2007'02.01.Thu
AU Optronics Reports 1Q2006 Results

April 20, 2006

First Quarter 2006 Unaudited Consolidated Financial Highlights -- Revenues declined 9.0% QoQ to NT$66.3 billion -- Net income decreased 42.0% QoQ to NT$6.7 billion -- Earnings per share (basic EPS) of $1.14 per common share (US$0.35 per ADR) -- Gross margin: 16.7% -- Operating margin: 12.0% HSINCHU, Taiwan, April 20 /Xinhua-PRNewswire/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 1Q2006. For the first quarter ended March 31, 2006, AUO's consolidated revenue totaled NT$66.3 billion (US$2.0 billion*), net income NT$6.7 billion, and basic EPS NT$1.14 per common share (US$0.35 per ADR unit). Gross margin for the first quarter declined 5.5 percentage points to 16.7%. This brought operating margin to 12.0% and EBITDA margin to 27.9%. Mr. Max Cheng, Vice President and Chief Financial Officer of AUO noted that overall industry experiences seasonal weakness as well as supply & demand imbalance. 1Q2006 panel shipments are much in line to the Company's initial guidance, large-size panel declined 2.3% QoQ to 9.4 million and small- and medium-size panel declined slightly by 0.8% post 15.8 million. Panel Average Selling Price by square meter, is a bit weaker than the Company anticipated, declined by about 11.9% sequentially. The higher-than-expected panel pricing declines are mitigated by better product mix, customer portfolio, remarkable market gain on the LCD TV business, cost competitiveness, manufacturing capability, and innovative designs. TV segment has substantially grown from 27% of revenue in 4Q2005 to 35% in 1Q2006. On a sequential comparison, first quarter revenue declined 9.0% and net income decreased 42.0%. On the year-over-year comparison, first quarter results represents a 70.6% increase in revenue, while net income turned from loss of NT$2.1 billion to profit of NT$6.7 billion. In response to the trend towards larger-sized TFT-LCD TVs in the market, AUO plans to deploy a new investment plan in Houli, the Central Taiwan Science Park near the city of Taichung, where at least G7.5 or next-generation fabrication facilities will be built to cope with the brisk demand for large-sized TFT-LCD TVs. In its initial phase, AUO's new G7.5 line in Taichung Houli is expected to begin volume production with a monthly capacity to process 60,000 glass substrates. As for plans to construct G8 or even more advanced facilities, AUO may in appropriate times announce the Company's plan depending on the pace of market demand. AUO has major competitive advantages with its comprehensive product lines, allowing for maximum flexibility in producing LCD TV panels. After its recent merger with Quanta Display Inc., AUO will be able to leverage the core competency advantages of both sides to not only increase production capacity but also better seize ever-shifting market opportunities. * Amounts converted by an exchange rate of NTD32.42:USD1 as of March 31, 2006. Conference Call & Webcast Notice: AUO's quarterly review conference call will be held at 8:00 pm Taiwan Time (GMT +8:00) on Thursday, April 20th, 2006. The conference call will be available via webcast http://www.auo.com . About AU Optronics AU Optronics Corp. ("AUO") is the world's third largest manufacturer* of large-size thin film transistor liquid crystal display panels ("TFT-LCD"), with approximately 14.2%* of global market share and generated revenue of NT$217.4billion (US$6.75 bn)* in 2005. TFT-LCD technology is currently the most widely used flat panel display technology. Targeted for 40"+ sized LCD TV panels, AUO's next generation (7.5-Generation) fabrication facility production is scheduled for mass production in 4Q 2006. The Company currently operates one 6th-generation, three 5th-generation, one 4th-generation, and three 3.5-generation TFT- LCD fabs, in addition to four module assembly facilities and AUO Technology Center specializing in new technology platform and new product development. AUO is one of few top-tier TFT-LCD manufacturers capable of offering a wide range of small- to large- size (1.5"-46") TFT-LCD panels, which enables it to offer a broad and diversified product portfolio. * As shown on DisplaySearch Quarterly Large-Area TFT-LCD Shipment Report dated Mar 1, 2006. This data is used as reference only and AUO does not make any endorsement or representation in connection therewith. 2005 year end revenue converted by an exchange rate of NTD32.2039:USD1. Safe Harbour Notice AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), the world's third largest manufacturer of large-size TFT-LCD panels, today announced its unaudited consolidated results of operations for FY2005. 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 and demand for our products, technological and development risks, competitive factors, and other risks described in the section entitled "Risk Factors" in our Form F-3 filed with the United States Securities and Exchange Commission on July 8th, 2005. For more information, please contact: Yawen Hsiao Corporate Communications Dept. AU Optronics Corp. Tel: +886-3-500-8899 x3211 Fax: +886-3-5772730 Email: yawenhsiao@auo.com SOURCE AU Optronics Corp.
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