2014/02/27
Coretronic Corporation Announces Fourth Quarter 2013 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the fourth quarter of 2013. For the fourth quarter ended Dec. 31, 2013, Coretronic posted consolidated sales revenue of NT$20,491 million with an operating income of NT$1,031 million, up 9% and 60% QoQ respectively. Net income was reported at NT$732 million, up 43% QoQ. Net income attributable to equity holders of the parent company was NT$750 million with the basic EPS* of NT$1.04 per common share.
For the fiscal year of 2013, Coretronic reported consolidated sales revenue of NT$72,749 million and the operating income totaled NT$2,599 million, up 8% and 160% YoY respectively. Net income was reported at NT$2,016 million, up 93% YoY. Net income attributable to equity holders of the parent company was NT$1,939 million with the basic EPS* of NT$2.68 per common share.
“For the fourth quarter, Coretronic’s LCD BLU shipment was 22.73 million units, up 20% QoQ, thanks to the Tablet BLU shipment with 77% QoQ increase. The revenue in the fourth quarter was NT$13,961 million representing 12% QoQ increase. For the fiscal year of 2013, LCD BLU shipment was 77.7 million units, while revenue amounted to NT$48,662 million, up 13% and 23% respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Due to regular slow season and CNY holiday impact, we expect the overall shipments with 10% QoQ decrease in 1Q14. Look into 2014, in response to the change of business model and customer needs, our BLU development strategy is to provide the best optimal design, production and global after services while covers all size segments and all display applications. Coretronic forecast the overall BLU shipment to increase more than 10% YoY in 2014.” said Sarah Lin.
“The shipment of Projector products was 289K units in 4Q13, drop 2% QoQ, and the sales revenue was NT$3,538 million with 7% QoQ decrease. For the fiscal year ended 2013, Projector shipment was 1,009K units and the sales revenue amounted to NT$13,121 million, drop 6% and 10% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. “Since the first quarter is traditionally the low season, Coretronic expects the monthly shipment quantity is 80K~90K units in 1Q14.” Based on market research report, 2014 worldwide projector demand is estimated to increase by 2% to 7.62 M units. Major growth will be in the educational and large venues segments. According to SY Chen, Coretronic strategy will continually launch new generation of interactive short focal length projector to conform requirement from educational market. Meanwhile, via the dual-lamp high efficiency optical engine platform, Coretronic has also united latest laser light source and thermal management to increase market share in professional market of high brightness. “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 4Q13 and 2013 respectively).
For the fiscal year of 2013, Coretronic reported consolidated sales revenue of NT$72,749 million and the operating income totaled NT$2,599 million, up 8% and 160% YoY respectively. Net income was reported at NT$2,016 million, up 93% YoY. Net income attributable to equity holders of the parent company was NT$1,939 million with the basic EPS* of NT$2.68 per common share.
“For the fourth quarter, Coretronic’s LCD BLU shipment was 22.73 million units, up 20% QoQ, thanks to the Tablet BLU shipment with 77% QoQ increase. The revenue in the fourth quarter was NT$13,961 million representing 12% QoQ increase. For the fiscal year of 2013, LCD BLU shipment was 77.7 million units, while revenue amounted to NT$48,662 million, up 13% and 23% respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Due to regular slow season and CNY holiday impact, we expect the overall shipments with 10% QoQ decrease in 1Q14. Look into 2014, in response to the change of business model and customer needs, our BLU development strategy is to provide the best optimal design, production and global after services while covers all size segments and all display applications. Coretronic forecast the overall BLU shipment to increase more than 10% YoY in 2014.” said Sarah Lin.
“The shipment of Projector products was 289K units in 4Q13, drop 2% QoQ, and the sales revenue was NT$3,538 million with 7% QoQ decrease. For the fiscal year ended 2013, Projector shipment was 1,009K units and the sales revenue amounted to NT$13,121 million, drop 6% and 10% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. “Since the first quarter is traditionally the low season, Coretronic expects the monthly shipment quantity is 80K~90K units in 1Q14.” Based on market research report, 2014 worldwide projector demand is estimated to increase by 2% to 7.62 M units. Major growth will be in the educational and large venues segments. According to SY Chen, Coretronic strategy will continually launch new generation of interactive short focal length projector to conform requirement from educational market. Meanwhile, via the dual-lamp high efficiency optical engine platform, Coretronic has also united latest laser light source and thermal management to increase market share in professional market of high brightness. “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 4Q13 and 2013 respectively).
