Taiwan based semiconductor company Himax Technologies announced a $25 million share buyback program, after reiterating its second quarter guidance. Although the share buyback program does not require a specific purchase, it authorizes the company to buy up to $25 million of Himax American Depository Shares in the open market or through private transactions.
Himax President and CEO, Jordan Wu, commented on anticipated earnings for the company and the associated buyback program. “As of today, we expect our second quarter revenues to go up 10% to 15%, in line with the guidance we previously provided in our last earnings call on May 9, 2011. While we reiterate the second quarter guidance, the actual results remain subject to market changes and other future events that may occur before the quarter end. We remain firmly confident in our long-term business outlook. Our ADSs are undervalued, currently trading below book value of approximately US$2.3 per ADS as of May 31, 2011. We believe a share buyback program demonstrates the strong commitment from the Board and the management team to enhance shareholder value.”
Himax Technologies designs, manufactures, and markets key semiconductors, such as display drivers, used in large and small flat panel displays, including displays for monitors, notebooks, televisions, mobile handsets, digital cameras, DVD players, and various other displays. The company now also offers timing controllers, touch controllers, power management chips, image sensors, and 2D to 3D conversion solutions.
Most recently, Himax unveiled a 3D timing controller for naked-eye 3D panels, suitable for handheld applications such as tablet PCs and gaming devices. The innovative Himax conversion technology approach utilizes human visual perception characteristics to convert 2D images into 3D formats in real time.
In addition to Taiwan, Himax has offices in China, Japan, South Korea, and also in California.
For additional information, visit the company’s website at www.Himax.com.tw