Chimei Innolux Corporation Announces Unaudited Fourth Quarter 2010

TFT-LCD Related Net Sales of NT$ 130 Billion

Mar 10, 2011, 04:18 ET from Chimei Innolux Corporation

JHUNAN, Taiwan, March. 10, 2011 /PRNewswire-Asia-FirstCall/ -- Chimei Innolux Corporation (CMI) (TAIEX: 3481) today announced its combined fourth quarter 2010 TFT-LCD net sales of NT$ 130,389 million, a 4.9% decrease over the previous quarter's NT$ 137,048 million. Gross loss was NT$ 9,633 million, for a gross margin of -7.4%. Operating loss totaled NT$ 17,797 million with an operating margin of -13.6%. Net loss attributable to the shareholders of the parent company amounted to NT$ 24,127 million. EPS equaled NT$ -3.79.

CMI with TFT Subsidiaries 4Q 2010 Income Statement - QoQ Comparison

NT$ million

4Q10


% of

3Q10


% of

QoQ %

Except Per Share Data


Revenue


Revenue

Change

Net Sales

130,389


100.0%

137,048


100.0%

-4.9%


Cost of Goods Sold

-140,022


-107.4%

-133,320


-97.3%

5.0%

Gross Profit

-9,633


-7.4%

3,728


2.7%

-


Operating Expenses

-8,164


-6.3%

-7,577


-5.5%

7.7%

Operating Income

-17,797


-13.6%

-3,849


-2.8%

362.4%

Net Non-operating Income (Exp.)(1)

-6,873


-5.3%

-814


-0.6%

744.3%

Income before Tax

24,670


-18.9%

-4,663


-3.4%

429.1%

EBITDA(2)

6,396


4.9%

20,488


14.9%

-68.8%

Net Income

-24,128


-18.5%

-3,636


-2.7%

563.6%


Net Income - Parent

-24,127


-18.5%

-3635


-2.7%

563.7%

 

Basic EPS (NT$)(3)

-3.79

 

 

-0.80

 

 

 

Notes:

(1) CMI has provisionized NT$6,697 million for charges related to the anti-trust litigation. Figures may be subject to further adjustment, if necessary.

(2) EBITDA = Operating Income + Depreciation & Amortization

(3) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(4) All figures are unaudited, prepared by Chimei Innolux Corporation




CMI with TFT Subsidiaries 2010 Income Statement - YoY Comparison

NT$ million

2010(1)


% of

2009


% of

YoY %

Except Per Share Data


Revenue


Revenue

Change

Net Sales

480,044


100.0%

164,726


100.0%

191.4%


Cost of Goods Sold

-460,424


-95.9%

-160,509


-97.4%

186.9%

Gross Profit

19,620


4.1%

4,217


2.6%

365.3%


Operating Expenses

-25,719


-5.4%

-7,672


-4.7%

235.2%

Operating Income

-6,099


-1.3%

-3,455


-2.1%

76.5%

Net Non-operating Income (Exp.)(2)

-8,060


-1.7%

223


0.1%

-

Income before Tax

-14,159


-2.9%

-3,232


-2.0%

338.1%

EBITDA(3)

72,036


15.0%

7,928


4.8%

808.6%

Net Income

-14,840


-3.1%

-2,397


-1.5%

519.1%


Net Income - Parent

-14,835


-3.1%

-2,397


-1.5%

518.9%

 

Basic EPS (NT$)(4)

-2.29

 

 

-0.74

 

 

 

Notes:

(1) CMI was formed on March 18, 2010 through the merger of Innolux Display Corporation ("INL"), Chi Mei Optoelectronics ("CMO") and TPO Displays Corporation ("TPO")

(2) CMI has provisionized NT$6,697 million for charges related to the anti-trust litigation. Figures may be subject to further adjustment, if necessary.

(3) EBITDA = Operating Income + Depreciation & Amortization

(4) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(5) All figures are unaudited, prepared by Chimei Innolux Corporation



CMI with TFT Subsidiaries 4Q 2010 Balance Sheet

NT$ million

4Q10

3Q10

4Q09

Cash & Short Term Investment

           58,998

64,566

36,510

Inventory

           61,579

59,815

20,921

Total Assets

         698,315

715,069

180,566

Short Term Debt (1)

         108,385

118,341

16,145

Long Term Debt(2)

         179,726

173,139

30,398

Shareholders' Equity (3)

         258,369

285,628

94,690

Net Debt to Shareholders' Equity

88.7%

79.4%

10.6%

 

 

 


Depreciation & Amortization

24,193

24,337

3,127

Capital Expenditure

24,067

25,664

7,587

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 + preferred shares + obligations under capital leases)

(3) Capital Stock (common): NT$73.13 billion; Book value per common stock: NT$ 35.33

(4) All figures are unaudited, prepared by Chimei Innolux Corporation



Announcement Contact:


Eddie Chen

Loreta Chen

Spokesperson

Public Relations

Tel: +886-06-505-3760

Tel: +886-06-505-1888 #11202

Email: ir@chimei-innolux.com

Email: loreta.chen@chimei-innolux.com



SOURCE Chimei Innolux Corporation