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


Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
       Twelve Months
Ended
December 3 1 ,
        20 1 6     20 1 5 
       
Cash flows from operating activities:      
Net income   $48,747  $21,462 
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization    13,756   14,164 
Bad debt expense    620   310 
Share-based compensation expenses    1,186   1,818 
Loss (gain) on disposals of property and equipment    26   (2)
Gain on disposals of equity method investment    ---   (88)
Gain on disposals of investment securities, net    ---   (1,682)
Gain on disposals of marketable securities, net    (10)  (223)
Equity in losses of equity method investees    1,277   77 
Deferred income tax expense (benefit)    (1,978)  4,148 
Inventories write downs    23,342   9,785 
Changes in:      
Accounts receivable    (14,602)  41,656 
Inventories    (1,716)  (15,054)
Prepaid expenses and other current assets         (647 )     2,067  
Accounts payable         17,846       (54,905 )
Accounts payable from related parties         576       ---  
Income taxes payable         1,389       (6,475 )
Other accrued expenses and other current liabilities         (5,164 )     5,987  
Other liabilities         24       (516 )
Net cash provided by operating activities         84,672       22,529  
             
Cash flows from investing activities:            
Purchases of property, plant and equipment         (7,902 )     (9,982 )
Proceeds from disposals of property and equipment         9       8  
Purchases of available-for-sale marketable securities         (30,248 )     (63,051 )
Proceeds from disposals of available-for-sale marketable securities         38,532       46,720  
Purchases of investment securities         (1,600 )     ---  
Proceeds from disposals of investment securities     ---       1,682  
Proceeds from capital reduction of investment     568       ---  
Purchase of equity method investment         (37 )     (3,708 )
Proceeds from disposals of equity method investment     ---       179  
Proceeds from (repayments of) refundable deposits, net     461       (304 )
Releases (pledges) of restricted cash, cash equivalents and marketable securities     240       (227 )
Other receivables from related parties         (7,150 )     ---  
Cash received from the acquisition of Liqxtal, net of cash paid of $1,780         ---       341  
Net cash used in investing activities         (7,127 )     (28,342 )
             
 

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