HSINCHU, April 23 /PRNewswire-Asia/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 1Q2009. For the first quarter ended March 31, 2009, AUO posted consolidated revenue of NT$50,741 million (US$1.5 billion), net loss of NT$20,216 million (US$597 million), attributable to equity holders of the parent company NT$20,331 million (US$600 million), and basic LPS NT$2.39 per common share (US$0.71 per ADR unit).
First Quarter Result Highlights
-- Revenue decreased by 15.1% QoQ to NT$50.74 billion
-- Net loss of NT$20.2 billion
-- Basic LPS of NT$2.39 per common share
-- Gross loss of 31.4%
-- Operating loss of 39.9%
“We are pleased that the demands of the LCD display products are better than anticipated. Despite the massive rushed orders, AUO has selectively chosen orders in order to protect the Company’s profitability. As a result, AUO reported its 1Q2009 with large-sized and small- to medium-sized panel shipments a respective 12.8% and 9.4% Q-o-Q decline. Both are modestly better than our guidance,” said Mr. Andy Yang, Chief Financial Officer of AUO. “With stabilizing panel prices, AUO’s loss of Q1 was gradually improved compared to the previous quarter, thanks to the Company’s efforts in cost reduction and product mix improvement. With a strict build-to-order policy over inventory controls, AUO also successfully reduced the Inventory Turnover Days to 32 days in 1Q2009 from 36 days in 4Q2008.”
Looking into 2Q2009, AUO expects its utilization rates to improve substantially. In addition to continuing its stringent inventory control policy and to optimizing the product mix, the Company aims to speed up the development of Eco-products, strengthen its supply chain managements, and facilitate the manufacturing processes.
To enrich AUO’s product portfolios and to respond to the improving market conditions, AUO’s 8.5 generation (“G8.5”) facility located at Taichung Science Park is scheduled to enter the mass production at the end of 2Q. With capacity created by this new G8.5 line and also by leveraging its capacities in existing G6 and G7.5 lines, the Company is confident to best utilize its massive production flexibility in meeting customers’ demands of LCD TVs in full spectrum of all panel sizes.
* Amounts converted by an exchange rate of NTD33.87:USD1 as of March 31,
2009.
* 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 worldwide top 3 manufacturer* of thin film transistor liquid crystal display panels (TFT-LCD). AUO is able to provide customers a full range of panel sizes and comprehensive applications, offering TFT-LCD panels in sizes ranging from 1.5 inches to greater than 65 inches. AUO generated NT$423.9 billion (US$12.9 billion) in sales revenue in 2008 and now houses a staff of more than 38,000 employees throughout its global operations spreading across Taiwan, Mainland China, Japan, Singapore, South Korea, the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD manufacturer to successfully list on the New York Stock Exchange (NYSE). For more information, please visit AUO.com.
* DisplaySearch 4Q2008 WW Large-Area TFT-LCD Shipment Report dated
February 25, 2009. This data is used as reference only and AUO does not
make any endorsement or representation in connection therewith. 2008 year
end revenue converted by an exchange rate of NTD32.76:USD1.
Safe Harbour Notice
AU Optronics Corp. (“AUO” or the “Company”) (TAIEX: 2409; NYSE: AUO), the worldwide top three 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 June 4th, 2008.
