Innolux Corporation Announces Unaudited First Quarter 2014 EBITDA Margin 19.9% and Net Income NT$153 Million - CBS 5 - KPHO

Innolux Corporation Announces Unaudited First Quarter 2014 EBITDA Margin 19.9% and Net Income NT$153 Million

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SOURCE Innolux Corporation

JHUNAN, May 6, 2014 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its first quarter 2014 results. Combined net sales for the first quarter 2014 amounted to NT$ 89.6 billion, a decrease of 7.9% over the previous quarter's NT$ 97.2 billion. The company reported gross profit of NT$ 5.7 billion, for a gross margin of 6.4%. Operating profit totaled NT$ 1.3 billion with an operating margin of 1.5%. Net profit attributable to the shareholders of the parent company amounted to NT$ 153 million. EPS equaled NT$ 0.02.

Through continuous improvement of financial structure, the company's total debt came down to NT$183.7 billion as of the end of the first quarter 2014, a decrease of NT$16.6 billion. Net debt to equity ratio came down from 81.7% in the previous quarter to 76.7% in the first quarter 2014. Net inventory as of the end of the first quarter 2014 was NT$ 51.1 billion, and the inventory turnover day was 55 days.

Due to seasonality, the Company shipped nearly 6.4 million square meters of panel in the first quarter 2014, a 5.9% decrease over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 464 per square meter. The Company shipped 77.9 million small and medium-sized units during the first quarter 2014.

In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 22%, 16%, 17% and 44% of our net sales, respectively. In terms of product size, 10-inch and below, 10-to-20-inch, 20-to-30-inch, 30-to-40-inch, 40-inch-and -above panels accounted for 22%, 24%, 18%, 7%, and 29% of our net sales, respectively.


INX Unaudited 1Q 2014 Income Statement - QoQ Comparison

 

Units: NTD million except per share data

 

1Q 2014

 

4Q 2013

 

QoQ%

 

1Q 2013

Net Sales

89,559


97,219


-7.9%

116,775


  Cost of Goods Sold

83,830

93.6%

92,285

94.9%

-9.2%

107,734

92.3%

Gross Profit (Loss)

5,729

6.4%

4,934

5.1%

16.1%

9,041

7.7%

  Operating Expense

4,427

4.9%

4,807

4.9%

-7.9%

5,748

4.9%

Operating Income (Loss)

1,302

1.5%

127

0.1%

925.2%

3,293

2.8%

Net Non-operating Income(Exp.)

(1,140)

-1.3%

(1,349)

-1.4%

-

(1,607)

-1.4%

Income before Tax

162

0.2%

(1,222)

-1.3%

-

1,686

1.4%

EBITDA(1)

17,844

19.9%

17,871

18.4%

-0.2%

24,130

20.7%

Net Income (Loss)

153

0.2%

(1,339)

-1.4%

-

1,683

1.4%

Net Income (Loss)-Parent

153

0.2%

(1,337)

-1.4%

-

1,684

1.4%

Basic EPS (2)              

0.02


(0.15)


-

0.19


Notes:

(1) EBITDA = Operating Income + Depreciation & Amortization

(2) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(3) Capital Stock (common): NT$91.07 billion

(4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership, and already eliminates inter-company transactions between Innolux Corporation and these companies to avoid double-counting.

 

INX Unaudited 1Q 2014 Balance Sheet


Units: NT$ million

2014.3.31

2013.12.31

2013.3.31

Cash & Short Term Investment

34,800

42,647

40,780

Inventory

51,060

50,595

45,161

Total Assets

486,388

507,928

557,659

Short Term Debt (1)

96,426

102,158

100,413

Long Term Debt (2)(3)

87,261

98,143

142,744

Shareholders' Equity (4)

194,212

193,043

190,269

Net Debt to Shareholders' Equity

76.7%

81.7%

106.4%





Depreciation & Amortization

16,542

17,744

20,837

Capital Expenditure

4,169

4,460

4,454

Notes:

(1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan)

(2) Long term debt = (long-term bank loan + corporate bonds)

(3) Innolux Corporation has obtained the waiver from the syndicated banks in January, 2014 to defer capital injection which will be completed by 2014. Long term debt, as of December 31, 2013, was reclassified as short term debt in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(4) Capital Stock (common): NT$91.07 billion; Book value per common stock: NT$ 21.33

(5) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS).

(6) The figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Inter-company transactions between Innolux Corporation and these companies have been elimated to avoid double-counting.

Announcement Contact:

Chen-Hui Lin

Anita Chien

Spokesperson  

Media Contact

Tel: +886-(0)6-505-3760

Tel: +886-(0)6-505-1888 ext.47153

Cell: +886-(0)968-960-866  

Cell: +886-(0)911-572-225

Email: ir@innolux.com  

Email: anita.chien@innolux.com

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