2011/08/12
Coretronic Corporation Announces Second Quarter 2011 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the second quarter of 2011. For the second quarter ended June 30, 2011, Coretronic posted consolidated sales revenue of NT$18,437 million with an operating income of NT$294 million, drop 11% and 57% QoQ respectively. Net income was reported at NT$423 million, drop 37% QoQ. Net income attributable to equity holders of the parent company was NT$276 million with the basic EPS* of NT$0.38 per common share.
For the first half of 2011, Coretronic reported consolidated sales revenue of NT$39,103 million and the operating income totaled NT$983 million with a net income of NT$1,092 million. Net income attributable to equity holders of the parent company is NT$869 million with the basic EPS* of NT$1.20 per common share.
“For the second quarter, Coretronic’s LCD BLU revenue was NT$10,723 million, drop 22% QoQ due mainly to the weak demand of LED TV BLU from Japanese brand customers together with the slow economy in US and Europe. The shipment in second quarter was 15.46 million units representing 7% QoQ drop with the delay of LED monitor and tablet BLU mass production from June. The LED penetration rate for TV, Monitor and NB was 45%, 48% and 99% in 2Q11. For 1H of 2011, LCD BLU revenue amounted to NT$24,426 million and shipment was 32.02 million units.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 3Q11, Coretronic expects a single digit QoQ shipment growth. The TV BLU demand is forecasted to decrease as a result of overall slow TV market demand. The monitor BLU will have slightly growth while the NB and tablet BLU shipment will continue its increasing trend in 3Q11.” said Sarah Lin.
“Although the shortage of DMD chips and the tight supply of some EE materials impacted by Japan earthquake, the Projector shipment increased 5% QoQ to 313K units in 2Q11. Besides, thanks to the better product mix, the sales revenue of projector product was NT$4,692 million, increase 23% QoQ. For 1H of 2011, Projector revenue amounted to NT$8,500 million and shipment was 610K units.” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. “High inventory in channel due to slow economy in the US and Europe helps to alleviate the component shortage arising from Japan earthquake. DMD chips and EE parts supply has been back to the normal.” Coretronic estimates the monthly shipment quantity is 100K~110K units in 3Q11 and targets to ship more than 1.3 million units in 2011, staying flat as 2010.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 2Q11).
For the first half of 2011, Coretronic reported consolidated sales revenue of NT$39,103 million and the operating income totaled NT$983 million with a net income of NT$1,092 million. Net income attributable to equity holders of the parent company is NT$869 million with the basic EPS* of NT$1.20 per common share.
“For the second quarter, Coretronic’s LCD BLU revenue was NT$10,723 million, drop 22% QoQ due mainly to the weak demand of LED TV BLU from Japanese brand customers together with the slow economy in US and Europe. The shipment in second quarter was 15.46 million units representing 7% QoQ drop with the delay of LED monitor and tablet BLU mass production from June. The LED penetration rate for TV, Monitor and NB was 45%, 48% and 99% in 2Q11. For 1H of 2011, LCD BLU revenue amounted to NT$24,426 million and shipment was 32.02 million units.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 3Q11, Coretronic expects a single digit QoQ shipment growth. The TV BLU demand is forecasted to decrease as a result of overall slow TV market demand. The monitor BLU will have slightly growth while the NB and tablet BLU shipment will continue its increasing trend in 3Q11.” said Sarah Lin.
“Although the shortage of DMD chips and the tight supply of some EE materials impacted by Japan earthquake, the Projector shipment increased 5% QoQ to 313K units in 2Q11. Besides, thanks to the better product mix, the sales revenue of projector product was NT$4,692 million, increase 23% QoQ. For 1H of 2011, Projector revenue amounted to NT$8,500 million and shipment was 610K units.” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. “High inventory in channel due to slow economy in the US and Europe helps to alleviate the component shortage arising from Japan earthquake. DMD chips and EE parts supply has been back to the normal.” Coretronic estimates the monthly shipment quantity is 100K~110K units in 3Q11 and targets to ship more than 1.3 million units in 2011, staying flat as 2010.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 2Q11).
