AU Optronics Corp. Reports 1Q2011 Financial ResultsBy Au Optronics Corporation, PRNE
Tuesday, April 26, 2011
HSINCHU, Taiwan, April 27, 2011 - AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO)
today held its investors conference and announced its unaudited results for
the first quarter of 2011(1).
AUO posted consolidated revenue of NT$93,230 million (US$3,171
million)(2), down 9.1% from the previous quarter. Gross profit was at
-NT$6,270 million (-US$213 million), with the gross margin of -6.7%.
Operating loss was at NT$14,227 million (US$484 million), with the operating
margin of -15.3%. AUO's net loss for the first quarter was at NT$13,899
million (US$473 million). Net loss attributable to equity holders of the
parent company was NT$13,978 million (US$475 million), with basic EPS of
-NT$1.58 per common share (-US$0.54 per ADR).
1Q2011 Result Highlights
AUO's unaudited consolidated results for the first quarter of 2011 were
highlighted as below:
- Revenue of NT$93,230 million, down 9.1% quarter-over-quarter - Net loss of NT$13,899 million - Basic EPS of -NT$1.58 per common share - Gross margin of -6.7% - Operating margin of -15.3% - EBITDA(3) margin of 8.8%
In the first quarter of 2011, shipments for AUO's large-sized panels
exceeded 28.4 million units, up 1.3% quarter-over-quarter and 4.3%
year-over-year. Meanwhile, shipments of small and medium-sized panels reached
around 43.5 million units, down 17.8% quarter-over-quarter and 23.7%
"Owing to the weaker-than-expected TV panel prices and the currency
influence of NT dollar appreciation, AUO's operating performance in the first
quarter of 2011 fell short of expectations," said Mr. Andy Yang, Chief
Financial Officer of AUO.
Since the first quarter of 2011, prices for IT panels have stopped
declining and moved upward gradually. Looking into the second quarter, there
are chances for TV panel prices to start to bottom out and the Company
expects the capacity utilization rates to improve quarter over quarter.
Meanwhile, AUO will aggressively adjust its product portfolio and expects to
see sequential growths on the high-end products, such as panels for
smartphones, tablet PCs, LED and 3D related products, which hopes to help the
Company to achieve higher revenue scale and better profitability.
(1) All financial information was unaudited and was prepared by the
Company in accordance with generally accepted accounting principles in Taiwan
(2) Amounts converted by an exchange rate of NTD29.40:USD1 based on
Federal Reserve Bank of New York, USA as of Mar. 31, 2011.
(3) EBITDA=Operating Income +D&A, that is, operating income before
depreciation and amortization.
About AU Optronics
AU Optronics Corp. (AUO) is a global leader of thin film transistor
liquid crystal display panels (TFT-LCD). AUO is able to provide customers
with a full range of panel sizes and comprehensive applications, offering
TFT-LCD panels in sizes ranging from 1.2 inches to greater than 71 inches.
AUO generated NT$467.2 billion in sales revenue in 2010 (US$16 billion) with
global operations in Taiwan, Mainland China, Japan, Singapore, South Korea,
the U.S., and Europe. Additionally, AUO is the first pure TFT-LCD
manufacturer to be successfully listed at the New York Stock Exchange (NYSE).
AUO extended its market to the green energy industry in late 2008. The
Display and Solar businesses were established respectively as the Company's
two core businesses in October, 2010. For more information, please visit
* 2010 year end revenue converted at an exchange rate of NTD29.14:USD1.
Safe Harbour Notice
AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), a
global leader of 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 of 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 May 11th, 2010.
Freda Lee, Corporate Communications Division of AU Optronics Corp., +886-3-5008800 ext 3206, or fax, +886-3-5772730, or freda.lee at auo.com; Or Yawen Hsiao, Corporate Communications Division of AU Optronics Corp., +886-3-5008800 ext 3211, +886-3-5772730, or yawen.hsiao at auo.com
Tags: April 27, Au Optronics Corporation, Hsinchu, taiwan