Nam Tai Property Inc. (NYSE:NTP)

NEW YORK, May 27, 2020 /PRNewswire/ -- IsZo Capital LP, which owns approximately 9.8% of the stock of Nam Tai Property Inc. (NYSE: NTP) released an open letter to NTP's shareholders regarding concerns over the control of the Company by minority shareholder Kaisa Group Holdings Ltd. (HKG: 1638). The full text of the letter can be accessed at http://www.fixntp.com/iszo and an excerpt is included below:

Shareholders:

As the largest independent shareholder of Nam Tai Property Inc. since 2017, we write to make you aware of the oppressive conduct, poor governance, and value destruction at the hands of the Company's management team and Board controlled by Kaisa Group Holdings Ltd. When presented with the facts, the need for immediate change is obvious:

Share Price Destruction: The Company's stock price is trading at just $4.05 per share for a total market capitalization of less than $160 million as of yesterday's close—a 70% decline in share value since Kaisa replaced NTP's former CEO with Ying Chi Kwok, the younger brother of Kaisa's CEO, on January 29, 2018.
Failure to Optimize the Company's Assets: The intrinsic value of the Company is significantly higher than the stock price reflects. Two years ago, before any pre-sales or revenue, the Company's two commercial projects had three independent valuations ranging from $2 to $3 billion, implying a share price between $15 and $23 per share. Kaisa itself purchased its shares for over $17.00 per share in July 2017. Based on raw land valuations alone, the stock should be trading higher than $20 per share. The Company has not promoted these facts in the market, let alone attempted to realize the value of the Company's assets.
Dangerous Capital Allocation Strategy: The Company recently announced the purchase of a $101 million residential development in Dongguan City using over 80% of the Company's cash. If the Company continues to recklessly deploy capital while ignoring opportunities to monetize existing assets, the Company's intrinsic value will be in jeopardy.

We remain excited about NTP's long-term value potential; but are concerned that the Company's value could be destroyed by a Kaisa-controlled Board and CEO intent on running the Company as a wholly-owned subsidiary of Kaisa without appropriate checks and balances.  By refreshing the Board with directors who have relevant experience, a sense of urgency and alignment with shareholder interests, we can unlock significant value through renewed corporate governance, effective capital allocation, and monetization of the Company's assets.

SHENZHEN, China, Jan. 27, 2020 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the fourth quarter ended December 31, 2019.

Net operating income for the fourth quarter of 2019 was $0.4 million compared to $0.4 million in the fourth quarter of 2018. Operating income for the fourth quarter of 2019 mainly consisted of rental income of $0.7 million from the existing factory buildings located on the sites of Inno Valley and Wuxi.

Net loss for the fourth quarter of 2019 was $2.1 million compared to net loss of $6.3 million in the fourth quarter of 2018. Net loss for the fourth quarter of 2019 mainly consisted of operating loss of $4.6 million, which was offset in part by interest income of $0.4 million earned from time deposits, deferred income tax credit of $1.7 million and other net income of $0.4 million. Net loss for the fourth quarter of 2018 mainly consisted of a net operating loss of $3.6 million and a loss of $4.1 million related to the disposal of certain fixed assets in our Wuxi factory, which were offset in part by interest income of $1.0 million earned from time deposits.

Net loss for the twelve months of 2019 was $13.6 million compared to net loss of $13.3 million in the twelve months of 2018. Net loss for the twelve months of 2019 mainly consisted of operating loss of $17.2 million and other net loss of $0.4 million, which were offset in part by interest income of $2.4 million and deferred income tax credit of $1.7 million. Net loss for the twelve months of 2018 mainly consisted of a net operating loss of $20.8 million and a loss of $4.1 million related to the disposal of certain fixed assets in our Wuxi factory; which were offset in part by a gain of $6.8 million on the disposal of an office property in Hong Kong, interest income of $5.6 million earned from time deposits and other net loss of $0.7 million.

SHENZHEN, China, Oct. 28, 2019 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the third quarter ended September 30, 2019.

FINANCIAL RESULTS

Net Operating Income

Net operating income for the third quarter of 2019 was $0.5 million compared to $0.007 million in the third quarter of 2018. Operating income for the third quarter of 2019 mainly consisted of rental income of $0.7 million from the existing factory buildings located on the sites of Inno Valley and Wuxi.

Net operating income for the first nine months of 2019 was $1.2 million compared to $0.007 million in the first nine months of 2018. Operating income for the first nine months of 2019 mainly consisted of rental income of $1.8 million from the existing factory buildings located on the sites of Inno Valley and Wuxi.

Operating Loss

Operating loss for the third quarter of 2019 was $6.0 million compared to an operating loss of $4.0 million in the third quarter of 2018. Operating loss for the third quarter of 2019 mainly consisted of general and administrative expenses of $2.7 million and selling and marketing expenses of $3.8 million; offset in part by our net operating income of $0.5 million for the period. Operating loss for the third quarter of 2018 mainly consisted of general and administrative expenses of $4.0 million.

Operating loss for the first nine months of 2019 was $12.6 million compared to an operating loss of $17.3 million in the first nine months of 2018. Operating loss for the first nine months of 2019 mainly consisted of general and administrative expenses of $8.5 million and selling and marketing expenses of $5.4 million; offset in part by our net operating income of $1.3 million for the period, the expense mainly included salary and benefits of $5.7 million, and accrued apartment rental commission of $3.1 million. Operating loss for the first nine months of 2018 mainly consisted of general and administrative expenses of $17.3 million, including accrual of compensation for loss of office of $3.7 million for the retirement of a senior officer, stock option compensation expenses of $2.4 million for certain officers and employees, salary and benefits of $3.3 million, depreciation of $2.9 million and audit, legal and professional fees of $1.2 million.

Net Loss

Net loss for the third quarter of 2019 was $6.3 million compared to net loss of $3.7 million in the third quarter of 2018. Net loss for the third quarter of 2019 mainly consisted of operating loss of $6.0 million and other net loss of $0.8 million as a result of the depreciation of Renminbi against the US dollar in the third quarter of 2019, offset in part by interest income of $0.5 million earned from time deposits. Net loss for the third quarter of 2018 mainly consisted of operating loss of $4.0 million and exchange loss of $1.2 million, offset in part by interest income of $1.5 million.

Net loss for the first nine months of 2019 was $11.5 million compared to net loss of $7.0 million in the first nine months of 2018. Net loss for the first nine months of 2019 mainly consisted of operating loss of $12.6 million and other net loss of $0.8 million, offset in part by interest income of $2.0 million. Net loss for the first nine months of 2018 mainly consisted of operating loss of $17.2 million and other net loss of $1.0 million, offset in part by a gain of $6.8 million on disposal of an office property in Hong Kong and interest income of $4.6 million.

Cash, Cash Equivalents and Short-term Investment

Cash, cash equivalents and short-term investment decreased by $43.0 million in the first nine months of 2019 from $109.9 million as of December 31, 2018 to $66.9 million as of September 30, 2019. This decrease was mainly due to $48.1 million paying additional land premium for Nam Tai Technology Center in the first nine months of 2019.

Real Estate Properties under Development, Net

Real estate properties under development increased by $52.4 million in the first nine months of 2019 from $171.6 million as of December 31, 2018 to $224.0 million as of September 30, 2019. This increase consisted of $52.4 million for construction completed for both Nam Tai Inno Park and Nam Tai Technology Center, capitalized under percentage-of-completion method (before foreign currency translation adjustment).

Accounts Payable

Accounts payable decreased by $40.9 million in the first nine months of 2019 from $87.2 million as of December 31, 2018 to $46.3 million as of September 30, 2019. This decrease mainly consisted of accrued payables for construction completed for both Nam Tai Inno Park and Nam Tai Technology Center, accounted for under percentage-of-completion method.

Advance from Customers

Advance from customers increased by $55.2 million in the first nine months of 2019 from $0.3 million as of December 31, 2018 to $55.5 million as of September 30, 2019. This increase mainly attributed to Nam Tai Inno Park's $55.2 million rental received from customers.

Long Term Bank Loan

Long term bank loan increased by $7.1 million in the first nine months of 2019. No long term bank loan existed at the beginning of 2019, the increase was due to the $7.1 million loan from the Bank of Beijing in August 2019 for Nam Tai Technology Center project.

Liquidity and Capital Resources

As of September 30, 2019, we had a total cash balance of $66.9 million. According to our project development plan, project investment for the fourth quarter of 2019 is estimated to be $35.2 million. The total project investment for the year 2019 is estimated to be $167.0 million.

With respect to the financing of Nam Tai Technology Center, the Company is currently in discussion with a bank for a loan to support the construction of Nam Tai Technology Center. We have obtained preliminary consent from this institution in September 2019 and are expected to enter into a loan agreement in the fourth quarter of 2019.

With respect to the financing of Nam Tai Inno Park, after considering the financing terms and costs, we entered into a financing package with Bank of China in September 2019 for a credit facility of RMB1.0 billion. This package replaced the financing package from China Construction Bank which we entered into in April 2018. The package from Bank of China, which principally consists of a fixed asset loan agreement, will help us obtain financing support with more flexible terms and lower costs. It is also conducive to our development and in line with the best interests of our shareholders.

With respect to other financing activities, we entered into a three-year loan facility with Bank of Beijing in August 2019 for a total amount of RMB50 million, which is guaranteed by a third party guarantee company and Zastron Electronic (Shenzhen) Co., Ltd. and counter-guaranteed by our office property in Qianhai, Shenzhen. The loan amount of RMB50 million was drawn down in the same month.

SHENZHEN, China, July 29, 2019 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the second quarter ended June 30, 2019.

FINANCIAL RESULTS

Net Operation Income

Net operation income for the second quarter of 2019 was $0.4 million compared to nil in the second quarter of 2018. Operation income for the second quarter of 2019 mainly consisted of rental income of $0.7 million from the existing factory buildings located on the site of Inno Valley and Wuxi.

Net operation income for the first half of 2019 was $0.8 million compared to nil in the first half of 2018. Operation income for the first half of 2019 mainly consisted of rental income of $1.3 million from the existing factory buildings located on the site of Inno Valley and Wuxi.

Operating Loss

Operating loss for the second quarter of 2019 was $3.4 million compared to an operating loss of $4.2 million in the second quarter of 2018. Operating loss for the second quarter of 2019 mainly consisted of general and administrative expenses of $2.8 million and selling and marketing expenses of $1.0 million; offset in part by our net operation income of $0.4 million for the period. Operating loss for the second quarter of 2018 mainly consisted of general and administrative expenses of $4.2 million.

Operating loss for the first half of 2019 was $6.6 million compared to an operating loss of $13.3 million in the first half of 2018. Operating loss for the first half of 2019 mainly consisted of general and administrative expenses of $5.8 million and selling and marketing expenses of $1.6 million; offset in part by our net operation income of $0.8 million for the period, the expense mainly included salary and benefits of $3.9 million. Operating loss for the first half of 2018 mainly consisted of general and administrative expenses of $13.3 million, including accrual of compensation for loss of office of $3.7 million for the retirement of a senior officer, stock option compensation expenses of $2.0 million for certain officers and employees, salary and benefits of $3.3 million, depreciation of $2.0 million and audit, legal and professional fees of $1.0 million.

Net Loss

Net loss for the second quarter of 2019 was $3.3 million compared to net loss of $5.8 million in the second quarter of 2018. Net loss for the second quarter of 2019 mainly consisted of operating loss of $3.4 million, offset in part by interest income of $0.7 millionearned from time deposits and exchange loss of $0.7 million as a result of the depreciation of Renminbi against the US dollar in the second quarter of 2019. Net loss for the second quarter of 2018 mainly consisted of operating loss of $4.2 million, offset in part by interest income of $1.6 million and exchange loss of $3.3 million.

Net loss for the first half of 2019 was $5.1 million compared to net loss of $3.3 million in the first half of 2018. Net loss for the first half of 2019 mainly consisted of operating loss of $6.6 million, offset in part by interest income of $1.5 million. Net loss for the first half of 2018 mainly consisted of a gain of $6.8 million on disposal of an office property in Hong Kong, exchange gain of $3.1 million, offset in part by operating loss of $13.3 million.

Cash, Cash Equivalents and Short-term Investment

Cash, cash equivalents and short-term investment decreased by $11.9 million in the first half of 2019 from $109.9 million as of December 31, 2018 to $98 million as of June 30, 2019. This decrease was mainly due to $29.4 million spent for Nam Tai Inno Park and Nam Tai Technology Center in the first half of 2019 and offset by $22.5 million advance from customers from Nam Tai Inno Park.

Real Estate Properties under Development, Net

Real estate properties under development increased by $28.1 million in the first half of 2019 from $171.6 million as of December 31, 2018 to $199.7 million as of June 30, 2019. This increase consisted of $28.1 million for construction completed for both Nam Tai Inno Park and Nam Tai Technology Center, capitalized under percentage-of-completion method (before foreign currency translation adjustment).

Accounts Payable

Accounts payable increased by $0.6 million in the first half of 2019 from $87.2 million as of December 31, 2018 to $87.8 million as of June 30, 2019. This increase mainly consisted of accrued payable for construction completed for both Nam Tai Inno Park and Nam Tai Technology Center, accounted for under percentage-of-completion method.

Advance from Customers

Advance from customers increased by $21.1 million in the first half of 2019 from $0.3 million as of December 31, 2018 to $21.4 million as of June 30, 2019. This increase is mainly attributed to Nam Tai Inno Park's rental received from customers of $21.1 million.

Liquidity and Capital Resources

As of June 30, 2019, we had a total cash balance of $96.3 million and we have no material debt. According to our project development plan, project investment for the third quarter of 2019 is estimated to be $89.2 million. The total project investment for the year 2019 is estimated to be $167.0 million. The Company is in discussions with several financial institutions towards a loan for financing the construction of Nam Tai Technology Center.

Fourth Quarter 2018 Financial Results

• Net operation income for the fourth quarter of 2018 was $0.4 million, an increase of $0.2 million compared to an operation income of $0.2 million in the fourth quarter of 2017. Operation income for the fourth quarter of 2018 mainly consisted of rental income of $0.4 million from the existing factory buildings located on the site of Phase II of Nam Tai Inno City.
• Net loss per diluted share for the twelve months ended December 31, 2018 was $0.35 compared to net income per diluted share of $0.11 for the twelve months ended December 31, 2017.

COMPANY OUTLOOK

The development of Nam Tai Inno Park in Guangming, Shenzhen, and Nam Tai Inno City in Gushu, Shenzhen, continues to proceed smoothly.

For Nam Tai Inno Park, we opened an industrial showroom on the first floor of future building A and held an Internet-of-Things industry conference on December 22, 2018. The showroom was constructed to facilitate discussions with potential tenants and business partners. It includes comprehensive models and a layout of Nam Tai Inno Park, meeting and conference rooms to negotiate the implementation of various technologies and features, a dedicated audio/video room to showcase the technology complex and various units, and a back office area for our staff. The industrial showroom is also designed to attract potential tenants and promote our brand as an operator of high-tech research and development centers. We plan to continuously renovate our industrial showroom by integrating our potential partners' technologies and latest commercial elements for technology parks to further strengthen our position in the market.

For Phase I of Nam Tai Inno City, we re-executed our land use rights contract on October 25, 2018, with the urban planning, land and resources commission of Shenzhen municipality, which allows the 50-years term of our land use rights to restart from the date of re-execution. Upon the receipt of the completion acceptance certificate, we will be permitted to exchange our existing general property ownership certificate for the entire Phase I complex for new 50-year, individual property ownership certificates for each developed unit, thereby allowing us to sell individual units. As a part of re-executing the land use rights contract, we are required to pay, and have capitalized the entire payment of $71.2 million in, additional land premiums for the land underlying Phase I of Nam Tai Inno City, of which $21.4 million was paid on October 27, 2018 and the remainder will be paid by mid 2019. Our payment of additional land premiums may be offset in part by the increased cost basis of our development project when calculating land appreciation tax, if we choose to sell the developed units.

For Phase II of Nam Tai Inno City, we continued with our efforts to lease out offices and workshops to tenants in the technology sphere. As of December 31, 2018, we have successfully rented out the majority of the leasable office and workshop spaces. We decided to lease out our current spaces to early stage companies due to our demolition and construction schedule, which is planned to occur in a few short years, making the existing buildings less attractive to industrial tenants with scaled operations and longer time horizons. Our primary focus is not to generate significant revenue but to maintain the active operation of the facilities ahead of their redevelopment, which is expected to start in March 2023.

As for our Wuxi facility, we have rented it to a third party for further renovation and development commencing from October 2018.

SHENZHEN, China, Nov. 2, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("We", "Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today a successful brand launching event to promote the development of Nam Tai Inno Park into a high-end research and development complex.

Attending Nam Tai's brand launching event in Shenzhen on October 31, 2018 were representatives from JD Cloud, Murata Manufacturing, Invengo, Shenzhen Youdian Technology and Shenzhen IoT Intelligent Technology Application Industry Association. Attendance by these potential strategic partners represents an acknowledgement of a shared vision to develop Nam Tai Inno Park into a multifaceted technology park dedicated to the development of the Internet of Things (IoT) industry.

At the event, Nam Tai shared its plans to develop various platforms and services designed to attract and support leading innovative companies.  Among the planned offerings are: (i) an intelligent building management platform, which is expected to include security and various energy consumption and environmental monitoring systems; (ii) a public amenities platform, which is expected to offer use of shared services such as meeting rooms, conference planning, and other physical public amenities; and; (iii) an industrial and business service platform, which is expected to offer government liaisons, and business and capital introduction services.

JD Cloud, an affiliate of the JD Group (Jingdong), is a provider of cloud computing services that is integral to the IoT industry. Murata is a global leader in the design, manufacture and supply of advanced electronic components and modules that makes up some of the critical components of certain IoT products. Invengo manufactures and supplies radio frequency identification (RFID) products and solutions that form the backbone of logistic and tracking systems of an IoT based economy. Youdian manufactures IoT products for smart homes such as smart door locks and smart water filters. Shenzhen IoT Intelligent Technology Application Industry Association is a leading IoT industry association in Shenzhen with over 4,000 members.

Third Quarter 2018 Financial Results

Net loss per diluted share for the third quarter of 2018 was $0.10 compared to net income per diluted share of $0.07 for the third quarter of 2017.

COMPANY OUTLOOK

The development of Nam Tai Inno Park in Guangming, Shenzhen, and Nam Tai Inno City in Gushu, Shenzhen, continues to proceed smoothly.

For Nam Tai Inno Park, we have begun the main construction phase starting from June 2018. We endured a severe typhoon in September without material damage or delay. With the construction underway, management has turned the page and shifted our focus to strengthening the technology infrastructure that will be offered to attract and retain the optimum tenants.

While many technology brands and manufacturers already have a presence in Guangming, Shenzhen, Nam Tai Inno Park will target enterprises of all sizes and stages of development to build a fuller ecosystem. We plan to build a general technology infrastructure that will be attractive to businesses of various sizes and also offer less tangible support and services to medium-sized and start-up enterprises. We are currently focusing on developing various platforms and services, including: (i) intelligent building management platform, which is expected to include security and various energy consumption and environmental monitoring systems; (ii) public amenities platform, which is expected to offer use of shared services such as meeting rooms, conference planning, and other physical public amenities; and (iii) industrial and business service platform, which is expected to offer government liaisons, and business and capital introduction services.

For Phase I of Nam Tai Inno City, we are currently focusing our development efforts on designing the complex in a way so as to maximize its value based on the latest market outlooks. We will continue to follow our plan of development and expect to receive the relevant Land Use Right Certificate before March 2019.

For Phase II of Nam Tai Inno City, we are continuing to subdivide and renovate the existing buildings for short-term leases targeting start-up companies. We have successfully leased out offices and workshops to tenants in smartphone optical components and drone manufacturing industries. We decided to lease out our current spaces to early stage companies due to our demolition and construction schedule, which is planned to occur in a few short years, making the existing buildings less attractive to industrial tenants with scaled operations and longer time horizons. Our primary focus is not to generate significant revenue but to maintain the active operation of the facilities ahead of their redevelopment, which is expected to start in March 2023. We also relocated a part of our headquarters from the future site of Phase II of Nam Tai Inno City to our Qianhai office on September 10, 2018.

As for our Wuxi facilities, we have rented it to a third party for further renovation and development commencing from October 2018.

SHENZHEN, China, Sept. 17, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced the date of release of its third quarter results and payment of its quarterly dividend.

Dividend Reminder

The record date for the Company's quarterly dividend of $0.07 per common share was September 30, 2018 and the dividend payment date will be on Friday, October 19, 2018.

Second quarter 2018 Financial Results

Net loss per diluted share for the second quarter of 2018 was $0.15 compared to net income per diluted share of $0.06 for the second quarter of 2017.

COMPANY OUTLOOK

The development of Nam Tai Inno Park in Guangming, Shenzhen, and Nam Tai Inno City in Gushu, Shenzhen, continues to proceed smoothly.

For Nam Tai Inno Park, as we announced on April 10, 2018, we received a RMB1.2 billion ($184 million) credit facility from China Construction Bank to support its development and construction. On May 23, 2018, we also announced our selection, through an auction process, of two main constructors, China Construction First Building (Group) Corporation Ltd., or CCFBC, and China Construction Second Engineering Bureau Ltd., or CCSEB, respectively, for the western and eastern sections of Nam Tai Inno Park. On May 18 and May 28, 2018, we also received two construction permits for the western and eastern sections of Nam Tai Inno Park, respectively. We have begun the main construction phase of Nam Tai Inno Park starting June 1, 2018.

For Phase I of Nam Tai Inno City, we completed the demolition of our old factory buildings in the second quarter of 2018. On May 24, 2018 we received the Land Use Permit for the development of the Nam Tai Inno City on the Phase I site ahead of the schedule. We currently focus our development efforts on designing this future complex in a way that would maximize its value based on the latest market outlook. We will continue to follow our plan of development and expect to receive the relevant Land Use Right Certificate in August 2018 for Phase I of Nam Tai Inno City.

For Phase II of Nam Tai Inno City, we are in the process of subdividing and renovating the existing buildings on site for short-term leases for start-up tech companies. We made this decision based on our current demolition and construction schedule, which is planned to occur in a few years, making the existing buildings less attractive to industrial tenants with scaled operations and longer time horizons. Our primary focus is not to generate significant revenue but maintaining the active operation of the facilities ahead of its redevelopment, which is currently expected to start in March 2023.

As for our Wuxi facilities, we continue to search for both potential buyers or renters, with the primary focus on rental.

SHENZHEN, China, July 30, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("We", "Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today that construction site photos have been made available on the Company website under the heading "Inno Park" and will be updated at a regular interval as the construction progresses.

After the receipt of its construction permits, the construction of Nam Tai Inno Park has been progressing smoothly. The Company expects to adhere to its previously announced schedule of construction. Recently, the Company has received a number of inquiries from shareholders and potential investors for site visits. In the interest of fair disclosure, particularly for overseas investors that might not be able to conduct a site visit, the Company will make regularly updated photos of the construction site available on its website so investors may observe the construction progress.

SHENZHEN, China, May 31, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its receipt of construction permits on May 18, 2018 and May 28, 2018 for the Western and Eastern sections of Nam Tai Inno Park, respectively. Nam Tai has substantially completed the foundation work of Nam Tai Inno Park and will immediately begin the construction of its main structures.

Nam Tai Inno Park is located in Guangming district, a newly zoned district within the Shenzhen municipality that has experienced rapid development recently. According to the "2017 Annual Government Report of Guangming District", published by the Guangming government on March, 6, 2018, Guangming district is one of the fastest growing districts within the Shenzhen municipality. The following table lists several leading indicators that reflect the rapid growth underway in Guangming district.

Guangming district government has been focused on attracting and developing industries in the following sectors: precision manufacturing, smart manufacturing, advanced display technology, new generation information technology, graphene and other new materials, and biotechnology, with a goal to develop a holistic city supported by high-tech industries and sound environmental policies.

By focusing on the development of advanced technology enterprises, Guangming district has attracted a number of high-level scientists and engineers to join its development, among them are three academicians and two national teams from the Chinese Academy of Sciences, and 22 top-level "peacock plan" scientists and engineers. In addition, one of the top 10 universities in China, Sun Yat-Sen University, which is also home to the largest university affiliated hospital system in mainland China, continued to improve its Guangming campus facilities during 2017, including the construction of affiliated hospital No. 7.

Guangming district is located along the line of the cross-border Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) as the third stop from West Kowloon, Hong Kong. Guangming City Station opened in December 2011 and currently runs a combined 230 daily trips in both directions. The construction of the last section of the XRL, between Futian, Shenzhen, and West Kowloon, is expected to complete by the end of 2018 and begin to run by 2019, according to Chinese media.

FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE

SHENZHEN, China, May 23, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today that it has selected, through an auction process, China Construction First Building (Group) Corporation Ltd. ("CCFBC") and China Construction Second Engineering Bureau Ltd. ("CCSEB") as the two main contractors for the construction of the main structure of Nam Tai Inno Park.

CCFBC is a core subsidiary of China State Construction Engineering Corporation Ltd. ("CSCEC"). Established in 1953, CCFBC's four business segments include building construction, investment, infrastructure development, and overseas construction business. CCFBC provides its customers with "whole-industrial-chain" and "whole-life-cycle" services. CCSEB is another core subsidiary of CSCEC. Founded in 1954, CCSEB has extensive experience as the main contractor in the construction of ultra-high-rise buildings. Their parent company, the state-owned CSCEC, is China's largest construction and real estate conglomerate and building work contractor. It is also one of the top building construction companies in the world.

CCFBC and CCSEB will be responsible for the construction of the main structures in the western and eastern sections of Nam Tai Inno Park, respectively. Below is each of their respective scope of construction for the main structure.

Nam Tai Inno Park is a high-end research and development center located at Guangming District, Shenzhen City, the People's Republic of China. Upon completion, Nam Tai Inno Park will include:

269,000 sqm gross floor mixed-use complex which includes spaces for office/R&D center, apartment and commercial/retail space; and
1,500 underground parking spaces.
Guangming District is located along the line of the cross-border Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) as the third stop from West Kowloon, Hong Kong. The mainland portion of the XRL has been completed and is currently running. The construction of the last section of the XRL, between Futian, Shenzhen, and West Kowloon, is expected to complete by the end of 2018 and begin to run in 2019, at the earliest, according to Chinese media. 

First Quarter 2018 Financial Results

• Net income for the first quarter of 2018 was $2.6 million compared to a net income of $1.8 million in the first quarter of 2017.
• Net income per diluted share for the first quarter of 2018 was $0.07 compared to net income per diluted share of $0.05 for the first quarter of 2017.

The development of Nam Tai Inno Park in Guangming, Shenzhen, and Nam Tai Inno City in Gushu, Shenzhen, continues to proceed smoothly.

The construction of Nam Tai Inno Park continued with the excavation of its foundation and settlement of piles during the first quarter of 2018. The Company plans to select two main construction contractors in May of 2018, which, in turn, would allow the Company to receive the Construction Permit for the Main Structure as the next step. In any event, the Company will announce each of these important milestones in due course.

On April 10, 2018, the Company also announced the receipt of RMB1.2 billion ($184 million) credit facility from China Construction Bank to support the development of the Nam Tai Inno Park Project (the "Inno Park Financing Package") beyond the $173.2 million of cash, cash equivalents and short-term investments that the Company had on hand as of March 31, 2018. The Inno Park Financing Package is a part of the Strategic Cooperation Agreement that the Company entered into with China Construction Bank on August 18, 2016, where China Construction Bank planned to offer a total credit facility of up to RMB5.0 billion to the Company over a five years period for various projects, including Nam Tai Inno City as the next project. With the construction financing for Nam Tai Inno Park project secured, the Company will now focus on building Nam Tai Inno Park into a high-tech research & development center.

For Nam Tai Inno City, after splitting the development into Phase I and Phase II to cover the eastern and western sections, respectively, the Company continued with the demolition of its old factory buildings located on the eastern section in the first quarter of 2018. The Company currently focuses its development efforts on redesigning the complex to maximize its value based on the latest market outlook. The Company continues to follow its plan of development and expects to receive the Land Use Permit in June 2018 and Land Use Right Certificate in August 2018 for Phase I of Nam Tai Inno City. For Phase II of Nam Tai Inno City, as the Company now expects to receive its Construction Permit for the Main Structure around July 2020, the Company may look for ways to increase its utilization prior to the start of the construction.

For our Hong Kong office property, we sold it to our Chairman, Mr. Koo, for $9.7 million on February 12, 2018, after our Audit Committee reviewed two valuation reports prepared by two independent appraisers and our Board of Directors approved the transaction price.

As for the Wuxi facilities, the Company continues to search for both potential buyers or renters, with the primary focus on rental.

Dividend Reminder

The record date for the Company's quarterly dividend of $0.07 per common share was March 31, 2018 and the dividend payment date will be on Friday, April 20, 2018.

SHENZHEN, China, April 11, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced the date of release of its first quarter results and payment of its quarterly dividend.

Fourth Quarter Results

The release of Nam Tai's first quarter financial results for the period ending March 31, 2018 will be on Monday, April 30, 2018 at 6:00 a.m. (EDT).

Dividend Reminder

The record date for the Company's quarterly dividend of $0.07 per common share was March 31, 2018 and the dividend payment date will be on Friday, April 20, 2018.

SHENZHEN, China, April 10, 2018 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) announced today that it has entered into a US$184 million financing package for the construction of Nam Tai Inno Park with China Construction Bank Corporation, Shenzhen Branch. China Construction Bank Corporation is one of the "big four" state-owned commercial banks in the People's Republic of China ("CCB").

The financing package is on schedule for the construction of Nam Tai Inno Park, a high-end research and development center located at Guangming District, Shenzhen City, the People's Republic of China. Upon completion, Nam Tai Inno Park will include:

269,000 sqm gross floor mixed-use complex which includes spaces for office/R&D center, apartment and commercial/retail space; and
1,500 underground parking spaces.
The financing package principally consists of a fixed asset loan agreement between CCB and Zastron Electronic (Shenzhen) Co., Ltd. ("Zastron Shenzhen"), Nam Tai's wholly-owned, indirect subsidiary that holds the land use rights of Nam Tai Inno Park, with the following terms:

RMB1.2 billion (US$184 million) credit facility;
10 years term;
at each drawdown, an interest rate will be offered to us that is adjusted from the benchmark interest rate published by the People's Bank of China (PBOC) for the same class of loan during the period the drawdown is effected, which adjusted interest rate must be within the range not to exceed 10% below and 60% above the PBOC benchmark interest rate;
repayment to start on the earlier of (i) the second anniversary following the initial drawdown, or (ii) upon receipt of rental income; and
no early repayment penalty.
The financing package is secured by:

share pledge for 100% of the outstanding shares of Zastron Shenzhen;
mortgage on the land and buildings of Nam Tai Inno Park;
charge on the accounts receivable of Nam Tai Inno Park; and
joint and several guarantee by Nam Tai Investment (Shenzhen) Co., Ltd., the holding company of Zastron Shenzhen.
"We are pleased that China Construction Bank continues to strengthen its business relationship with us," said Company CEO Ying Chi Kwok. "With the construction financing secured, we are now able to focus all our resources and expertise on building Nam Tai Inno Park, with high hope that it will achieve all of our expectations."

As of the end of 2017, Nam Tai has a total cash balance of $167.5 million and no debts. Total construction cost for Nam Tai Inno Park is estimated to be $312 million; planned capital investment for 2018 is $132.9 million.

In addition, Nam Tai will release its first quarter 2018 earnings on Monday, April 30, 2018, one week ahead of the previously announced schedule.

FOURTH QUARTER OF 2017 FINANCIAL RESULTS

• Operation income for the fourth quarter of 2017 and the same quarter of last year were mainly derived from the rental of properties and lands located in Shenzhen. Operating loss for the fourth quarter of 2017 was $2.2 million, an increase of $0.8 million, compared to operating loss of $1.4 million in the fourth quarter of 2016.
• Net loss per diluted share for the fourth quarter of 2017 was $0.07 per diluted share compared to net loss per diluted share of $0.14 per diluted share for the fourth quarter of 2016.

COMPANY OUTLOOK

The development of Nam Tai Inno Park in Guangming, Shenzhen, and Nam Tai Inno City in Gushu, Shenzhen, continues to proceed smoothly.

The Company has begun certain strategic cooperation with Kaisa Group Holdings Ltd. ("Kaisa"), including hiring a number of engineers and real estate professionals from Kaisa to join the Company as officers and employees, as well as appointing one of Kaisa's founders, Mr. Ying Chi Kwok, as an executive director. Based on the most recent filing by Kaisa, following its purchase of shares from our Chairman, Mr. M.K. Koo, and from the public market, Kaisa currently holds approximately 25.0% of the Company's outstanding share capital. With the injection of the new project team and the support from Kaisa, the Company has significantly increased its execution ability and has become less reliant on external consultants. It is expected that the Company will continue to consult with Kaisa from time to time, leveraging Kaisa's knowledge and experience in the areas of construction and real estate development. Effective February 1, 2018, the Company will also promote Mr. Ying Chi Kwok as our CEO and Ms. Yu Zhang as our CFO. Mr. M.K. Koo will remain as our Chairman of the Board and Mr. Julian Lin will remain as our President and General Counsel.

The construction of Nam Tai Inno Park continued with the excavation of its foundation and pile driving during the fourth quarter of 2017. The Company has been conducting a thorough review of its construction and marketing plans and decided to make certain significant improvements, including realigning the unit sizes with the projected market demand, installing more advanced building automation systems, air conditioning system and fire proofing. The Company has also been fine tuning certain schematic designs to increase construction efficiency, foot and vehicle traffic safety and achieve higher aesthetic value. Due to the size of the project and the resources required, the Company has also divided the site into eastern and western sections and will engage two separate main construction contractors, each of which will only be responsible for its own section, to ensure construction quality and safety. The two sections will commence construction simultaneously, in lieu of separate phases, to ensure no further delay with our construction plan. The Company expects to select the two main construction contractors in the first half of 2018.

For Nam Tai Inno City, the Company has also afforded its new project team the opportunity to conduct a thorough review of its former construction and marketing plans. Similar to Nam Tai Inno Park, Nam Tai Inno City will be constructed by sections, with Phase I, the eastern section, being constructed first, followed by Phase II, the western section. Building in phases will help the Company avoid over-flooding the market upon completion and better align the roll out of our units with Shenzhen's urban development plan. The Company plans to select the architectural design firm for Nam Tai Inno City during the first quarter of 2018, after the new project team has completed its review. In line with the previously announced schedule, the Company has begun to demolish its old factory buildings located on the Inno City site in the fourth quarter of 2017. The first stage of this process, the eastern section, is expected to be completed in the first half of 2018. After completing the demolition of the existing headquarters on the eastern section of the Inno City site, the Company will move its headquarters first to our existing offices in the western section of Inno City, then to another location in the Baoan, Shenzhen, purchased in April 2017.

As for the Wuxi facilities, the Company continues to search for both potential buyers or renters, with the primary focus on rental.

NTP ($10.45), a China real estate developer, filed a 13D/A filing yesterday after the close showing that Kaisa Group increased its stake by roughly 400,000 shares, bringing its total to ~7.6 million shares or 20.7%.  Recall it was Kaisa Group which purchased the Founder and Chairman Mr. Ming Kown Koo’s 6.5 million shares at 17.00 per share back in July.  You can see our original share purchase agreement notehere.

SHENZHEN, China, Sept. 22, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced the date of release of its third quarter results and payment of its quarterly dividend.

Third Quarter Results

The release of Nam Tai's third quarter financial results for the period ending September 30, 2017 will be on Monday, October 30, 2017 at 6:00 a.m. (EDT).

Dividend Reminder

The record date for the Company's quarterly dividend of $0.07 per common share will be on September 30, 2017 and the dividend payment date will be on October 20, 2017.

SHENZHEN, China, July 12, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced that its Chairman, M.K. Koo ("Mr. Koo"), has, in his capacity as a stockholder, entered into a share purchase agreement to sell 6,504,355 shares of the Company held by him and his wife at a price of US$17.00 per share, reflecting a premium in excess of 100% of the Company's 30-day trading average, to a real estate developer listed on the The Stock Exchange of Hong Kong Limited (the "HKSE"), Kaisa Group Holdings Ltd. (1638:Hong Kong) (the "Kaisa Group"). The sale is scheduled to complete no later than August 11, 2017, after the release of the Company's second quarter financial results, and subject to Kaisa Group's satisfaction with its due diligence review and other customary closing conditions. For further details, please refer to the Schedule 13D filed by Mr. Koo today.

As discussed earlier in various corporate announcements and after a three year search, the Company is pleased to introduce Kaisa Group as an investor and the best candidate identified to become a strategic partner. The Company also believes that the price paid by Kaisa Group, after its evaluation of the Company's potential in the industry, better reflects the intrinsic value of the Company's shares as the Company moves to develop its two major properties in Shenzhen, Nam Tai Inno Park and Nam Tai Inno City.

Mr. Koo has informed the Company that this transaction is part of his transition towards retirement. However, Mr. Koo intends to remain an integral part of the Company in the foreseeable future of not less than one year, so long as his health permits.

Pursuant to the share purchase agreement filed on the Schedule 13D by Mr. Koo today, Mr. Koo and Kaisa Group intend, after closing, to discuss the possible appointment of one or more designees of Kaisa Group as members to the Company's board of directors (the "Board") in accordance with the Company's strategic plan to identify a strategic partner that can assist the Company in its various development projects. Any such appointment will be subject to the approval of the Board or at the annual general meeting of the Company, as appropriate. Management believes that Kaisa Group's experience in local real estate development could benefit the Company in its plans to develop Nam Tai Inno Park and Nam Tai Inno City.    

The Company is not a party to the transaction and was not involved in negotiating any terms, as the transaction did not require Company's approval or involvement. The Company continues to explore potential collaborative opportunities to develop its properties with the support of Kaisa Group.

Kaisa Group has been engaging in urban redevelopment projects in Shenzhen since early 2000 and was listed on the HKSE in December 2009. Being the pioneer of urban renewal, Kaisa Group is a well-known household name in Pearl River Delta region in China. It has extensive expertise in redeveloping old urban areas, villages, factories and distress assets with a proven track record of over 3 million square meters of gross floor area being successfully redeveloped. Its execution is supported by a professional team of 400 experienced staff in design, commercial negotiation and law. Kaisa Group has been strategically positioned in first tier and major second tier cities with more than 100 projects spanning across China to capture the opportunities in these markets. The scope of its business covers property development, commercial operation, hotel management and property management services with products consisting of residential properties, villas, offices, serviced apartments, integrated commercial buildings and mega urban complexes. As of December 31, 2016, Kaisa Group has a land bank of 21 million square meters in 31 cities in China. For the year ended December 31, 2016, Kaisa Group recorded contracted sales of RMB29.8 billion. For the six months ended June 30, 2017, Kaisa Group recorded unaudited contracted sales of RMB22.5 billion, representing a 62.5% increase compared with corresponding period in 2016. For the month of June 2017, Kaisa Group recorded unaudited contracted sales of RMB8.2 billion, representing a year-on-year increase of approximately 186.2%.

NTP ($7.95) announced its Q1 2017 update and added some color on its development projects in Shenzhen:

“With respect to the development of "Inno Park" and "Inno City" in Shenzhen, the PRC, the construction permit application processes are proceeding smoothly and every related step is progressing on schedule and within the Company's expectations...

...the main construction contractor will be selected and ready to be engaged and commence work in the beginning of 2018. As the construction work will start ahead of schedule, the groundbreaking ceremony for the construction of the basement area will be held on May 5, 2017.

As part of our preparation for the development of "Inno City", the PRC Government has verbally agreed and approved the construction of Phase I and II of "Inno City" to be combined together as one single project and the Company is currently waiting for the official approval from the PRC Government. This could significantly lower the costs and shorten the time of the construction. The Company will select one architectural design firm out of four potential candidates; the selection of the project management company and quantity surveyor is still in progress, but they are expected to be engaged and commence work before July 2017. As the Inno City Project will commence ahead of schedule, the Company is required to demolish all the old factory buildings between October to December 2017; as such, the Company purchased new office premises for a total amount of $13.5 million in April 2017.”

First Quarter 2017 Financial Results

• Operation income $594,000 vs. last year $654,000.
• Basic & Diluted income (loss) per share was $0.05 vs last years loss of $(0.01).

COMPANY OUTLOOK

With respect to the development of "Inno Park" and "Inno City" in Shenzhen, the PRC, the construction permit application processes are proceeding smoothly and every related step is progressing on schedule and within the Company's expectations.

As part of our preparation for the development of "Inno Park", the Company is pleased to report that, following our internal team's close collaboration with the external project management company (WSP Parsons Brinckerhoff), quantity surveyor (Currie & Brown) and architectural design firm (Ronald Lu and Partners) on the construction drawing design and organization of the tender for the general construction contractor, the main construction contractor will be selected and ready to be engaged and commence work in the beginning of 2018. As the construction work will start ahead of schedule, the groundbreaking ceremony for the construction of the basement area will be held on May 5, 2017.

Fourth Quarter 2016 Financial Results

Net loss for the fourth quarter of 2016 was $5.2 million mainly represented exchange loss of $5.2 million as a result of the depreciation of Renminbi against US dollars in the fourth quarter of 2016 and general and administrative expenses of $2.0 million, but partly offset by the interest income of $1.4 million earned from time deposits and net operation income $0.6 million, or loss of $0.14 per diluted share. Compared to the financial results for the same periods in 2015, the net loss of $5.0 million mainly represented exchange loss of $1.4 million as a result of the depreciation of Renminbi against US dollars in the fourth quarter of 2015 and general and administrative expenses of $4.9 million, but partly offset by the interest income of $1.3 million earned from time deposits and net operation income $0.2 million, or a loss of $0.14 per diluted share in the fourth quarter of 2015.

COMPANY OUTLOOK

With respect to the development of our "Inno Park" and "Inno City" in Shenzhen, the construction permit application processes have been proceeding smoothly and each related step is on schedule and within our expectation.

As part of our preparation for the development of "Inno Park", the design development has been almost completed, and our internal team is working closely with the external project management company (WSP Parsons Brinckerhoff), quantity surveyor (Currie & Brown) and architectural design firm (Ronald Lu & Partners) on the construction drawing design and the tender for the general construction contractor.

As part of our preparation for the development of "Inno City", the Company has started selecting the architectural design firm, project management company and quantity surveyor, which are expected to be engaged and start working before October 2017.

SHENZHEN, China, May 17, 2016 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced that Mr. Bong Shan-Nen ("Mr. Bong") has resigned as the Chief Financial Officer ("CFO") of the Company due to personal reasons. The Company confirms that Mr. Bong's departure was voluntary and amicable. Upon the resignation of Mr. Bong as the CFO, Mr. Koo Ming Kown ("Mr. Koo") will assume the role of acting CFO of the Company with immediate effect while the Company conducts a search for a replacement CFO.

Mr. Koo is a founder and the Executive Chairman of Nam Tai, and has held the position of Chief Financial Officer of the Company at various times over the last 40 years.  The management of the Company considers that such change of personnel has no impact on the Company.

Fourth Quarter 2014 Financial Results

• Net Rental income was $829 thousand vs. last years same quarter of $26 thousand.
• Diluted (loss)earnings per share was ($0.11) vs. last years same quarterly earning of $0.20

Overall, the real estate market in China has shown signs of continuous slow down. It has been reported that Shenzhen is the only first-tier city in China that has recorded modest increases in the average selling price of properties sold recently. Since our land is located in Shenzhen, the demand in property market has remained healthy.

As previously announced, we are in the process of seeking potential joint venture partners for the development of the land parcels in Shenzhen. To this effect, we have engaged external agents to source suitable, capable and experienced joint venture partners. Before a joint venture partner is secured, we will work with other external professional firms in all material matters concerning our permit applications. In the event that no suitable joint venture partners can be found, we will continue with the land development projects mainly by relying on and supported by external professional firms. At this juncture, we do not foresee any immediate difficulties in the application process. We will continue to make announcements from time to time to keep shareholders informed about material developments.

As for our Wuxi plant, all production line machinery has been sold and the factory building continues to be listed for sale.

The current headcount of our Group is approximately 60 and we believe that our overhead expenses are under control. We currently derive a majority of our income from rental and interest income. Any future reductions in the official cash deposit interest rates in China and Hong Kong could adversely impact our income. As of December 31, 2014, total cash was $258 million (net of the $40 million HSBC loan). As a result of our cash position, we believe our finances remain healthy to fund the initial stages of these property development projects in the next two to three years. However, the total cash on hand will gradually reduce as more funds are being used for land development related expenditures, which will be capitalized on the balance sheets, for the land in Gushu and Guangming, Shenzhen. We do not anticipate future fluctuation of the USD against RMB to impact us much as a majority, if not all, of the payments for operations are denominated in RMB. However, as our reporting currency is in USD, the fluctuation of RMB against USD will impact our financial statements where the PRC operating results and financial position are translated to USD for reporting purposes. All our land development related applications are subject to government policies and regulations in the real estate market. However, we cannot assure you that we will obtain all the necessary approvals in accordance with our timetable. Furthermore, this is our first venture into the land development projects after the cessation of the LCM business, we may encounter industry-specific difficulties that result in losses as we progress with our projects in Shenzhen.

COMPANY OUTLOOK

With the cessation of the LCM business in April 2014, the Company has been focusing its effort in developing the land parcels in Shenzhen.

In relation to the land parcels (in Guangming and Gushu) in Shenzhen, the construction permit application processes have been proceeding smoothly, and we believe that we can obtain the necessary permits and approvals to carry out the next stages of our property development projects on schedule.

For the Guangming project (Phase 1), the construction permit application processes have been proceeding smoothly, and we are in the process of selecting the suitable and qualified professional architectural firm for the next stage of the project. The construction phase of the Guangming project (Phase 1) is expected to commence in Q1 of 2016. The Guangming project (Phase 2) will commence upon the completion of Guangming project (Phase 1). Based on the current timetable, the construction at the Gushu area is expected to commence no earlier than 2017.

Second Quarter 2014 Financial Results

Net loss in the second quarter of 2014 was$4.5 million, or loss of $0.1 per diluted share, compared to net loss of $31.9 million, or loss of $0.71 per diluted share in the second quarter of last year.

COMPANY OUTLOOK

Upon the cessation of our original core business of LCM production and changing of our company name from Nam Tai Electronics, Inc. to Nam Tai Property Inc., we have formally transformed our core business from the EMS industry to property development and management industry as previously announced. In addition, we have also completed the sale of all of our manufacturing equipment as of August 2014 to third parties and expect our last remaining production line in Wuxi will be removed by the end of August 2014. Also, on June 26, 2014, we obtained a formal consent to repurchase the land by Wuxi local government. We expect to sell back the Phase II land we acquired previously to Wuxi local government and book the receivables before the end ofFebruary 2015. The remaining Wuxi facilities, including the Phase I land, are still being listed for sale by the real estate agents.

As for our land in Shenzhen, professional feasibility study reports for both projects (the Gushu Project prepared by Jones Lang Lasalle, DTZ and Rider Levett Bucknall; and the Guangming Project prepared by Worldunion) have been made available on our website. We believe these projects will contribute to our profit in the future. As a result, the Company wishes to reconfirm our decision to thoroughly focus our efforts on developing these two parcels of land in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, by converting them into high-end commercial complexes as previously announced.  We would also consider joint-venture opportunities with other potential developers as business partners to develop these projects.

The construction permit application processes for both projects have been proceeding smoothly, and we believe that we can obtain the necessary permits and approvals to carry out the next stage of our property development projects.

On the specifics of the overall project schedule, they will depend on the following factors:

1)      Government policy and approval time.  We have been following the necessary application procedures closely and planning our development phases and timetable accordingly. Our property development schedule will be subject to when the construction permit and approvals are given. There can be no assurance that we will be able to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of the land, or to successfully redevelop the two parcels of land.

2)      Development partners.  We are now looking for potential joint venture partners.

We plan to develop the Guangming Project first, as we expect to obtain the relevant construction permit before the end of June, 2015. For the Gushu Project, we will continue to follow the proper government procedures under urban renewal application to apply for the necessary permits and approvals as required in due course. We expect that, around the end of 2015, we will obtain the relevant permits and approvals for the commencement of the phase I construction. For the time being, the property reserved for the phase II construction has been rented to a third party lessee for a term of three years.

SHENZHEN, China, May 7, 2014 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) (formerly known as Nam Tai Electronics, Inc. (NYSE Symbol: NTE)) today announced that its board of directors has approved a stock repurchase program to buy back up to US$40 million of its common stocks in the open market at prevailing market prices. The timing and actual number of common stocks to be repurchased will depend upon market conditions and other factors, in accordance with Securities and Exchange Commission requirements. This repurchase program will be executed in accordance with SEC Rule 10b-18 and is expected to terminate around November 30, 2014, unless extended or shortened by the board of directors.

"Notwithstanding the value of our real estate holdings and favorable business prospect, we believe our current stock price have been negatively impacted by the unfavorable global stock market condition and unfamiliarity of the investors regarding the real estate market in China. In view of the large sum of cash we have at hand, we are instituting a repurchase program to demonstrate our confidence with respect to the successful transformation of our core business from EMS to real estate development," said Mr. M. K. Koo, Chairman of the Company.

FIIRST QUARTER  2014 Financial Results

• For the three months ended March 31, 2014 and March 31, 2013, the discontinued operations recognized net sales of $50.6 million and $185.2 million, a gross profit of $2.5 million and $7.7 million, and an operating (loss) income of ($15.6) million and $3.2 million respectively
• Diluted (loss) earnings per share $ (0.48) vs. last years same quarter of $ 0.11.

COMPANY OUTLOOK

Upon the cessation of our original core business of LCM production and the change of name of our Company from Nam Tai Electronics, Inc. (NYSE Symbol: NTE) to Nam Tai Property Inc. (NYSE Symbol: NTP), we have formally transformed our core business from the EMS industry to property development and management as previously announced. In addition, we plan to sell our manufacturing facilities in Wuxi to third parties and sell back the land we acquired in Wuxi to the local government. Currently, we are thoroughly focusing our efforts on developing the two parcels of land in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, by converting these two parcels of land into high-end commercial complexes as previously announced.

We are happy to announce that we have obtained the project initiation approval for the development of phase 1 of Gushu land (which consists approximately half of the entire parcel of land in Gushu) from the land department of the local government and we will continue to apply for all other necessary permits and approvals in due course. We expect that it will take approximately one year for us to obtain all permits and approvals for the commencement of the phase 1 construction. After the completion of phase 1 construction (which is expected to take approximately three years), we intend to apply the necessary permits and approval for the construction of the phase 2 (on the other half of the Gushu land). However, we have not established a definitive timetable yet. For the time being, the property at phase 2 has been rented out to a third party lessee for a term of three years.

Regarding the parcel of land in Guangming, a feasibility study report has been prepared by a professional real estate advisory firm and the report is expected to become available within the next few days on the Company's website for your reference. For this parcel of land, no project initiation approval for the development is required and we are in the process of applying for other necessary permits and approvals.

We are currently recruiting talents and gathering intelligence for our property development projects. In the meantime, we are also collecting all the relevant information and will pass them to our board of directors for their consideration and approval by the end of July 2014. However, there can be no assurance that we will be able to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of the land, or to successfully redevelop the two parcels of land.

Regarding new employee for the new core business:

We have recently appointed an experienced Project Director, Mr. Eddie Tsui, age 40, to be in charge of our property development projects. Eddie is an award winning urban designer and architect, practicing integrated planning, urban design and architectural design, with over 15 years of experience in geographies covering Mainland China, Hong Kong, United States, South East Asia and South Korea.

Eddie was the managing director of the Hong Kong Design Planning and Economics Group of AECOM Technology Corporation (NYSE symbol: ACM) ("AECOM"), leading a team of over 140 staff and focusing on managing and cultivating business through delivery of quality projects, as well as its strategic planning and growth. Before this, he was the managing director for the Guangzhou and Shekou offices responsible for developing AECOM's Southern China business.

Eddie received a master of architecture degree from Harvard University and a bachelor of arts degree from theUniversity of Pennsylvania, Eddie is fluent in English, Mandarin and Cantonese, verbally and in writing. He has also acted as the overseas representative of the People's Political Consultative Committee of Shaoxing City in Zhejiangprovince since 2003.

Change of Personnel

Nam Tai also announced that Mr. Wang Lu Ping ("Mr. Wang") has resigned as the Chief Executive Officer (CEO) of the Company effective on March 1, 2014 due to personal reasons together with the transformation of core business. The Company confirms that Mr. Wang's departure was voluntary and amicable, and there was no dispute between Mr. Wang and the Company. Upon the resignation of Mr. Wang as the CEO, Mr. Liu Pi Hao ("Mr. Liu") was appointed as the CEO (Acting) of the Company effective on the same date.

Mr. Liu has been with Nam Tai for over 14 years and prior to his appointment as the CEO (Acting), most recently served as the Vice Chief Executive Officer of the Company's Shenzhen Manufacturing Facilities.

The management of the Company considers that such change of personnel has no impact on the Company and believes that Mr. Liu is capable of acting the role of CEO (Acting) effectively.

Dividend Reminder

Nam Tai announced the record date for the Company's second quarter cash dividend of $0.02 per common share will be on March 31, 2014 and the dividend payment date will be on April 17, 2014.

NAM TAI ELECTRONICS, INC.

20-F

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. dollars, except per share data)

Fourth Quarter 2013 Financial Results

• Net sales in the fourth quarter of 2013 were $234.9 million, a decrease of 24.7%, compared to the net sales of $312.2 million for the same quarter of 2012.
• Net income in the fourth quarter of 2013 was $9.2 million, or$0.20 per diluted share, a decrease of 74.7%, compared to net income of $36.6 million, or $0.80 per diluted share, in the fourth quarter of last year. 

COMPANY OUTLOOK

The Company recorded revenue of $234.9 million in the fourth quarter of 2013, excluding discontinued operations. This revenue was mainly attributed to the production of high-resolution LCMs for smartphones at the Company's Shenzhen facility.

As announced previously, the Company has discontinued its production operations of LCMs for tablets in Wuxi at the end of June 2013 due to a lack of customer orders. As for the high-resolution LCMs for smartphones, the Company received orders from a customer to extend the production throughout the third and fourth quarters of 2013. The production of these orders had substantially completed by December 2013 and the shipment will be completed within January 2014. There are presently no more outstanding orders for smartphone LCMs. There are, however, still a few minor LCM orders for automobile applications requested by another customer, which would allow us to extend a small amount of production up to the end of April 2014. We currently have no more orders for any LCM production thereafter and estimate that the aforesaid final orders will only generate net sales of around $50 million in the first half of 2014.

Also announced previously, we have been forced to cease our core business of LCM production by the end of April 2014, due to a customer's repeated and continuous changes in its formal purchasing orders without suitable commitment and, as a result, a strong likelihood that no reasonable profit margin can be gained anymore from continuing production. We have decided our core business of LCM production will formally cease by the end of April 2014. After April 2014, we intend to sell all of our machinery and production lines in all our facilities. We expect the sales will be finalized around end of July 2014.

Upon the cessation of our core business of LCM production, our management will thoroughly focus our efforts on developing two parcels of property in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, by converting these two parcels of land into high-end commercial complexes. Upon which, we will become the landlord and manager of the commercial complexes and, as a result of which, our core business will be transformed from the EMS industry to property development and management. We project that the development of these two properties will take approximately four years each to complete following our board's approval, which is scheduled in July 2014. During this development period, all overheads expenses, development costs and dividend will be funded from interest income and rental income, together with Company's cash on hand and bank facilities, which we believe is sufficient.

Third Quarter of 2013 Financial Results

• Net sales in the third quarter of 2013 were $284.2 million, an increase of 61.5%, compared to the net sales of $176.0 million, excluding the discontinued operations, for the same quarter of 2012. 
• Diluted earnings per share from continuing operations was $0.41 vs. last year's gain of $0.26.

COMPANY OUTLOOK

The Company recorded revenue of $284.2 million excluding discontinued operations in Wuxi in the third quarter of 2013. This revenue was attributed to the production of high-resolution LCMs for smartphones at the Company's Shenzhen facility. LCM manufacturing represents the core business of the Company.

The Company's core business has continued to encounter challenging market conditions. Firstly, the Company's production costs have been under rising cost pressures due to escalating labor cost, inflation and labor shortage. Secondly, our core LCM business has experienced very stiff industry competition and a volatile market demand resulting in high fluctuation and changes in orders. The Company's LCM production operation at its Wuxi manufacturing facility was discontinued to minimize costs and preserve cash at the end of the second quarter of 2013 due to the lack of new orders. The Company has continued its preparations for the sale of the Wuxi land and facility.

As announced on August 30, 2013, the Company received an additional new purchase order for the production of high-resolution LCMs for smartphones from an existing customer to extend the production at its Shenzhen facility up to the end of December 2013 and also received minor LCM orders for automobile for a period up to the first quarter of 2014.

Despite the challenging market conditions, Nam Tai is committed to securing new customers to maintain and grow its core LCM business. Nam Tai has a long held established reputation as a high quality and reliable LCM provider. The Company has a strong balance sheet, state of the art manufacturing facilities and a highly skilled management and technical team.

The Company has two lots of lands in Shenzhen. In conjunction and consistent with Shenzhen government's city rezoning project, the management plans to redevelop the land of its existing Shenzhen facility in Gushu by converting this existing facility into high-end commercial property. The feasibility study reports prepared by another two professional real estate advisory firms regarding the lot of land in Gushu have been completed and are expected to be available within the next few days on the Company's website for your reference. The initial results of these study reports are in favor of redeveloping this lot of land instead of selling it (please refer to this information on the website at http://www.namtai.com/investors#investors/news). The board of directors of the Company (the "Board") has provided its initial approval to proceed further in respect to the land redevelopment project. However, there can be no assurance that the Company will be able to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of the land, or to successfully redevelop the land.

The Company is relatively debt free and maintains a financial position with cash and deposits of $238.6 million as atSeptember 30, 2013. This financial condition allows the Company to support the growth and development of the core LCM business, if market permits, as well as support future land development needs.

The information contained in or that can be accessed through the websites mentioned in this announcement does not form part of this announcement.

SHENZHEN, China, Sept. 18, 2013 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE: NTE) today announced the date of payment of its quarterly dividend and release of its third quarter results.

Dividend Reminder

Nam Tai announced the record date for the Company's fourth quarter cash dividend of $0.15 per common share will be on September 30, 2013 and the dividend payment date will be on October 18, 2013.

SHENZHEN, China, Aug. 30, 2013 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced that it has received another additional new purchase order from an existing customer to extend the production at the Company's Shenzhen facility of high-resolution liquid crystal display modules ("LCMs") for a smartphone. 

Under this new purchase order, the Company expects to extend its production of LCMs for smartphones for this customer to the period ending December 2013 to manufacture approximately 12 million additional units. This new purchase order does not alter the customer's decision to eventually transfer its future orders to other suppliers. This order still only offers temporary relief for the Company and does not guarantee that any new future order will be awarded. In addition, the customer may cancel any or all of this purchase order with payment of a cancellation fee to the Company.

Second quarter 2013 Financial Results

• Net sales i 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.
• Gross profit in the second quarter of 2013 was $15.7 million, an increase of 2.7%, compared to $15.3 million in the second quarter of last year. Gross profit margin for the second quarter of 2013 was 9.4%, a decrease of 5.6%, compared to 15.0% in the second quarter of last year.
• Net loss in the second quarter of 2013 was $31.9 million, or negative $0.71 per diluted share, compared to net income of $9.4 million, or $0.21 per diluted share, in the second quarter of last year.

COMPANY OUTLOOK

The Company recorded revenue of $167.9 million in the second quarter of 2013, excluding the contribution from the discontinued LCMs for tablets business of $30.7 million. This revenue was primarily attributed to the production of high-resolution LCMs for smartphones at the Company's Shenzhen facility.

The Company's Wuxi facility halted its production operations at the end of May 2013 due to a lack of new customer orders and after it was unsuccessful in finding a joint venture partner. As previously disclosed in the Company's first quarter 2013 financial results press release, under such circumstances, the Company decided to halt the LCM production operations at its Wuxi manufacturing facility by the end of June 2013 in order to minimize further losses and preserve cash. The Company began to reduce its employee headcount at the Wuxi facility during the second quarter of 2013. By the end of July 2013, this facility had only 32 employees, who have been tasked to assist in the potential sale of the entire Wuxi land and facility.

With regard to the Company's Shenzhen facility, as previously announced, it received a purchase order for the third quarter of 2013 from an existing customer to extend the production of high-resolution LCMs for smartphones. The Company believes that this purchase order does not alter that customer's decision to eventually transfer its future orders to an alternate supplier that is offering a lower assembling charge as a result of lower overhead cost associated with that supplier's alternative low cost production facility elsewhere in the PRC. As a result, this order only offers temporary relief for the Company and does not guarantee that any new future order will be awarded to the Company, unless this new supplier fails to set up its alternative production facility on time. In addition, the customer may also cancel any or all of this purchase order with payment of a cancellation fee to the Company.

In terms of the Company's two other lots of lands in Shenzhen, the management plans to independently redevelop the land of its existing Shenzhen facility in Gushu of approximately 566,100 square feet by converting this property into a high-end commercial complex consistent with Shenzhen government's city rezoning project. The location of this property is between the Shenzhen International airport, the third largest airport in China, and the Qianhai Bay Special Economic Zone (but not inside the Qianhai Bay Special Economic Zone). Its distances to the Shenzhen International airport and Qianhai Bay Special Economic Zone are approximately 10 kilometers (6.2 miles) and 16 kilometers (10 miles), respectively. Since May 2013, the management has also engaged three professional real estate advisory firms, namely Jones Lang Lasalle, Rider Levett Bucknall Development Consultants (Shanghai) Co., Ltd. and DTZ Land & Real Estate Valuation (Shenzhen) Co., Ltd., to prepare a financial valuation report and conduct feasibility studies in order to evaluate its commercial value and formulate development plans that are best suited to the Company. The first financial valuation report became available to the Company on July 5, 2013and the initial results of the analysis were positive (please refer to this information on the website athttp://www.namtai.com/investors#investors/news). The other two feasibility study reports are expected to be completed by the end of October 2013 and the Company also plans to publish them on its website once they become available (on a side note for reference, the first public auction for two lots of land in the Qianhai Bay Special Economic Zone was held on July 26, 2013, and the two lots were sold for approximately $2 billion, equivalent to approximately $20,000 per square meter).

The management will seek board approval prior to commencing the redevelopment of the Gushu property. However, there can be no assurance that the Company will be able to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of the land, or to successfully redevelop the land.

With respect to the second lot of land of approximately 1.2 million square feet in the Guangming Hi-Tech Industrial Park (which is approximately 30 kilometers (37.2 miles) to Gushu property), the Company continues to evaluate its potential for future development. Based on the outlook regarding future orders, the Company may either continue its electronic manufacturing services (EMS) business on this lot or sell this property as well.

Due to the high level of competition and inflation, the Company's management expects its customer orders will continue to be volatile with increasing pressure to reduce unit sales price. As a result, the Company believes that the amount of electronic manufacturing services (EMS) it provides to its customers will be further reduced significantly. Nevertheless, the management continues to explore all commercially viable alternatives to maintain its LCM operations, including strategic or technological alliances with other complementary business operations. A major advantage exists that Nam Tai's reputation continues to signify a high-quality, reliable manufacturer of electronic components. The Company continues to maintain a strong balance sheet, state-of-the art manufacturing facilities, and a highly skilled management and technical team. Nam Tai is committed to securing new customers and relationships while simultaneously expanding its presence within its long-standing customer to grow its core electronic manufacturing business. In addition, the Company is also pursuing the potential development of its land assets in Shenzhen, which it believes are valuable. However, at the same time, the Company is still facing several risks and challenges, including the recent class action complaint.

The information contained in, or that can be accessed through the websites mentioned in this announcement does not form part of this announcement.

SHENZHEN, China, May 10, 2013 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced that it has received a new purchase order from an existing customer to extend the production at the Company'sShenzhen facility of high-resolution liquid crystal display modules ("LCMs") for a smartphone. 

Under this new purchase order, the Company expects to extend its production of LCMs for smartphones for this customer to the period ending September 2013 to manufacture approximately 15 million additional units. This new purchase order does not alter the customer's decision to eventually transfer its future orders to other suppliers with lower assembling charge. This order only offers temporary relief for the Company and does not guarantee that any new future order will be awarded. In addition, the customer may cancel any or all of this purchase order with payment of a cancellation fee to the Company.

FIRST QUARTER FINANCIALRESULTS

• Net sales in the first quarter of 2013 were $177.5 million, an increase of 102.1%, compared to the net sales of $87.8 million for the same quarter of 2012.
• Gross profit in the first quarter of 2013 was $7.3 million, an increase of 58.4%, compared to $4.6 million in the first quarter of last year. Gross profit margin for the first quarter of 2013 was 4.1%, 1.2% down from 5.3% in the first quarter of last year.
• Net income was $5.0 million, or $0.11 per diluted share, compared to the net loss of $3.6 million, or loss of $0.08 per diluted share, in the first quarter of last year.

COMPANY OUTLOOK

The Company's revenue increased by 102.1% in the first quarter of 2013 compared to the first quarter of 2012, excluding the contribution from the discontinued business. This revenue increase was attributable to the commencement of production of high-resolution LCMs for smartphones at the Company's Shenzhen facility since September 2012. After the final evaluation on the viability of its flexible printed circuit ("FPC") business based on its performance in the third quarter of 2012, the Company has discontinued its FPC business as of the end of March 2013, which business has been generating losses since its initial production.

The Company depends on a small number of customers. In the first quarter of 2013, as a result of the weak consumer market, LCM orders placed by the Company's major customers were significantly lower than the customers' original forecast. The Company was also compelled to lower the unit sales prices in response to its customers' cost down requirements. There was also indication that orders placed by these customers could be cancelled with short notice. In response to these adverse market conditions, the management has made efforts to minimize potential losses resulting from cancellation and fluctuation of orders by its customers and decided to halt capital investment into technology platforms that cannot produce steady income streams. Unless market conditions improve to the extent that the Company has confidence to achieve a reasonable gross profit and there is no risk of customer confirmed orders being cancelled or significantly reduced or other strategic alternatives are found, the Company may have to halt its best quality LCM production operations service in both its Shenzhen and Wuxi manufacturing facilities by the end of June 2013 in order to minimize further losses and preserve cash. The Company's LCM operations comprise the core of the Company's existing businesses.

The Company is exploring all commercially viable alternatives to maintain its LCM operations, including strategic or technological alliances with complementary business operations, such as with backlight and touch key panel manufacturers. However, there is no assurance that the Company will be able to reach an agreement with these potential business partners on favorable and satisfactory terms.

SHENZHEN, China, March 25, 2013 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE: NTE) today announced that the record date for its upcoming cash dividend of $0.15 per common share will be March 28, 2013. The change is being made due to the Good Friday holiday at the New York Stock Exchange on March 29, 2013. The dividend payment date will be April 19, 2013.

Third Quarter 2012 Results

• Sales in the third quarter of 2012 were $380.3 million, an increase of 198.0%, compared to the sales of $127.6 million for the same quarter of 2011.
• Net income in the third quarter of 2012 was $24.6 million, or $0.54 per share (diluted), an increase of 2,142.2%, as compared to the net income of $1.1 million, or $0.02 per share (diluted) in the third quarter of last year.

Second Quarer 2012 Results

• Sales in the second quarter of 2012 were $205.1 million, an increase of 62.8%, as compared to sales of $126.0 million for the same quarter of 2011.
  
• Net income in the second quarter of 2012 was $9.4 million, or $0.21 per diluted share, an increase of 212.9%, as compared to net income of $3.0 million, or $0.07 per diluted share in the second quarter of last year.
  

SHENZHEN, China, July 2, 2012 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today provided an update on its acquisition of land in Wuxi, Jiangsu Province of the PRC.

Nam Tai has recently entered into an agreement with the local governmental authorities in Wuxi to purchase a parcel of land of approximately 470,000 square feet for the expansion of its Wuxi manufacturing facility. On July 13, 2012, a stone-laying ceremony will be held for the construction of the facilities' new sections.

For the expansion project in its Shenzhen manufacturing facility that involves the purchase of land in Guangming Hi-Tech Industrial Park, Shenzhen, PRC, although the Company fully paid for the land use rights for this land six years ago and additionally compensated farmers occupying the land, as of the date of this press release, Nam Tai is still undergoing the approval process and awaiting the release of the land by the local governmental authorities.

SHENZHEN, China, June 5, 2012 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced the latest business development in two of its most significant new projects in the area of high-resolution LCD modules ("LCM") for tablets and smart-phones.

For the tablet high-resolution LCM project based in its Wuxi facility, after further improvement of key components' quality, the sample has been approved by the customer. Nam Tai is pleased to announce the order book from the customer has been confirmed and its Wuxi facility has commenced mass production.

For the smart-phone high-resolution LCM project based in its Shenzhen facility, Nam Tai's customer has continuously upgraded the product specifications, which has resulted in further delay on the approval of final specifications. As a result, Nam Tai continues to negotiate its quotation with the customer based on the upgraded specifications. The specifications for the current sample model is currently expected to be finalized before end of August 2012. If the result of the pilot-run meets the customer's requirements, mass production is expected to commence in November 2012. It is important to note that there remain uncertainties on the success of this project, which is subject to whether the parties may accept the corresponding quotation within a short period.

SHENZHEN, China, Oct. 31, 2011 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced its unaudited results for the third quarter ended September 30, 2011.

SHENZHEN, China, Aug. 1, 2011 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) today announced its unaudited results for the second quarter ended June 30, 2011.

KEY HIGHLIGHTS

(In thousands of US Dollars, except per share data, percentages and as otherwise stated)

Outlook:

Continuing inflation in China and appreciation of the PRC renminbi is expected to further increase labor cost pressure on margins and necessitate ongoing cost control measures to sustain profitability. However, the Company anticipates business growth in the third and fourth quarter to accelerate the rate of improvement in the financial performance of the Wuxi manufacturing facility, enabling breakeven performance by the end of the fourth quarter.

For the fourth quarter of 2010, Nam Tai achieved

• Sales revenue of $166.5 million U.S. dollars, an increase of 78 percent compared to the sales revenue of $93.7 million dollars in the fourth quarter of 2009.
• Gross profit of $14.2 million dollars also grew by 40 percent from $10.2 million dollars in the same quarter last year.
• EPS (Basic and Diluted): $0.12 vs. $0.01 a year ago.

The demand for LCD modules and telecommunication subassemblies increased considerably during 2009 and 2010, and we expect that momentum to be strong into 2011. Accordingly, we believe that Nam Tai's overall business in the first quarter of 2011 will be stable, although the usual seasonal decline from the Chinese New Year period in February should be anticipated.

• Sales in the third quarter of 2010 were $174.7 million, an increase of 58.3% as compared to sales of $110.4 millionin the same quarter of 2009.  
• Net income in the third quarter of 2010 was $7.6 million, an increase of 68.9% as compared to net income attributable to Nam Tai shareholders of $4.5 million in the same quarter of 2009.
• Basic and diluted earnings per share in the third quarter of 2010 were $0.17, as compared to $0.10 in the third quarter of 2009.

COMPANY OUTLOOK

Following a marginal first half of 2010, the Company's business showed substantial improvement in the third quarter. Orders for optical and educational products in our CECP segment, although dropping considerably from previous years and expected to remain weak in 2010, increased in the third quarter and are expected to remain stable to levels in 2009 for the balance of 2010.  Demand for LCD modules and telecommunication subassemblies increased considerably during the third quarter and are expected to show similar momentum into the fourth quarter. Based on these developments, we believe that Nam Tai's overall business in the fourth quarter will be strong, although the usual seasonal decline at the end of 2010 should be anticipated.  We continue to forecast that business for 2010 as a whole will exceed 2009.  

So far in 2010, we have integrated management of our TCA and LCDP segment to reduce expenses. Sales of products manufactured at our newly operating FPC manufacturing plant in Wuxi have not materially contributed to the Company's total revenue and operations from that facility continue to consume more cash than it generates.  However, the Company's confidence in the potential for FPC business at this facility remains strong.  We have successfully recruited a new senior executive to manage and spearhead operations at our Wuxi facilities, who brings to Nam Tai expertise from over 20 years in technology manufacturing, management of factory operations and FPC product and business development, the most recent 10 years of which were in the PRC at manufacturing facilities relatively close in proximity to the Company's site in Wuxi. For further information on Nam Tai's new President of FPC manufacturing in Wuxi, please see the background summary of Mr. Tohru Odashima in the discussion of senior management changes below.

The Company plans to continue to focus its business on manufacturing high value and higher margin LCD modules geared toward applications in market segments which we perceive as strong such as telecommunications, medical and automotive. For the automotive market segment, we have recently established a strategic long term supply arrangement for liquid crystal display ("LCD") panels and LCD modules to a large US-listed first-tier automotive components OEM, which supplies to major automobile manufacturers globally.

We anticipate that the improvements in operations that we have achieved so far in 2010, and expect to continue to achieve, to be mitigated not only by global economic factors generally, but by factors specific to conducting business in the PRC, including:

• Appreciation of the exchange rate between Chinese renminbi against other world currencies, especially the U.S. dollar, which, since mid-June 2010 when China's central bank announced that it planned to introduce more flexibility in the management of the renminbi, has appreciated against the US dollar, increasing approximately 2.4% from, according to the historical currency converter available at http://forex-history.net, RMB6.8262 on June 18, 2010 to RMB6.6627 on October 26, 2010;
• Inflation in China, where, according to news reports, the consumer price index, the broadest measure of inflation, rose 3.6 percent in September 2010 from the level in September 2009; and
• Increasing employee salaries, which rose approximately 20% in the second quarter of 2010 from average salary levels in April 2010 and increased again by approximately 30% at the start of the fourth quarter of 2010 from average salary levels in October 2010.

EXPANSION PROJECTS

Currently, the Company has two separate projects under consideration for future expansion.

One is the development of the Company's raw land in Guangming Hi-Tech Industrial Park, Shenzhen, PRC, approximately 30 minutes driving distance from its existing facilities in Gushu, Shenzhen consisting of approximately 118,000 square meters. The Company is still awaiting the release of this land by the PRC government and, when released, plans to reserve future development for long-term expansion of business.

The other is expansion of the Company's Wuxi facilities regarding the acquisition of additional real estate just beside the Company's current Wuxi facility for necessary supporting facilities such as dormitories, canteen, labor activity center and research laboratory to back up and service the existing operations and for reserving for further expansion of the production.

Management currently expects to fund the above expansion internally with cash on hand and cash generated from operations.

The business environment in Nam Tai's product sectors remains difficult and extremely competitive.

As expected when we announced our results for the first quarter of 2009, the second quarter of 2009 was difficult for Nam Tai as the Company's operations continued to suffer from the effects of the global economic recession. Yet it was apparent from our second quarter results that our efforts to combat the continuing challenges of the current business environment and ever intensifying competition among electronics manufacturing service providers by reducing our headcount since the end of September 2008 and the salaries of our remaining employees since the beginning of April 2009 have had a positive effect on our operating results and bottom line.

Despite these highlights of our second quarter results, we continue to view our future performance conservatively as the bleak economic environment continues. Until the global business environment recovers, we could still suffer further declines in revenues that could result in losses from operations during periods in 2009 and beyond, like those we suffered in the first quarter of 2009. Unless economic conditions recover sooner than we currently anticipate, we continue to expect no significant improvement in demand, particularly for our products or components for the end-user consumer markets, until the summer of 2010 at the earliest.

Source: PR Newswire (August 3, 2009)

As expected when we announced our results for the first quarter of 2009, the second quarter of 2009 was difficult for Nam Tai as the Company's operations continued to suffer from the effects of the global economic recession. Yet it was apparent from our second quarter results that our efforts to combat the continuing challenges of the current business environment and ever intensifying competition among electronics manufacturing service providers by reducing our headcount since the end of September 2008 and the salaries of our remaining employees since the beginning of April 2009 have had a positive effect on our operating results and bottom line.

Despite these highlights of our second quarter results, we continue to view our future performance conservatively as the bleak economic environment continues. Until the global business environment recovers, we could still suffer further declines in revenues that could result in losses from operations during periods in 2009 and beyond, like those we suffered in the first quarter of 2009. Unless economic conditions recover sooner than we currently anticipate, we continue to expect no significant improvement in demand, particularly for our products or components for the end-user consumer markets, until the summer of 2010 at the earliest.

Source: PR Newswire (August 3, 2009)

The Company's outlook has not improved.

'Even assuming that the global economic crisis does not deteriorate further, we expect that it will be difficult for the Company to improve operating results significantly or at all in 2009.'

Source: PR Newswire, May 12, 2009

Guidance Report:

Under the current global economic downturn, we continue to experience weaker demand across all of our product segments. However, Nam Tai is financially sound with a strong cash position and adequate liquidity to weather these challenging market conditions. To offset the decline and potential further decline in our sales during 2009, management has remained focused on efforts to reduce cost, improve operating and manufacturing efficiencies and deliver advanced technologies and innovative manufacturing solutions that offer value to our customers. Recent actions taken to reduce costs and conserve cash include:

• Although we are taking a conservative position regarding expected demand during 2009 as the economic downturn continues or worsens, and expect further near-term declines in revenues that could even result in losses from operations during periods in 2009, we are nevertheless seeking to take advantage perceived opportunities to expand our market share in targeted areas. Accordingly, we plan to strengthen our sales force and customer and technical support by establishing local sales and support offices in Japan and Taiwan to increase our presence and better serve our customers in those markets. By seeking to capitalize on these opportunities, we hope to ensure a more robust future when end markets stabilize and the recovery cycle begins.

Source: SEC Form 6K (February 10, 2009)