HSINCHU, Feb. 8 /Xinhua-PRNewswire/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 4Q 2006 and the FY 2006. For the fourth quarter ended December 31, 2006, AUO’s consolidated revenue reached NT$94.6 billion (*US$2.9 billion), net income NT$1.7 billion (US$51 million), and basic EPS NT$0.19 per common share (US$0.06 per ADS unit).
Fourth Quarter Results
AUO reported the following unaudited consolidated results for the fourth quarter:
-- Revenues up 32.7% QoQ to NT$94.6 billion
-- Net income of NT$1.7 billion
-- Earnings per share (basic EPS) of $0.19 per common share
(US$0.06 per ADS)
-- Gross margin of 8.1%
-- Operating margin of 3.0%
The 4Q2006 panel shipments of large-sized panels were in accordance with the Company’s guidance revised on December 7, 2006, and broke the historical records. Shipments of large-sized panels increased 31.7% to 16.6 million from 3Q, and reached a remarkable YoY growth of 72.9%. In the mean time, shipments of small- to medium-sized panels amounted to 24.5 million with a 17.7% increase from 3Q, up 54.1% from a year earlier.
Full Year Results
For the full year of 2006, consolidated revenue reached NT$293.1 billion (US$9.0 billion), net income NT$9.1 billion (US$279 million), and basic EPS NT$1.41 per common share (US$0.43 per ADS). The large-sized panel shipment grew a 59.1% YoY to 48.8 million units; while the small- to medium- sized panel shipment posted a 46.6% YoY increase to 79.2 million units.
"After the completion of merger with Quanta Display Inc. (QDI), the loss of QDI for the previous two quarters of 2006 has been turned around through the better product integration and cost structure, even though we amended the rate of fab loading in 4Q because of an early sign of controlling year end inventory from some of our customers," said Mr. Max Cheng, Vice President and Chief Financial Officer of AUO. "Additionally, we posted little profit gain and maintained a stable EBITDA margin for the fourth quarter and reached the gross margin of 8.1% and operating margin of 3.0%, which is able to show our determination to increase profitability through merger synergies."
* Amounts converted by an exchange rate of NTD32.59:USD1 as of December 31, 2006.
About AU Optronics
AU Optronics Corp. ("AUO") is one of the top three largest manufacturers* of large-size thin film transistor liquid crystal display panels ("TFT-LCD"), with approximately 20.7%* of global market share with revenues of NT$293.1billion (US$9.0bn)* in 2006. 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- size (1.5"-46") TFT-LCD panels, which enables it to offer a broad and diversified product portfolio.
* As shown on DisplaySearch Quarterly Large-Area TFT-LCD Shipment Report dated November 2, 2006 (AUO market share = pre-merger AUO market share + QDI market share). This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2006 year end revenue converted by an exchange rate of NTD32.59: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 June 1st, 2006.
