Acer Q1 2014 Financial Results: Consolidated Revenue NT$76.72B (US$2.51B), Operating Income NT$127M (US$4.2M), PAT NT$1M (US$37K), EPS NT$0.0004 - In addition, Acer’s board of directors nominates candidates for the new term election in June
TAIPEI, TAIWAN (2014-05-08)
Acer announces the Q1 2014 financial results with consolidated revenue of NT$76.72B (US$2.51B), operating income of NT$127M (US$4.2M), profit after tax (PAT) of NT$1M (US$37K), and earnings per share (EPS) of NT$0.0004.
Acer achieved a surplus in PAT despite the decline in consolidated revenue by 11.4% on-quarter and by 16.6% on-year.
The operating income increased on-quarter after three consecutive quarters of losses, and increased by almost NT$100M (US$3.3M) owing to the effective control of inventory and costs, stabilizing gross profit, and other factors.
In addition, Acer’s Board approved the cancellation of 55.6 million treasury stocks (or 1.96% of current total outstanding shares), resulting in a new equity capital of NT$27.8B (US$910.9M) and net book value per share of NT$21.2.
New Board nominees
At the 2013 shareholders’ meeting, it was approved to amend the company’s memorandum and articles, which was to replace the audit committee with independent directors starting from the next term. Today the Board nominated six candidates for the next election of the Board, they are: Stan Shih, George Huang, Jason Chen, Carolyn Yeh, Philip Peng, and Hsin-Yi Lin. In addition, the Board nominated the candidates for the election of independent director: Dr. F.C. Tseng, current independent director; Dr. Ji-Ren Lee, professor of International Business at National Taiwan University; and Cheng Wu, chairman and co-founder of Azuki Systems.
Acer’s shareholders’ meeting will take place on June 18 in Taipei. Notes:
The exchange rate was US$1: NT$30.51.
Acer Inc. consolidated revenue includes revenues from other companies in which Acer Inc. has 50% or more ownership, and already deducts any revenues between Acer Inc. and these companies to avoid double-counting.