Taoyuan, Taiwan (R.O.C.), January 28th, 2014 – Inotera Memories, Inc. (TWSE: 3474) today announced sales revenues of NTD 20,669 million, net income of NTD 11,051 million and earnings per share of NTD 1.82 based on weighted average outstanding shares of 6,058 million for the fourth quarter ended December 31st, 2013. For the fiscal year 2013, Inotera reported sales revenues of NTD 58,993 million and net income of NTD 21,200 million, or earnings per share of NTD 3.66 based on weighted average outstanding shares of 5,789 million. All numbers are un-audited.
The company achieved new record in both revenue and net income in the fourth quarter of 2013. The 22% quarter-on-quarter increase in the company’s sales revenues was mainly a result of a 15% increase in average sales revenue per wafer and a 6% growth in wafer shipments for the fourth quarter. Bit shipments in the fourth quarter were up 10% quarter-on-quarter.
Gross margin for the quarter was 53%, operating margin was 52%, and net margin was 53%. The company's book value per share as of December 31st, 2013 was NTD 8.15.
Starting from 2014, as per the original agreement with Micron signed in January 2013, Micron purchases all of Inotera’s output, and the discount percentage of Micron’s average selling prices adjusts according to Inotera’s prior quarter’s EBITDA. Gross margin for the first quarter of 2014 is projected at around 45%, plus or minus 3%.
The capital expenditures of NTD 6.4 billion on a book-entry basis in 2013 were lower than the previous guidance of NTD 8 billion, mainly due to a partial shift of some items beyond year-end cut off. In 2014, the capital expenditures for facility enhancement, 20nm pilot runs and the early preparations for 20m ramp are expected to be approximately NTD 15 billion.
Inotera Memories, Inc. was incorporated on January 23rd, 2003. Inotera's production facilities are designed to manufacture high-density and high-performance DRAM（Dynamic Random Access Memory）products using state-of-the-art technology. The combination of world-leading technology transferred from its technology partners and local cost-efficiency in mass production has resulted in an innovative company that is highly productive, highly competitive and at the leading edge in the DRAM industry. For more information, please visit Inotera's IR Website：http://ir.inotera.com
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