Nam Tai Electronics Slips To Loss In Q2 - Quick Facts

(RTTNews) - Nam Tai Electronics Inc. (NTE) reported that net loss for the second quarter of 2013 was $31.9 million or $0.71 per share, compared to net income of $9.4 million, or $0.21 per share, in the second quarter of last year.

The net loss of $31.9 million in the second quarter of 2013 was mainly due to four factors. First, since the Company discontinued its entire production operations of LCMs for tablets in its Wuxi facility, the Company impaired its Wuxi facility and land by $34.9, taking into consideration the difficulty in reselling the entire assets and the fact that most of the machineries were purchased in Japanese yen and the Japanese yen had depreciated by around 29% since the machineries were purchased at end of 2011.

Operating income for the second quarter of 2013 was $8.4 million, a decrease of 14.3%, compared to $9.8 million in the second quarter of last year.

Net sales in the second quarter of 2013 were $167.9 million, excluding the discontinued LCMs for tablets business of $30.7 million, an increase of 64.1%, compared to the net sales of $102.3 million, excluding the discontinued businesses of $113.7 million, for the same quarter of 2012.

The company said that the dividend of $0.15 per share for the fourth-quarter of 2013 will be paid before October 31, 2013 and the record date will be September 30, 2013.