TAIPEI, Taiwan, March 22, 2012 ?? Aurora Corp. (Ticker: 2373 TT / 2373 TW) today announced fourth-quarter 2011 results ended December 31, 2011.
In the Spotlight? Net profit of NT$306 million, a 51% increase? Best Q4 revenue of NT$3.44 billion? Third-highest Q4 net profit on record of NT$224 million? 2011 full-year revenue of NT$12.98 billion hitting a seven-year high, with record net profit of NT$1.06billion and EPS of NT$3.42
??We ended 2011 on a strong note, even as we operated in a challenging economic environment. Our traditionally strong segments in office automation and office furniture ensured sustained profit levels, while we continued to execute on new growth initiatives. With more service points opened and more investments made in logistics and manufacturing facilities, our competitive positioning in document technology was significantly enhanced,?? state the Company.
Revenue
Fourth-quarter net revenue, at NT$3.44 billion, was flat over the year-ago period. By geographic region, China showed modest gains, versus a 9% decrease in Taiwan. China contributed 49% of revenue for the quarter with RMB 357 million.
For 2011, the Company reported net revenue of NT$12.98 billion, up 4% from 2010. Office automation, office furniture, mobile technology and office equipment represented 37%, 28%, 24% and 11% of total revenue, respectively. China continued to provide growth, which increased 13% for the year and generating 48% of revenue for the Company. Office furniture, which made up the largest share of China revenue, drove the greatest growth at 24%, followed by office automation??s 10%.
Gross Profit
Fourth-quarter 2011 gross profit grew 6% to NT$1.39 billion from the year-ago quarter. Gross margin expanded to 40.3% from 38.2% a year earlier.
Full-year 2011 gross profit increased 7% to NT$5.08 billion, driven by the higher mix of office furniture revenue in China and continued profit improvement in office automation segment. Full-year gross margin was 39.1% compared to 38.2% in 2010.
Operating Income
Fourth-quarter 2011 operating income, at NT$213 million, showed modest gains from the same quarter in the prior year. Operating margin was similar to the year-ago level at 6.2%.
Full-year 2011 operating income of NT$830 million increased 55% compared to 2010, with operating margin of 6.4% up 2.1 percentage points from a year ago. The results reflected a lower year-ago base and effects of more disciplined expense management resulting from the repositioning of channel strategy.
Net Profit
Aurora posted the third-best fourth-quarter net profit in history of NT$224 million, or NT$0.72 per share, similar to the year-ago quarter. For 2011, Aurora reported net profit of NT$1.06 billion, or NT$3.42 per share, representing increases of 43% and 42%, respectively, from the prior year.
Other Highlight
Office automation equipment sales continued to rise with color products taking an increasingly larger share. The Company??s color penetration rates, or color % of new copiers sold, added up to a record fourth quarter with 20% for China and 40% for Taiwan. The machine-in-field (MIF) base steadily grew to 88,000 units in Taiwan and 46,300 units in China at 2011 year-end.
Outlook
??During the past year, we have gained positive traction in key growth initiatives. As we look to 2012, we will continue to drive large machine sales and develop public sector and large enterprise opportunities. We shall see momentum building for new product offerings ?? projectors, laser printers and fax management software. Our continuing investments in logistics and manufacturing facilities will enable us to reap greater economies of scale, which in turn reflect on expense control and margins.??
Investor Relations Contacts
Founded in 1965, Aurora Corp. reaches and serves customers with a broad portfolio of printers, multi-function devices, print services, office equipment and furniture that cater to businesses of all sizes in any industry.
Except for statements in respect of historical matters, the statements in this press release are ??forward-looking statements.?? Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance, financial condition or results of operations of Aurora Corp. to be materially different from any future results implied by the forward-looking statements. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall market and economy, acceptance and demand for products, and technological and development risks.
The financial forecasts and forward-looking statements in this document reflect the current belief of Aurora Corp. as of the date of this document and Aurora Corp. undertakes no obligation to update these forecasts and forward-looking statements for events or circumstances that occur subsequent to such date.