Greetings and welcome to the Himax Technologies Incorporated Fourth Quarter and Full-Year 2008 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Ms. Ashleigh Barreto of The Ruth Group. Thank you, Ms. Barreto, you may begin.

Thank you, operator, welcome everyone to Himax' fourth quarter and full-year 2008 earnings call. Joining us from the company are Mr. Jordan Wu, President and Chief Executive Officer, and Mr. Max Chan, Chief Financial Officer. After the company's prepared remarks we will have time for any questions. If you have not yet received a copy of today's financial results, please call The Ruth Group at 1-646-536-7026, or you can get a copy off Himax's website at www.himax.com.tw. Before we begin with the formal remarks, I would 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 can cause actual events to differ materially from described in the conference call. Factors that can cause actual results to differ include, but are not limited to, general business and economic conditions and the state of the semiconductor industry; the market acceptance and competitiveness of the driver and non-driver products developed by the company; demand for end-use application products; reliance on small group of principle customers; the uncertainty of continued success of technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices, changes in customers' 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, and other risks described from time-to-time in the company's SEC filings, including those risks identified in the sections entitled Risk Factors in Form 20-F for the full year ended December 31, 2007 filed with SEC on dated June 20, 2008, as amended. The financial information included in this conference call is unaudited and consolidated, and prepared in accordance with US GAAP. Such financial information is generated internally and has not been subject to the same review and scrutiny, including internal auditing procedures and audit by independent auditors, to which we submit our annual consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information included in this conference call should also take into account our published audited consolidated financial statements and notes from those statements. In addition, the financial information included in this conference call is not necessarily indicative of our results for any future period. 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. At this time, I would now like to turn the call over to Mr. Jordan Wu. Please go ahead, sir.

Thank you, Ashleigh and thank you everyone for joining us on today's call. To start, I would like to make a few general comments. The fourth quarter 2008 was a challenging quarter for Himax where we saw a sudden, unprecedented and unexpected major constriction in customer demand. Particularly during the last two months of the quarter. We therefore adjusted our guidance downwards on December 5th, the first such thing in our history. Today we are reporting that our fourth quarter revenue gross margin and EPS all came in within our revised guidance. Turning to our fourth quarter 2008 financial results, I will start with brief highlights of Himax's overall performance during the quarter, followed by a summary of full-year 2008 financial results. Then I will provide our outlook for the first quarter of 2009. Max Chan, our CFO will then give you further details on our financial performance. Our fourth quarter revenues totaled $124.3 million, that’s 53.5% decline year-over-year and a 46% decline sequentially. The decline was mainly due to dramatic reduction in customers' fab utilizations as the orders from their customers disappeared in a record session. Revenues from large panel display drivers were $90.6 million, down 58% from the same period last year, and down 45.6% sequentially. Large panel drivers accounted for 72.9% of our total revenues in the fourth quarter similar to the 72.4% in the previous quarter. Revenues from small and medium-sized applications were $27.9 million, down 37.2% from the same period last year and down 42.2% sequentially. Small- and medium-sized applications accounted for 22.5% of our total revenues in the fourth quarter, as compared to 21% in the third quarter. Revenues from non-driver businesses were $5.8 million, down 16.2% year-over-year, and down 61.9% sequentially. The non-driver businesses accounted for 4.6% of our total revenues as compared…

Thank you, Jordan. I will now provide certain financial details which were not covered in Jordan's presentation. Our non-GAAP gross margin for the fourth quarter was 21%, down from 24.7% a year ago and down from 24.6% a quarter ago. Non-GAAP operating income was $6.5 million, down from $44.4 million in the same period last year and down from $30.6 million in the previous quarter. Non-GAAP net income was $6.7 million, down from $48.0 million in the same period last year and down from $32.5 million in the previous quarter. Non-GAAP EPS was $0.03 down from $0.24 in the same period last year and down from $0.17 in the previous quarter. Share-based compensation and acquisition related charges for the quarter were $2.3 million and $0.4 million, respectively. As Jordan pointed out, we adopted timely measures to rationalize our operations and reduce our expenses. These measures have started to take effect in the fourth quarter. Our fourth quarter GAAP operating expenses were $22.5 million, down 45.5% from $41.3 million a quarter ago. The reduction was primarily a result of the lower amortization charges in the fourth quarter in relation to our RSU grant. Excluding share-based compensation and acquisition-related charges, our non-GAAP operating expenses were $19.6 million, still down 24.8% from $26.1 million in the previous quarter, primarily due to a series of rationalization measures covering literally all aspects of our operations. We have been prudent in managing our inventory amid the industry downturn. We were able to lower the inventory level while meeting customers' rush demand. Thanks to our more frequent than usual dialogs with both our panel customers and key strategic vendors. Inventory at the end of the fourth quarter was $96.9 million, down 16.8% from the $116.6 million a year ago and down 16% from the $115.4 million a…

Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. (Operator Instructions). We have no question at this time. I would like to turn the floor back over to management for any closing comments.

Well, thank you everyone for taking time to join today's call. And we look forward to talking to you again at our next meeting in early May. Thank you.

Thank you. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.