2010/08/06
Coretronic Corporation Announces Second Quarter 2010 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the second quarter of 2010. For the second quarter ended June 30, 2010, Coretronic posted consolidated sales revenue of NT$25,628 million with an operating income of NT$1,510 million, up 21% and 31% from the previous quarter. Net income resulted at NT$1,288 million, up 22% QoQ. Net income attributable to equity holders of the parent company is NT$1,214 million with the basic EPS* of NT$1.68 per common share.
For the first half of 2010, Coretronic reported consolidated sales revenue of NT$46,857 million and the operating income totaled NT$2,664 million with a net income of NT$2,345 million. Net income attributable to equity holders of the parent company is NT$2,180 million with the basic EPS* of NT$3.01 per common share.
“For the second quarter, Coretronic’s LCD Backlight revenue reached NT$16,586 million and shipment was 21.3 million units, up 23% and 7% QoQ respectively. Thanks to the strong growth of LED penetration rate for TV and Monitor applications. The LED penetration rate for TV and Monitor BLU is 20% and 25% in the second quarter. For 1H of 2010, LCD Backlight revenue amounted to NT$3,010 million and shipment was 41.2 million units, up 64% and 58% YoY respectively.” said Mr. Fred Huang, President of Backlight Business Group of Coretronic. “Growth momentum for the LED TV in 3Q10 remains solid. In additions, more new LED products for LCD Monitor and NB BLU will be mass produced in 3Q10. The penetration rate of LED TV and Monitor BLU will have successive growth as a result of new model launch. We expect the QoQ shipment growth will be above 10%.” said Fred Huang.
“Although the second quarter has been the traditional slow season for Projector, there was a significant growth in 2Q10 as a result of the educational and government tenders shipment; the sales revenue and shipment increased to NT$5,619 million and 384K units in 2Q10, up 16% and 21% QoQ respectively. For 1H of 2010, Projector revenue amounted to NT$1,044 million and shipment was 702K units, up 63% and 87% YoY respectively.” said Mr. Shen Wang, President of System Business Group of Coretronic. “In addition to 3D glasses for 3D projectors which have been MP in 1Q10, 3D glasses for LCD TV brand customer will be launched in 3Q10 and expected strong demand in 2H10. Due to the high lumen LED chip shortage issue, the Pico projector and LED projector will account for only 9% of total projector shipment in 3Q10. Channels have started pulling in inventory in 2Q slow season as a result of key component shortage in the beginning of 1Q10; therefore, the monthly shipment quantity is expected to reach 120K~125K units in 3Q10, staying flat as 2Q10. ” said Shen Wang. “Coretronic is targeting at leading the market with significant growth of more than 30% YoY and increasing the market share to 20% in 2010.”
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 2Q10; 724m shares in 1Q10).
For the first half of 2010, Coretronic reported consolidated sales revenue of NT$46,857 million and the operating income totaled NT$2,664 million with a net income of NT$2,345 million. Net income attributable to equity holders of the parent company is NT$2,180 million with the basic EPS* of NT$3.01 per common share.
“For the second quarter, Coretronic’s LCD Backlight revenue reached NT$16,586 million and shipment was 21.3 million units, up 23% and 7% QoQ respectively. Thanks to the strong growth of LED penetration rate for TV and Monitor applications. The LED penetration rate for TV and Monitor BLU is 20% and 25% in the second quarter. For 1H of 2010, LCD Backlight revenue amounted to NT$3,010 million and shipment was 41.2 million units, up 64% and 58% YoY respectively.” said Mr. Fred Huang, President of Backlight Business Group of Coretronic. “Growth momentum for the LED TV in 3Q10 remains solid. In additions, more new LED products for LCD Monitor and NB BLU will be mass produced in 3Q10. The penetration rate of LED TV and Monitor BLU will have successive growth as a result of new model launch. We expect the QoQ shipment growth will be above 10%.” said Fred Huang.
“Although the second quarter has been the traditional slow season for Projector, there was a significant growth in 2Q10 as a result of the educational and government tenders shipment; the sales revenue and shipment increased to NT$5,619 million and 384K units in 2Q10, up 16% and 21% QoQ respectively. For 1H of 2010, Projector revenue amounted to NT$1,044 million and shipment was 702K units, up 63% and 87% YoY respectively.” said Mr. Shen Wang, President of System Business Group of Coretronic. “In addition to 3D glasses for 3D projectors which have been MP in 1Q10, 3D glasses for LCD TV brand customer will be launched in 3Q10 and expected strong demand in 2H10. Due to the high lumen LED chip shortage issue, the Pico projector and LED projector will account for only 9% of total projector shipment in 3Q10. Channels have started pulling in inventory in 2Q slow season as a result of key component shortage in the beginning of 1Q10; therefore, the monthly shipment quantity is expected to reach 120K~125K units in 3Q10, staying flat as 2Q10. ” said Shen Wang. “Coretronic is targeting at leading the market with significant growth of more than 30% YoY and increasing the market share to 20% in 2010.”
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 2Q10; 724m shares in 1Q10).
