2013/10/30
Coretronic Corporation Announces Third Quarter 2013 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the third quarter of 2013. For the third quarter ended Sept. 30, 2013, Coretronic posted consolidated sales revenue of NT$18,843 million with an operating income of NT$643 million, up 7% and 35% QoQ respectively. Net income was reported at NT$513 million, up 33% QoQ. Net income attributable to equity holders of the parent company was NT$473 million with the basic EPS* of NT$0.65 per common share. For the first three quarters of 2013, Coretronic reported consolidated sales revenue of NT$52,258 million and the operating income totaled NT$1,569 million with a net income of NT$1,284 million. Net income attributable to equity holders of the parent company was NT$1,189 million with the basic EPS* of NT$1.64 per common share.
"For the third quarter, Coretronic’s LCD BLU shipment was 18.9 million units, up 8% QoQ thanks to the Tablet BLU shipment increase 86%, the TV BLU shipment increase 28% and the Monitor BLU shipment with 5% QoQ increase. Meanwhile, the NB BLU shipment was with 25% QoQ decrease. The revenue in the third quarter was NT$12,497 million representing 4% QoQ increase. For the first three quarters of 2013, LCD BLU shipment was 54.97 million units, while revenue amounted to NT$34,701 million, up 10% and 15% respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 4Q13, Coretronic expects the Tablet BLU shipment will grow substantially driven by new models mass production while the TV BLU demand is flat. The Monitor and NB BLU demand are continued weakness. As a result, we estimate around 10% QoQ shipment growth in 4Q13.” said Sarah Lin.
"For 3Q13, the shipment of Projector products was 294K units and the sales revenue was NT$3,799 million, up 28% and 18% QoQ respectively. For the first three quarters of 2013, Projector shipment was 720K units and revenue amounted to NT$9,583 million, drop 12% and 14% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that the business growth in third quarter due mainly to the new models mass production and the pre-stocking requirements for the fourth quarter hot season. Therefore, Coretronic expects the monthly shipment quantity is 95K~105K units in 4Q13, representing slightly QoQ growth.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 3Q13 and 2Q13 respectively).
"For the third quarter, Coretronic’s LCD BLU shipment was 18.9 million units, up 8% QoQ thanks to the Tablet BLU shipment increase 86%, the TV BLU shipment increase 28% and the Monitor BLU shipment with 5% QoQ increase. Meanwhile, the NB BLU shipment was with 25% QoQ decrease. The revenue in the third quarter was NT$12,497 million representing 4% QoQ increase. For the first three quarters of 2013, LCD BLU shipment was 54.97 million units, while revenue amounted to NT$34,701 million, up 10% and 15% respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 4Q13, Coretronic expects the Tablet BLU shipment will grow substantially driven by new models mass production while the TV BLU demand is flat. The Monitor and NB BLU demand are continued weakness. As a result, we estimate around 10% QoQ shipment growth in 4Q13.” said Sarah Lin.
"For 3Q13, the shipment of Projector products was 294K units and the sales revenue was NT$3,799 million, up 28% and 18% QoQ respectively. For the first three quarters of 2013, Projector shipment was 720K units and revenue amounted to NT$9,583 million, drop 12% and 14% YoY respectively.” said Mr. SY Chen, President of Visual Solutions Business Group of Coretronic. SY Chen points out that the business growth in third quarter due mainly to the new models mass production and the pre-stocking requirements for the fourth quarter hot season. Therefore, Coretronic expects the monthly shipment quantity is 95K~105K units in 4Q13, representing slightly QoQ growth.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 3Q13 and 2Q13 respectively).
