- --------------- --------------- ---- -------------- ---------------
NET SALES FROM OPERATIONS WITHIN:
- Hong Kong:
Unaffiliated customers $ 76,939 $ 55,623 $ 268,167 $ 149,039
Related party 2,166 - 13,931 -
Inter-company sales 1 2 390 926
- PRC, excluding Hong Kong:
Unaffiliated customers 14,044 1,249 15,746 3,512
Related party 8 - 8 7,849
Inter-company sales 69,027 41,163 244,254 116,430
- Inter-company eliminations (69,028) (41,165) (244,644) (117,356)
--------------- --------------- ---- -------------- ---------------
Total net sales $ 93,157 $ 56,872 $ 297,852 $ 160,400
=============== =============== ==== ============== ===============
NET INCOME FROM OPERATIONS WITHIN:
- PRC, excluding Hong Kong $ 9,190 $ 1,845 $ 27,233 $ 11,266
- Hong Kong (798) 4,209 2,863 2,788
--------------- --------------- ---- -------------- ---------------
Total net income $ 8,392 $ 6,054 $ 30,096 $ 14,054
=============== =============== ==== ============== ===============
Unaudited Audited
Sept. 30, 2003 Dec. 31, 2002
------------------------------------------------------------------------------------------- -- --------------- ---------------
LONG-LIVED ASSETS WITHIN:
- PRC, excluding Hong Kong $ 57,756 $ 54,481
- Hong Kong 18,344 21,433
--------------- ---------------
Total long-lived assets $ 76,100 $ 75,914
=============== ===============
SIGNATURE
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.
NAM TAI ELECTRONICS, INC.
Date: November 1, 2003 By: /s/ M.K. Koo
-------------------------------------
Name: M. K. Koo
Title: Chief Financial Officer and Director