VANCOUVER, CANADA -- January 6, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI; CBOE Symbol: QNA; Future NYSE Symbol: NTE) today announced that it will transfer its stock listing to the New York Stock Exchange (“NYSE”) from the NASDAQ Stock Market. Nam Tai’s stock will begin trading on the NYSE under the stock ticker symbol “NTE” on Thursday, January 23, 2003. Concurrent with the NYSE listing, Nam Tai’s shares will be withdrawn from the NASDAQ. The Company will continue to trade on the NASDAQ until the transfer date.
“The Exchange is privileged to welcome Nam Tai Electronics to its family of listed companies,” said New York Stock Exchange Chairman and CEO Dick Grasso. “As a leading technology enterprise with global reach, Nam Tai’s decision to list on the world’s leading equities market serves the missions of both organizations. We look forward to an outstanding partnership with Nam Tai and its shareholders.”
The New York Stock Exchange is the world’s leading and most technologically advanced equities market with a market capitalization exceeding $13.4 trillion. A New York Stock Exchange listing provides qualifying companies with the broadest access to investors, the greatest market depth and liquidity, cost-effective access to capital, the highest visibility and the fairest pricing. Investors choose to invest in NYSE listed companies as the requirements for obtaining and maintaining a listing on the Exchange, including standards relating to protecting interests, are more rigorous than those of any other market.
Nam Tai was founded in 1975 as an electronics trading company. Since then it has continually grown and upgraded its capabilities. When it listed as a small cap on NASDAQ in 1988 Nam Tai was known as a quality manufacturer of calculators and other lower technology consumer electronic products. Today, from its state-of-the-art manufacturing facilities in Shenzhen, China, Nam Tai manufactures high-end, high technology products and components, including LCD modules and RF modules for mobile phones.
Since its IPO in 1988, Nam Tai’s annual sales have increased from $26.6 million to $230.0 million in 2001 (18% CAGR). Net income over the same period increased from $0.7 million to $9.0 million in 2001 (22% CAGR). During this time Nam Tai has been consistently profitable and has rewarded shareholders with nine consecutive years of increasing dividends ($0.48 per share in 2002).
“As a result of our Company’s dedication to continual improvement we have achieved steady growth since our initial public offering in 1988 and are now pleased that we meet the New York Stock Exchange’s stringent listing requirements,” commented Mr. Tadao Murakami, Nam Tai’s Chairman. “We anticipate that the listing on the New York Stock Exchange will increase our visibility in North America, attract new investors, and ultimately lower the Company’s cost of capital and support continued growth. We greatly appreciate and acknowledge the support that we have received from the NASDAQ over the years.”
Change of Auditors
Nam Tai also announced that in line with its move to New York Stock Exchange, Nam Tai has changed its auditors to Grant Thornton from HLB Hodgson Impey Cheng. Grant Thornton is one of the world’s leading organizations of accountants and business advisers with 650 offices in more than 110 countries. Grant Thornton has a strong U.S. base, and is rated the fifth largest accounting firm in the United States of America. Grant Thornton serves approximately 400 publicly held companies in the U.S., including NYSE listed companies. It has local office partners and U.S. national office resources dedicated to compliance with the rules and regulations of the Securities and Exchange Commission (SEC).
Nam Tai Electronics, Inc. is an electronics design and manufacturing service provider to some of the world’s leading original equipment manufacturers. Nam Tai manufactures telecommunication products, palm-sized PCs, personal digital assistants, linguistic products, calculators and various components including LCD modules and RF modules for mobile phones, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), chip on film (COF), surface mount technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer lead bonding (OLB) technologies. Further information is available on Nam Tai’s web site at www.namtai.com.