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Acer scrapes $1.87 million in profit as it becomes world's third biggest PC maker

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Acer rose a place to become the world's third biggest PC maker this quarter, with net profits rising to $14.48 million, up net profit a slender $1.87 million, down from $11.2 million last quarter. Despite the drop, it's the company's second positive period since it ended 2011 with a $212 million loss, but the financial crises in the US, Europe, China and Asia Pacific all hampering its recovery. Like many of its PC brethren, it's pinning hopes on Windows 8 to spark a buying frenzy, but thanks to tight margins, only expects profits to be "on par" with those it's just announced.

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Acer Inc. Q2 Preliminary Financial Results: Consolidated Revenue NT$110.6B (US$3.7B) down 2.2% QOQ, Operating Income NT$433M (US$14.48M) doubles in growth, PAT NT$56M (US$1.87M), EPS NT$0.02

TAIPEI, TAIWAN (August 17, 2012) – Acer Inc. announces the preliminary financial results for Q2 2012. Consolidated revenue was NT$110.6B (US$3.7B), down 2.2% quarter-on-quarter (QOQ) and 8.3% up year-on-year (YOY). Operating income was NT$433M (US$14.48M), representing 213.5% growth QOQ; profit after tax (PAT) was NT$56M (US$1.87M); and earnings per share (EPS) was NT$0.02.

The Q2 operating income of NT$433M (US$14.48M) with operating margin of 0.4% exceeded Q1 margin of 0.1%. However, a one-time tax settlement of NT$410M (US$13.71M) in Europe impacted on both the PAT and EPS.

Although Acer maintained growth in PC shipments, the Q2 consolidated revenue declined over Q1 due to the worldwide total PC market downturn from Q1 to Q2, and unfavorable economic conditions in Europe, the U.S., China and Asia Pacific that resulted in weaker consumer demand.

In 1H 2012, Acer's preliminary consolidated revenue reached NT$223.6B (US$7.48B), down 2.7% YOY. Operating income of NT$570M (US$19.06M) with operating margin of 0.3% YOY and PAT of NT$387M (US$12.94M) both marked significant improvement YOY, and EPS was NT$0.14.

Acer will start shipping products for the launch of Microsoft Windows® 8 in August and September, therefore anticipates revenues to rebound, and consequently expects Q3 revenues to reach about on par with Q2.

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