2012/02/15
Coretronic Corporation Announces Fourth Quarter 2011 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the fourth quarter of 2011. For the fourth quarter ended Dec. 31, 2011, Coretronic posted consolidated sales revenue of NT$18,532 million with an operating income of NT$696 million, drop 5% and up 102% QoQ respectively. Net income was reported at NT$404 million, drop 5% QoQ. Net income attributable to equity holders of the parent company was NT$274 million with the basic EPS* of NT$0.38 per common share.
For the fiscal year of 2011, Coretronic reported consolidated sales revenue of NT$77,063 million and the operating income totaled NT$2,022 million with a net income of NT$1,919 million. Net income attributable to equity holders of the parent company is NT$1,513 million with the basic EPS* of NT$2.09 per common share.
“For the fourth quarter, the industry visibility and demand were weak due to sluggish global economy together with some BLU models enter into the EOL period. Coretronic’s BLU shipment was 14.78 million units and the revenue was NT$10,578 million, each drop 9% QoQ. The LED penetration rate for TV, Monitor and NB was 60%, 62% and 99% correspondingly in 4Q11. For the fiscal year of 2011, LCD BLU revenue amounted to NT$46,685 million and shipment was 63.01 million units, drop 21% and 19% YoY, respectively. The LED penetration rate for TV, Monitor and NB was 49%, 52% and 99% in 2011.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Coretronic expects 10% QoQ shipment growth in 1Q12, thanks to the growth from LED Monitor models. Look into 2012, Coretronic forecasts the overall BLU shipment to increase more than 10% YoY.”
“The sales revenue of Projector products was NT$4,525 million, drop 8% QoQ due mainly to traditional slow season in the fourth quarter and postponed tenders arising from weak economic situation. The Projector shipment was 315K units in 4Q11, increased 3% QoQ. For the fiscal year ended 2011, Projector revenue amounted to NT$17,924 million and shipment was 1,230K units, drop 7% YoY respectively.” said Mr. Shen Wang, President of System Solution Business Group of Coretronic. According to Shen Wang, Projector product strategy will focus on continuously enhancing competitiveness of Pico/Pocket, Ultra short throw and Large Venue projectors;, and expanding into system solution and system integration business by developing multiple projector image blending technology and multimedia interactive technology. Due to regular slow season in the first quarter, Coretronic expects the monthly shipment quantity will decrease to 90K~95K units in 1Q12. Based on market research report, 2012 worldwide projector demand is estimated to increase by 8% to 8M units and Coretronic targets to ship more than 1.3 million units primarily driven by ultra-short throw high-end models and LED / Hybrid light source projectors.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (723m shares in 4Q11, 724m shares in 3Q11).
For the fiscal year of 2011, Coretronic reported consolidated sales revenue of NT$77,063 million and the operating income totaled NT$2,022 million with a net income of NT$1,919 million. Net income attributable to equity holders of the parent company is NT$1,513 million with the basic EPS* of NT$2.09 per common share.
“For the fourth quarter, the industry visibility and demand were weak due to sluggish global economy together with some BLU models enter into the EOL period. Coretronic’s BLU shipment was 14.78 million units and the revenue was NT$10,578 million, each drop 9% QoQ. The LED penetration rate for TV, Monitor and NB was 60%, 62% and 99% correspondingly in 4Q11. For the fiscal year of 2011, LCD BLU revenue amounted to NT$46,685 million and shipment was 63.01 million units, drop 21% and 19% YoY, respectively. The LED penetration rate for TV, Monitor and NB was 49%, 52% and 99% in 2011.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Coretronic expects 10% QoQ shipment growth in 1Q12, thanks to the growth from LED Monitor models. Look into 2012, Coretronic forecasts the overall BLU shipment to increase more than 10% YoY.”
“The sales revenue of Projector products was NT$4,525 million, drop 8% QoQ due mainly to traditional slow season in the fourth quarter and postponed tenders arising from weak economic situation. The Projector shipment was 315K units in 4Q11, increased 3% QoQ. For the fiscal year ended 2011, Projector revenue amounted to NT$17,924 million and shipment was 1,230K units, drop 7% YoY respectively.” said Mr. Shen Wang, President of System Solution Business Group of Coretronic. According to Shen Wang, Projector product strategy will focus on continuously enhancing competitiveness of Pico/Pocket, Ultra short throw and Large Venue projectors;, and expanding into system solution and system integration business by developing multiple projector image blending technology and multimedia interactive technology. Due to regular slow season in the first quarter, Coretronic expects the monthly shipment quantity will decrease to 90K~95K units in 1Q12. Based on market research report, 2012 worldwide projector demand is estimated to increase by 8% to 8M units and Coretronic targets to ship more than 1.3 million units primarily driven by ultra-short throw high-end models and LED / Hybrid light source projectors.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (723m shares in 4Q11, 724m shares in 3Q11).
