TAINAN, Taiwan, Feb. 12 /PRNewswire-Asia-FirstCall/ -- Chi Mei Optoelectronics (CMO) (TAIEX: 3009) today announced its fourth quarter 2008 results(1). Combined TFT-LCD net sales for the fourth quarter 2008 amounted to NT$ 43,692 million, a 46.7% decrease over the previous quarter’s NT$ 81,988 million. Gross profit was NT$ -13,092 million, for a gross margin of -30.0%. Operating income totaled NT$ -19,865 million with an operating margin of -45.5%. Net income amounted to NT$ -31,406 million. EPS equaled NT$ -4.27.
The company shipped 11.4 million large-sized(2) panels in the fourth quarter 2008, which represents a 34.7% decrease over the 17.5 million panels shipped in the third quarter 2008. Blended ASP for large-sized panels decreased by 23.8% to USD $109 per unit over the previous quarter.
For the full year 2008, combined TFT-LCD net sales totaled NT$ 313,254 million, a growth of 3.8% compared to NT$ 301,697 million for 2007. Gross profit was NT$ 33,600 million. Gross and operating margins for 2008 were 10.7% and 3.1%, respectively. Net income was NT$ -6,552 million, or an EPS of NT$ -0.89.
CMO with TFT Subsidiaries(1) 4Q08 Income Statement -- QoQ Comparison
NT$ million
Except Per Share Data 4Q08 % Revenue 3Q08 Revenue QoQ %
Change
Net Sales(1) 43,692 100.0% 81,988 100.0% -46.7%
Cost of Goods Sold -56,784 -130.0% -79,537 -97.0% -28.6%
Gross Profit -13,092 -30.0% 2,451 3.0% --
Operating Expenses -6,773 -15.5% -5,925 -7.2% 14.3%
Operating Income -19,865 -45.5% -3,474 -4.2% 471.8%
Net Non-operating
Income (Exp.) -12,516 -28.6% -1,293 -1.6% 868.0%
Provision for
Inventory Loss -12,205 -27.9% -212 -0.3% 5657.1%
Income before Tax -32,381 -74.1% -4,767 -5.8% 579.3%
EBITDA(2) -2,444 -5.6% 13,418 16.4% --
Net Income(3) -31,406 -71.9% -4,187 -5.1% 650.1%
Basic EPS (NT$)(4) -4.27 -- -0.56 -- 662.5%
Net Income(3) -31,406 -71.9% -4,187 -5.1% 650.1%
Parent -31,083 -71.2% -3,962 -4.8% 684.5%
Minority interest -323 -0.7% -225 -0.3% 43.6%
Notes
1. Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
CMOJ and CHE
2. EBITDA = Operation Income + Depreciation & Amortization
3. Net income before preferred dividend
4. Calculation of basic EPS is after preferred dividend and based on
weighted average of outstanding common shares
5. All figures are unaudited, prepared by Chi Mei Optoelectronics
CMO with TFT Subsidiaries(1) 2008 Income Statement -- YoY Comparison
NT$ million
Except Per Share Data 2008 % Revenue 2007 % Revenue YoY %
Change
Net Sales(1) 313,254 100.0% 301,697 100.0% 3.8%
Cost of Goods Sold -279,654 -89.3% -238,328 -79.0% 17.3%
Gross Profit 33,600 10.7% 63,369 21.0% -47.0%
Operating Expenses -23,941 -7.6% -18,839 -6.2% 27.1%
Operating Income 9,659 3.1% 44,530 14.8% -78.3%
Net Non-operating
Income (Exp.) -16,194 -5.2% -6,458 -2.1% 150.8%
Provision for
Inventory Loss -13,017 -4.2% -583 -0.2% 2132.8%
Income before Tax -6,535 -2.1% 38,072 12.7% --
EBITDA(2) 75,102 24.0% 91,063 30.2% -17.5%
Net Income(3) -6,552 -2.1% 36,186 12.0% --
Basic EPS (NT$)(4) -0.89 -- 4.91 -- --
Net Income(3) -6,552 -2.1% 36,186 12.0% --
Parent -5,996 -1.9% 36,171 12.0% --
Minority interest -556 -0.2% 15 0.0% --
Notes
1. Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
CMOJ and CHE
2. EBITDA = Operation Income + Depreciation & Amortization
3. Net income before preferred dividend
4. Calculation of basic EPS is after preferred dividend and based on
weighted average of outstanding common shares
5. All figures are unaudited, prepared by Chi Mei Optoelectronics
CMO with TFT Subsidiaries(1) 4Q08 Balance Sheet
NT$ million 4Q08 3Q08 4Q07
Cash & Cash Equivalent 110,475 48,197 29,515
Inventory 25,067(2) 43,954 31,205
Total Assets 579,950 572,951 496,282
Short Term Debt(3) 60,148 40,007 30,278
Long Term Debt 230,040 183,215 140,309
Shareholders’ Equity(4) 201,193 236,530 220,648
Net Debt to Shareholders’ Equity 89.3% 74.0% 63.9%
Depreciation & Amortization 17,421 16,892 13,411
Capital Expenditure 18,139 32,220 26,948
Notes
1. Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
CMOJ and CHE
2. Inventory = Gross inventory NT$40,286M - Provision NT$15,219M
3. Short term debt = (short-term bank loan + commercial papers
+ current portion of long term loans and obligations under
capital leases)
4. Capital Stock (common): NT$ 73.06 billion
5. Book value per common stock: NT$ 25.53
6. All figures are unaudited, prepared by Chi Mei Optoelectronics
Announcement Contacts:
Denis Chen
CMO Acting Spokesperson
Tel: +886-6-505-3760
Email: ir@cmo.com.tw
Loreta Chen
CMO Public Relations
Tel: +886-6-505-1888 ext. 11202
Email: loreta_chen@cmo.com.tw
