TPK REPORTS AUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE FIRST QUARTER OF 2011
Taipei, Taiwan, ROC., May 4, 2011 – TPK Holding Co., Ltd. (TWSE: 3673) ( “TPK” or “the Company”) today reported audited revenues NT$25.3 billion for the first quarter of 2011 (1Q11), up 398.3% year-over-year and down 5.5% sequentially. Net income for the quarter totaled NT$2,470 million, up 658.0% from net income of NT$326 million in 1Q10 and up 14.1% from NT$2,165 million in 4Q10. Diluted earnings per share for the quarter was NT$10.66, compared to NT$10.51 for 4Q10.
1Q11 RESULTS HIGHLIGHTS
Revenues in 1Q11 declined 5.5% sequentially, reflecting seasonality for consumer electronics and product transition. In 1Q11, LFF products accounted for 43% of total revenues, up from 34% for 4Q10. Revenues from touch modules (touch products without attachment of display panels) also increased from 46% of total revenues in 4Q11 to 51% in 1Q11.
Raw material cost totaled NT$18.1 billion in 1Q11 (approximately 71.3% of sales), down from 75.0% in 4Q10, as a result of seasonal decline in shipment volume, lower percentage of our product containing the cost of LCD screen, and improved yield rate. Labor cost totaled NT$1.3 billion during the quarter, representing 5.3% of total net revenues, similar to the percentage level in 4Q10. Depreciation and amortization expenses were NT$314 million for the quarter, up from NT$219 million in 4Q10 as a result of new production capacity addition.
Operating expenses were NT$1.6 billion, up from NT$1.2 billion in the previous quarter. The sequential increase was 32.8%, primarily due to forex and increase in R&D expenses during 1Q11. As a percentage of revenues, total operating expenses were 6.2% in this quarter, up from 4.4% in the fourth quarter of 2010, reflecting a drop in capacity utilization due to seasonality and product transition.
During 1Q11, USD depreciated against other currencies, which led to NT$122 million foreign exchange loss, for NT dollar based financial reports. Net interest expense was NT$26 million.
CAPITAL RESOURCE AND LIQUIDITY
Capital expenditures for the quarter totaled NT$4.6 billion, of which approx. NT$3.4 billion was for capital equipments and roughly NT$1.2 billion for the construction of our new factory and other facilities. As of March 31, 2011, TPK employed a total of 39,223 employees.
As of end of 1Q11, the Company had cash on hand of NT$5.3 billion. Total bank debt was NT$9.1 billion, of which NT$4.9 billion was short term debt. We had total banking facilities of NT$31.1 billion as of March 31 2011.
IR Contact:
Freddie Liu, Chief Financial Officer
Kevin Wang, Deputy Director
Tel: +886.2.7727.1196
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ABOUT TPK
TPK was founded solely for touch solutions in 2003. We are the inventor of transparent glass-based projected capacitive (P-Cap) touch solutions and the first company for mass production. TPK has currently five major product categories: 1) cover glass, 2) touch sensor, 3) touch module, 4) touch display, and 5) touch system. Glass-based P-Cap touch solutions are our main focus. We also have PET-film production since 2Q 2010. Our production sites are located in Xiamen City of Fujian Province, China. TPK is completely and vertically integrated for one-stop shopping for touch solutions.
1Q 2011 PROFIT & LOSS
1Q 2011 BALANCE SHEET
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