Lite-On Technology has reported that its fourth-quarter 2013 consolidated sales reached NT$59.36 billion (US$1.95 billion), up 12% on year and 4% on quarter, hitting a 10-quarter record high. Net profits were NT$2.52 billion, up 9% on year and 4% on quarter with EPS of NT$1.09, hitting a quarterly profit high in 2013. This is attributable to the solid growth from Lite-On core products, namely camera modules, LED components and lighting, high-end server and networking power systems, solid state drives (SSD), automotive electronics and game console application products, the company said.
Despite decreased demand from the global PC market in 2013, Lite-On's annual consolidated sales reached NT$213.2 billion and net profits were NT$8.76 billion, up 18% on year with EPS of NT$3.83. The gross margin and operating margin were 14.3% and 4.7% respectively, of which R&D increased approximately 10% on year. Its net cash position reached NT$23 billion through aggressive working capital management, coupled with a positive free cash flow generated from operations.
In 2013, stable growth was achieved in the six major applications/products of Lite-On's core business - high-end server and networking power systems for cloud computing application, mobile devices, LED lighting applications, automotive electronics, Solid State Drives (SSD) and game consoles - which accounted for over 40% of Lite-On's overall revenues, as well as posting a growth of over 40% on year. Power SBG showed consecutive revenue growth, while camera module sales presented yearly growth of 30%, supported by high-mega pixel product expansion and market share gains, hitting another record high; LED components and lighting revenues also presented a growth of approximately 20% on year, of which LED street light revenues increased over 50% on year driven by increased demand for energy saving solutions in North America and Taiwan; and vehicle LED lighting revenues were up over 20% on year, the company added.
Lite-On Board added it has approved the acquisition of 100% stake of LarView Technologies. This acquisition is expected to result in the further enhancement of production automation of high-mega pixel camera modules, the obtaining of miniature packaging technology, coupled with the R&D team, while accelerating production capacity expansion for high-mega pixel camera modules in order to promptly meet rapid end-market growth and increased customer demands, said Lite-On.
