AU Optronics Corp. Reports 3Q2012 Financial Results PR Newswire HSINCHU, Taiwan, Oct. 25, 2012 HSINCHU, Taiwan, Oct. 25, 2012 /PRNewswire-FirstCall/ --AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited earnings results for the third quarter of 2012^(1). Consolidated revenue in the third quarter of 2012 was NT$102,781 million (US$3,509 million) ^ ^(2), up 8% from the previous quarter. Gross profit was -NT$1,862 million (-US$64 million), with the gross margin of -1.8%. Operating loss was NT$9,147 million (US$312 million), with the operating margin of -8.9%. AUO's net loss for the third quarter of 2012 was NT$16,479 million (US$563 million). Net loss attributable to equity holders of the parent company was NT$16,275 million (US$556 million), or a basic EPS of -NT$1.84 (-US$0.63 per ADR). 3Q2012 Result Highlights AUO's unaudited consolidated results for the third quarter of 2012 were highlighted as below: oRevenue was NT$102,781 million, up 8% quarter-over-quarter oNet loss was NT$16,479 million oBasic EPS was -NT$1.84 oGross margin was -1.8% oOperating margin was -8.9% oEBITDA ^(3) margin was 9.3% In the third quarter of 2012, shipments for AUO's large-sized panel shipments reached around 33.2 million units, up by 4.6% quarter-over-quarter. Shipments for small and medium-sized panels were around 42.2 million units, up 11.1% quarter-over-quarter. Looking back to the third quarter, thanks to a gradual improvement in panel supply and demand, the average selling price of TV panels sequentially recovered. The Company's capacity utilization rates also steadily increased, while its days of inventory decreased substantially. Nevertheless, the improvement of the Company's profitability was slower than expected due to a couple of reasons: oWith an eye on the long-term competitiveness, the Company continues to cultivate new technologies and currently has achieved initial success in development cooperation with its customers on a couple of new products. However, in the third quarter, the Company's new technology platforms and new products, especially for small and medium-sized products, were still in production ramp up period. Therefore, the contribution from these new products to the Company's profitability was softer than expectation. oOur solar business is still facing an industry downturn. Going forward, the Company will proactively adjust its operation scale and cut operating costs as well as expenses, aiming to effectively reduce the operating losses in the solar business. Looking forward, as the TV panel market is expected to recover gradually, the Company will continue to focus on technology upgrading and manufacturing process enhancement. It will also continue to strengthen the customer and product portfolios of small and medium-sized panels, hoping to promptly improve its production efficiency and operational performance. (1) All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan ("ROC GAAP"). (2) Amounts converted by an exchange rate of NTD29.29:USD1 based on Federal Reserve Bank of New York, USA as of September 30, 2012. (3) EBITDA=Operating Income +D&A, that is, operating income before depreciation and amortization. ABOUT AU OPTRONICS AU Optronics Corp. (AUO) is one of the world's leading providers of display and solar total solutions. AUO offers a full range of panel sizes and comprehensive applications ranging from 1.2 inches to 71 inches. Based on its profound R&D and manufacturing experience, AUO continues to develop advanced display technologies of the next generation. AUO extended its market to the green energy industry in 2008. By building a vertically integrated high-efficiency solar value chain, AUO provides its customers with high-efficiency solar solutions. AUO currently has global operations in Taiwan, Mainland China, the U.S., Japan, South Korea, Singapore, the Netherlands, Czech and Slovakia. Additionally, AUO is the first pure TFT-LCD manufacturer to be successfully listed at the New York Stock Exchange (NYSE). AUO has also been named to Dow Jones Sustainability World Index for three consecutive years from 2010 to 2012. AUO generated NT$379.7 billion (US$ 12.54 billion) in sales revenue in 2011. For more information, please visit AUO.com. * 2011 year end revenue converted at an exchange rate of NTD30.27: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 risksdescribed in the section entitled "Risk Factors" in our Form 20-F filed with the United States Securities and Exchange Commission on April 27th, 2012. SOURCE AU Optronics Corporation Website: http://www.auo.com Contact: Freda Lee, Corporate Communications Division, AU Optronics Corp., Tel: +886-3-5008800 ext 3206, Fax: +886-3-5772730, Email: firstname.lastname@example.org; Yawen Hsiao, Corporate Communications Division, AU Optronics Corp., Tel: +886-3-5008800 ext 3211, Fax: +886-3-5772730, Email: email@example.com
AU Optronics Corp. Reports 3Q2012 Financial Results
Press spacebar to pause and continue. Press esc to stop.