Coretronic Corporation Announces First Quarter 2012 Results
04/27/2012| 05:19pm US/Eastern
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Hsinchu, Taiwan - Coretronic Corporation (5371.TW) today
announced its financial results for the first quarter of
2012. For the first quarter ended March 31, 2012,
Coretronic posted consolidated sales revenue of NT$16,481
million with an operating income of NT$178 million, drop 11%
and 75% QoQ respectively. Net income was reported
at NT$239 million, drop 41% QoQ. Net income attributable
to equity holders of the parent company was NT$209 million
with the basic EPS* of NT$0.29 per common
share. Meanwhile, Coretronic's Board of Directors
resolved yesterday (April 26) cash dividend distribution of
NT$1.6 per common share this year. Employee dividend,
all in the form of cash, is estimated at NT$204
million. The resolution for dividend distribution will
be discussed and resolved at the annual shareholders' meeting
scheduled on June 12, 2012.
"For the first quarter, the LCD industry was weak due to
sluggish global economy together with some BLU models entered
into the EOL period. Coretronic's BLU shipment was
15.48 million units, up 5% QoQ thanks to the new LED Monitor
models mass production. The revenue was NT$9,583
million, drop 9% QoQ due mainly to the TV models entered into
EOL. The LED penetration rate for TV, Monitor and NB
was 83%, 73% and 100% correspondingly in 1Q12." said Ms.
Sarah Lin, President of Energy Saving Product Business Group
of Coretronic. "Look into 2012, Coretronic expects
the LED penetration rate for TV and Monitor will continue to
expand in 2Q12. We estimate more than 10% QoQ shipment
growth in 2Q12, driven by the large size TV, NB and Ultrabook
Backlight new models mass production."
"The sales revenue of Projector products was NT$3,980
million, drop 12% QoQ resulting from traditional slow season
in the first quarter. The Projector shipment was 291K
units in 1Q12, decreased 8% QoQ. The ASP drop 6% QoQ due
to the higher shipment proportion of low-end
models as compared with 4Q11." said Mr. Shen
Wang, President of System Solution Business Group of
Coretronic. Shen Wang points out that Coretronic will
continuously enhance competitiveness of Pico/Pocket projector
to enter the markets of display sharing and mobile
projection. Besides, due to high brightness products
are getting popular in market, 5K lm and dual lamp for 7K lm
new product will be launched in 2012. Coretronic will
also develop seamless multi-projector display technology and
multimedia interactive techniques, thus expanding into the
system integration field. Due to regular slow season in
the second quarter, Coretronic expects the monthly shipment
quantity will keep flat at 95K~100K units in 2Q12.
Coretronic targets to ship more than 1.3 million units in
2012 primarily driven byultra-short throw high-end models and
LED/Hybrid light source projectors.
* Basic EPS was calculated based on the total weighted
average outstanding shares of each quarter (721m shares in
1Q12).
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