Record High! WPG (TSE:3702) Reports Consolidated Second Quarter Sales of NT$471 billion, with Diluted EPS of NT$0.90, +48% QoQ and +46% YoY Net Income Increase
2009-08-03
Record High! WPG (TSE:3702) Reports Consolidated Second Quarter Sales of NT$471 billion, with Diluted EPS of NT$0.90, +48% QoQ and +46% YoY Net Income Increase
Taipei, Taiwan
2009/8/3
WPG, the largest semiconductor components distributor in Asia, reported second quarter 2009 consolidated sales of NT$471 billion (US$1,420,48 Million), the operating margin posted a better-than-expected increase from 1.9~2.2% to 2.27%, thereby, the net income would have been NT$990 million (US$24.03 Million), representing 48% QoQ and 46% YoY growth, the diluted earning per share of NT$ 0.90, and NT$ 1.54 for the first six months of 2009. The shareholders meeting resolved cash dividend NT$1.4 per share on June 16, 2009.
“The second quarter’s results exceeded our own high expectations, driven by the expansion of emerging markets, especially in China; and the acquisitions of AIT and Pernas have contributed more than 16% in revenue and 17% in profit,” said Simon Huang, chairman and president.
“Due to profit earned and effective inventory management, Q209 Return on Working Capital (ROWC) was 19.80%, and ROE was 17.37%, the inventory turnover in days has reached the lowest level to within 30 days,” said Cliff Yuan, vice president of corporate finance and accounting. “Looking ahead, we believe that total third quarter sales will be between NT$525 billion and NT$ 565 billion, with the growth margin in the range of 5.5%~5.7% and we expect the average operating margin is 2.35%~2.6%.”
“In addition to Samsung Electro-Mechanics, CSR, Panasonic and PixArt carried by Prenas and AIT, to diversify the product mix and penetrate new markets, WPG has new franchises of Kemet, Wintek and KST, increasing our component sales applied to 4C (Computer/ Communication/ Consumer/ Car) applications,” stated Scott Lin, vice president of marketing management unit. ” WPG has occupies a unique, value-added space in the supply chain, with growth opportunities across many customer segments, end markets and technologies, in the second quarter, we have provided more than 17 application solutions in the fields of communication(1), consumer electronics(5), automotive(7) and general(4) (for more information please visit WPG Tech on-line, https://www.wpgholdings.com/wpgtechonline.php).”
Table: WPG Holdings Consolidated Management Financials for the quarter ended June 30th, 2009. (in brief)
Units：NT$ million
Income Statement (2009/1/1~2009/6/30)
Balance Sheet (2009/1/1~2009/6/30)
Item AmountItem Amount
Net Sales 84,343Current Assets 52,052
Cost of Goods Sold (79,501) Accounts receivables25,687
Gross Profit 4,842 Inventory 14,613
Operating Expenses(3,023)Other assets 3,067
Operating Profit 1,819Total Assets 55,120
Non-op Expenses (70)Current Liabilities34,271
Profit Before Tax 1,750 Accounts payables18,665
Tax (423)LT Liabilities 2,129
Minority & Others 14Total Liabilities36,713
Profit After tax 1,341Common Stock 8,926
EPS (Note) 1.54Stockholders Equity18,407
Net book value per share(Note)21.02
Note：Based on weighted average outstanding shares.
Cash flows (2009/1/1~2009/6/30)
Item Amount
Net Income 1,341
Changes of NWC 4,174
Operating cash inflow 5,367
Investment cash inflow 1,079
Financial Debt (5,646)
Financing cash outflow (5,655)
Cumulative translation adjustments 703
Effect on changes of consolidated subsidiaries166
Net Cash 1,660
Beginning cash balance 6,088
Ending cash balance 7,748
IR contacts：Cliff Yuan/ Kathryn Chen
Tel：886-2-27068268 ext.5268 / ext.5278
Email address: ir@WPGholdings.com
Corporate website: www.WPGholdings.com
Taipei, Taiwan
2009/8/3
WPG, the largest semiconductor components distributor in Asia, reported second quarter 2009 consolidated sales of NT$471 billion (US$1,420,48 Million), the operating margin posted a better-than-expected increase from 1.9~2.2% to 2.27%, thereby, the net income would have been NT$990 million (US$24.03 Million), representing 48% QoQ and 46% YoY growth, the diluted earning per share of NT$ 0.90, and NT$ 1.54 for the first six months of 2009. The shareholders meeting resolved cash dividend NT$1.4 per share on June 16, 2009.
“The second quarter’s results exceeded our own high expectations, driven by the expansion of emerging markets, especially in China; and the acquisitions of AIT and Pernas have contributed more than 16% in revenue and 17% in profit,” said Simon Huang, chairman and president.
“Due to profit earned and effective inventory management, Q209 Return on Working Capital (ROWC) was 19.80%, and ROE was 17.37%, the inventory turnover in days has reached the lowest level to within 30 days,” said Cliff Yuan, vice president of corporate finance and accounting. “Looking ahead, we believe that total third quarter sales will be between NT$525 billion and NT$ 565 billion, with the growth margin in the range of 5.5%~5.7% and we expect the average operating margin is 2.35%~2.6%.”
“In addition to Samsung Electro-Mechanics, CSR, Panasonic and PixArt carried by Prenas and AIT, to diversify the product mix and penetrate new markets, WPG has new franchises of Kemet, Wintek and KST, increasing our component sales applied to 4C (Computer/ Communication/ Consumer/ Car) applications,” stated Scott Lin, vice president of marketing management unit. ” WPG has occupies a unique, value-added space in the supply chain, with growth opportunities across many customer segments, end markets and technologies, in the second quarter, we have provided more than 17 application solutions in the fields of communication(1), consumer electronics(5), automotive(7) and general(4) (for more information please visit WPG Tech on-line, https://www.wpgholdings.com/wpgtechonline.php).”
Table: WPG Holdings Consolidated Management Financials for the quarter ended June 30th, 2009. (in brief)
Units：NT$ million
Income Statement (2009/1/1~2009/6/30)
Balance Sheet (2009/1/1~2009/6/30)
Item AmountItem Amount
Net Sales 84,343Current Assets 52,052
Cost of Goods Sold (79,501) Accounts receivables25,687
Gross Profit 4,842 Inventory 14,613
Operating Expenses(3,023)Other assets 3,067
Operating Profit 1,819Total Assets 55,120
Non-op Expenses (70)Current Liabilities34,271
Profit Before Tax 1,750 Accounts payables18,665
Tax (423)LT Liabilities 2,129
Minority & Others 14Total Liabilities36,713
Profit After tax 1,341Common Stock 8,926
EPS (Note) 1.54Stockholders Equity18,407
Net book value per share(Note)21.02
Note：Based on weighted average outstanding shares.
Cash flows (2009/1/1~2009/6/30)
Item Amount
Net Income 1,341
Changes of NWC 4,174
Operating cash inflow 5,367
Investment cash inflow 1,079
Financial Debt (5,646)
Financing cash outflow (5,655)
Cumulative translation adjustments 703
Effect on changes of consolidated subsidiaries166
Net Cash 1,660
Beginning cash balance 6,088
Ending cash balance 7,748
IR contacts：Cliff Yuan/ Kathryn Chen
Tel：886-2-27068268 ext.5268 / ext.5278
Email address: ir@WPGholdings.com
Corporate website: www.WPGholdings.com