Nam Tai Electronics Q4 Profit Decreases - Quick Facts

(RTTNews) - Nam Tai Electronics, Inc. (NTE) reported that its fourth-quarter income from continuing operations declined to $8.66 million or $0.19 per share, from $19.74 million or $0.43 per share, last year. The company said its net income from continuing operations (in Shenzhen) decreased mainly due to the accrual of layoff compensation of $12.5 million as a part of its core business transformation.

Total earnings per share was $0.20 compared to $0.80, a year ago. The decrease was primarily the result of the loss of orders for the operations in Wuxi, the company said. Net sales dereased year-over-year to $234.95 million, from $312.20 million. The company said this revenue, which excludes its discontinued operations, was mainly attributed to the production of high-resolution LCMs for smartphones at the Shenzhen facility.

Gross profit margin for the fourth quarter of 2013 was 8.7%, compared to 9.0% in the fourth quarter of last year.