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AU Optronics Corp. Reports 1Q2008 Results (2008.04.22)

AUO First Quarter 2008 Unaudited Consolidated Financial Highlights:

*Revenue was NT$136.63 billion (US$ 4.5 billion*), 12.1% QoQ decline 
*Net income after tax was NT$26.99 billion (US$ 889 million) 
*Basic Earnings per Share of NT$3.41 (or US$1.12 per ADR) 
*Gross margin: 27.1%, Operating margin: 22.2%

AU Optronics Corp. ("AUO"or the "Company") (TAIEX: 2409; NYSE: AUO) today announced unaudited consolidated revenue of NT$136.63 billion and net income of NT$ 26.99 billion, which attributable to equity holders of the parent company was NT$26.86 billion, for the first quarter ended March 31, 2008. And, basic EPS equaled NT$3.41 per common share (US$ 1.12 per ADR). 

The company shipped large-sized panel of 22 million units, 5.1% sequentially decreased but a significant 38.1% YoY increase. Small- and medium-sized panel shipments amounted to 37.68 million, a 21.5% QoQ decrease but a remarkable 70.3% YoY growth. 

Mr. Max Cheng, Chief Financial Officer and Spokesperson of AUO noted that while Q1 is low season, AUO was able to hit the 2nd record high in its quarterly profitability, bringing net income to nearly NT$ 27 billion, which represented 18.5% sequential decline but a remarkable improvement from a net loss of NT 5.1 billion in 1Q2007. Despite the weaker US dollar and employee bonus adjustment, AUO was able to keep its gross margin at 27.1% and operating margin at 22.2%, fairly similar to the previous quarter. The better than expected result was attributed to cost down efforts, better product mix and the execution of AUO’s “4D Project” - dedicated team, dedicated fabrication, dedicated line and dedicated material. Company expects to continuously improve its business model and strengthen its financial structure in preparation for the coming growth and challenges. 

* Amounts converted by an exchange rate of NTD30.37 :USD1 as of Mar 31, 2008. 
* All financial information was unaudited and was prepared by the Company in accordance with generally accepted accounting principles in Taiwan (“ROC GAAP”)

Yawen Hsiao 
Corporate Communications Dept. 
AU Optronics Corp. 

No.1, Li-Hsin RD 2, Science-Based Industrial Park, 
Hsinchu City 300, Taiwan, R.O.C. 
Tel:+886-3-500-8899 ext:3211