2013/04/26
Coretronic Corporation Announces First Quarter 2013 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the first quarter of 2013. For the first quarter ended March 31, 2013, Coretronic posted consolidated sales revenue of NT$15,747 million with an operating income of NT$448 million, drop 5% and up 66% QoQ respectively. Net income was reported at NT$385 million, up 38% QoQ. Net income attributable to equity holders of the parent company was NT$353 million with the basic EPS* of NT$0.49 per common share. Meanwhile, Coretronic’s Board of Directors resolved yesterday (April 25) cash dividend distribution of NT$1.0 per common share this year. Employee dividend, all in the form of cash, is estimated at NT$127 million.
“The NB BLU market demand remained weak in 1Q13 but the Tablet shipments grew significantly by 55%, overall shipments was 18.49 millions, flat with the previous quarter. The revenue in the first quarter was NT$10,203 million representing 8% QoQ increase.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q13, the second quarter is the traditional slow season and the Tablet BLU will be reduced due to the ongoing product transition. However, thanks to the stronger demand from TV and NB BLU, the overall shipments will slightly grow in 2Q13. Meanwhile, the TV LCM new models continue to ship with volume growth, expect the ASP will be increased dramatically.” said Sarah Lin.
“For 1Q13, the shipment of Projector products was 197K units and the sales revenue was NT$2,567 million, drop 24% and 25% QoQ respectively. This was resulting from fewer working days in February and traditional slow season in the first quarter.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that current Projector growth momentum mainly focus on education and large-venue segment. Coretronic strategy will continuously enhance competitiveness of short throw/ultra-short throw/Laser Curtain Touch Solution and SSI (solid state illumination) light sources to provide the system integration solution to grasp the growth trend. Due to regular slow season in the first half, the Projector shipment will be concentrated in the second half of the year. Thus, Coretronic expects the monthly shipment quantity is 75K~80K units in 2Q13, up around 20% QoQ.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q13 and 4Q12 respectively).
“The NB BLU market demand remained weak in 1Q13 but the Tablet shipments grew significantly by 55%, overall shipments was 18.49 millions, flat with the previous quarter. The revenue in the first quarter was NT$10,203 million representing 8% QoQ increase.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q13, the second quarter is the traditional slow season and the Tablet BLU will be reduced due to the ongoing product transition. However, thanks to the stronger demand from TV and NB BLU, the overall shipments will slightly grow in 2Q13. Meanwhile, the TV LCM new models continue to ship with volume growth, expect the ASP will be increased dramatically.” said Sarah Lin.
“For 1Q13, the shipment of Projector products was 197K units and the sales revenue was NT$2,567 million, drop 24% and 25% QoQ respectively. This was resulting from fewer working days in February and traditional slow season in the first quarter.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that current Projector growth momentum mainly focus on education and large-venue segment. Coretronic strategy will continuously enhance competitiveness of short throw/ultra-short throw/Laser Curtain Touch Solution and SSI (solid state illumination) light sources to provide the system integration solution to grasp the growth trend. Due to regular slow season in the first half, the Projector shipment will be concentrated in the second half of the year. Thus, Coretronic expects the monthly shipment quantity is 75K~80K units in 2Q13, up around 20% QoQ.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q13 and 4Q12 respectively).
