2011/02/18
Coretronic Corporation Announces Fourth Quarter 2010 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the fourth quarter of 2010. For the fourth quarter ended Dec. 31, 2010, Coretronic posted consolidated sales revenue of NT$19,477 million with an operating income of NT$579 million. Net income was reported at NT$399 million, net income attributable to equity holders of the parent company is NT$303 million with the basic EPS* of NT$0.42 per common share.
For the fiscal year of 2010, Coretronic reported consolidated sales revenue of NT$92,237 million and the operating income totaled NT$4,602 million with a net income of NT$3,877 million, up 48% and 42% YoY, respectively. Net income attributable to equity holders of the parent company is NT$3,535 million with the basic EPS* of NT$4.88 per common share.
“For the fourth quarter, Coretronic’s LCD BLU revenue was NT$11,800 million or 32% decrease QoQ due mainly to the slower seasonality together with the high end LED TV and Monitor models enter into the end of life period in 4Q10. The total BLU shipment was 17.1 million units in the fourth quarter, representing a 14% drop QoQ. The LED penetration rate for TV and Monitor BLU is 21% and 33% respectively in 4Q10. For the fiscal year of 2010, LCD BLU revenue amounted to NT$59,272 million and shipment was 78 million units, up 21% and 19% YoY, respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. The LED penetration rate for TV, Monitor and NB is 21%, 26% and 86% in 2010. “Coretronic expects single digit QoQ shipment growth in 1Q11. Nevertheless, the new LED TV BLU models for Japanese brand customers, high end LED Monitor and new tablet products are starting to mass production in 1Q11. We expect the BLU business to turn positive trend in the first quarter of 2011 as a result of better product mix. ” said Sarah Lin. Look into 2011, overall BLU shipment is forecasted to increase over 20% YoY.
“The sales revenue and shipment of projector products declined to NT$3,808 million and 269K units in 4Q10, both dropped 24% QoQ due mainly to the inventory preparation in 3Q10 and uncertain economy for 4Q10. For the fiscal year ended 2010, projector sales revenue amounted to NT$19,277 million and shipment was 1,327K units, up 27% and 41% YoY, respectively.” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. Due to channel inventory replenishment, Coretronic expects the monthly shipment quantity will increase to 100K~105K units in 1Q11. According to market research report, 2011 worldwide projector demand is estimated to increase by 5% to 7.38M units and Coretronic targets to lead the market with more than 10% growth YoY and increase the market share to 20%.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 4Q10; 724m shares in 3Q10).
For the fiscal year of 2010, Coretronic reported consolidated sales revenue of NT$92,237 million and the operating income totaled NT$4,602 million with a net income of NT$3,877 million, up 48% and 42% YoY, respectively. Net income attributable to equity holders of the parent company is NT$3,535 million with the basic EPS* of NT$4.88 per common share.
“For the fourth quarter, Coretronic’s LCD BLU revenue was NT$11,800 million or 32% decrease QoQ due mainly to the slower seasonality together with the high end LED TV and Monitor models enter into the end of life period in 4Q10. The total BLU shipment was 17.1 million units in the fourth quarter, representing a 14% drop QoQ. The LED penetration rate for TV and Monitor BLU is 21% and 33% respectively in 4Q10. For the fiscal year of 2010, LCD BLU revenue amounted to NT$59,272 million and shipment was 78 million units, up 21% and 19% YoY, respectively.” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. The LED penetration rate for TV, Monitor and NB is 21%, 26% and 86% in 2010. “Coretronic expects single digit QoQ shipment growth in 1Q11. Nevertheless, the new LED TV BLU models for Japanese brand customers, high end LED Monitor and new tablet products are starting to mass production in 1Q11. We expect the BLU business to turn positive trend in the first quarter of 2011 as a result of better product mix. ” said Sarah Lin. Look into 2011, overall BLU shipment is forecasted to increase over 20% YoY.
“The sales revenue and shipment of projector products declined to NT$3,808 million and 269K units in 4Q10, both dropped 24% QoQ due mainly to the inventory preparation in 3Q10 and uncertain economy for 4Q10. For the fiscal year ended 2010, projector sales revenue amounted to NT$19,277 million and shipment was 1,327K units, up 27% and 41% YoY, respectively.” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. Due to channel inventory replenishment, Coretronic expects the monthly shipment quantity will increase to 100K~105K units in 1Q11. According to market research report, 2011 worldwide projector demand is estimated to increase by 5% to 7.38M units and Coretronic targets to lead the market with more than 10% growth YoY and increase the market share to 20%.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 4Q10; 724m shares in 3Q10).
