Seoul Semiconductor Announces First Quarter Results, Share Buyback
Seoul Semiconductor Co., Ltd. (KOSDAQ 046890), a market leader in LED (light emitting diode) design and manufacturing, today announced consolidated first-quarter revenues of KRW 257.5 billion. The rise in consolidated revenue came from strong sales in general lighting and strength across all segments within the IT division. The rise in automotive lighting sales also proved highly profitable for the company.
For the lighting division, technologies such as Wicop and Acrich were the drivers behind increasing sales while newly launched products such as filament LEDs and COB (Chip On Board) products further boosted revenue growth. In addition, automotive exterior lamps such as daytime running lights and headlights continued their fast-paced growth.
For the IT division, current customers expanding their product line-ups and new customer acquisitions were the main drivers of rising sales figures. As a result, overall revenues for the company increased significantly despite the weak seasonality normally seen during this time of year. In particular, the mobile and TV segments within the IT division saw noticeable growth leading to better than expected sales and profitability.
To improve share price stability and increase shareholder value, Seoul Semiconductor announced a KRW 10 billion share buyback to be executed within the next six months through Mirae Asset Daewoo Securities.
The company has been pursuing legal action and sending strong warnings to companies that infringe on its patent rights. On March 31, 2017, Seoul Semiconductor filed a patent infringement lawsuit in Germany in the District Court of Düsseldorf against a global electronic components distributor involving an LED product manufactured by Everlight which allegedly infringes on Seoul Semiconductor LED patents. In addition, notices have been sent to companies in the industry who have copied the company’s unique Wicop technology under the name CSP (chip scale package). Wicop is an LED technology in which the chip adheres directly on the substrate without requiring the use of packages.
Company outlook
The company provided revenue guidance of
KRW 250 to 270 billion for the upcoming quarter. The company plans to
further strengthen its sales and marketing activities for its unique
technologies including Acrich and Wicop and focus on acquiring more
customers to reach new heights with respect to earnings.
About Seoul Semiconductor:
Seoul
Semiconductor develops and commercializes light emitting diodes
(LEDs) for automotive, general illumination, specialty lighting, and
backlighting markets. As the fifth-largest LED manufacturer globally,
Seoul Semiconductor holds more than 12,000 patents, offers a wide range
of technologies, and mass produces innovative LED products such as Wicop
- a simpler structured Package-Free LED which provides market leading
colour uniformity, cost savings at the fixture level with high lumen
density and allows design flexibility; Acrich, the world's leading
direct AC LED; Acrich MJT multi-junction technology; a proprietary
family of high-voltage LEDs; and nPola, a new LED product based on
GaN-substrate technology that achieves over ten times the output of
conventional LEDs.
# Trademarks
Wicop and Acrich are trademarks of Seoul Semiconductor Co., Ltd.
Investor information and additional product details are available on the company website, www.seoulsemiconductor.com.
Forward Looking Statements:
This press release material contains
forward-looking statements which reflect Seoul Semiconductor’s current
views with respect to future events and financial performance, and are
subject to certain risks and uncertainties, which could cause actual
results to differ materially from those anticipated. Although Seoul
Semiconductor believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can
give no assurance that its expectations will be attained. Seoul
Semiconductor undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. All financial numbers are consolidated
figures unless stated otherwise.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170502005084/en/
Contact information
Seoul Semiconductor Europe GmbH
Ariane Heim
Tel: +49
(0)89-450-3690-0
Email: press.eu@seoulsemicon.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo