2007'02.04.Sun
AU Optronics Reports 2Q2006 Results

July 25, 2006

Second Quarter 2006 Unaudited Consolidated Financial Highlights
* Revenues decreased 8.1% QoQ to NT$60.90 billion * Net income decreased 97.3% QoQ to NT$182 million * Earnings per share (basic EPS) of $0.03 per common share (US$0.01 per ADR) * Gross margin: 8.5% * Operating margin: 2.2% * EBITDA margin: 21% HSIN CHU, Taiwan, July 25 /Xinhua-PRNewswire/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited results for 2Q2006. For the second quarter ended June 30, 2006, AUO's consolidated revenue totaled NT$60.90 billion (US$1.88 billion*), net income NT$182 million (US$5.63 million), and basic EPS NT$0.03 per common share (US$0.01 per ADR unit). For the first half year ended June 30, 2006, AUO's consolidated revenues totaled NT$127.15 billion (US$3.93 billion), net income NT$6.83 billion (US$0.21 billion), and basic EPS NT$1.12 per common share (US$0.35 per ADS.) Gross margin for the second quarter declined 8.2 percentage points to 8.5%. This brought operating margin to 2.2% and EBITDA margin to 21%. Mr. Max Cheng, Vice President and Chief Financial Officer of AUO noted that the company's operation in the second quarter experienced faster and larger than expected declines in Average Selling Price in all product segments. However, 2Q2006 panel shipments are aligned with the Company's guidance revised on June 6; large-size panel increased 8.1% to 10.1 million while small- and medium-size panel also rose by 14.3% post 18.1 million from last quarter. Panel Average Selling Price by square meter, is weaker than the Company anticipated, declined by about 14% sequentially, directly resulted in the company's 2Q2006 profit. The higher-than-expected panel pricing declines are mitigated by the reduction of output in response to ease inventory pressure, the best-cost control and better product mix. On a sequential comparison, second quarter revenue declined 8.1% and net income decreased 97.3%. On the year-over-year comparison, second quarter results represent a 31.7% increase in revenue, while net income experienced a 61.3% decrease to NT$182 million. AUO's Executive Vice President, Dr. Hui Hsiung, also noted that in the second quarter, the ratio of consumer electronics display sales (TV display, mobile device display and audio-video display) was approximately equal to the information technology display sales (desktop display and notebook PC display), reached 48% and 49% respectively. This also reflected AUO's balanced deployment and well management in terms of the development of its all product segments. Although the industry experienced seasonal weakness true to form, the shipments of AUO's all product segments represent increase among the peers. Particularly, the shipments of TV, notebook PC and mobile phone segments all hit historical high for the single quarter. * Amounts converted by an exchange rate of NTD32.33:USD1 as of June 30, 2006. Conference Call & Webcast Notice: AUO's quarterly review conference call will be held at 8:00 pm Taiwan Time (GMT +8:00) on Tuesday, July 25th, 2006. The conference call will be available via webcast http://www.auo.com . 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 2Q 2006. 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. 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 15.1%* 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 June, 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. For more information, please contact: Yawen Hsiao Corporate Communications Dept. AU Optronics Corp. Tel: +886-3-500-8899 x3211 Fax: +886-3-577-2730 Email: yawen.hsiao@auo.com SOURCE AU Optronics Corp.
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