2014/04/24
Coretronic Corporation Announces First Quarter 2014 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the first quarter of 2014. For the first quarter ended March 31, 2014, Coretronic posted consolidated sales revenue of NT$19,106 million, drop 7% QoQ and up 21% YoY respectively. Operating income was reported at NT$682 million with a net income of NT$475 million, up 52% and 24% YoY respectively. Net income attributable to equity holders of the parent company was NT$454 million with the basic EPS* of NT$0.63 per common share.
“The Tablet BLU market demand was weak in 1Q14, shipment drop 29% QoQ. The NB shipments grew by 18% QoQ driven by overall increase in demand and new models mass production. Overall BLU shipment in the first quarter amounted to 21.05 million units, while revenue totaled of NT$13,405 million, drop 7% and 4% QoQ respectively. ” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q14, the demand remains weak as it is the traditional slow season and continued sluggish Tablet BLU. However, thanks to the stronger demand from TV and NB BLU, the overall shipments will be flat. Meanwhile, the TV LCM models proportion will increase in 2Q14.” said Sarah Lin.
“For 1Q14, the shipment of Projector products was 263K units and the sales revenue was NT$3,282 million, drop 9% and 7% QoQ respectively. This was resulting from traditional slow season and fewer working days in the first quarter.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that due to new models mass production and gradual recovery of market demand, Coretronic expects the monthly shipment quantity is 90K~100K units in 2Q14. “Coretronic expects around 20% YoY growth in shipments in 2014.” said SY Chen.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q14).
“The Tablet BLU market demand was weak in 1Q14, shipment drop 29% QoQ. The NB shipments grew by 18% QoQ driven by overall increase in demand and new models mass production. Overall BLU shipment in the first quarter amounted to 21.05 million units, while revenue totaled of NT$13,405 million, drop 7% and 4% QoQ respectively. ” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q14, the demand remains weak as it is the traditional slow season and continued sluggish Tablet BLU. However, thanks to the stronger demand from TV and NB BLU, the overall shipments will be flat. Meanwhile, the TV LCM models proportion will increase in 2Q14.” said Sarah Lin.
“For 1Q14, the shipment of Projector products was 263K units and the sales revenue was NT$3,282 million, drop 9% and 7% QoQ respectively. This was resulting from traditional slow season and fewer working days in the first quarter.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that due to new models mass production and gradual recovery of market demand, Coretronic expects the monthly shipment quantity is 90K~100K units in 2Q14. “Coretronic expects around 20% YoY growth in shipments in 2014.” said SY Chen.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q14).
