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.
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.