Nam Tai (NTE) Signs Major LCD Module Contract
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Nam Tai Electronics, Inc. (NYSE: NTE) today announced that it has signed a major customer contract for LCD modules that had previously been reported as being under negotiation in the Company's press release of financial results for the third quarter of 2011.
The Company's management believes that this new contract is consistent with the Company's previously reported projections of customer demand with the potential to more than double the Company's annual sales revenue in 2012. Customer order volumes are not guaranteed, however, and will vary depending on end-equipment sales and other factors. The Company expects to receive firm orders under the contract soon which will support high-volume production starting at the end of December with shipments beginning in early January from the Company's factory in Wuxi.
Discussions with a second major customer to produce LCD module subassemblies for smart phone applications at the Company's Shenzhen site remain in progress. The parties currently plan high-volume production of the modules to begin about June of next year, but the Company has not yet received firm orders.
The Company's management believes that this new contract is consistent with the Company's previously reported projections of customer demand with the potential to more than double the Company's annual sales revenue in 2012. Customer order volumes are not guaranteed, however, and will vary depending on end-equipment sales and other factors. The Company expects to receive firm orders under the contract soon which will support high-volume production starting at the end of December with shipments beginning in early January from the Company's factory in Wuxi.
Discussions with a second major customer to produce LCD module subassemblies for smart phone applications at the Company's Shenzhen site remain in progress. The parties currently plan high-volume production of the modules to begin about June of next year, but the Company has not yet received firm orders.
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