AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), today announced its unaudited financial results on an unconsolidated basis for FY 2002. Net sales for the year ended December 31, 2002 amounted to NT$75,507 million, representing a 100.9% increase from NT$37,589 million in the year-ago period. Net income was NT$6,023 million, compared to a net loss of NT$(6,710) million for FY2001. Basic and fully diluted EPS for FY2002 were NT$1.7 and NT$1.6, respectively.
Net sales for the quarter ended December 31, 2002 amounted to NT$15,964 million, representing a 6.4% increase from NT$15,007 million in the year-ago period and a 6.8% decline sequentially. Net loss was NT$(778) million, compared to a net loss of NT$(1,229) million for the same period of 2001 and NT$870 million net profit from 3Q02.
Gross profit in 4Q02 totaled NT$1,052 million and operating loss was NT$(50) million, reflecting a gross margin of 6.6% and operating margin of (0.3)%.
The operational results for the quarter were in line with our expectations, attributed by lowering average selling prices ("ASP") during 4Q02. Unit shipment of large-size panels (>8.4") amounted 2.15 million, representing approximately a 21.9% growth while blended large-size panel ASP in US$ for the quarter decreased 21.7% from 3Q02. Unit shipment of small & medium size panel business reached 3.09 million in 4Q02 and contributed 12% of revenue for the quarter ¡V 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.
FY 2002 Results: YoY comparison Highlights
o Net sales grew 100.9% YoY to NT$75.5 billion
o Net income was NT$6,023 million vs. net loss of NT$(6,710) million in the year-ago period
o Gross profit of NT$12.7 billion vs. a gross loss of NT$(2.8) billion in FY2001, gross margin increase from (7.4)% in FY2001 to 16.9%
o Operating income totaled NT$8.6 billion vs. an operating loss of NT$(6.3) billion in FY2001, operating margin improved from (16.7)% in FY 2001 to 11.4% in FY2002
o Fully diluted EPS for FY 2002 of NT$1.6 vs. loss per common share of NT$(2.3) in the year-ago period.