Nam Tai Electronics, Inc. to announce its Q1 2007 fiscal results
In the end of March the BVI-registered company Nam Tai Electronics, Inc. reported its audited results for the year 2006; on April 30, 2007 the company announced its unaudited results for the first quarter of the year.
BVI company Nam Tai Electronics has reported that net sales in the Q1 2007 were $191.6 million, this is a 8.1% decrease if compared to $208.4 million in the first quarter of the last year. Operating income in the period ended March 31, 2007 was 42.7% down as compared to the same period of the last year - $7.2 million and $12.6 respectively. Net income in the first quarter 2007 was $8.4 million – a decrease of 32.6% as compared to $12.5 million in the first quarter of 2006.
Other figures remain positive, and company’s overall financial position is strong. Net cash provided by operating activities in the first quarter of 2007 was $6.7 million. The BVI company finished the quarter with $209.0 million cash, and fourth quarter dividends of $16.6 million paid to shareholders on January 1, 2007. However, it can be summarized that the first quarter of the year was difficult for Nam Tai Electronics.