TFT-LCD Net Sales of NT$ 92 Billion and Operating Margin of 19.3%
TAINAN, Taiwan, April 29 /Xinhua-PRNewswire-FirstCall/ -- Chi Mei Optoelectronics (CMO) (TAIEX: 3009) today announced its first quarter 2008 results (1). Combined TFT-LCD net sales for the first quarter 2008 amounted to NT$ 92,085 million, a 12.2% decrease over the previous quarter's
NT$ 104,894 million. Gross profit was NT$ 23,019 million, for a gross margin of 25.0%. Operating income totaled NT$ 17,751 million with an operating margin of 19.3%. Net income amounted to NT$ 15,294 million, where NT$ 15,204 was attributable to the shareholders of the parent company. EPS equaled NT$ 2.22.
The company shipped 15.7 million large-sized (2) panels in the first quarter 2008, which represents a 0.8% increase over the 15.5 million panels shipped in the fourth quarter 2007. Blended ASP for large-sized panel on a per unit basis decreased by 10.6% to USD $177 over the previous quarter.
CMO with TFT Subsidiaries (1) 1Q08 Income Statement - QoQ Comparison
NT$ million % % QoQ %
Except Per Share Data 1Q08 Revenue 4Q07 Revenue Change
Net Sales(1) 92,085 100.0% 104,894 100.0% -12.2%
Cost of Goods Sold -69,066 -75.0% -76,553 -73.0% -9.8%
Gross Profit 23,019 25.0% 28,341 27.0% -18.8%
Operating Expenses -5,268 -5.7% -5,338 -5.1% -1.3%
Operating Income 17,751 19.3% 23,003 21.9% -22.8%
Net Non-operating Income
(Exp) -1,593 -1.7% -1,530 -1.5% 4.1%
Income before Tax 16,158 17.6% 21,473 20.4% -24.8%
EBITDA(2) 32,706 35.5% 36,414 34.8% -10.2%
Net Income(3) 15,294 16.6% 20,177 19.3% -24.2%
Basic EPS (NT$)(4) 2.22 -- 2.95 -- --
Net Income(3) 15,294 16.6% 20,177 19.3% -24.2%
Parent 15,204 16.5% 20,162 19.2% -24.6%
Minority interest 90 0.1% 15 0.0% 500.0%
Notes
1. Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
CMOJ and CHE
2. EBITDA = Operation Income + Depreciation & Amortization
3. Net income before preferred dividend
4. Calculation of basic EPS is after preferred dividend and based on
weighted average of outstanding common shares
5. All figures are unaudited, prepared by Chi Mei Optoelectronics
CMO with TFT Subsidiaries (1)
1Q08 Selective Balance Sheet and Other Items
NT$ million 1Q08 4Q07 1Q07 (2)
Cash & Cash Equivalent 26,818 29,515 20,292
Inventory 38,265 31,205 26,595
Total Assets 503,935 496,282 389,515
Short Term Debt (3) 30,338 30,278 26,087
Long Term Debt 130,581 140,309 119,749
Shareholders' Equity (4) 236,385 220,648 184,402
Net Debt to Shareholders' Equity 56.7% 63.9% 68.1%
Depreciation & Amortization 14,955 13,411 9,567
Capital Expenditure 28,025 26,948 21,591
Notes
1. Including TFT LCD related subsidiaries: NBCMO, NBCME, NHCMO, NHCME,
MOJ and CHE
2. 1Q 2007 figures are CMO parent only
3. Short term debt = (short-term bank loan + commercial papers +
current portion of long term loans)
4. Capital Stock (common): NT$ 67.87 billion
5. All figures are unaudited, prepared by Chi Mei Optoelectronics
Announcement Contact:
Denis Chen
CMO Acting Spokesperson
Tel: +886-06-505-3760
Email: ir@cmo.com.tw
Loreta Chen
CMO Public Relations
Tel: +886-06-505-1888 #11202
Email: loreta_chen@cmo.com.tw
