2016/02/18
Coretronic Corporation Announces Fourth Quarter 2015 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the fourth quarter of 2015. For the fourth quarter ended Dec. 31, 2015, Coretronic posted consolidated sales revenue of NT$17,078 million, down 7% QoQ and drop 12% YoY respectively. Operating income was reported at NT$717 million with a net income of NT$625 million. Net income attributable to equity holders of the parent company was NT$608 million with the basic EPS* of NT$1.12 per common share. For the fiscal year of 2015, Coretronic reported consolidated sales revenue of NT$68,160 million and the operating income totaled NT$2,016 million with a net income of NT$1,955 million, drop 41% and 35% YoY respectively. Net income attributable to equity holders of the parent company was NT$1,905 million with the basic EPS* of NT$3.51 per common shares.
“The demand of TV、Monitor and Tablet models continued sluggish due to seasonal factors while the NB models shipment increased 15% QoQ benefit from the restocking demand in 4Q15. The overall BLM shipment was 15.13 million units in 4Q15, drop 16% QoQ and the BLM revenue amounted to NT$10,103 million, drop 13% QoQ. For the fiscal year of 2015, the BLM shipment was 71.1 million units and revenue amounted to NT$42,813 million, drop 23.5% and 23.4% respectively. This was resulting from the market demand downturn of Monitor and the Tablet PC applications, while the TV BLM and System/Sub-system shipments increased 14% YoY. ” 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 1Q16. Look into 2016, Coretronic will continue its development of sub-system business model for various applications, in order to provide optimal design, one-stop manufacturing and global after-sales services, and faster closer relationships with brand name customers, system integrator and LCD panel manufacturers. The major applications will grow quarter by quarter in 2016.” said Sarah Lin.
“For 4Q15, the shipment of Projector products was 274K units and the sales revenue was NT$3,984 million, drop 22% and 15% QoQ respectively. For the fiscal year of 2015, Projector shipment was 1,129K units and revenue amounted to NT$15,410 million, drop 3% and up 4.5% 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~85K units in 1Q16.”
Based on market research report, 2016 worldwide projector demand is estimated to be 7.5 M~7.7 M units. Major growth will be in the educational and large venues segments. “Regarding to mainstream projection products, Coretronic is developing middle-end and high-end products continuously to optimize our competiveness. In the niche projection products, we will approach the customers with channel and software development capability to extend to different industries. Besides fruitful outcome in real image projection product taking the leading position, we also take a good achievement in AR/VR products development with actual sales last year. Other than projection-related products, we also develop a compact, high resolution spectrometer which utilize the TI DLP MEMS spectrum scanning techniques and have started to MP in 2015. “Coretronic will utilize the core technology capability of software developing and system integration in order to create most friendly user interface for new interactive experience while expand different customers in different product lines. We expect the visual solutions business will continue to grow.” said SY Chen, President of Visual Solutions Business Group of Coretronic.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (543m shares in 4Q15 & 2015, 637m shares in 2014).
“The demand of TV、Monitor and Tablet models continued sluggish due to seasonal factors while the NB models shipment increased 15% QoQ benefit from the restocking demand in 4Q15. The overall BLM shipment was 15.13 million units in 4Q15, drop 16% QoQ and the BLM revenue amounted to NT$10,103 million, drop 13% QoQ. For the fiscal year of 2015, the BLM shipment was 71.1 million units and revenue amounted to NT$42,813 million, drop 23.5% and 23.4% respectively. This was resulting from the market demand downturn of Monitor and the Tablet PC applications, while the TV BLM and System/Sub-system shipments increased 14% YoY. ” 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 1Q16. Look into 2016, Coretronic will continue its development of sub-system business model for various applications, in order to provide optimal design, one-stop manufacturing and global after-sales services, and faster closer relationships with brand name customers, system integrator and LCD panel manufacturers. The major applications will grow quarter by quarter in 2016.” said Sarah Lin.
“For 4Q15, the shipment of Projector products was 274K units and the sales revenue was NT$3,984 million, drop 22% and 15% QoQ respectively. For the fiscal year of 2015, Projector shipment was 1,129K units and revenue amounted to NT$15,410 million, drop 3% and up 4.5% 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~85K units in 1Q16.”
Based on market research report, 2016 worldwide projector demand is estimated to be 7.5 M~7.7 M units. Major growth will be in the educational and large venues segments. “Regarding to mainstream projection products, Coretronic is developing middle-end and high-end products continuously to optimize our competiveness. In the niche projection products, we will approach the customers with channel and software development capability to extend to different industries. Besides fruitful outcome in real image projection product taking the leading position, we also take a good achievement in AR/VR products development with actual sales last year. Other than projection-related products, we also develop a compact, high resolution spectrometer which utilize the TI DLP MEMS spectrum scanning techniques and have started to MP in 2015. “Coretronic will utilize the core technology capability of software developing and system integration in order to create most friendly user interface for new interactive experience while expand different customers in different product lines. We expect the visual solutions business will continue to grow.” said SY Chen, President of Visual Solutions Business Group of Coretronic.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (543m shares in 4Q15 & 2015, 637m shares in 2014).
