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<SEC-DOCUMENT>0001171843-09-000535.txt : 20090522
<SEC-HEADER>0001171843-09-000535.hdr.sgml : 20090522
<ACCEPTANCE-DATETIME>20090518175546
ACCESSION NUMBER:		0001171843-09-000535
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090518
FILED AS OF DATE:		20090519
DATE AS OF CHANGE:		20090518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Himax Technologies, Inc.
		CENTRAL INDEX KEY:			0001342338
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51847
		FILM NUMBER:		09837751

	BUSINESS ADDRESS:	
		STREET 1:		10TH FLOOR, NO. 605, CHUNGSHAN ROAD
		STREET 2:		HSINHUA, TAINAN COUNTY 712
		CITY:			TAIWAN
		STATE:			F5
		ZIP:			-
		BUSINESS PHONE:		866 (6) 505-0880

	MAIL ADDRESS:	
		STREET 1:		10TH FLOOR, NO. 605, CHUNGSHAN ROAD
		STREET 2:		HSINHUA, TAINAN COUNTY 712
		CITY:			TAIWAN
		STATE:			F5
		ZIP:			-
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<TYPE>6-K
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<FILENAME>f6k_051809.htm
<DESCRIPTION>FORM 6-K
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  <div id="lockwidth" style="width: 640px">
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font><br>Washington,
D.C. 20549</font></div>
    <div align="center">&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="4">FORM 6-K</font></font></div>
    <div align="center">&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">REPORT OF
FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934</font></div>
    <div align="center">&#160;</div>
    <div align="center"><font size="2">For the month of <font style="DISPLAY: inline; FONT-WEIGHT: bold">May 2009</font>.</font></div>
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    <div align="center"><font size="2">Commission File Number: <font style="DISPLAY: inline; FONT-WEIGHT: bold">000-51847</font></font></div>
    <div align="center">&#160;</div>
    <div align="center"><font size="4"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Himax Technologies,
Inc.</font></font><br><font size="2">(Translation of registrant's name into
English)</font></div>
    <div align="center">&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold">No.26, Zih
Lian Road, Fonghua Village,<br>Sinshih Township, Tainan County 744<br>Taiwan,
Republic of China</font><br><font size="2">(Address of principal executive
office)</font></div>
    <div align="center">&#160;</div>
    <div><font size="2">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.<br>Form 20-F [ x ]
&#160;&#160;&#160;&#160;&#160;Form 40-F [ &#160; ]</font></div>
    <div>&#160;</div>
    <div><font size="2">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ &#160;&#160;
]</font></div>
    <div>&#160;</div>
    <div><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note:</font>
Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K
if submitted solely to provide an attached annual report to security
holders.</font></div>
    <div>&#160;</div>
    <div><font size="2">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ &#160;&#160;
]</font></div>
    <div>&#160;</div>
    <div><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Note:</font>
Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K
if submitted to furnish a report or other document that the registrant foreign
private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the
registrant's "home country"), or under the rules of the home country exchange on
which the registrant's securities are traded, as long as the report or other
document is not a press release, is not required to be and has not been
distributed to the registrant's security holders, and, if discussing a material
event, has already been the subject of a Form 6-K submission or other Commission
filing on EDGAR.</font></div>
    <div>&#160;</div>
    <div><font size="2">Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934. Yes [ &#160;&#160; ] &#160;&#160;&#160;&#160;&#160;No [ x
]</font></div>
    <div>&#160;</div>
    <div><font size="2">If "Yes" is marked, indicate below the file number assigned to
the registrant in connection with Rule 12g3-2(b): &#160;.</font></div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font>

      <div>
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      </div>
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    <div style="TEXT-ALIGN: center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
Exhibit 99.1.&#160;&#160;&#160;&#160; First Quarter 2009 Financial Results
Coference Call Transcript</font></div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
        <div style="DISPLAY: block; TEXT-INDENT: 0pt">
          <hr style="COLOR: black" align="left" noshade size="2" width="100%">&#160;&#160;&#160;</div>
      </div>
    </div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2">SIGNATURES</font></font></div>
    <div align="center">&#160;</div>
    <div><font size="2">Pursuant to the requirements of the Securities Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized. </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%">
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            <td width="47%">&#160;</td>
            <td width="6%">&#160;</td>
            <td width="47%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Himax Technologies,
      Inc.</font></font><br><font size="2">(Registrant)</font><br><br></td>
          </tr>
          <tr valign="top">
            <td width="47%"><font size="2">Date: May 18, 2009</font></td>
            <td width="6%">&#160;</td>
            <td width="47%"><font size="2"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ MAX
      CHAN</font></font><br>Max Chan<br><font style="DISPLAY: inline; FONT-STYLE: italic">Chief Financial
      Officer</font></font></td>
          </tr>
      </table>
    </div>
    <div align="center">
      <div>
      </div>
      <div>&#160;</div>
    </div>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
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    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
    </head>
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        <div align="left">
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">LIVE
      CALL INFORMATION</font></div>
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                <td align="left" valign="top" width="50%" style="BORDER-RIGHT: black 0.75pt solid; BORDER-TOP: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">REPLAY
      INFORMATION</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="50%" style="BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Tuesday,
      May 19, 2009 7AM Taiwan</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Monday,
      May 18, 2009 7PM NYC</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">CEO / CFO Number:
      </font>1-201-689-8323</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Listener Call Number:
      1-201-689-8470</font></font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">or
      1-877-407-9039</font></div>
                  <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
                </td>
                <td align="left" valign="top" width="50%" style="BORDER-RIGHT: black 0.75pt solid; BORDER-LEFT: black 0.75pt solid; BORDER-BOTTOM: black 0.75pt solid">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -23.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Accessible
      2 hours after the call through</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -23.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">noon
      on Tuesday, May 26, 2009 Taiwan</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -5.4pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Replay
      Number: 1-201-612-7415</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Account
      number: 3055</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Conference
      ID number: 320842</font></div>
                </td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Operator
Intro:</font> Welcome to Himax Technologies&#8217; first quarter 2009 financial
results conference call.&#160;&#160;At this time, all participants are in a
listen-only mode.&#160;&#160;Later we will conduct a question and answer
session.&#160;&#160;At that time, if you have a question, you will need to press
star 1 on your push button phone.&#160;&#160;The call is scheduled for one
hour.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As a
reminder, this conference is being recorded today.&#160;&#160;A replay will be
available 2 hours after the call today, through noon on Tuesday, May 26, 2009 in
Taiwan.&#160;&#160;The replay dial-in number is 1-201-612-7415 with account
number 3055 and conference ID number 320842.&#160;&#160;The replay will also be
accessible at www.himax.com.tw.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ashleigh
Barreto</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
you, operator. Welcome everyone to Himax&#8217; first quarter 2009 earnings
call.&#160;&#160;Joining us from the company are Mr. Jordan Wu, President and
Chief Executive Officer, and Mr. Max Chan, Chief Financial
Officer.&#160;&#160;We apologize that due to technical problems from our former
conference call service provider in our last earnings call, questions were
unable to come through. After the company&#8217;s prepared comments, we will have time
for any questions today.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If you
have not yet received a copy of today&#8217;s results release, please call The Ruth
Group at 1-646-536-7026.&#160;&#160;Or you can get a copy off Himax&#8217; website at
www.himax.com.tw.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before we
begin the formal remarks, I&#8217;d like to remind everyone that some of the
statements in this conference call, including statements regarding expected
future financial results and industry growth, are forward-looking statements
that involve a number of risks and uncertainties that could cause actual events
or results to differ materially from those described in this conference
call.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Factors
that could cause actual results to differ include, but not limited to, general
business and economic conditions and the state of the semiconductor industry;
market acceptance and competitiveness of the driver and non-driver products
developed by the Company; demand for end-use applications products; reliance on
a small group of principal customers; the uncertainty of continued success in
technological innovations; our ability to develop and protect our intellectual
property; pricing pressures including declines in average selling prices;
changes in customer order patterns; shortages in supply of key components;
changes in environmental laws and regulations; exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries; our ability to
collect accounts receivable and manage inventory; and other risks described from
time to time in the Company&#8217;s SEC filings, including those risks identified in
the section entitled "Risk Factors" in its Form 20-F for the year ended December
31, 2008&#160;filed with SEC&#160;on dated May 15, 2009, as
amended.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Except
for the Company&#8217;s full year of 2008 financials which were provided on the
Company&#8217;s 20-F, filed with the SEC on May 15, 2009, the financial
information&#160;included in this conference call&#160;is unaudited
and&#160;consolidated, and prepared in accordance with US GAAP.&#160;Such
financial information is generated internally and has not been subjected to the
same review and scrutiny, including internal auditing procedures and audit by
independent auditors, to which we subject our annual consolidated financial
statements, and may vary materially from the audited consolidated financial
information for the same period.&#160;&#160;Any evaluation of the financial
information included in this conference call should also take into account our
published audited consolidated financial statements and the notes to those
statements.&#160;&#160;In addition, the financial information included in this
conference call is not necessarily indicative of our results for any future
period.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At this
time, I would now like to turn the call over to Mr. Jordan Wu.&#160;&#160;Please
go ahead, sir.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Jordan Wu</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank you
Ashleigh and thank you everyone for joining us on today&#8217;s call.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before
discussing our first quarter highlights and financial results, I would like to
talk about the revisions to our fourth quarter and full year of 2008 financial
results as disclosed in our press release, along with the 20-F filed with the
SEC on May 15, 2009. The revisions were primarily made to account for a bad debt
expense of $25.3 million related to our customer, SVA-NEC, and its associated
tax benefit of $7.9 million.<font style="DISPLAY: inline; TEXT-DECORATION: underline"> Th</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">ese two
adjustments</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">
lowered our </font>operating income by $25.3 million and net income by $17.4
million for the fourth quarter and full year of 2008. As a result, our earnings
for the fourth quarter and full year of 2008 are lower than what we previously
reported in our unaudited financial results. Our GAAP loss per share for the
fourth quarter is now 7 cents and GAAP earning per share for the full year of
2008 is now 40 cents, compared to GAAP earnings per share of 2 cents and 49
cents as previously reported.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SVA-NEC,
a subsidiary of SVA Group, is one of China&#8217;s largest TFT-LCD panel manufacturers
with Shanghai municipal government being its majority shareholder. Starting in
September 2008, SVA-NEC has delayed paying a significant portion of our
outstanding accounts receivable. At the time, SVA-NEC had undertaken to fully
and promptly resolve these outstanding payments and made partial payments in
January and February 2009. Due to these payments, we did not make an allowance
for doubtful accounts for SVA-NEC in the unaudited results furnished on February
19, 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the
end of March 2009, new material information regarding SVA-NEC came to our
attention. The Shanghai municipal government set up a conservatorship committee
to assist in SVA Group&#8217;s restructuring. Two subsidiaries of SVA Group, SVA
Electron and SVA Information Industry, are indirect shareholders of SVA-NEC and
are listed on the Shanghai Stock Exchange. Since the end of March 2009, the
stocks of these two companies have suspended trading for extended periods of
time. In view of these developments and our increasing concern about SVA-NEC&#8217;s
financial condition, we recorded an allowance of $25.3 million, the total amount
of accounts receivable outstanding from SVA-NEC as of December 31, 2008, less
any subsequent payments collected.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In 2009
to date, we have made several shipments to SVA-NEC, the majority of which were
guaranteed by credible third parties. For the first quarter of 2009, we have
made an allowance of doubtful accounts of $0.4 million for the un-guaranteed
shipments incurred for the first quarter. To the extent that SVA-NEC&#8217;s financial
condition does not improve, the maximum amount of allowance for doubtful
accounts in relation to the remaining un-guaranteed shipments would be $0.2
million.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
this unfavorable incident, we believe our approach has been prudent and
appropriately reflected the available information at any given time.<font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font>This is the
first time, since our inception in 2001; we have had to make a significant
amount of allowance for doubtful accounts. We will, by all means possible,
continue to seek to recover<font style="DISPLAY: inline; TEXT-DECORATION: underline"> our accounts receivable
from SVA-NEC</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Now,
turning to first quarter 2009 financial results, I will start with brief
highlights of our overall performance during the quarter.&#160;&#160;Then I will
provide our outlook for the second quarter of 2009. Our CFO, Max Chan, will then
give you further details on our financial performance later on.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To begin,
we are pleased that for the first quarter of 2009, we achieved revenues of
$125.7 million, gross margin of 20.9%, and GAAP EPS of 2 cents, all meeting our
guidance.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our first
quarter revenues of $125.7 million represents a 45.7% decline year-over-year and
a 1.1% growth sequentially. While our first quarter revenues were at a similar
level as the fourth quarter of 2008, the fluctuation in our monthly revenues had
been unprecedented. In the fourth quarter of 2008, we experienced double-digit
revenue decline month over month. In contrast, our monthly revenues rebounded
strongly in the first quarter of 2009, showing double digit monthly revenue
growth and were particularly strong in February and March.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
from large panel display drivers were $89.1 million, down 53.4% from a year ago
and down 1.6% sequentially. Large panel drivers accounted for 70.9% of our total
revenues for the first quarter, as compared to 82.6% a year ago, and 72.9% for
the previous quarter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
from small- and medium-sized applications were $28.9 million, down 10.6% from
the same period last year and up 3.6% sequentially. Small- and medium-sized
applications accounted for 23.0% of our total revenues for the first quarter as
compared to 14.0% for the same period last year and 22.5% for the previous
quarter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Revenues
from the non-driver businesses were $7.6 million, down 4.4% year-over-year and
up 32.2% sequentially. The non-driver businesses accounted for 6.1% of our total
revenues as compared to 3.4% a year ago and 4.6% for the previous
quarter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
customers&#8217; orders declined significantly toward the end of 2008. Starting from
the later part of January, we began to see improvement in TFT-LCD panel demand
primarily due to the overall inventory replenishments and the stimulus program
implemented by the Chinese government for certain electronic appliances sold in
rural areas. As a result, there has been an increase in rush orders for TFT-LCD
panel manufacturers and for us. Although display drivers typically require the
longest manufacturing lead time among the key components used in TFT-LCD panels,
we are pleased that we were able to achieve on-time delivery for the majority of
our customers&#8217; orders, even those where we were given extremely short notice,
which allowed our customers to capitalize on the business opportunities. We are
proud to demonstrate, once again, our value to our customers through our
understanding of the display driver business and our close collaboration with
both customers and suppliers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
first quarter of 2009, our revenues from small- and medium-sized display drivers
and non-driver combined accounted for 29.1% of our total revenues, an all-time
record level, which again validated our product diversification strategy. As the
world&#8217;s number one display driver supplier for large panel applications,
according to iSuppli, we aim to achieve comparable leading position in our
small- and medium-sized display driver in the not very distant
future.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
also leveraging our worldwide leadership in the TFT-LCD display drivers to
penetrate other display-related semiconductors, which include timing
controllers, LCOS projector solutions, power management ICs, TV chipsets,
monitor scalers and CMOS image sensors. As an example, we are now working
closely with several of China&#8217;s tier-one handset solution providers for our LCOS
projector solutions and CMOS image sensors. These Chinese handset solution
providers play a critical role in the development of the Chinese handset market
and ecosystem. Another example to validate this cross-selling strategy is our
timing controller and power management ICs where we have been winning new
projects from various TFT-LCD panel manufacturers with which we have long been
their strategic supplier in the display driver space.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In March
2009, we announced our CMOS image sensor product line, which is developed under
Himax Imaging, our fully owned subsidiary. In two years since the team&#8217;s
inception, we have successfully launched 3-mega-pixel, 2-mega-pixel and VGA
sensors with product performance comparable to the world&#8217;s top tier players. In
April, we made our first small-scale commercial shipment to one of the world&#8217;s
leading cell phone camera module manufacturers. While we will concentrate
primarily on customer design-wins and completing a more thorough product
portfolio in 2009, we expect the CMOS image sensor to be one of our major
long-term growth drivers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While the
global financial crisis has had a profound impact on the TFT-LCD industry, we
believe that it is a great opportunity for us to capitalize on our strategy and
grow our business. Customers around the world are paying attention to suppliers&#8217;
financial soundness, looking for industry&#8217;s leaders who have sufficient
resources to fund R&amp;Ds, product developments, and customer services on a
sustainable basis.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Even amid
the global economic downturn, our financial position has grown stronger over the
last quarter. With no debts, our cash, cash equivalents and marketable
securities available for sale were $204.6 million on March 31, 2009, a
significant increase of $55.5 million from a quarter earlier. Backed by our
strong balance sheet, we remain confident in the long-term growth prospects of
our business and remain committed to add values to our
shareholders.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
18<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>, our
board approved an annual cash dividend of 30 cents per ordinary share which will
be payable on June 29. Max, our CFO, will provide further details on the cash
dividend and update on our share repurchase program later on in the
call.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Before
providing our second quarter 2009 guidance, I would like to share with you some
recent observations.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We are
seeing a strong, across the board rebound in the demand for our display drivers,
as customers&#8217; capacity utilizations have been substantially improved. We also
expect rush orders to continue throughout the second quarter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
second quarter, we expect revenues to grow 52% to 55% sequentially, gross margin
to remain flat and GAAP earnings per share&#160;to be in the range of 7 to 9
cents.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Now let me turn over to Max
Chan, our CFO, for further details on our quarterly
financials.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Max Chan</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank
you, Jordan. I will now provide additional detail for our first quarter
financial results.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our GAAP
gross margin for the first quarter was 20.9%, down 440 basis points
year-over-year and down 10 basis points sequentially.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
first quarter, our GAAP operating expenses were $21.4 million, down 20.7% from
$27.0 million a year ago and down 54.8% from $47.4 million for the previous
quarter. As Jordan mentioned earlier, we recorded an allowance for doubtful
accounts of $25.3 million for the fourth quarter of 2008 and $0.4 million for
the first quarter of 2009.&#160;&#160;Excluding these bad debt expenses related
to SVA-NEC, our operating expenses were $21.0 million, down 4.9% from previous
quarter and down 22.1% from a year ago. The significant year over year decrease
in operating expenses was primarily the results of a series of cost control
measures we have undertaken since the fourth quarter of 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For the
first quarter, GAAP net income was $4.4 million and earnings per share was 2
cents, down from $34.1 million and 18 cents for the same period last year and up
from a GAAP net loss of $13.2 million and a GAAP loss per share of 7 cents for
the previous quarter. Excluding the bad debt expense related to SVA-NEC and its
associated tax benefit, our first quarter net income was $4.7 million, up from
$4.2 million for the fourth quarter of 2008 and earnings per share was 3 cents
for the first quarter of 2009, as compared to 2 cents for the fourth quarter of
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Excluding
share-based compensation and acquisition-related charges, our non-GAAP gross
margin for the first quarter was 20.9%, down from 25.3% a year ago and virtually
unchanged from 21.0% a quarter ago. Non-GAAP operating income for the first
quarter was $7.7 million, down from $34.6 million for the same period last year
and up from an operating loss of $18.8 million for the previous quarter.
Excluding the bad debt expense related to SVA-NEC, our non-GAAP operating income
for the first quarter was $8.1 million, up from $6.5 million for the previous
quarter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-GAAP
net income was $7.0 million, or 4 cents per share, down from $37.0 million, or
19 cents per share for the same period last year, and up from a net loss of
$10.9 million, or 6 cents per share for the previous quarter. Excluding the bad
debt expense related to SVA-NEC and its associated tax benefit, our non-GAAP net
income for the first quarter was $7.4 million, or 4 cents per share, up from
$6.5 million, or 3 cents per share, for the fourth quarter 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share-based
compensation and acquisition-related charges for the first quarter were $2.2
million and $0.4 million, respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventory
at the end of the first quarter was $63.9 million, down 47.8% from the $122.4
million a year ago, and down 34.1% from the $96.9 million a quarter ago. Our
inventory days for the first quarter were 58 days, down significantly from 91
days for the previous quarter. For the past two quarters, our inventory level
had continued to decline as we aggressively managed our procurement and
inventory to better reflect our business needs and minimize the risks of
excessive inventory.&#160;&#160;As the overall demand for TFT-LCD panels and for
our products have improved quite substantially for the past few months, we
expect both of our procurement activity and inventory level to increase for the
second quarter of 2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
completed our goodwill impairment test as of December 31, 2008, the balance
sheet date. Based on the results of assessment of our fair value using an
adjusted market capitalization approach, and as validated by our assessment
using the discounted cash flow approach, we believe that our estimated fair
value exceeded our stockholders&#8217; equity and our goodwill was not
impaired.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
generated positive operating cash flows of $64.6 million for the first quarter
2009, as compared to $28.8 million for the previous quarter, primarily due to a
significant reduction in working capital, excluding cash and cash
equivalents.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
expenditure for the first quarter was $3.1 million, the majority of which was
for our color filter facility.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At the
end of March 2009, our cash, cash equivalents and marketable securities
available for sale were $204.6 million. Our board has approved an annual cash
dividend of 30 cents per ordinary share, which will be paid on June 29 to
shareholders of June 22. Books will be closed from June 15 to June
22.&#160;&#160;Based on our current shares outstanding of 185 million shares,
the total payout will be $55.5 million.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
continue to execute our $50 million share repurchase program announced in mid
November 2008.&#160;&#160;As of May 15, 2009, we have bought back around 7.4
million shares for a total of $14.4 million and our shares outstanding have been
reduced accordingly. In 2007 and 2008, we have returned approximately $79.1
million and $75.5 million respectively to our shareholders by way of cash
dividend and share buyback combined.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
second quarter guidance that Jordan provided earlier is based on 185 million
diluted weighted average shares.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Operator, that concludes our prepared
remarks.&#160;&#160;We can now take any questions.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Jordan&#8217;s
closing remarks]</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thank you
everyone for taking time to join today&#8217;s call.&#160;&#160;We look forward to
talking to you again at our next earnings call in early
August.</font></div>
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