Hsinchu, Taiwan
AUO Corporation ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), today announced its financial results for the third quarter of 2002. Net sales for the quarter ended September 30, 2002 amounted to NT$17,123 million, representing a 98.8% increase from NT$8,612 million in the year-ago period and a 24.5% decline sequentially.
Net income reached NT$870 million, compared to a net loss of NT$2,267 million for the same period of 2001 and NT$3,896 million net profit from 2Q02, basic and fully diluted EPS for 3Q02 were NT$0.25 and NT$0.23, respectively.
Gross profit in 3Q02 totaled NT$2,438 million and operating income was NT$1,413 million, reflecting a gross margin of 14.2% and operating margin of 8.3%.
The operational results for the quarter were in line with our expectations, attributed by weaker demand and lowering average selling prices ("ASP") during 3Q02. Unit shipment of large-size panels (>8.4") amounted 1.76 million, representing approximately a 20.1% decline while blended large-size panel ASP in US$ for the quarter decreased 13.0% to US$235 from 2Q02. However, we are encouraged by the performance of small & medium size panel business, the shipment reached 2.85 million in 3Q02 with the monthly shipment broke the 1-million mark starting in August and contributed 12.9% of revenue for the quarter-AU Optronics currently ranked No. 4 globally in digital still camera ("DSC"), No 2 in digital video camera ("DVC"), and No. 3 worldwide in automobile monitor segments in terms of market share.
3Q 2002 Results: YoY Comparison Highlights
- Net sales grew 98.8% YoY to NT$17.1 billion
- Net income reached NT$870 million vs. net loss of NT$2.3 billion in the year-ago period
- Gross profit of NT$2.4 billion vs. a gross loss of NT$639 million in 3Q01; gross margin increased from-7.4% in 3Q01 to +14.2%
- Operating income totaled NT$1.4 billion vs. an operating loss of NT$1.6 billion in 3Q01; operating margin improved significantly from-18% in 3Q01 to +8.3% in 3Q02
3Q02 Results: QoQ Comparison Highlights
- Net sales and net income in the third quarter of 2002 decreased 24.5% and 77.7%, respectively, over the previous quarter
- Gross profit for the third quarter decreased 59.0% sequentially to NT$2.4 billion; gross margin decreased from 26.2% sequentially from 2Q02 to 14.2% in 3Q02
- Operating income down 70.9% QoQ, from NT$4.9 billion in the second quarter of 2002; operating margin down to 8.3% from 21.4% in 2Q02
- Fully diluted earnings per share of NT$0.23, down 78.3% QoQ vs. NT$1.06 in 2Q02