VANCOUVER, CANADA -- July 8, 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 $116 million in the second quarter of 2003, an increase of over 120% compared to the sales of $52.3 million in the second quarter of 2002. The growth is mainly attributable to our increasing sales in telecommunication component sub-assemblies. Details of the unaudited second quarter results for the period ended June 30, 2003, will be released on July 25, 2003 after the review by the Company's auditor.
“We are very pleased to achieve these encouraging results despite the uncertain market conditions. This is the third consecutive quarter that Nam Tai has achieved new record-breaking sales. The outstanding performance on sales demonstrates the Company’s ability to grow in the competitive market. In addition, with our solid business foundations and further expansion of business operations, we believe Nam Tai will grow steadily in the long term. Meanwhile, we are also looking forward to the second quarter earning results on July 25, 2003,” commented Mr. Tadao Murakami, Nam Tai’s Chairman.
Q2/03 Results & Analyst Conference Call
The Company will release its unaudited second quarter results for the period ended June 30, 2003 after the market closes on Friday, July 25, 2003.
The Company will hold a conference call on Monday, July 28, 2003 at 10:00 a.m. Eastern Time for analysts to discuss the second 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, July 25, 2003.
Shareholders, media, and interested investors are invited to listen to the live conference call over the Internet by going to http://www.namtai.com/news/news.htm and clicking on the conference call link or over the phone by dialing (612) 288-0329 just prior to its start time. Users will be asked to register with the conference call operator.
Annual Shareholders’ 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, Tribeca Room, 3rd Floor, 700 Fifth Avenue at 55th Street, New York, NY.
The Company declared an annual dividend of $0.60 per share for 2003, payable quarterly at $0.15 per share per quarter. The second quarter dividend is payable on July 21, 2003 to shareholders of record as of the close of business on June 30, 2003. In light of the three-for-one stock split starting today, the quarterly dividend payable for each Common Share of the Company will be changed to $0.05 per share commencing with the date of the dividend payable on July 21, 2003.
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, LCD modules, radio frequency modules, 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. Further information is available at www.namtai.com.
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. 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.