Innolux Corporation Announces Unaudited Third Quarter 2013 Net Sales NT$97 Billion and Net Income NT$685 Million
JHUNAN, Taiwan, Oct. 31, 2013 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its third quarter 2013 results. Combined net sales for the third quarter 2013 amounted to NT$ 97,217 million, a decrease of 12.8% over the previous quarter's NT$ 111,518 million on declined TV sales from phase-out of energy-saving subsidy program in Mainland China. Gross profit was NT$ 9,953 million, for a gross margin of 10.2%. Operating profit totaled NT$ 3,901 million with an operating margin of 4.0%. Net profit attributable to the shareholders of the parent company amounted to NT$ 685 million. EPS equaled NT$ 0.08.
The company's year-to-date combined net sales for the 2013 amounted to NT$ 325.5 billion, a decrease of 7.3% over the previous year's NT$ 351.3 billion. Gross profit was NT$ 32.8 billion, for a gross margin of 10.1%. Operating profit totaled NT$ 15.3 billion with an operating margin of 4.7%. Net profit attributable to the shareholders of the parent company amounted to NT$ 6.4 billion. EPS equaled NT$ 0.72.
The company's total debt came down to NT$208 billion in the third quarter, a decrease of NT$8.3 billion. Net debt to equity ratio came down from 93.7% in the second quarter to 87.6% in the third quarter this year. Net inventory as of the end of third quarter 2013 was NT$ 50,541 million.
The Company shipped 6,363 thousand square meters of panel in the third quarter 2013. Blended area ASP for TFT-LCD panels averaged US$ 511 per square meter. The Company shipped 34.3 million large-sized units in the third quarter 2013. Combined small and medium-sized revenue for third quarter 2013 amounted to NT$ 20,838 million. The Company shipped 99.5 million small and medium-sized units during the third quarter 2013.
In terms of product application, Small & Medium, Mobile PC, Desktop monitor, LCD TV panels accounted for 20%, 15%, 19% and 45% 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%, 21%, 21%, 14%, and 22% of our net sales, respectively.
INX Unaudited 3Q 2013 Income Statement - QoQ Comparison
| Units: NTD million except per share data |
3Q 2013 |
2Q 2013 |
QoQ% |
3Q 2012 |
|||
| Net Sales |
97,217 |
100.0% |
111,518 |
-12.8% |
129,552 |
||
| Cost of Goods Sold |
87,264 |
89.8% |
97,736 |
87.6% |
-10.7% |
125,306 |
96.7% |
| Gross Profit (Loss) |
9,953 |
10.2% |
13,782 |
12.4% |
-27.8% |
4,246 |
3.3% |
| Operating Expense |
6,052 |
6.2% |
5,715 |
5.1% |
5.9% |
6,460 |
5.0% |
| Operating Income (Loss) |
3,901 |
4.0% |
8,067 |
7.2% |
-51.6% |
(2,214) |
(1.7%) |
| Net Non-operating Income(Exp.) |
(2,970) |
(3.1%) |
(3,817) |
(3.4%) |
- |
(1,655) |
(1.3%) |
| Income before Tax |
931 |
1.0% |
4,250 |
3.8% |
-78.1% |
(3,869) |
(3.0%) |
| EBITDA(1) |
22,991 |
23.6% |
28,241 |
25.3% |
-18.6% |
18,860 |
14.6% |
| Net Income (Loss) |
683 |
0.7% |
4,069 |
3.6% |
-83.2% |
(3,720) |
(2.9%) |
| Net Income (Loss)-Parent |
685 |
0.7% |
4,071 |
3.7% |
-83.2% |
(3,721) |
(2.9%) |
| Basic EPS (2) |
0.08 |
0.45 |
(0.51) |
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| Notes: (1) EBITDA = Operating Income + Depreciation & Amortization (2) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares (3) Capital Stock (common): NT$91.02 billion (4) All figures are unaudited, prepared by Innolux Corporation. Starting 2013, Innolux Corporation prepares financial statements in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership. Inter-company transactions between Innolux Corporation and these companies have been eliminated to avoid double-counting. |
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INX Unaudited 3Q 2013 Balance Sheet
| NT$ million |
2013.9.30 |
2013.6.30 |
2012.9.30 |
| Cash & Short Term Investment |
39,076 |
36,120 |
52,672 |
| Inventory |
50,541 |
44,652 |
50,304 |
| Total Assets |
513,447 |
524,678 |
599,093 |
| Short Term Debt (1) |
90,539 |
88,933 |
88,635 |
| Long Term Debt (2) |
118,157 |
128,143 |
199,316 |
| Shareholders' Equity (3) |
193,682 |
193,117 |
175,134 |
| Net Debt to Shareholders' Equity |
87.6% |
93.7% |
134.3% |
| Depreciation & Amortization |
19,090 |
20,173 |
21,076 |
| Capital Expenditure |
4,877 |
4,579 |
4,567 |
| 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$91.02 billion; Book value per common stock: NT$ 21.28 (4) All figures are unaudited, prepared by Innolux Corporation. Starting 2013, Innolux Corporation prepares financial statements 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. Inter-company transactions between Innolux Corporation and these companies have been eliminated to avoid double-counting. |
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| 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: [email protected] |
Email: [email protected] |
SOURCE Innolux Corporation
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