Himax Technologies, Inc. Reports Fourth Quarter and Full Year

Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results; Provides First Quarter 2017 Guidance

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Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
	Three Months Ended December 31,						Three Months Ended September 3 0 ,
		20 1 6			20 1 5			20 1 6

Cash flows from operating activities:
Net income	$	3,501		$	5,215		$	13,391
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,448			3,407			3,393
Bad debt expense		620			310			---
Share-based compensation expenses		254			277			378
Loss (gain) on disposals of property and equipment		28			---			(2	)
Gain on disposals of marketable securities, net		(5	)		(159	)		(95	)
Equity in losses (income) of equity method investees		712			(262	)		206
Deferred income tax expense (benefit)		(1,494	)		1,665			(219	)
Inventories write downs		14,793			2,445			2,653
Changes in:
Accounts receivable		16,615			(9,583	)		(20,441	)
Inventories		4,841			3,875			14,620
Prepaid expenses and other current assets		4,739			4,295			(5,054	)
Accounts payable		459			12,427			(10,033	)
Accounts payable from related parties		576			---			---
Income taxes payable		(215	)		(749	)		2,035
Other accrued expenses and other current liabilities		(1,690	)		3,088			2,034
Other liabilities		33			(385	)		(6	)
Net cash provided by operating activities		47,215			25,866			2,860

Cash flows from investing activities:
Purchases of property, plant and equipment		(2,159	)		(3,567	)		(1,861	)
Proceeds from disposal of property and equipment		---			---			9
Purchases of available-for-sale marketable securities		(6,977	)		(16,498	)		(6,123	)
Proceeds from disposals of available-for-sale marketable securities		8,956			17,520			8,777
Purchases of investment securities		---			---			(1,600	)
Proceeds from capital reduction of investment		137			---			---
Purchase of equity method investment		---			---			(37	)
Proceeds from refundable deposits, net		56			13			5
Pledges of restricted cash, cash equivalents and marketable securities		(197	)		---			(2	)
Other receivables from related parties		(3,150	)		---			(3,000	)
Cash received from the acquisition of Liqxtal, net of cash paid of $1,780		---			341			---
Net cash used in investing activities		(3,334	)		(2,191	)		(3,832	)

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