Chi Mei Optoelectronics Announces Unaudited Second Quarter 2009 -- TFT-LCD Net Sales of NT$ 70.3 Billion

TAINAN, Taiwan, July 30 /PRNewswire-Asia-FirstCall/ -- Chi Mei Optoelectronics (CMO) (TAIEX: 3009) today announced its combined second quarter 2009 TFT-LCD net sales of NT$ 70,279 million, a 58.8% increase over the previous quarter's NT$ 44,260 million. Gross loss was NT$ 2,568 million, for a gross margin of -3.7%. Operating loss totaled NT$ 7,577 million with an operating margin of -10.8%. Net loss attributable to the shareholders of the parent company amounted to NT$ 8,835 million. EPS equaled NT$ -1.24.

The company sets a new record high for its quarterly large-sized shipments(2), with approximately 19.1 million panels shipped in the second quarter 2009, an increase of a 44% over the 13.3 million panels shipped in the first quarter 2009. Blended ASP for large-sized panels increased by 13% to USD $106 per unit over the previous quarter.

    CMO with TFT Subsidiaries (2) 2Q09 Income Statement - QoQ Comparison

    NT$ million                       %                   %        QoQ%
    Except Per Share Data   2Q09   Revenue     1Q09    Revenue   Change

    Net Sales               70,279   100.0%   44,260   100.0%    58.8%
     Cost of Goods Sold    -72,847  -103.7%  -60,213  -136.0%    21.0%
    Gross Profit            -2,568    -3.7%  -15,953   -36.0%   -83.9%
     Operating Expenses     -5,009    -7.1%   -4,737   -10.7%     5.7%
    Operating Income        -7,577   -10.8%  -20,690   -46.7%   -63.4%
    Net Non-operating
     Income (Exp.)          -1,404    -2.0%      -93    -0.2%  1409.7%
    Income before Tax       -8,981   -12.8%  -20,783   -47.0%   -56.8%
    Net Income- Parent(3)   -8,835   -12.6%  -19,570   -44.2%   -54.9%
    EBITDA(4)                9,962    14.2%   -3,212    -7.3%       --
    Basic EPS (NT$)(5)       -1.24       --    -2.73       --   -54.6%

    Notes:

    (1): Chi Hsin Electronics was merged into CMO on May 31, 2009
    (2): Figures include TFT-LCD related subsidiaries: NBCMO, NBCME, NHCMO,
         NHCME, CMOJ, Dong Guan CHE and NBCHE
    (3): Net attributable to the parent company before preferred dividend
    (4): EBITDA = Operation Income + Depreciation & Amortization
    (5): Calculation of basic EPS is after preferred dividend and based on
         weighted average of outstanding common shares
    (6): All figures are unaudited, prepared by Chi Mei Optoelectronics



    CMO with TFT Subsidiaries(2)  2Q09 Balance Sheet

    CMO w/ subsidiaries
    NT$ million                   2Q09        1Q09        2Q08

    Cash & Cash Equivalent      72,378      92,019      27,751
    Inventory                   24,269      23,708      42,542
    Total Assets               534,429     569,901     527,223
    Short Term Debt (3)         64,242      74,122      38,153
    Long Term Debt             208,768     227,951     121,697
    Shareholders' Equity (4)   174,202     183,744     237,999
    Net Debt to Shareholders'
     Equity                     115.2%      114.3%       55.5%

    Depreciation &
     Amortization               17,539      17,478      16,175
    Capital Expenditure          8,822      10,781      26,089

    Notes
    (1): Chi Hsin Electronics was merged into CMO on May 31, 2009
    (2): Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
         CMOJ, Dong Guan CHE and NBCHE
    (3): Short term debt = (short-term bank loan + commercial papers +
         current portion of long term loans and obligations under capital
         leases)
    (4): Capital Stock (common): NT$ 72.13 billion (net of treasury shares in
         1Q 2009)
    (5): Book value per common stock: NT$ 22.07
    (6): All figures are unaudited, prepared by Chi Mei Optoelectronics



    Announcement Contact:

     Denis Chen
     CMO Acting Spokesperson
     Tel:   +886-06-505-3760
     Email: ir@cmo.com.tw

     Loreta Chen
     CMO Public Relations
     Tel:   +886-06-505-1888 #11202
     Email: loreta_chen@cmo.com.tw

SOURCE Chi Mei Optoelectronics