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November 20, 2007 |
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AU OPTRONICS: Books TWD22.57-Billion Net Income for 3rd Quarter AU Optronics Corp. released unaudited results for the third quarter of 2007. All financial information was unaudited and was prepared by the company in accordance with generally accepted accounting principles in Taiwan. For the third quarter ended Sept. 30, 2007, AUO's consolidated revenue totaled TWD137.96 billion, consolidated net income TWD22.57 billion, attributable to equity holders of the parent company TWD22.53 billion and basic EPS TWD2.89 per common share. For the first nine months of 2007, AUO's consolidated revenues totaled TWD324.00 billion, consolidated net income after tax TWD23.38 billion, attributable to equity holders of the parent company TWD23.41 billion and basic EPS TWD3.00 per common share. In terms of 3Q2007 panel shipments, large-sized panel increased by 14.3% to 22.26 million from 2Q2007, while shipments of small- and medium-sized panel amounted to 40.70 million with a 26.3% QoQ increase, both once again set record high for the company's single-quarter unit shipment. Mr. Max Cheng, Vice President and Chief Financial Officer of AUO, stated, “We are extremely pleased with the record high operating results that we have reached today. The 3Q2007 consolidated after-tax net income of TWD22.5 billion was 1.5 times more than the previous record high of TWD14.3 billion in 2Q2004. In addition to the strong demand from end-user markets, and stable even gradually increased panel ASP, the contributions of post-QDI merger synergy with the result of the whole is greater than the sum of the parts boosted the 3Q2007 gross margin to 23% from 11.4% sequentially, while the operating margin lifted to 18.7% from the earlier quarter of 6.5%. Through over one year of several post-M&A integration initiatives, such as R&D platform resource integration, better supply chain management practice, optimization of complementary production line strategy in different generation fabrications, and implement of more competitive product mix, AUO successfully reduced the 3Q2007 inventory turnover to 38 days from 43 days sequentially, and further demonstrated its outstanding execution to accomplished the extremely difficult QDI merger case as well as its effective integration initiatives to maximize business performance. “ Taiwan-based AU Optronics Corp. -- http://www.auo.com/auoDEV/?ls=tc -- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. Au Optronics' long-term local and foreign currency issuer default carries Fitch Ratings' BB rating. |
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