Lite-On Semiconductor Reports Second Quarter 2006 Financial Results
Lite-On Semiconductor Corp. ("Lite-On") reported financial results for the second quarter of 2006.
Revenues for the second quarter of 2006 were NT$3.0 billion, an increase of 31.5% from the second quarter of 2005. Gross profit and margin were NT$458 million and 15.4%, respectively, compared to NT$379 million and 16.7% for the same period in 2005, and NT$409 and 15.0% in Q1 2006. Operating income was NT$154 million, which represented a 5.2% margin, compared to NT$146 million and a 6.4% margin for the same period in 2005. Net income was NT$215 million, an increase of 13.2%, compared to NT$190 million for the second quarter of 2005. Basic earnings per share was NT$0.51, versus NT$0.56 in the second quarter of 2005. Adjusted earnings per share was NT$0.51 versus NT$0.50 in the second quarter of 2005.
"We are very pleased with the improvement in our second quarter results. Robust demand for color CIS products fueled 32% year-over-year growth in top line revenue during the second quarter, and gross margin increased 40 basis points from the first quarter of 2006 to 15.4%," commented M.K. Lu, President of Lite-On Semiconductor. "The discrete division's sales in the second quarter increased 24% year-over-year, with revenue of NT $1.1 billion. Our foundry products continued to gain traction in the second quarter, increasing 26% from the first quarter of 2006."
Revenues for the first half of 2006 were NT$5.7 billion, versus NT$4.2 billion for the same period in 2005. Gross profit and gross margin were NT $867 million and 15.2%, respectively, for the first six months of 2006, versus NT$742 million and 17.7% for the same period in 2005. Net income was NT$597 million during the six months ended June 30, 2006, compared to NT $362 million during the same period in 2005. Net income includes an after-tax gain of NT$259 million from the sale of Lite-On's 62% stake in Anachip Corp. to Diodes, Inc. on January 10, 2006. The image, discrete, and foundry divisions accounted for 50.0%, 36.9%, and 13.2% of total revenues, respectively, for the first half of 2006. Cash flow from operations for the six months ended June 30, 2006 was NT$841.0 million, compared to NT$317.0 million for the same period last year.
