2012/04/27
Coretronic Corporation Announces First Quarter 2012 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the first quarter of 2012. For the first quarter ended March 31, 2012, Coretronic posted consolidated sales revenue of NT$16,481 million with an operating income of NT$178 million, drop 11% and 75% QoQ respectively. Net income was reported at NT$239 million, drop 41% QoQ. Net income attributable to equity holders of the parent company was NT$209 million with the basic EPS* of NT$0.29 per common share. Meanwhile, Coretronic’s Board of Directors resolved yesterday (April 26) cash dividend distribution of NT$1.6 per common share this year. Employee dividend, all in the form of cash, is estimated at NT$204 million. The resolution for dividend distribution will be discussed and resolved at the annual shareholders’ meeting scheduled on June 12, 2012.
“For the first quarter, the LCD industry was weak due to sluggish global economy together with some BLU models entered into the EOL period. Coretronic’s BLU shipment was 15.48 million units, up 5% QoQ thanks to the new LED Monitor models mass production. The revenue was NT$9,583 million, drop 9% QoQ due mainly to the TV models entered into EOL. The LED penetration rate for TV, Monitor and NB was 83%, 73% and 100% correspondingly in 1Q12.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2012, Coretronic expects the LED penetration rate for TV and Monitor will continue to expand in 2Q12. We estimate more than 10% QoQ shipment growth in 2Q12, driven by the large size TV, NB and Ultrabook Backlight new models mass production.”
“The sales revenue of Projector products was NT$3,980 million, drop 12% QoQ resulting from traditional slow season in the first quarter. The Projector shipment was 291K units in 1Q12, decreased 8% QoQ. The ASP drop 6% QoQ due to the higher shipment proportion of low-end models as compared with 4Q11.” said Mr. Shen Wang, President of System Solution Business Group of Coretronic. Shen Wang points out that Coretronic will continuously enhance competitiveness of Pico/Pocket projector to enter the markets of display sharing and mobile projection. Besides, due to high brightness products are getting popular in market, 5K lm and dual lamp for 7K lm new product will be launched in 2012. Coretronic will also develop seamless multi-projector display technology and multimedia interactive techniques, thus expanding into the system integration field. Due to regular slow season in the second quarter, Coretronic expects the monthly shipment quantity will keep flat at 95K~100K units in 2Q12. Coretronic targets to ship more than 1.3 million units in 2012 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 (721m shares in 1Q12).
“For the first quarter, the LCD industry was weak due to sluggish global economy together with some BLU models entered into the EOL period. Coretronic’s BLU shipment was 15.48 million units, up 5% QoQ thanks to the new LED Monitor models mass production. The revenue was NT$9,583 million, drop 9% QoQ due mainly to the TV models entered into EOL. The LED penetration rate for TV, Monitor and NB was 83%, 73% and 100% correspondingly in 1Q12.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2012, Coretronic expects the LED penetration rate for TV and Monitor will continue to expand in 2Q12. We estimate more than 10% QoQ shipment growth in 2Q12, driven by the large size TV, NB and Ultrabook Backlight new models mass production.”
“The sales revenue of Projector products was NT$3,980 million, drop 12% QoQ resulting from traditional slow season in the first quarter. The Projector shipment was 291K units in 1Q12, decreased 8% QoQ. The ASP drop 6% QoQ due to the higher shipment proportion of low-end models as compared with 4Q11.” said Mr. Shen Wang, President of System Solution Business Group of Coretronic. Shen Wang points out that Coretronic will continuously enhance competitiveness of Pico/Pocket projector to enter the markets of display sharing and mobile projection. Besides, due to high brightness products are getting popular in market, 5K lm and dual lamp for 7K lm new product will be launched in 2012. Coretronic will also develop seamless multi-projector display technology and multimedia interactive techniques, thus expanding into the system integration field. Due to regular slow season in the second quarter, Coretronic expects the monthly shipment quantity will keep flat at 95K~100K units in 2Q12. Coretronic targets to ship more than 1.3 million units in 2012 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 (721m shares in 1Q12).
