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Nam
Tai Electronics, Inc. provides design and manufacturing services to original
equipment manufacturers of telecommunication and consumer electronic products
and components. Products manufactured by Nam Tai include telecommunication
products, palm-sized PC's, personal digital assistants, electronic dictionaries,
calculators and digital cameras for use with mobile telephones
NAM
TAI ELECTRONICS, INC. Revises Guidance for Third Quarter and Full Year
2006
VANCOUVER, CANADA -- September
1, 2006 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE
Symbol: NTE) today
(NYSE Symbol: NTE) today
announced revised sales and earnings guidance for the third quarter ending
September 30, 2006 and year ending December 31, 2006.
Nam Tai expects that net
sales for its third quarter will be about flat as compared to the same
period last year when the Company reported net sales of approximately $207.9
million. Nam Tai now expects its third quarter net sales to be in the range
of range of 8% to 13% below the Company’s previous guidance announced on
July 31, 2006 of $230 million to $240 million. Nam Tai expects its non-GAAP
operating income per share for Q3 2006 to be lower as compared to the same
period last year when the Company reported non-GAAP operating income per
share (diluted) of $0.35, which did not include certain gains and losses
and severance expenses realized and incurred
resulting in reported operating
income (diluted) on a GAAP basis of $0.43 per share for Q3 2005.1 Nam
Tai’s revised guidance for
non-GAAP operating income per share for Q3 2006 is an estimated decrease,
in the range of 20% to 25%, as compared to its previous guidance of $0.30
to $0.32 per share announced on July 31, 2006. As a result, the Company
anticipates that non-GAAP earnings per share will be lower for Q3 2005
by an estimated range of 32% to 37% as compared to the same period last
year and lower by an estimated range of 18% to 23% as compared to its previous
guidance of $0.28 to $0.30 per share.2
Ms. Patinda Lei, Nam Tai’s
Chief Executive Officer and Chief Financial Officer commented, “The change
in guidance is a result of lower than expected sales and a change in the
mix of products sold to date during the quarter. We are also experiencing
lower margins during the third quarter than prior periods due to ever increasing,
intense market competition.”
May
15, 2006, Nam Tai Electronics, Inc. -- Q1 2006 Net Sales up 33%, Operating
Income up 30%
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