Innolux Corporation Announces Unaudited Third Quarter 2014
Area Shipments Hit a New Record High
Net Income of NT$7.4 Billion Reached the Second Highest Record Since Established
TAIPEI, Oct. 30, 2014 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its third quarter 2014 results. Combined net sales for the third quarter 2014 amounted to NT$ 113.1 billion, an increase of 1.8% over the previous quarter's NT$111.1 billion. The company reported gross profit was NT$ 14.5 billion, for a gross margin of 12.8%. Operating profit totaled NT$ 9 billion with an operating margin of 8%. Net profit attributable to the shareholders of the parent company amounted to NT$ 7.4 billion. EPS equaled NT$ 0.77.
Through continuous improvement of financial structure, the company's total debt came down to NT$127.4 billion as of the end of the third quarter 2014, a significant decrease of NT$21.5 billion. Net debt to equity ratio came down from 64.3% in the previous quarter to 44.2% in the third quarter 2014. Net inventory as of the end of the third quarter 2014 was NT$ 38.4 billion, and the inventory turnover day was 39 days.
The Company shipped nearly 8.3 million square meters of panel and reached a record high in the third quarter 2014, an increase of 3.6% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 457 per square meter. Small and medium-sized panel revenue amounted to NT$ 21.2 billion in the third quarter 2014, a decrease of 15.4% over the previous quarter. The Company shipped 78 million small and medium-sized units during the third quarter 2014.
In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 17%, 17%, 15% and 50% of our net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 30-to-40-inch, 40-inch-and -above panels accounted for 19%, 21%, 19%, 4%, and 37% of our net sales, respectively.
INX Unaudited 3Q 2014 Income Statement - QoQ Comparison |
|||||||
Units: NTD million except per share data |
3Q 2014 |
2Q 2014 |
QoQ% |
3Q 2013 |
|||
Net Sales |
113,092 |
100.0% |
111,064 |
100.0% |
1.8% |
97,217 |
100.0% |
Cost of Goods Sold |
98,582 |
87.2% |
99,470 |
89.6% |
-0.9% |
87,264 |
89.8% |
Gross Profit (Loss) |
14,510 |
12.8% |
11,595 |
10.4% |
25.1% |
9,953 |
10.2% |
Operating Expense |
5,500 |
4.9% |
5,460 |
4.9% |
0.7% |
6,052 |
6.2% |
Operating Income (Loss) |
9,010 |
8.0% |
6,134 |
5.5% |
46.9% |
3,901 |
4.0% |
Net Non-operating Income(Exp.) |
(1,269) |
-1.1% |
(2,723) |
-2.5% |
- |
(2,970) |
-3.1% |
Income before Tax |
7,741 |
6.8% |
3,411 |
3.1% |
126.9% |
931 |
1.0% |
EBITDA(1) |
23,585 |
20.9% |
21,559 |
19.4% |
9.4% |
22,991 |
23.6% |
Net Income (Loss) |
7,360 |
6.5% |
3,010 |
2.7% |
144.5% |
683 |
0.7% |
Net Income (Loss)-Parent |
7,359 |
6.5% |
3,011 |
2.7% |
144.4% |
685 |
0.7% |
Basic EPS (2) |
0.77 |
0.33 |
0.08 |
||||
Notes: (1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares (2) Capital Stock (common): NT$99.55 billion (3) EBITDA = Operation Income + Depreciation & Amortization (4) All figures are unaudited, prepared by INX in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-counting. |
INX Unaudited 3Q 2014 Balance Sheet |
|||
NT$ million |
2014.9.30 |
2014.6.30 |
2013.9.30 |
Cash & Short Term Investment |
32,836 |
23,440 |
39,076 |
Inventory |
38,390 |
45,738 |
50,541 |
Total Assets |
457,268 |
463,078 |
513,447 |
Short Term Debt (1) |
73,692 |
84,972 |
90,539 |
Long Term Debt (2) |
53,664 |
63,907 |
118,157 |
Shareholders' Equity (3) |
213,959 |
195,085 |
193,682 |
Net Debt to Shareholders' Equity |
44.2% |
64.30% |
87.60% |
Depreciation & Amortization |
14,576 |
15,425 |
19,090 |
Capital Expenditure |
5,749 |
4,668 |
4,877 |
Notes: (1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan + obligations under capital leases) (2) Long term debt = (long-term bank loan + corporate bonds + obligations under capital leases) (3) Capital Stock (common): NT$99.55 billion; Book value per common stock: NT$ 21.49 (4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Inter-company transactions between Innolux Corporation and these companies have been eliminated to avoid double-counting. |
Announcement Contact:
Jyh-Chau Wang
Spokesperson
Tel: +886-(0)6-505-3760
Email: [email protected]
Anita Chien
Media Contact
Tel: +886-(0)6-505-1888 ext.47153
Cell: +886-(0)911-572-225
Email: [email protected]
SOURCE Innolux Corporation
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