2010/04/30
Coretronic Corporation Announces First Quarter 2010 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the first quarter ended March 31, 2010. For the first quarter of 2010, Coretronic’s consolidated sales revenue amounted to NT$21,229 million with an operating income of NT$1,154 million, down 14.7% and 17.7% QoQ respectively. Net income was reported at NT$1,056 million, down 5.8% QoQ, attributable to equity holders of the parent company NT$966 million, down 5.6% QoQ, with the basic EPS* reported at NT$1.33 per common share. Meanwhile, Coretronic’s Board of Directors announced yesterday (April 29) cash dividend distribution of NT$2.8 per common share this year. Employee dividend, all in form of cash, is estimated at NT$357 million. The resolution for distribution will be discussed and resolved at the Company’s annual shareholders’ meeting scheduled on June 15, 2010.
“For LCD Backlight, combined China sales revenue in 1Q10 amounted to NT$13,511 million and shipment was 19.93 million units, down 19% and 1% QoQ respectively,due mainly to seasonality and the delay launch of LCD TV BLU new models. The LED penetration rate for TV and Monitor application BLU is 5% and 14% in 1Q10.” said Mr. Fred Huang, President of Backlight Business Group of Coretronic. “The new products for LCD TV and NB BLU will be mass produced in 2Q10. In additions, the penetration rate of LED TV and Monitor BLU will have significant growth as a result of new model launch.” said Fred Huang. “For 2Q10, it is expected to see double-digit growth, QoQ, for overall BLU shipment.”
“Although the first quarter has been the traditional slow season for Projector, there was a substantial growth in 1Q10 as a result of the educational and government tenders in emerging markets and shipment delays from 4Q09 caused by key parts shortage; the sales revenue and shipment increased to NT$4,824 million and 316K units in 1Q10, up 2% QoQ respectively.” said Mr. Shen Wang, President of System Business Group of Coretronic. “Due to the demand from tenders and channel replenishment, the monthly shipment quantity is expected to reach 130K~135K units in 2Q10, up more than 20% QoQ. In addition to LED projectors, 3D projectors and 3D glasses, which has successfully launched in 1Q10, Coretronic targets to introduce new Pico projector with higher brightness in 2Q10 and expects to contribute 10~15% of total shipment in 2Q10.” said Shen Wang. “According to market research report, the 2010 worldwide projector demand is estimated to increase by 25% YoY and Coretronic targets to lead the market with significant growth of more than 30% YoY and increase the market share to 20%.”
“For LCD Backlight, combined China sales revenue in 1Q10 amounted to NT$13,511 million and shipment was 19.93 million units, down 19% and 1% QoQ respectively,due mainly to seasonality and the delay launch of LCD TV BLU new models. The LED penetration rate for TV and Monitor application BLU is 5% and 14% in 1Q10.” said Mr. Fred Huang, President of Backlight Business Group of Coretronic. “The new products for LCD TV and NB BLU will be mass produced in 2Q10. In additions, the penetration rate of LED TV and Monitor BLU will have significant growth as a result of new model launch.” said Fred Huang. “For 2Q10, it is expected to see double-digit growth, QoQ, for overall BLU shipment.”
“Although the first quarter has been the traditional slow season for Projector, there was a substantial growth in 1Q10 as a result of the educational and government tenders in emerging markets and shipment delays from 4Q09 caused by key parts shortage; the sales revenue and shipment increased to NT$4,824 million and 316K units in 1Q10, up 2% QoQ respectively.” said Mr. Shen Wang, President of System Business Group of Coretronic. “Due to the demand from tenders and channel replenishment, the monthly shipment quantity is expected to reach 130K~135K units in 2Q10, up more than 20% QoQ. In addition to LED projectors, 3D projectors and 3D glasses, which has successfully launched in 1Q10, Coretronic targets to introduce new Pico projector with higher brightness in 2Q10 and expects to contribute 10~15% of total shipment in 2Q10.” said Shen Wang. “According to market research report, the 2010 worldwide projector demand is estimated to increase by 25% YoY and Coretronic targets to lead the market with significant growth of more than 30% 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 1Q10; 720m shares in 4Q09).
