Gross margin in 2010 was 21.0% compared to 20.5% in 2009. Our net income was $33.2 million, or 19 cents per ADS, compared to $39.7 million, or 21 cents per ADS in the previous year. We expect to see contribution from our non-driver products to our gross profit and bottom line this year, on top of their contributions to the top line. Other than a short period of ramping time in the initial stage of mass production, each of our non-driver products exhibits higher gross margin than our driver products. We believe, with further ramp-up in non-driver products, we will be able to improve our gross margin from the current level."
Mr. Wu continued, "Entering into 2011, we are seeing encouraging signs in literally all aspects of our businesses, including large panel driver business where we suffered last year. We are therefore optimistic that our business is bottoming out and we are on track again to see top line and bottom line growth starting this year, following three years of decline. Equally important, looking ahead, we foresee a more balanced business portfolio with the large panel driver business accounting for a smaller percentage of our total sales. We also anticipate small panel drivers and non-drivers, which do not rely on a small number of large customers, to contribute significantly to our total sales.
2011 will be marked as a year of transition for us. Seeing the exciting upside potential, we continue to invest heavily on R&D, which will result in less than satisfactory first quarter profitability, as will be provided by the guidance below. Nevertheless, we believe we will be able to grow both our top and bottom lines each quarter during 2011."
Mr. Wu continued, "Another important task for this year is the listing of our planned Taiwan Depositary Receipts, or TDR. The filing, however, can only be made after the publication of the 2010 full year US GAAP audited financial reports, which is scheduled for the end of April. Prior year audited financial report is one of the essential documents required for official TDR application with the Taiwan Stock Exchange. We expect the issuance of TDR will provide a more convenient platform for our Asia-based investors and would help better reflect our corporate value through increased liquidity. We will provide application updates along the way."