Nam Tai's Q4 Sales Down 44.5% YoY
For the period ended Dec. 31, net income was $400,000, up from a net loss of $14.5 million in 2008. Gross profit was $10.2 million, down 30.6%. The gross margin was 10.8%, versus 8.7% in 2008. Cash from operations was $15.6 million.
Consumer electronics sales were down 59%, while telecom sales were off 45%. LCD panels rose 18% during the period.
For the year ended Dec. 31, net sales fell 34.5% to $408.1 million. Gross margin was 9.9%, down from 11.3% in 2008. Gross profit was $40.3 million, down 43%.
At quarter’s end, Nam Tai had $195.6 million in cash on hand.
During the quarter, the electronics manufacturing services company spent $8 million mainly on an ongoing expansion of its manufacturing plant in Wuxi, China. It plans to phase in smaller production volume manufacturing later this first quarter.
Nam Tai, which slid six spots to 23d in the 2009 CIRCUITS ASSEMBLY Top 50, said consumer electronics sales will continue to drop in 2010, and overall growth will be limited.
