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News Article | May 2, 2017
Site: en.prnasia.com

SHENZHEN, China, May 2, 2017 /PRNewswire/ -- Nam Tai Property Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTP) today announced its unaudited results for the first quarter ended March 31, 2017. KEY HIGHLIGHTS(In thousands of US dollars, except per share data, percentages and as otherwise stated) Quarterly Results Q1 2017 Q1 2016 YoY(%)(b) Operation income   $594 $654 (9) Net operation income  $594 $204 191 % of operation income 100.0% 31.2% Operating loss $(1,390) $(2,019) - % of operation income (234.0%) (308.7%) per share (diluted)  $(0.04) $(0.06) - Net income (loss) (a) $1,814 $(341) - % of operation income 305.4% (52.1%) Basic income (loss) per share $0.05 $(0.01) - Diluted income (loss) per share $0.05 $(0.01) - Weighted average number of shares ('000) Basic 36,466 36,700 Diluted 36,990 36,700 Notes: (a)     Net income for the three months ended March 31, 2017 mainly included interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in Q1 2017 and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million. Further details can be found in the "Operating Results" section on page 2 below. (b)     Percentage change is not applicable if either of the two periods contains a loss. (c)      Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. (d)     This information has been published on the Company's website http://www.namtai.com/investors#investors/quarterly_earnings under the quarterly earnings report of Q1 2017, "Condensed Consolidated Statements of Comprehensive Income" beginning on page 7. SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FIRST QUARTER OF 2017 Key Highlights of Financial Position As at March 31, 2017 As at December 31, 2016 As at March 31, 2016 Cash, cash equivalents and short term investments  $182.7 million(a) $184.2 million(a) $207.5 million  Ratio of cash(b) to current liabilities 18.15 14.79 35.26 Current ratio 20.47 16.63 39.39 Ratio of total assets to total liabilities 24.79 19.98 46.07 Return on equity 3.1% (3.8%) (0.5%) Ratio of total liabilities to total equity 0.04 0.05 0.02 Notes: (a)     Compared with December 31, 2016, the decrease of $1.5 million in the cash, cash equivalents and short term investments as at March 31, 2017 was mainly due to $1.4 million capitalized for land development project, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. (b)     Cash in the financial ratio included cash, cash equivalents and short term investments in the amount of $182.7 million, $184.2 million and $207.5 million as at March 31, 2017, December 31, 2016 and March 31, 2016, respectively. OPERATING RESULTS Operation income for the first quarter of 2017 and the corresponding quarter of last year were mainly derived from properties and lands located in Shenzhen, the PRC. Operating loss for the first quarter of 2017 was $1.4 million, a decrease of $0.6 million, compared to operating loss of $2.0 million for the first quarter of 2016. Net income for the first quarter of 2017 was $1.8 million and mainly represented interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in the first quarter of 2017, and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million, or income of $0.05 per diluted share. Compared to the financial results for the corresponding period in 2016, the net loss of $0.3 million mainly represented general and administrative expenses of $2.2 million, but partly offset by the interest income of $1.6 million earned from time deposits and net operation income of $0.2 million, or a loss of $0.01 per diluted share. As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for reporting purposes has resulted in foreign exchange gain in this quarter. Due to fluctuations in the exchange rate of Renminbi against the US dollar, foreign exchange gain for the first quarter of 2017 was $0.8 million, or amounting to approximately 47% of our net income for this period. However, since the majority of our payment obligations are also denominated in Renminbi, we do not expect the movement of Renminbi against the US dollar to materially and adversely impact our business.  Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. Our business of land development is currently in the preparatory stage where it takes time to apply for and obtain the relevant licences from the PRC government. During this period, our only sources of income are limited deposit interest and rental income; therefore, we expect to continue to incur losses in the meantime. Please see the Company's Condensed Consolidated Statements of Comprehensive Income beginning on page 7 below for further details. This information has also been published on the Company's website at http://www.namtai.com/investors#investors/quarterly_earnings in the quarterly earnings report of Q1 2017. 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. 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 $13.5 million in April 2017. Part I: Summary of gross floor areas for the two projects: Inno Park Shenzhen, Guangming (Approved) Inno City Shenzhen, Gushu (Planned) Plot ratios 2.59 6.00 Gross floor area ("GFA") sq meters Office 175,406 Office + Soho 187,880 Apartment 61,000 Apartment 48,300 Commercial 28,594 Commercial 25,000 Other 4,159 Other 7,200 269,159 268,380 Underground floor area sq meters 66,649 80,000 Total CFA (construction floor area) sq meters 335,808 348,380 Remark The above Inno City's figures are subject to adjustment upon the final approval of the relevant authorities in China. Part II: Timetable for the two projects: Main Certificates Estimated Completion Time Inno Park Inno City 2017 2018 2019 2020 2021 A Land Use Permit Obtained Jun 4, 2015 Mar. 2018 * B Land Certificate Obtained Sep 21, 2015 Jun. 2018 * C Planning Permit of Construction  Engineering Jul. 2017 Jul. 2018 # * D D1 Early Construction Permit of Pile Foundation May. 2017   Nov. 2018 #   * D2 Construction Permit for Project Nov. 2017 # D3 Main Construction Acceptance May. 2019 Sep. 2020 # * D4 Completion Time Sep. 2019 Jan. 2021 # * E Real Estate Certificate Mar. 2020 Jul. 2021 # * Remark 1.      Number signs # represent "Inno Park", while stars * are for "Inno City". 2.      Construction period, which is calculated from the date of obtaining Certificate B, is always three         years, including one year of design and two years of construction. 3.      The construction of "Inno Park" has commenced from April 2017. 4.      The construction of "Inno City" is expected to commence before December 2018. Part III: Budgetary Estimate for the two projects: Total Cost (Million US$) Inno Park  Inno City 1 Construction Cost 312 415 2 Operation Cost 69 43 Total 381 458 Remark The total cost amount of $839 million for this Schematic Design Estimation for the two projects created by quantity surveyor (Currie & Brown) was based on a scheme from an architectural design firm with binding force on the relevant parties, and will be used for cost control including design, construction, operation, etc.   This estimation does not include the costs of land premium, interior design and marketing when the two projects are offered for sale. As for our Wuxi plant, the factory building continues to be listed for sale and we still expect it to be sold sometime during or within 2017. An auction is under preparation and we are currently preparing the concerned executive plan and looking for potential buyers. This auction is scheduled to complete in September 2017. Appointment of Chief Executive Officer Effective May 1, 2017, Mr. Julian Lin ("Mr. Lin"), will be appointed as Chief Executive Officer of the Company. He has worked with the Company as our chief external SEC counsel for 5 years and has familiarized himself with the finance, business and operations of Nam Tai Group. Mr. Lin has been practicing as an attorney for more than 15 years and has previously worked in one of the largest U.S. law firms in Hong Kong before joining the Company. His legal practice encompasses a broad range of capital markets, private equity, mergers and acquisitions. He has substantial experience in fundraising activities, both in the establishment of the funds and in their investment activities. Due to his diverse legal experience, the Company is confident that Mr. Lin can assume the position of Chief Executive Officer to advise on the legal aspects of the Company's construction projects and to support the continuous growth of the Company. Potential Risks in our business We currently derive a majority of our income from rental and interest income but please note that our rental income will cease after October 2017. Since 2016, we have seen a stabilizing trend on the benchmark interest rates in China. However, due to the current economic conditions in China, we expect the People's Bank of China to keep Renminbi-denominated official time deposit interest rates in China at a low level throughout 2017. With this lower interest rate and rental income, we expect to continue to incur operating losses in 2017 and beyond. As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for our reporting purposes has resulted in foreign exchange gain in this quarter. As such, we do expect to see fluctuations in the reporting of foreign exchange loss/gain in the financial statements due to the movement of Renminbi against the US dollar. Nevertheless, as a majority of our payments are in Renminbi, we also do not expect the movement of Renminbi against the US dollar to adversely impact our business. In order for the Projects to proceed smoothly and start ahead of the schedule, it is necessary for the Company to negotiate with banks for the implementation of funds needed to assist in future development of the Projects. As of end of March, 2017, we had a total cash balance of $182.7 million and no debt. With our current cash position, we believe our finances remain healthy to fund the initial stages of these property development projects for the coming one and half years. All of our land development related applications are subject to government policies and regulations in the real estate market. As this is our first venture into  land development projects after the cessation of our LCM business, we may encounter industry-specific difficulties that result in losses as we progress with our projects in Shenzhen. As we are currently in the planning stage for our property projects and can only generate limited income from deposit interest income and rental income, we will continue to record operating losses. Cash on hand is expected to decrease continuously, but most of the expenses incurred will be for project development, which will be capitalized as real estate properties under development (non-current asset) on our balance sheet. For more information on risks in our business, please refer to the Risk Factors section of our 2016 Annual Report on Form 20-F as filed with the SEC and on our website. According to our project development plan, project investment for Q2 2017 is estimated to be $7.5 million, and project investment for the year of 2017 is estimated to be $60 million. The information contained in or that can be accessed through the website mentioned in this announcement does not form part of this announcement. PAYMENT OF QUARTERLY DIVIDENDS FOR 2016 AND 2017 As announced on December 12, 2016, the Company had set the payment schedule of quarterly dividends for 2017. The dividend for Q2 2017 was paid on April 20, 2017. The following table updates the previously announced schedule for declaration and payment of quarterly dividends in 2017. Quarterly Payment Record Date Payment Date Dividend (per share) Status Q1 2017 December 31, 2016 January 20, 2017 $0.07 PAID Q2 2017 March 31, 2017 April 20, 2017 $0.07 PAID Q3 2017 June 30, 2017 July 20, 2017 $0.07 Q4 2017 September 30, 2017 October 20, 2017 $0.07 Total for Full Year 2017 $0.28 The Company's decision to continue making dividend payments in 2017 as set out and confirmed in the above table does not necessarily mean that cash dividend payments will continue thereafter or at the same amount. Whether future dividends after 2017 are to be declared will depend upon Company's future growth and earnings at each relevant period, of which there can be no assurance, and the Company's cash flow needs for business operations and transformation. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, and we also cannot assure you what the amounts of such dividends will be or whether such dividends, once declared for a specific period, will continue for any future period, or at all. PROPOSED SCHEDULE OF RELEASE OF QUARTERLY FINANCIAL RESULTS FOR 2017 To maintain the efficiency of delivering the Company's quarterly financial results to the market, the Company's management has decided to follow approximately the same schedule in 2016 for its release of the 2017 quarterly financial results. Details of the expected quarterly release dates are as follows: Announcements of Financial Results Quarter Date of release Q1 2017 May 2, 2017 (Tuesday) Q2 2017 July 31, 2017 (Monday) Q3 2017 October 30, 2017 (Monday) Q4 2017 January 29, 2018 (Monday) FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "seek" or "believe". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activities, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, delay in the Company's ability to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of two parcels of properties in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, and the successful redevelopment of the two parcels of properties; the sufficiency of the Company's cash position and other sources of liquidity to fund its property developments; continued inflation and appreciation of the Renminbi against the US dollar; rising labor costs in China and changes in the labor supply and labor relations. In particular, you should consider the risks outlined under the heading "Risk Factors" in our most recent Annual Report on Form 20-F and in our Current Report filed from time to time on Form 6-K. The Company's decision to continue dividend payments in 2017 does not necessarily mean that dividend payments will continue thereafter. Whether future dividends will be declared depends upon the Company's future growth and earnings, of which there can be no assurance, as well as the Company's cash flow needs for further expansion. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, what amount those dividends may be or whether such dividends, once declared for a specific period, will continue for any future period, or at all; and whether we will purchase any of our shares in the open markets or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this release or those that might reflect the occurrence of unanticipated events. ABOUT NAM TAI PROPERTY INC. We are a real estate developer. We hold two parcels of land located in Gushu and Guangming, Shenzhen, China. We are converting these two parcels of land that formerly housed the manufacturing facilities of our prior businesses into high-end commercial complexes. We expect we will derive our principal income in the future from rental income from these commercial complexes. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP"). Please refer to the Nam Tai website (www.namtai.com) or the SEC website (www.sec.gov) for Nam Tai press releases and financial statements. NAM TAI PROPERTY INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016 (In Thousands of US dollars except share and per share data) Three months ended March 31, 2017 2016 Operation income(1) $   594 $   654 Operation expense - 450 Net operation income 594 204 Costs and expenses General and administrative expenses  1,984 2,223 1,984 2,223 Operating loss (1,390) (2,019) Other income, net(2)  728 83 Interest income 2,476 1,595 Income (loss) before income tax  1,814 (341) Income tax  - - Consolidated income (loss)  1,814 (341) Other comprehensive income - - Consolidated comprehensive income (loss) (3) $ 1,814 $    (341) Income (loss) per share  Basic $   0.05 $   (0.01) Diluted $   0.05 $   (0.01) Weighted average number of shares ('000) Basic 36,466 36,700 Diluted 36,990 36,700 Notes (1) The property at phase 2 in Gushu has been rented to a third party lessee with a term of three and a half years since May 2014. (2) Other income, net, included exchange gain of $0.8 million for the three months ended March 31, 2017. (3) Consolidated comprehensive income for the three months ended March 31, 2017 mainly included interestincome of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in Q1 2017 and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million.   NAM TAI PROPERTY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) AS AT MARCH 31, 2017 AND DECEMBER 31, 2016 (In Thousands of US dollars) March 31, December 31, 2017 2016 ASSETS Current assets:  Cash and cash equivalents(1) $    73,184 $    94,558  Short term investments(1) 109,522 89,624 Prepaid expenses and other receivables (3) 4,279 4,034 Assets held for sale 19,080 18,970 Total current assets 206,065 207,186 Real estate properties under development, net(2) (3) 39,395 37,779 Property, plant and equipment, net(3) 3,996 3,735 Other assets(3) 102 101 Total assets $  249,558 $  248,801 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:  Accounts payable(3) $         708 $         845 Accrued expenses and other payables(3) 1,690 1,405 Dividend payable 7,669 10,205             Total current liabilities 10,067 12,455 EQUITY Shareholders' equity:    Common shares 365 364    Additional paid-in capital 242,341 241,536    Retained earnings 8,406 6,607    Accumulated other comprehensive loss(4) (11,621) (12,161)        Total shareholders' equity 239,491 236,346        Total liabilities and shareholders' equity $  249,558 $  248,801 Note: (1)     According to the definition of "Balance Sheet" under the Financial Accounting Standard Board ("FASB") Accounting Standards Codification ("ASC") 210-10-20, cash equivalents are short-term, highly liquid investments that are readily convertible to cash. Only investments with original maturities of three months or less when purchased qualify under that definition. Therefore, the fixed deposits maturing over three months in amount of $109.5 million and $89.6 million as at March 31, 2017 and December 31, 2016,respectively, are not classified as cash and cash equivalents but are separately disclosed as short term investments in the balance sheet. (2)     Capitalization on project investment was $1.4 million for Q1 2017, and our accumulated project investment was $39.4 million up to March 31, 2017. (3)     Certain comparative amounts have been reclassified to conform with the current period'spresentation and disclosure. (4)     Accumulated other comprehensive loss represented foreign currencytranslation adjustment.   NAM TAI PROPERTY INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)                                    FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016 (In Thousands of US dollars)        Three months ended         March 31 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES Consolidated net income (loss) $     1,814 $   (341) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization of property, plant and equipment, land   use rights and other assets 76 1,004 Gain on disposal of property, plant and equipment (19) - Share-based compensation expenses 240 - Unrealized exchange gain (221) - Changes in current assets and liabilities: Increase in prepaid expenses and other receivables (242) (231) Increase (decrease) in accrued expenses and other payables(1) 276 (11) Total adjustments 110 762 Net cash provided by operating activities $    1,924 $     421 CASH FLOWS FROM INVESTING ACTIVITIES Payment of real estate properties under development(1) $   (1,405) $  (1,047) Purchase of property, plant & equipment(1) (116) (52) Decrease in deposits for real estate properties under development(1) 20 476 (Increase) decrease in deposits for purchase of property, plant and     equipment(1) (217) 5 Proceeds from disposal of property, plant and equipment 19 - Cash received from finance lease receivable - 1,048 Increase in short term investments (19,891) (10,682) Net cash used in investing activities $  (21,590) $  (10,252) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid $   (2,551) $    (734) Proceeds from options exercise 403 - Net cash used in financing activities $   (2,148) $    (734) Net decrease in cash and cash equivalents $  (21,814) $  (10,565) Cash and cash equivalents at beginning of period 94,558 157,371 Effect of exchange rate changes on cash and cash equivalents and short term investments 440 (9) Cash and cash equivalents at end of period $   73,184 $  146,797 Note: (1)       Certain comparative amounts have been reclassified to conform with the current period's presentation and disclosure.   NAM TAI PROPERTY INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIODS ENDED MARCH 31, 2017 AND 2016 (In Thousands of US dollars) 1.      These financial statements, including the consolidated balance sheet as of December 31, 2016, which was derived from audited financial statements, do not include all of the information and notes required by U.S. generallyaccepted accounting principles for complete financial statements and should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's annual report on Form 20-F for the fiscal year ended December 31, 2016.  2.      In the opinion of management, all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the interim periods presented arenot necessarily indicative of the results that may be expected for the full year. 3.      Accumulated other comprehensive loss represents foreign currency translation adjustments. The consolidated comprehensive income (loss) was $1,814 and $(341) for the three months ended March 31, 2017 and 2016, respectively. 4.      A summary of the operation income, other income, net, net income (loss) and long-lived assets by geographical areas is as follows:       Three months ended         March 31, 2017 2016 OPERATION INCOME WITHIN:  -PRC, excluding Hong Kong $     594 $    654 OTHER INCOME, NET:  - Gain on exchange difference $     847 $        1 - Interest income from finance lease receivable - 16 - Loss from Wuxi operations (166) (173) - Others 47 239 Total income (expenses), net  $     728 $       83 NET INCOME (LOSS) FROM OPERATIONS WITHIN:  - PRC, excluding Hong Kong $    (328) $    (925) - Hong Kong 2,142 584 Total net income (loss) $   1,814 $    (341) March 31, 2017 December 31, 2016 LONG-LIVED ASSETS WITHIN:   - Real estate properties under development in PRC, excluding Hong Kong $   39,395 $   37,779  - Property, plant and equipment in PRC, excluding Hong Kong 725 507  - Hong Kong 3,271 3,228 Total long-lived assets $   43,391 $   41,514 To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nam-tai-property-inc-reports-q1-2017-results-300449413.html


News Article | May 2, 2017
Site: www.prnewswire.com

SUPPLEMENTARY INFORMATION (UNAUDITED) IN THE FIRST QUARTER OF 2017 Operation income for the first quarter of 2017 and the corresponding quarter of last year were mainly derived from properties and lands located in Shenzhen, the PRC. Operating loss for the first quarter of 2017 was $1.4 million, a decrease of $0.6 million, compared to operating loss of $2.0 million for the first quarter of 2016. Net income for the first quarter of 2017 was $1.8 million and mainly represented interest income of $2.5 million earned from time deposits, exchange gain of $0.8 million as a result of the appreciation of Renminbi against the US dollar in the first quarter of 2017, and net operation income of $0.6 million, but partly offset by general and administrative expenses of $2.0 million, or income of $0.05 per diluted share. Compared to the financial results for the corresponding period in 2016, the net loss of $0.3 million mainly represented general and administrative expenses of $2.2 million, but partly offset by the interest income of $1.6 million earned from time deposits and net operation income of $0.2 million, or a loss of $0.01 per diluted share. As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for reporting purposes has resulted in foreign exchange gain in this quarter. Due to fluctuations in the exchange rate of Renminbi against the US dollar, foreign exchange gain for the first quarter of 2017 was $0.8 million, or amounting to approximately 47% of our net income for this period. However, since the majority of our payment obligations are also denominated in Renminbi, we do not expect the movement of Renminbi against the US dollar to materially and adversely impact our business. Capitalization on project investment was $1.4 million for Q1 2017 and our accumulated project investment was $39.4 million up to March 31, 2017, which was recorded under the account of real estate properties under development in the balance sheet as at March 31, 2017. Our business of land development is currently in the preparatory stage where it takes time to apply for and obtain the relevant licences from the PRC government. During this period, our only sources of income are limited deposit interest and rental income; therefore, we expect to continue to incur losses in the meantime. Please see the Company's Condensed Consolidated Statements of Comprehensive Income beginning on page 7 below for further details. This information has also been published on the Company's website at http://www.namtai.com/investors#investors/quarterly_earnings in the quarterly earnings report of Q1 2017. 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. 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. Part I: Summary of gross floor areas for the two projects: Part II: Timetable for the two projects: Part III: Budgetary Estimate for the two projects: As for our Wuxi plant, the factory building continues to be listed for sale and we still expect it to be sold sometime during or within 2017. An auction is under preparation and we are currently preparing the concerned executive plan and looking for potential buyers. This auction is scheduled to complete in September 2017. Effective May 1, 2017, Mr. Julian Lin ("Mr. Lin"), will be appointed as Chief Executive Officer of the Company. He has worked with the Company as our chief external SEC counsel for 5 years and has familiarized himself with the finance, business and operations of Nam Tai Group. Mr. Lin has been practicing as an attorney for more than 15 years and has previously worked in one of the largest U.S. law firms in Hong Kong before joining the Company. His legal practice encompasses a broad range of capital markets, private equity, mergers and acquisitions. He has substantial experience in fundraising activities, both in the establishment of the funds and in their investment activities. Due to his diverse legal experience, the Company is confident that Mr. Lin can assume the position of Chief Executive Officer to advise on the legal aspects of the Company's construction projects and to support the continuous growth of the Company. We currently derive a majority of our income from rental and interest income but please note that our rental income will cease after October 2017. Since 2016, we have seen a stabilizing trend on the benchmark interest rates in China. However, due to the current economic conditions in China, we expect the People's Bank of China to keep Renminbi-denominated official time deposit interest rates in China at a low level throughout 2017. With this lower interest rate and rental income, we expect to continue to incur operating losses in 2017 and beyond. As the majority of our assets are denominated in Renminbi, the translation of Renminbi-denominated assets to US dollars for our reporting purposes has resulted in foreign exchange gain in this quarter. As such, we do expect to see fluctuations in the reporting of foreign exchange loss/gain in the financial statements due to the movement of Renminbi against the US dollar. Nevertheless, as a majority of our payments are in Renminbi, we also do not expect the movement of Renminbi against the US dollar to adversely impact our business. In order for the Projects to proceed smoothly and start ahead of the schedule, it is necessary for the Company to negotiate with banks for the implementation of funds needed to assist in future development of the Projects. As of end of March, 2017, we had a total cash balance of $182.7 million and no debt. With our current cash position, we believe our finances remain healthy to fund the initial stages of these property development projects for the coming one and half years. All of our land development related applications are subject to government policies and regulations in the real estate market. As this is our first venture into  land development projects after the cessation of our LCM business, we may encounter industry-specific difficulties that result in losses as we progress with our projects in Shenzhen. As we are currently in the planning stage for our property projects and can only generate limited income from deposit interest income and rental income, we will continue to record operating losses. Cash on hand is expected to decrease continuously, but most of the expenses incurred will be for project development, which will be capitalized as real estate properties under development (non-current asset) on our balance sheet. For more information on risks in our business, please refer to the Risk Factors section of our 2016 Annual Report on Form 20-F as filed with the SEC and on our website. According to our project development plan, project investment for Q2 2017 is estimated to be $7.5 million, and project investment for the year of 2017 is estimated to be $60 million. The information contained in or that can be accessed through the website mentioned in this announcement does not form part of this announcement. PAYMENT OF QUARTERLY DIVIDENDS FOR 2016 AND 2017 As announced on December 12, 2016, the Company had set the payment schedule of quarterly dividends for 2017. The dividend for Q2 2017 was paid on April 20, 2017. The following table updates the previously announced schedule for declaration and payment of quarterly dividends in 2017. The Company's decision to continue making dividend payments in 2017 as set out and confirmed in the above table does not necessarily mean that cash dividend payments will continue thereafter or at the same amount. Whether future dividends after 2017 are to be declared will depend upon Company's future growth and earnings at each relevant period, of which there can be no assurance, and the Company's cash flow needs for business operations and transformation. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, and we also cannot assure you what the amounts of such dividends will be or whether such dividends, once declared for a specific period, will continue for any future period, or at all. PROPOSED SCHEDULE OF RELEASE OF QUARTERLY FINANCIAL RESULTS FOR 2017 To maintain the efficiency of delivering the Company's quarterly financial results to the market, the Company's management has decided to follow approximately the same schedule in 2016 for its release of the 2017 quarterly financial results. Details of the expected quarterly release dates are as follows: FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR SHARE PRICE TO DECLINE Certain statements included in this press release, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "plan", "seek" or "believe". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activities, performance, or achievements expressed or implied by the forward-looking statements, including, but not limited to, delay in the Company's ability to obtain all requisite permits and approvals from relevant government authorities in relation to the redevelopment of two parcels of properties in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, and the successful redevelopment of the two parcels of properties; the sufficiency of the Company's cash position and other sources of liquidity to fund its property developments; continued inflation and appreciation of the Renminbi against the US dollar; rising labor costs in China and changes in the labor supply and labor relations. In particular, you should consider the risks outlined under the heading "Risk Factors" in our most recent Annual Report on Form 20-F and in our Current Report filed from time to time on Form 6-K. The Company's decision to continue dividend payments in 2017 does not necessarily mean that dividend payments will continue thereafter. Whether future dividends will be declared depends upon the Company's future growth and earnings, of which there can be no assurance, as well as the Company's cash flow needs for further expansion. Accordingly, there can be no assurance that cash dividends on the Company's common shares will be declared beyond those declared for 2017, what amount those dividends may be or whether such dividends, once declared for a specific period, will continue for any future period, or at all; and whether we will purchase any of our shares in the open markets or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this release or those that might reflect the occurrence of unanticipated events. We are a real estate developer. We hold two parcels of land located in Gushu and Guangming, Shenzhen, China. We are converting these two parcels of land that formerly housed the manufacturing facilities of our prior businesses into high-end commercial complexes. We expect we will derive our principal income in the future from rental income from these commercial complexes. Nam Tai Property Inc. is a corporation registered in the British Virgin Islands and listed on the New York Stock Exchange (Symbol: "NTP"). Please refer to the Nam Tai website (www.namtai.com) or the SEC website (www.sec.gov) for Nam Tai press releases and financial statements. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nam-tai-property-inc-reports-q1-2017-results-300449413.html


Patent
Inno Inc and Dh Infotech Weihai Inc. | Date: 2012-04-06

The present invention relates to the technical field of fiber splicing devices, particularly to a multifunctional splicing clamp for fixing an optical fiber during the fiber splicing process. A new multi-functional splicing clamp of the present invention, for use in a fiber splicing device, comprises a clamp body and a clamp cover body. One side of said clamp body is pivotally connected to the clamp cover body. Said clamp body is provided with a fiber-carrying pad, and said clamp cover body is provided with an abutment structure which can abut said fiber-carrying pad. Compared to the prior art, a new multifunctional splicing clamp of the present invention can simultaneously match wire cables with big differences in diameters, such as rubber-insulated cables, jumper wires, 2.5 mm optical cables, 900 um optical fibers, 250 um optical fibers, and 80 um optical fibers. When different types of optical fibers are spliced, it is unnecessary to replace the clamp, resulting in convenient operations and greatly improved efficiencies.


Patent
Dh Infotech Weihai Inc. and Inno Inc | Date: 2012-09-25

A hot melt connector stripping cutter tool comprises a first handle, a second handle, a reference block and a cutting mechanism. The cutting mechanism comprises at least one group of upper and lower blade seats and a stripping cutter unit. The reference block is provided with an optical fiber guiding passage for an optical fiber to pass through and at least two blade guiding grooves both communicated with the optical fiber guiding passage. At least two groups of stripping cutter units used for scattering optical fiber stress points are symmetrically arranged on the upper and lower blade seats. Each group of stripping cutter units is movable within one blade guiding groove. Along with the closing of the handles, each stripping cutter unit moves up and down along the blade guiding groove in the cutting direction, so as to cut an outer skin or part thickness of the optical fiber in the optical fiber guiding passage, and peel off a surface skin and a bare fiber coating layer of the optical fiber. A plurality of incisions can be cut out on the surface skin of the optical fiber in the optical fiber guiding passage by the plurality of stripping cutter units, the optical fiber stress positions are scattered, and the optical fiber is not easy to be pulled apart while being peeled.


The invention relates to a method using an optical cable tracker to measure optical cable distances and an optical cable tracker, which comprises a light source, an optical coupler, a phase modulator, a delay optical fiber, and an optical signal demodulation module. In the invention, optical cables are knocked to create disturbance. Not only can the optical cable be identified based on the corresponding interference produced by the light ray in optical cables, but also the distances from knock points to the local telecommunication terminals can be estimated. This facilitates the inspection, repair and maintenance of optical cables.


Patent
Inno Inc and Dh Infotech Weihai Inc. | Date: 2012-07-20

The invention relates to the technical field of optical fiber cutting and welding, especially a multi-functional optical fiber fixing clamp. The multi-functional optical fiber fixing clamp of the invention comprises a clamp body and a clamp cover. One side of the said clamp body is pin jointed to the said clamp cover. The said clamp body is arranged with a first fiber loading slot and a fiber connector locating slot. The said clamp cover is arranged with a first abutting structure which is abutted with the said first fiber loading slot and a second abutting structure which is abutted with the said fiber connector locating slot. Compared with the existing technology, the multi-functional optical fiber fixing clamp of the invention can match with SC optical fiber connector, LC optical fiber connector, rubber-insulated fiber cable and wire jumper. As the clamp has the compatibility function, operators are not required to change clamp during a series of operations such as optical fiber cutting and welding. Thus, working time is greatly saved and work efficiency is improved.


Patent
Inno Inc and Dh Infotech Weihai Inc. | Date: 2012-10-29

A fully automated optical fiber cutter includes a fiber cutter body and a fiber clamp. The fiber cutter body includes a cutter cover body and a cutter main body, which are pivotally connected. Inside the cutter main body is provided with a movable blade-fixation seat, which comprises a blade for fiber cutting. The fiber clamp is installed on the cutter main body. The fiber clamp includes a clamp main body and a clamp cover body, which are pivotally connected. The cutter cover body, the clamp cover body and the blade-fixation seat are linked by a linkage component. When the fiber in use, the cutter cover body is pressed to drive the clamp cover body close and push the blade-fixation seat to move, thereby the blade is aligned to cut the fiber.


Patent
Korea Advanced Institute of Science, Technology and Inno Inc | Date: 2013-07-24

Provided is an adhesive composition disclosed herein includes tannin, poly(ethylene glycol) and water. The adhesive composition has little toxicity, allows adhesion even in the absence of a thermosetting curing agent, and is hardly soluble in water to show moisture resistance, unlike known tannin adhesives. Therefore, the adhesive composition may be used as a medical adhesive, adhesive depot for sustained release of drug, anti-adhesion agent, cell/protein adsorption barrier and medical hemostatic applicable to various wet environments.


The present invention relates to an animal model for evaluating hemostatic performance, and the use thereof, and more particularly, to an animal model for evaluating the performance of a hemostatic agent, which has hemorrhage induced in the common carotid artery (CCA) or superior sagittal sinus (SSS) of the animal, a method of screening a hemostatic agent using the animal model, and a method of evaluating the effect of a hemostatic agent using the animal model. The animal model according to the present invention makes it possible to observe the hemostatic effect of a hemostatic agent in a rapid and accurate manner without causing side effects. Thus, the animal model is useful for screening a hemostatic agent and evaluating the effect of a hemostatic agent.


Patent
Korea Advanced Institute of Science, Technology and Inno Inc | Date: 2012-09-05

The present invention relates to a conjugate of a protein or peptide with a polyethylene glycol derivative having catechol, wherein the protein or peptide is mono-PEGylated at the N-terminal with the polyethylene glycol derivative, and to a preparation method thereof. According to the invention, the catechol-PEG derivative can be site-specifically conjugated with the N-terminal amine group of a protein or peptide, so that a homogeneous polyethylene glycol-protein or -peptide conjugate can be obtained in high yield. Unlike a prior art conjugate, the conjugate obtained according to the invention allows the decrease in the activity of the protein to be minimized without chemically modifying the protein, and thus the conjugate has an excellent pharmacological effect. Also, because the conjugate is homogeneous, the process for preparing the conjugate can be simplified. Moreover, the conjugate has uniform biological efficacy in vivo and shows strong resistance to hydrolysis and thus a long in vivo duration time. Accordingly, the conjugate has the effect of increasing the in vivo efficacy and stability of the protein drug.

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