Nam Tai Electronics Q3 Profit Down - Quick Facts

(RTTNews) - Nam Tai Electronics, Inc. (NTE) posted lower third-quarter net income of $18.0 million or $0.40 per share, compared with $24.6 million or $0.54 per share, last year, majorly reflecting the impact of the lost order in the Company's operation in Wuxi, represented by the income difference between the $0.4 million loss from discontinued operations (net of tax) in the 2013 third quarter compared with $12.9 million income a year ago. The impact of the lost order in Wuxi was partially offset by the increase in income from continuing operations (in Shenzhen) to $18.4 million in the recent quarter from $11.6 million last year as the company's Shenzhen manufacturing facility began mass production of high-resolution LCMs for smartphones in September 2012.

On the other hand, quarterly net sales totaled $284.2 million, up 61.5%, compared with $176.0 million, excluding the discontinued operations, for the same quarter of 2012.