VIEWSONIC reports second quarter 2007 financial results
* Net sales were $423.9 million, an 11.8 percent increase over the second quarter of 2006
* Selling, general and administrative expenses decreased one percentage point from 7.9 percent of net sales in Q2 2006 to 6.9 percent of net sales in the second quarter of 2007
* Net income of $5.9 million, a $5.4 million increase over the second quarter of 2006
WALNUT, Calif. – ViewSonic® Corporation, a leading global provider of visual display products, today announced its financial results for the quarter ended June 30, 2007.
Net sales were $423.9 million, an increase of 11.8 percent compared to $379.3 million in the second quarter of 2006. The increase in net sales was primarily driven by growth in unit shipments of LCD and projector products. Net income was $5.9 million in the second quarter of 2007 compared to $0.5 million in the second quarter of 2006. The increase in net income was primarily the result of the growth in net sales, higher gross margins and a reduction in ViewSonic’s selling, general and administrative expenses, which were 6.9 percent in the second quarter of 2007 compared to 7.9 percent in the second quarter of 2006. The second quarter of 2007 included a $3.7 million gain related to a litigation settlement related to certain commercial matters.
"While the display industry as a whole experienced shortages in certain LCD sizes resulting in an increase in panel prices, we were able to grow sales in regional markets by enhancing our core product offerings and continuing to execute on strategic initiatives designed to improve our cost structure,” said James Chu , chairman and CEO of ViewSonic Corporation. “As a result of these efforts and improvements made in our supply chain and logistics processes, we were able to continue to grow our net income year-over-year.”
For further information on ViewSonic’s results for the three and six month period ended June 30, 2007, please refer to the company’s Form 10-Q for the Quarterly Period ended June 30, 2007 filed with the U.S. Securities and Exchange Commission which is available at http://www.sec.gov and under the company information section of ViewSonic.com.
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