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AU Optronics Corp. Reports 2Q2008 Results HSINCHU, Taiwan, July 24 /Xinhua-PRNewswire-FirstCall/ -- AUO Second Quarter 2008 Unaudited Consolidated Financial Highlights: -- Revenue: NT$123.48 billion (US$ 4.1 billion*), 9.6% QoQ decline* -- Net income: NT$20.39 billion (US$ 672 million)* -- Basic Earnings per Share: NT$2.57 (or US$0.84 per ADR) * -- Gross margin: 25%, Operating margin: 19.5%
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO | Quote | Chart | News | PowerRating) today announced its second quarter 2008 unaudited consolidated revenue of NT$123.48 billion and net income of NT$20.39 billion, which attributable to equity holders of the parent company was NT$20.17 billion. And, basic EPS equaled NT$2.57 per common share (US$ 0.84 per ADR). For the first half year ended June 30, 2008, AUO's consolidated revenues totaled NT$260.106 billion (US$8.57 billion), net income NT$47.4 billion (US$1,561million), and basic EPS NT$5.98 per common share (US$1.97 per ADR.)
The company shipped large-sized panel of 21.85 million units, a 0.8% sequentially decreased but a 12% YoY increase. Small- and medium-sized panel shipments amounted to 41.88 million, increased 11.1% QoQ and 29.9% YoY respectively.
Mr. Max Cheng, CFO and Spokesperson of AUO noted that owing to the slow season and uncertainties of the current macro environment, shipments and ASP in both IT and TV panels were lower than its previous expectations. However, AUO not only adjusted the product portfolio to meet with the changes of market demand, but also cautiously managed its inventory level (including raw materials, work-in-progress and finish goods) to be at around 40 days. Therefore, AUO was able to report its gross margin and operating margin of 25.0% and 19.5% respectively, and net income of NT$ 20.4 billion, a substantial improvement from NT 5.9 billion in 2Q2007. As a result, AUO continuously reduced the debt ratio and strengthened its financial structure to cope with any unexpected challenges in the future.
* Amounts converted by an exchange rate of NTD30.36:USD1 as of June 30, 2008. * All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan ("ROC GAAP")
About AU Optronics
AU Optronics Corp. ("AUO") is the world's 2nd largest manufacturer* of large-sized thin film transistor liquid crystal display panels ("TFT-LCD"), with approximately 20%* of global market share in 1Q/2008 and revenues of NT$480.2 billion (US$14.81billion)* in 2007. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40"+ sized LCD TV panels, AUO's new generation (7.5-generation) fabrication facility production started mass production in the fourth quarter of 2006. The Company currently operates one 7.5-generation, two 6th-generation, four 5th-generation, one 4th-generation, and four 3.5-generation TFT-LCD fabs, in addition to eight module assembly facilities and the AUO Technology Center specializes in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large-sized (1.5"-65") TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
* DisplaySearch 1Q2008 WW Large-Area TFT-LCD Shipment Report dated Apr 24, 2008. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2007 year end revenue converted by an exchange rate of NTD32.43:USD1.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), the world's third largest manufacturer of large-size TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on December 31, 2006.
For more information, please contact: Fiona Chiu Corporate Communications Dept AU Optronics Corp Tel: +886-3-500-8899 x3206 Fax: +886-3-577-2730 Email: fiona.chiu@auo.com Yawen Hsiao Corporate Communications Dept. AU Optronics Corp. Tel: +886-3-500-8899 x3211 Fax: +886-3-5772730 Email: yawen.hsiao@auo.com
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AU Optronics Corp. Reports 2Q2008 Results
HSINCHU, Taiwan, July 24 /Xinhua-PRNewswire-FirstCall/ -- AUO Second Quarter 2008 Unaudited Consolidated Financial Highlights: -- Revenue: NT$123.48 billion (US$ 4.1 billion*), 9.6% QoQ decline* -- Net income after tax: NT$20.39 billion (US$ 672 million)* -- Basic Earnings per Share: NT$2.57 (or US$0.84 per ADR) * -- Gross margin: 25%, Operating margin: 19.5%
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO | Quote | Chart | News | PowerRating) today announced its second quarter 2008 unaudited consolidated revenue of NT$123.48 billion and net income of NT$20.39 billion, which attributable to equity holders of the parent company was NT$20.17 billion. And, basic EPS equaled NT$2.57 per common share (US$ 0.84 per ADR). For the first half year ended June 30, 2008, AUO's consolidated revenues totaled NT$260.106 billion (US$8.57 billion), net income NT$47.4 billion (US$1,561million), and basic EPS NT$5.98 per common share (US$59.77 per ADR.)
The company shipped large-sized panel of 21.85 million units, a 0.8% sequentially decreased but a 12% YoY increase. Small- and medium-sized panel shipments amounted to 41.88 million, increased 11.1% QoQ and 29.9% YoY respectively.
Mr. Max Cheng, CFO and Spokesperson of AUO noted that owing to the slow season and uncertainties of the current macro environment, shipments and ASP in both IT and TV panels were lower than its previous expectations. However, AUO not only adjusted the product portfolio to meet with the changes of market demand, but also cautiously managed its inventory level (including raw materials, work-in-progress and finish goods) to be at around 40 days. Therefore, AUO was able to report its gross margin and operating margin of 25.0% and 19.5% respectively, and net income of NT$ 20.4 billion, a substantial improvement from NT 5.9 billion in 2Q2007. As a result, AUO continuously reduced the debt ratio and strengthened its financial structure to cope with any unexpected challenges in the future.
* Amounts converted by an exchange rate of NTD30.36:USD1 as of June 30, 2008. * All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan ("ROC GAAP")
About AU Optronics
AU Optronics Corp. ("AUO") is the world's 2nd largest manufacturer* of large-sized thin film transistor liquid crystal display panels ("TFT-LCD"), with approximately 20%* of global market share in 1Q/2008 and revenues of NT$480.2 billion (US$14.81billion)* in 2007. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40"+ sized LCD TV panels, AUO's new generation (7.5-generation) fabrication facility production started mass production in the fourth quarter of 2006. The Company currently operates one 7.5-generation, two 6th-generation, four 5th-generation, one 4th-generation, and four 3.5-generation TFT-LCD fabs, in addition to eight module assembly facilities and the AUO Technology Center specializes in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large-sized (1.5"-65") TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
* DisplaySearch 1Q2008 WW Large-Area TFT-LCD Shipment Report dated Apr 24, 2008. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2007 year end revenue converted by an exchange rate of NTD32.43:USD1.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), the world's third largest manufacturer of large-size TFT-LCD panels, today announced the above news. Except for statements in respect of historical matters, the statements contained in this Release are "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward-looking statements were based on our management's expectations, projections and beliefs at the time regarding matters including, among other things, future revenues and costs, financial performance, technology changes, capacity, utilization rates, yields, process and geographical diversification, future expansion plans and business strategy. Such forward looking statements are subject to a number of known and unknown risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such statements, including risks related to the flat panel display industry, the TFT-LCD market, acceptance and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on December 31, 2006.
For more information, please contact: Fiona Chiu Corporate Communications Dept AU Optronics Corp Tel: +886-3-500-8899 x3206 Fax: +886-3-577-2730 Email: fiona.chiu@auo.com Yawen Hsiao Corporate Communications Dept. AU Optronics Corp. Tel: +886-3-500-8899 x3211 Fax: +886-3-5772730 Email: yawen.hsiao@auo.com
SOURCE AU Optronics Corp.
http://www.auo.com
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