oops! - guess we ran out of good news -- glad I decided to get out of this at 32.70. Maybe we will see $24 again.
Dick
NAM TAI ELECTRONICS, INC.
VANCOUVER, CANADA -- February 18, 2003 -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NYSE Symbol: NTE; CBOE Symbol QNA) today announced
that in the review of its quarterly financial results for the year ended
December 31, 2002 that it determined a non-cash charge of $1.5 million
related to the creation of a minority interest in its JIC subsidiary should
have been reflected in its quarterly results for the three months ended June
30, 2002, the period when the JIC minority interest was created. This charge
was reflected in the Company's press release announcing its fourth quarter
results as a fourth quarter charge. The change in timing of this charge does
not affect the Company's annual results as presented in its prior press
release.
The result of changing the period in which this charge was recognized is to
reduce net income for the three months ended June 30, 2002 by $1.5 million
to $3.8 million. Intangible assets - net at June 30, 2002 should have also
been reduced by $1.5 million to $20.6 million. For the quarter ended
December 31, 2002, net income should have been $1.5 million higher than
previously shown, or $6.0 million. This change does not affect the Company's
balance sheet at December 31, 2002. As this is a non-cash charge, there is
no impact to the Company's cash flow from operations or investing activities
in any period of 2002.
Fourth Quarter Results Analyst Conference Call
The Company will hold a conference call on Tuesday, February 18, 2003 at
10:00 a.m. Eastern Time for analysts to discuss the fourth quarter results
with management. Shareholders, media, and interested investors are invited
to listen to the live conference call over the Internet by going to
namtai.com and clicking on the conference call link
or over the phone by dialing 612-288-0318 just prior to its start time.
Users will be asked to register with the conference call operator.
About Nam Tai
We are an electronics design and manufacturing services provider to a select
group of the world's leading original equipment manufacturers of
telecommunications and consumer electronic products. Through our electronics
manufacturing services, or EMS, operations, we manufacture electronic
components and subassemblies, including LCD panels, transformers, LCD
modules and radio frequency, or RF, 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
PC's, personal digital assistants, electronic dictionaries, calculators and
digital camera accessories for use with cellular phones. Further information
is available at www.namtai.com.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Pan Pacific I.R. Ltd.
Representing Nam Tai Electronics, Inc.
c/o 1790 - 999 West Hastings Street
Vancouver BC V6C 2W2
Tel: 604-669-7800 Fax: 604-669-7816
Toll Free Tel/Fax: 1-800-661-8831
Contact: Lorne Waldman |
