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Seoul Achieves Record Quarterly Revenues

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Q3 revenues reach $270 million, an increase of 24 percent year-on-year

Seoul Semiconductor has announced record third-quarter revenues of $270 million (KrW 305 billion) an increase of 14 percent quarter-over-quarter and 24 percent year-on-year respectively.

Operating profit was $27 million (KrW 30.6 billion) marking a growth of 27 percent quarter-over-quarter and 54 percent year-on-year despite a continued decline of the average selling price (ASP).

Seoul puts these results down to the company's continued cost and process innovations and strong sales of its differentiated technologies Acrich MJT, Wicop, UCD and filament LED. Within the lighting division, more than one-third of its customers have already shifted to adopt Acrich MJT, which is expected to account for over 50 percent of sales in general lighting next year.

Filament LEDs are rapidly becoming popular in the decorative lighting market, where they are replacing conventional LEDs. Sales grew in the display segment due to strong adoption of Acrich, enabling optimal local dimming in premium UHD TVs (Ultra-High Definition Televisions), and UCD that brings exceptional color rendering to displays.

The package-free LED Wicop, featuring greatly enhanced brightness and enabling slim displays, already accounts for double-digit overall sales. The application of Wicop has gone beyond automotive daytime running lights (DRLs) and is now being used in automotive headlamps. In addition to rising sales of its differentiated products, the over 30 percent+ year over- year rise in automotive lighting sales in the third quarter proved highly profitable for the company.

Seoul expects its new factory in Vietnam and the implementation of smart factory systems to further strengthen cost innovations for the future.

Company outlook

The company forecasts revenue guidance of £239 million to $257 million (KrW 270 to 290 billion) for the fourth quarter. This figure is relatively high considering the exceptional third quarter results and the fact that the fourth quarter is typically off-season for LED manufacturers.

The company's CFO Sangbum Kim stated that SunLike, a new LED technology which produces light closely matches the spectrum of natural sunlight which was launched at a press conference in Frankfurt, Germany in June, has been very well received with great interest from customers around the world.

The company's previously launched LED drivers, which integrate inverters into chips, will continue to advance future sales and profit growth. Kim also stated that the company plans to keep its focus on protecting its customers by continuing to develop differentiated technology and secure intellectual property.

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