JHUNAN, May 5, 2015 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its 1Q 2015 consolidated revenues. Combined net sales for 1Q 2015 amounted to NT$ 100.2 billion, gross profit was NT$ 17.8 billion, for a gross margin of 17.7%. Operating profit totaled NT$ 11.2 billion with an operating margin of 11.2%. Net profit attributable to the shareholders of the parent company amounted to NT$ 8.65 billion, for a net profit margin of 8.6%. EBITDA margin of 25.3%, EPS equaled NT$ 0.87. Both gross margin and EBITDA margin have reached record highs since the merger.

In finance, the company's total debt came down to NT$79.5 billion, a significant decrease of NT$51.5 billion. Net debt to equity ratio came down from 27.2% in the previous quarter to 17.2%. As for liquidity, not only has cash surpassed short term debt, but also current assets have transcended current liabilities. Current ratio is greater than one. It is a true testament to Innolux great improvement on financial restructuring since the merger.

The inventory turnover day was 37 days as the end of the first quarter. The Company shipped 7.0 million square meters of panel in the first quarter 2015, a decrease of 12.8% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 450 per square meter. Small and medium-sized panel revenue amounted to NT$ 18.7 billion in the first quarter 2015, a decrease of 17.6% over the previous quarter. The Company shipped 62 million small and medium-sized units during the first quarter 2015.

In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 18%, 15%, 12% and 54% 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 19%, 19%, 21%, 2%, and 39% of our net sales, respectively.



    INX Unaudited 1Q 2015 Income Statement -- QoQ Comparison

    Units: NTD million except per share data                                                 1Q 2015                   4Q 2014                                    QoQ%  1Q 2014
    ----------------------------------------                                                 -------                   -------                                     ---   -------

    Net Sales                                                                                   100,158       100.0%      114,947       100.0%     -12.9%      89,559       100.0%

      Cost of Goods Sold                                                                         82,404        82.3%       96,447        83.9%     -14.6%      83,830        93.6%

    Gross Profit (Loss)                                                                          17,754        17.7%       18,500        16.1%      -4.0%       5,729         6.4%

      Operating Expense                                                                           6,523         6.5%        6,817         5.9%      -4.3%       4,427         4.9%

    Operating Income (Loss)                                                                      11,231        11.2%       11,683        10.2%      -3.9%       1,302         1.5%

    Net Non-operating Income(Exp.)                                                              (1,170)       -1.2%        (474)       -0.4%          -     (1,140)       -1.3%

    Income before Tax                                                                            10,061        10.0%       11,209         9.8%     -10.2%         162         0.2%

    EBITDA(3)                                                                                    25,381        25.3%       26,023        22.6%      -2.5%      17,844        19.9%

    Net Income (Loss)                                                                             8,651         8.6%       11,154         9.7%     -22.4%         153         0.2%

    Net Income (Loss)-Parent                                                                      8,651         8.6%       11,154         9.7%     -22.4%         153         0.2%

    Basic EPS (1)(2)                                                                               0.87                      1.13                                0.02
    ---------------                                                                                ----                      ----                                ----


    Notes:

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

    (2) Capital Stock (common): NT$99.54 billion as of March 31,2015

    (3) EBITDA = Operation Income + Depreciation & Amortization

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

    (5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in which INX has 50% or more ownership. Inter-company transactions between INX and these companies have been eliminated to avoid double-
     counting.




    INX Unaudited 1Q 2015 Balance Sheet

    Units: NT$
     million                                            2015.3.31                     2014.12.31     2014.3.31
    ----------                                          ---------                     ----------     ---------

    Cash & Short Term
     Investment                                            39,111                          68,943         34,800

    Inventory                                              33,302                          33,790         51,060

    Total Assets                                          422,985                         480,985        486,388

    Short Term Debt
     (1)                                                  27,716                          88,693         96,426

    Long Term Debt
     (2)                                                  51,765                          42,293         87,261

    Shareholders'
     Equity (3)                                           234,970                         227,690        194,212

    Net Debt to
     Shareholders'
     Equity                                                 17.2%                          27.2%         76.7%
                                                             ----                            ----           ----


    Depreciation &
     Amortization                                          14,150                          14,340         16,542

    Capital
     Expenditure                                            6,609                           5,941          4,169
    ------------                                            -----                           -----          -----


    Notes:

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

    (2) Long term debt = (long-term bank loan + corporate bonds + obligations under capital leases)

    (3) Capital Stock (common): NT$99.54 billion; Book value per common stock: NT$ 23.61 as of March
     31,2015

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

    (5) INX combined figures presented refer to results from other TFT-LCD related subsidiaries in
     which INX has 50% or more ownership. Inter-company transactions between INX and these companies
     have been eliminated to avoid double-counting.

Announcement Contact:



    Jyh-Chau Wang                          Anita Chien

    Spokesperson                           Media Contact

    Tel: +886-(0)6-505-3760                Tel: +886-(0)6-505-1888 ext.47153

    Email: ir@innolux.com                  Cell: +886-(0)911-572-225

                                           Email: anita.chien@innolux.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/innolux-corporation-announces-unaudited-2015-first-quarter-net-income-nt865-billion-and-eps-nt087-300077539.html

SOURCE Innolux Corporation