2011/04/22
Coretronic Corporation Announces First Quarter 2011 Results
Hsinchu, Taiwan – Coretronic Corporation (5371.TW) today announced its financial results for the first quarter of 2011. For the first quarter ended March 31, 2011, Coretronic posted consolidated sales revenue of NT$20,666 million with an operating income of NT$688 million, up 6% and 19% QoQ respectively. Net income was reported at NT$669 million, up 68% QoQ. Net income attributable to equity holders of the parent company was NT$593 million with the basic EPS* of NT$0.82 per common share. Meanwhile, Coretronic’s Board of Directors resolved yesterday (April 21) cash dividend distribution of NT$3.5 per common share this year. Employee dividend, all in the form of cash, is estimated at NT$447 million. The resolution for dividend distribution will be discussed and resolved at the annual shareholders’ meeting scheduled on June 15, 2011.
“For the first quarter, Coretronic’s LCD BLU revenue was NT$13,703 million and 16% increase QoQ due mainly to the new LED TV BLU models mass production for Japanese brand customers together with the high end LED Monitor models and commercial run of new tablet products in 1Q11. The total BLU shipment was 16.56 million units in the first quarter, representing a 3% drop QoQ. The LED penetration rate for TV, Monitor and NB was 35%, 44% and 99% in 1Q11. ” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q11, Coretronic expects a single digit QoQ shipment growth. The TV BLU demand is forecasted to decrease significantly as a result of slow demand after fulfilling 1Q11 orders and the impact of Japan earthquake. The tablet BLU shipment, however, will continue its increasing trend in 2Q11.” said Sarah Lin.
“Due to component shortage and the first quarter has been the traditional slow season for Projetor, the sales revenue of projector product was NT$3,808 million, same as 4Q10. The shipment was 297K units in 1Q11, increased 10% QoQ” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. “As to the impact of Japan earthquake, TI’s DMD chips manufacture site at Miho, Japan was affected and TI forecasted to resume 80% of DMD capacity in 3Q11. Besides, we expect tight supply of some EE materials due to restriction of electricity and alternative sourcing has been under applying.” Coretronic estimates the monthly shipment quantity is 90K~95K units in 2Q11 and targets to ship more than 1.4 million units in 2011, up around 5% YoY.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q11).
“For the first quarter, Coretronic’s LCD BLU revenue was NT$13,703 million and 16% increase QoQ due mainly to the new LED TV BLU models mass production for Japanese brand customers together with the high end LED Monitor models and commercial run of new tablet products in 1Q11. The total BLU shipment was 16.56 million units in the first quarter, representing a 3% drop QoQ. The LED penetration rate for TV, Monitor and NB was 35%, 44% and 99% in 1Q11. ” said Ms. Sarah Lin, President of Energy Saving Product Business Group of Coretronic. “Look into 2Q11, Coretronic expects a single digit QoQ shipment growth. The TV BLU demand is forecasted to decrease significantly as a result of slow demand after fulfilling 1Q11 orders and the impact of Japan earthquake. The tablet BLU shipment, however, will continue its increasing trend in 2Q11.” said Sarah Lin.
“Due to component shortage and the first quarter has been the traditional slow season for Projetor, the sales revenue of projector product was NT$3,808 million, same as 4Q10. The shipment was 297K units in 1Q11, increased 10% QoQ” said Mr. Shen Wang, President of System & Medical Business Group of Coretronic. “As to the impact of Japan earthquake, TI’s DMD chips manufacture site at Miho, Japan was affected and TI forecasted to resume 80% of DMD capacity in 3Q11. Besides, we expect tight supply of some EE materials due to restriction of electricity and alternative sourcing has been under applying.” Coretronic estimates the monthly shipment quantity is 90K~95K units in 2Q11 and targets to ship more than 1.4 million units in 2011, up around 5% YoY.
* Basic EPS was calculated based on the total weighted average outstanding shares of each quarter (724m shares in 1Q11).
