Innolux Corporation Announces Unaudited First Quarter 2013

Net Sales of NT$ 116.8 Billion and Net profit of NT$1.68 Billion

News provided by

Innolux Corporation

May 09, 2013, 03:30 ET

     

JHUNAN, Taiwan, May 9, 2013 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX") (TAIEX: 3481) today announced its first quarter 2013 results. Combined net sales for the first quarter 2013 amounted to NT$ 116,775 million. Gross profit was NT$ 9,041 million, for a gross margin of 7.7%. Operating profit totaled NT$ 3,293 million with an operating margin of 2.8%. Net profit attributable to the shareholders of the parent company amounted to NT$ 1,684 million. EPS equaled NT$ 0.19.

The Company completed GDR offering of NT$ 14.6 billion in the first quarter and repaid its total debt of NT$ 26,126 million. Net debt to equity came down from 134.8% to 106.4%.

The Company shipped 32.4 million large-sized units in the first quarter 2013, which represents a 15.7% decrease over 38.4 million units shipped in the forth quarter 2012. Blended ASP for the large-sized units was USD 90 per unit. Combined small-and-medium sized revenue for first quarter 2013 amounted to NT$ 30,841 million, an increase of 11.2% compared against the previous quarter. The company shipped 107.8 million small-and-medium sized units, a decrease of 5.6% over the 114.2 million units shipped in the previous quarter. Net inventory was NT$ 45,161 million, and the inventory turnover day at the end of first quarter 2013 was 37 days.

In terms of application, small & medium-sized, Mobile PC, Desktop monitor, LCD TV panels accounted for 21%, 18%, 18% and 41% of total 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 31%, 16%, 19%, 15%, and 19% of total revenues respectively.

INX Unaudited 1Q 2013 Income Statement – QoQ Comparison

Units: NTD million except per share data

1Q 2013

4Q 2012

 QoQ% 

1Q 2012

Net Sales

116,775

129,603

-9.9%

109,236

   Cost of Goods Sold

107,734

92.3%

120,143

92.7%

-10.3%

116,060

106.2%

Gross Profit (Loss)

9,041

7.7%

9,460

7.3%

-4.4%

(6,824)

-6.2%

    Operating Expense

5,748

4.9%

6,328

4.9%

-9.2%

5,305

4.9%

Operating Income (Loss)

3,293

2.8%

3,132

2.4%

5.1%

(12,129)

-11.1%

Net Non-operating Income(Exp.)

(1,607)

-1.4%

(6,416)

-5.0%

-

(738)

-0.7%

Income before Tax

1,686

1.4%

(3,284)

-2.5%

-

(12,868)

-11.8%

EBITDA(1)

24,130

20.7%

23,870

18.4%

1.1%

9,954

9.1%

Net Income (Loss)

1,683

1.4%

(3,255)

-2.5%

-

(12,765)

-11.7%

Net Income (Loss)-Parent

1,684

1.4%

(3,254)

-2.5%

-

(12,766)

-11.7%

Basic EPS (2)

0.19

(0.43)

(1.75)

Notes:

(1)        EBITDA = Operating Income + Depreciation & Amortization

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

(3)        Capital Stock (common): NT$91.02 billion

(4)        All figures are unaudited, prepared by Innolux Corporation. Starting 2013, Innolux Corporation prepares financial

             statements 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.


INX Unaudited 1Q 2013 Balance Sheet

NT$ million

2013.3.31

2012.12.31

2012.3.31

Cash & Short Term Investment

40,780

39,056

58,255

Inventory

45,161

42,035

60,986

Total Assets

557,659

573,125

643,862

Short Term Debt (1)

100,413

117,183

113,663

Long Term Debt (2)

142,744

152,100

215,495

Shareholders' Equity (3)

190,269

170,809

183,355

Net Debt to Shareholders' Equity

106.4%

134.8%

147.7%




Depreciation & Amortization

20,837

20,738

22,083

Capital Expenditure

4,454

5,882

3,399

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$91.02 billion; Book value per common stock: NT$ 20.90

(4)     All figures are unaudited, prepared by Innolux Corporation. Starting 2013, Innolux Corporation prepares

         financial statements 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:

Chen-Hui Lin

Anita Chien

Spokesperson

Media Contact

Tel: +886-(0)6-505-3760

Tel: +886-(0)6-505-1888 ext.47153

Cell: +886-(0)968-960-866

Cell: +886-(0)911-572-225

Email: [email protected]

Email: [email protected]

SOURCE Innolux Corporation