AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO), today announced its financial results for the second quarter of 2002. Net sales for the quarter ended June 30, 2002 totaled NT$22,671 million, representing a 199.2% increase from NT$7,577 million in the year-ago period and up 14.8% sequentially. Net income reached NT$3,896 million, compared to a net loss of NT$2,145 million for the same period of 2001 and a 91.5% increase from 1Q02, while diluted EPS grew 87.8% from NT$0.57 in 1Q02 to NT$1.07 in 2Q02.
Gross profit in 2Q02 totaled NT$5,945 million while operating income increased 103.9% QoQ to NT$4,860 million, reflecting a gross margin of 26.2% and operating margin of 21.4%, respectively.
The impressive operational results in 2002 are attributable to higher average selling price ("ASP") in 2Q02 and the continuous improvement in product mix. Unit shipment of large-size panels (>8.4") amounted 2.2 million, while blended large-size panel ASP in US$ for the quarter increased 42.7% YoY to US$270. In addition, small & medium size panel shipment reached 1.9 million in the second quarter of 2002-AU Optronics currently ranked No. 2 globally in digital still camera ("DSC") and digital video camera ("DVC"), and No. 3 worldwide in automobile monitor segments.
2Q 2002 Results: YoY Comparison Highlights
o Net sales grew 199.2% YoY to NT$22.7 billion
o Net income reached NT$3.9 billion vs. net loss of NT$2.1 billion in the year-ago period
o Gross profit of NT$5.9 billion vs. a gross loss of NT$1.1 billion in 2Q01; gross margin increased from +26.2% from-15.1% in 2Q01
o Operating income totaled NT$4.9 billion vs. an operating loss of NT$2.0 billion in 2Q01; operating margin rose significantly from-26.4% in 2Q01 to +21.4% in 2Q02
o Diluted EPS for 2Q02 of NT$1.07 vs. loss per common share of NT$0.77 in the year-ago period
2Q02 Results: QoQ Comparison Highlights
o Net sales and net income in the second quarter of 2002 grew 14.8% and 91.5%, respectively, over the previous quarter
o Gross profit for the second quarter increased 79.8% sequentially to NT$5.9 billion; gross margin increased from 16.7% sequentially from 1Q02 to 26.2% in 2Q02
o Operating income up 103.9% QoQ, from NT$2.4 billion in the first quarter of 2002; operating margin rose to 21.4% from 12.1% in 1Q02
o Diluted earnings per share of NT$1.07, up 87.8% QoQ vs. NT$0.57 in 1Q02