Nam Tai Electronics, Inc. Q3 2010 EPS $.17

Nam Tai Electronics, Inc. NTE today announced its unaudited results for the third quarter ended September 30, 2010. Sales in the third quarter of 2010 were $174.7 million, an increase of 58.3% as compared to sales of $110.4 million in the same quarter of 2009. The Company's gross profit margin in the third quarter of 2010 was 10.2%, down from 11.4% in the third quarter of 2009. The year-over-year decline in gross profit margin was attributable to start-up losses stemming from the Company's newly inaugurated production of flexible printed circuit board, or FPCB, at its facilities in Wuxi, near the East Coast of the PRC, which was completed in, and equipped at the end of, 2009, and a change in product mix. Gross profit in the third quarter of 2010 was $17.9 million, an increase of 41.6%, as compared to $12.6 million in the third quarter of 2009, primarily resulting from the increase of sales and the effects of costs savings. 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. The profit in the third quarter of 2010 primarily resulted from the overall increase of sales. 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.