JHUNAN, May 6, 2014 /PRNewswire-FirstCall/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its first quarter 2014 results. Combined net sales for the first quarter 2014 amounted to NT$ 89.6 billion, a decrease of 7.9% over the previous quarter's NT$ 97.2 billion. The company reported gross profit of NT$ 5.7 billion, for a gross margin of 6.4%. Operating profit totaled NT$ 1.3 billion with an operating margin of 1.5%. Net profit attributable to the shareholders of the parent company amounted to NT$ 153 million. EPS equaled NT$ 0.02.
Through continuous improvement of financial structure, the company's total debt came down to NT$183.7 billion as of the end of the first quarter 2014, a decrease of NT$16.6 billion. Net debt to equity ratio came down from 81.7% in the previous quarter to 76.7% in the first quarter 2014. Net inventory as of the end of the first quarter 2014 was NT$ 51.1 billion, and the inventory turnover day was 55 days.
Due to seasonality, the Company shipped nearly 6.4 million square meters of panel in the first quarter 2014, a 5.9% decrease over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 464 per square meter. The Company shipped 77.9 million small and medium-sized units during the first quarter 2014.
In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 22%, 16%, 17% and 44% 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%, 24%, 18%, 7%, and 29% of our net sales, respectively.
INX Unaudited 1Q 2014 Income Statement - QoQ Comparison | ||||||||||
Units: NTD million except per share data |
1Q 2014 |
4Q 2013 |
QoQ% |
1Q 2013 | ||||||
Net Sales | 89,559 | 97,219 | -7.9% | 116,775 | ||||||
Cost of Goods Sold | 83,830 | 93.6% | 92,285 | 94.9% | -9.2% | 107,734 | 92.3% | |||
Gross Profit (Loss) | 5,729 | 6.4% | 4,934 | 5.1% | 16.1% | 9,041 | 7.7% | |||
Operating Expense | 4,427 | 4.9% | 4,807 | 4.9% | -7.9% | 5,748 | 4.9% | |||
Operating Income (Loss) | 1,302 | 1.5% | 127 | 0.1% | 925.2% | 3,293 | 2.8% | |||
Net Non-operating Income(Exp.) | (1,140) | -1.3% | (1,349) | -1.4% | - | (1,607) | -1.4% | |||
Income before Tax | 162 | 0.2% | (1,222) | -1.3% | - | 1,686 | 1.4% | |||
EBITDA(1) | 17,844 | 19.9% | 17,871 | 18.4% | -0.2% | 24,130 | 20.7% | |||
Net Income (Loss) | 153 | 0.2% | (1,339) | -1.4% | - | 1,683 | 1.4% | |||
Net Income (Loss)-Parent | 153 | 0.2% | (1,337) | -1.4% | - | 1,684 | 1.4% | |||
Basic EPS (2) | 0.02 | (0.15) | - | 0.19 | ||||||
Notes: (1) EBITDA = Operating Income + Depreciation & Amortization (2) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares (3) Capital Stock (common): NT$91.07 billion (4) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (5) Combined figures presented refer to results from other TFT-LCD related subsidiaries in which Innolux Corporation has 50% or more ownership, and already eliminates inter-company transactions between Innolux Corporation and these companies to avoid double-counting. | ||||||||||
INX Unaudited 1Q 2014 Balance Sheet | |||
Units: NT$ million | 2014.3.31 | 2013.12.31 | 2013.3.31 |
Cash & Short Term Investment | 34,800 | 42,647 | 40,780 |
Inventory | 51,060 | 50,595 | 45,161 |
Total Assets | 486,388 | 507,928 | 557,659 |
Short Term Debt (1) | 96,426 | 102,158 | 100,413 |
Long Term Debt (2)(3) | 87,261 | 98,143 | 142,744 |
Shareholders' Equity (4) | 194,212 | 193,043 | 190,269 |
Net Debt to Shareholders' Equity | 76.7% | 81.7% | 106.4% |
Depreciation & Amortization | 16,542 | 17,744 | 20,837 |
Capital Expenditure | 4,169 | 4,460 | 4,454 |
Notes: (1) Short term debt = (short-term bank loan + commercial papers + current portion of long term loan) (2) Long term debt = (long-term bank loan + corporate bonds) (3) Innolux Corporation has obtained the waiver from the syndicated banks in January, 2014 to defer capital injection which will be completed by 2014. Long term debt, as of December 31, 2013, was reclassified as short term debt in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (4) Capital Stock (common): NT$91.07 billion; Book value per common stock: NT$ 21.33 (5) All figures are unaudited, prepared by Innolux Corporation in accordance with the International Financial Reporting Standards as endorsed in R.O.C. (TIFRS). (6) The 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 elimated to avoid double-counting. | |||
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: ir@innolux.com | Email: anita.chien@innolux.com |
