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LG.Philips LCD Reports Q1 Results
Apr 12, 2006
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LG.Philips LCD, one of the world's leading TFT-LCD manufacturers, reported unaudited earnings results based on consolidated Korean GAAP for the 3-month period ended March 31, 2006.

Sales in the first quarter of 2006 decreased by 17 percent to 2,471 billion won (approx. U.S. $2,544 million) from sales of 2,963 billion won (approx. $3,050 million) in the fourth quarter of 2005 and increased 20 percent compared to 2,064 billion won (approx. $2,125 million) in the first quarter of 2005. The sequential decline in sales in this year's first quarter was the result of a greater than expected decline in demand and the average selling price in both the notebook and monitor panel segments.

Net income in the first quarter of 2006 decreased to 48 billion won (approx. $49 million) from 328 billion won (approx. $338 million) in the fourth quarter of 2005, and increased compared to a loss of 79 billion won (approx. $81 million) in the first quarter of 2005.

Revenue in the 3-month period ended March 31, 2006 increased by 20 percent to 2,471 billion won (approx. $2,544 million) from 2,064 billion won (approx. $2,125 million) in the corresponding period in 2005, mainly due to increased demand for LCD TVs. TFT-LCD panels for TVs, desktop monitors, notebook computers, and other applications accounted for 45 percent, 30 percent, 20 percent, and 5 percent, respectively, on a revenue basis, in the first quarter of 2006, compared to 34 percent, 38 percent, 24 percent, and 4 percent, respectively, on a revenue basis, in the fourth quarter of 2005.

Overall, the Company shipped a total of 1,274,000 square m of net display area in the first quarter of 2006, a 5 percent sequential quarterly decrease, with an average selling price per square m of $1,953. This represents a decrease in the average selling price per square meter of net display area of approximately 10 percent compared to the end of the fourth quarter of 2005 and an average decrease of 8 percent from the fourth quarter of 2005.

The total cost of goods sold decreased 7 percent quarter-on-quarter to 2,294 billion won (approx. $2,362 million), and increased 9 percent year-on-year. The sequential decrease is primarily due to lower shipments and better than expected cost reduction at the company's facilities. The cost of goods sold per square meter of net display area shipped was 1,800,000 won (approx. $1,853) for the first quarter of 2006, down 2 percent from the fourth quarter of 2005.

As of March 31, 2006, LG.Philips LCD had 1,060 billion won (approx. $1,091 million) of cash and cash equivalents. Total debt was 3,616 billion won (approx. $3,722 million), and the net-debt-to-equity ratio was 33 percent as of March 31, 2006, compared to 26 percent as of Dec. 31, 2005.

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