VANCOUVER, CANADA -- April 13, 2006 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE) is pleased to announce that it is confident that it will meet its Q1 2006 guidance.
The Company’s guidance for Q1 2006 remains unchanged even though its Hong Kong-listed subsidiary, Nam Tai Electronic & Electrical Products Limited (“NTEEP”), issued a profit warning for the three months ended 31 March 2006 today. Despite the poor performance of NTEEP, Nam Tai is still confident that it will be able to meet its Q1 2006 guidance.
Nam Tai currently holds 69.50% of the issued share capital of NTEEP. In Q4 2005, NTEEP accounted for less than 20% of both Nam Tai’s sales and net profit, respectively. As a result, NTEEP’s results are not expected to have any significant impact on the sales and profitability of Nam Tai’s Q1 2006 results after Nam Tai has taken account of NTEEP’s disappointing performance. Furthermore, NTEEP’s situation had been taken into consideration when Nam Tai provided its projection for its Q1 2006 outlook.
About Nam Tai Electronics, Inc.
We are an electronics manufacturing and design services provider to a select group of the world’s leading OEMs of telecommunications and consumer electronic products. Through our electronics manufacturing services operations, we manufacture electronic components and sub-assemblies, including LCD panels, LCD modules, RF modules, DAB modules, FPC sub-assemblies and image sensors modules and PCBA for BluetoothTM headsets. These components are used in numerous electronic products, including cellular phones, laptop computers, digital cameras, electronic toys, handheld video game devices, entertainment devices and microwave ovens. We also manufacture finished products, including cellular phones in semi-knocked down, or SKD, form, mobile phone accessories and educational products.
Nam Tai has two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C. Technology Company Limited (“JIC”). Interested investors may go to the website of The Stock Exchange of Hong Kong at www.hkex.com.hk to obtain the information. The stock codes of NTEEP and JIC in The Stock Exchange of Hong Kong are 2633 and 987, respectively. Investors are reminded to exercise caution when assessing such information and not to deal with the shares of the Company based solely upon reliance on such information.