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

News provided by

Innolux Corporation

Oct 30, 2014, 05:42 ET

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