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Weltrend Reports First Quarter EPS of NT$-0.73

2020-05-05

Hsinchu, Taiwan, May 5, 2020 – Weltrend Semiconductor (TWSE:2436) today announced financial results for the quarter ended March 31, 2020 with consolidated revenue of NT$ 474.83 million, net loss of NT$ 130.45 million, and diluted earnings per share of NT$-0.73.

Operating income totaled NT$11.96 million, an increase of 689% from NT$1.52 million from a year prior, while non-operating income had a loss of NT$141 million, a decrease of 207% from a gain of NT$132 million a year prior.

The loss is majorly due to the plunge of equity market in the first quarter of 2020 amid the pandemic that results a decrease in fair values of the Company’s long term holdings of listed companies’ shares. As the pandemic crisis stabilizes, the Taiwan equity market has reversed 56% of the retreat as the end of April and so will likely the Company’s loss in holdings be reversed.

Year-over-year, first quarter revenue decreased 5.1%, net income decreased 217.8%, while diluted EPS decreased 217.7%. Compare to fourth quarter 2019, revenue decreased 20.8%, net income decreased 262.3%, and diluted EPS decreased 258.7%. All figures were prepared in accordance with TIFRS on a consolidated basis.

Gross margin for the quarter was 25%, operating margin was 3%, and net loss margin was 27%.

Meanwhile, the Company announced April monthly revenues of NT$235 million, an increase of 29% from NT$182 million a year ago while the growth of accumulated revenues turned positive to 4% year-over-year. As the orders from customers are steadily increasing, the Company expects revenues of the second quarter will increase from that of the first quarter.

Further details on the results are available at: http://www.weltrend.com.tw/en-global/investor/index/19/22

About Weltrend Semiconductor Inc.
Founded in 1989 in the "Silicon Valley of Taiwan", the Science-Based Industrial Park (SBIP) in Hsinchu, Weltrend (TAIEX: 2436) is a leading fabless semiconductor company, also known as IC design house, specializing in the planning, design, testing, application development and distribution of mixed-signal/digital IC products across multiple applications. For more information, please visit www.weltrend.com.

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