Innolux Corporation Announces Unaudited Second Quarter 2014 Gross Margin 10.4% and Net Income NT$3 Billion - 100.7 Jack FM San Diego Radio & DSC- sandiegojack

Innolux Corporation Announces Unaudited Second Quarter 2014 Gross Margin 10.4% and Net Income NT$3 Billion

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SOURCE Innolux Corporation

JHUNAN, July 28, 2014 /PRNewswire/ -- Innolux Corporation ("INX", "The Company") (TAIEX: 3481) today announced its second quarter 2014 results. Combined net sales for the second quarter 2014 amounted to NT$ 111.1 billion, an increase of 24% over the previous quarter's NT$ 89.6 billion. The company reported gross profit of NT$ 11.6 billion, for a gross margin of 10.4%. Operating profit totaled NT$ 6.1 billion with an operating margin of 5.5%. Income before tax amounted to NT$ 3.4 billion. Net profit attributable to the shareholders of the parent company amounted to NT$ 3 billion. EPS equaled NT$ 0.33.

Through continuous improvement of financial structure, the company's total debt came down to NT$148.9 billion as of the end of the second quarter 2014, a significant decrease of NT$34.8 billion. Net debt to equity ratio came down from 76.7% in the previous quarter to 64.3% in the second quarter 2014. Net inventory as of the end of the second quarter 2014 was NT$ 45.7 billion, and the inventory turnover day was 44 days.

The Company shipped nearly 7.9 million square meters of panel in the second quarter 2014, a significant increase of 24.8% over the previous quarter. Blended area ASP for TFT-LCD panels averaged US$ 459 per square meter. Small and medium-sized panel revenue amounted to NT$ 25.1 billion in the second quarter 2014, a significant increase of 30% over the previous quarter. The Company shipped 86.9 million small and medium-sized units during the second quarter 2014.

In terms of product application, Small & Medium, Mobile PC & Tablet, Desktop monitor, LCD TV panels accounted for 22%, 16%, 15% and 46% 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 23%, 22%, 18%, 5%, and 32% of our net sales, respectively.

INX Unaudited 2Q 2014 Income Statement – QoQ Comparison

Units: NTD million except per share data

2Q 2014

1Q 2014

QoQ%

2Q 2013

Net Sales

111,064


89,559


24.0%

111,518


   Cost of Goods Sold

99,470

89.6%

83,830

93.6%

18.7%

97,736

87.6%

Gross Profit (Loss)

11,595

10.4%

5,729

6.4%

102.4%

13,782

12.4%

    Operating Expense

5,460

4.9%

4,427

4.9%

23.3%

5,715

5.1%

Operating Income (Loss)

6,134

5.5%

1,302

1.5%

371.1%

8,067

7.2%

Net Non-operating Income(Exp.)

(2,723)

-2.5%

(1,140)

-1.3%

-

(3,817)

-3.4%

Income before Tax

3,411

3.1%

162

0.2%

2005.6%

4,250

3.8%

Net Income (Loss)

3,010

2.7%

153

0.2%

1867.3%

4,069

3.6%

Net Income (Loss)-Parent

3,011

2.7%

153

0.2%

1868.0%

4,071

3.7%

Basic EPS (1)(2)

0.33


0.02


-

0.45


EBITDA(3)

21,559

19.4%

17,844

19.9%

20.8%

28,241

25.3%


Notes:

(1) Basic EPS = Net Income-Parent / Weighted Average of Outstanding Common Shares

(2) Capital Stock (common): NT$91.07 billion

(3) EBITDA = Operating Income + Depreciation & Amortization

(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 2Q 2014 Balance Sheet

Units: NT$ million

2014.6.30

2014.3.31

2013.6.30

Cash & Short Term Investment

23,440

34,800

36,120

Inventory

45,738

51,060

44,652

Total Assets

463,078

486,388

524,678

Short Term Debt (1)

84,972

96,426

88,933

Long Term Debt (2)

63,907

87,261

128,143

Shareholders' Equity (3)

195,085

194,212

193,117

Net Debt to Shareholders' Equity

64.3%

76.7%

93.7%





Depreciation & Amortization

15,425

16,542

20,174

Capital Expenditure

4,668

4,169

4,579


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) Capital Stock (common): NT$91.07 billion; Book value per common stock: NT$ 21.42

(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.

Announcement Contact:

Jyh-Chau Wang

 Anita Chien

Spokesperson

Media Contact

Tel: +886-(0)6-505-3760                                   

Tel: +886-(0)6-505-1888 ext. 47153

Email: ir@innolux.com

Cell: +886-(0)911-572-225


Email: anita.chien@innolux.com

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