2014

Siliconware Precision Industries Reports a 1.8% Quarter-over-Quarter Growth in Revenues Resulting in Earnings per Share of NT$ 0.55 or Earnings per ADS of US$ 0.09 for Third Quarter 2012

TAICHUNG, Taiwan, Oct. 30, 2012 /PRNewswire/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the third quarter of 2012 were NT$ 16,846 million, which represented a 1.8% growth in revenues compared to the second quarter of 2012 and a 3.2% growth in revenues compared to the third quarter of 2011. SPIL reported a net income of NT$ 1,699 million for the third quarter of 2012, compared with a net income of NT$ 1,470 million and a net income of NT$ 1,471 million for the second quarter of 2012 and the third quarter of 2011, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.55, and diluted earnings per ADS was US$ 0.09.

All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Operating results review:

  • For the third quarter of 2012, net revenues from IC packaging were NT$ 15,263 million and represented 90% of total net revenues. Net revenues from testing operations were NT$ 1,583 million and represented 10% of total net revenues.
  • Cost of goods sold was NT$ 13,531 million, representing an increase of 1.3% compared to the second quarter of 2012 and a decrease of 2.3% compared to the third quarter of 2011.
    • Raw materials costs were NT$ 6,650 million for the third quarter of 2012 and represented 39.5% of total net revenues, whereas raw materials costs were NT$ 6,866 million and represented 41.5% of total net revenues for the second quarter of 2012.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 130 million.   
  • Gross profit was NT$ 3,315 million for the third quarter of 2012, representing a gross margin of 19.7%, which increased from a gross margin of 19.3% for the second quarter of 2012 and was up from 15.2% for the third quarter of 2011.   
  • Total operating expenses for the third quarter of 2012 were NT$ 1,412 million, which included selling expenses of NT$ 218 million, administrative expenses of NT$ 522 million and R&D expenses of NT$ 672 million. Total operating expenses represented 8.4% of total net revenues for the third quarter of 2012.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 58 million
  • Operating income was NT$ 1,903 million for the third quarter of 2012, representing an operating margin of 11.3%, which decreased from 11.5% for the second quarter of 2012 and increased from 8.2% for the third quarter of 2011. 
  • Non-operating items:
    • Our non-operating income was NT$ 229 million, including cash dividends of NT$ 115 million from Unimicron.
  • Net income before tax was NT$ 1,997 million for the third quarter of 2012, which increased from a net income before tax of NT$ 1,786 million for the second quarter of 2012 and increased from a net income before tax of NT$ 1,629 million for the third quarter of 2011.
  • Income tax expense was NT$ 298 million for the third quarter of 2012, compared with income tax expense of NT$ 316 million for the second quarter of 2012 and income tax expense of NT$ 157 million for the third quarter of 2011.
  • Net income was NT$ 1,699 million for the third quarter of 2012, which increased from a net income of NT$ 1,470 million for the second quarter of 2012 and increased from a net income of NT$ 1,471 million for the third quarter of 2011.
  • Total number of shares outstanding was 3,092 million shares as of Sept 30,2012. Diluted earnings per ordinary share for this quarter was NT$ 0.55, or US$ 0.09 per ADS.  

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 16,859 million as of Sept 30, 2012 from NT$ 18,262 million as of June 30, 2012, and NT$ 14,230 million as of Sept 30, 2011. 
  • Capital expenditures for the third quarter of 2012 totaled NT$ 5,586 million, which included NT$ 3,922 million for packaging equipment and NT$ 1,664 million for testing equipment.
  • Total depreciation expenses for the third quarter of 2012 totaled NT$ 2,356 million, which included NT$ 1,802 million was from packaging operations and NT$ 554 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 15,263 million for the third  quarter of 2012, which represented an increase of NT$ 358 million or 2.4% compared to the second quarter of 2012.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 42%, 24% and 24%, respectively, of total net revenues for the third quarter of 2012.
  • Capital expenditures for IC packaging operations totaled NT$ 3,922 million for the third quarter of 2012, which included NT$ 2,957 million for packaging and building construction and NT$ 965 million for wafer bumping operations.
  • As of Sept 30, 2012 we had 7,679 wirebonders installed, of which 924 were added   and 215 were disposed in the third quarter of 2012.

IC testing service:                     

  • Net revenues from testing operations were NT$ 1,583 million for the third quarter of 2012, which represented a decrease of NT$ 57 million or 3.5% compared to the second quarter of 2012.
  • Capital expenditures for testing operations totaled NT$ 1,664 million for the third quarter of 2012.
  • As of Sept 30, 2012 we had 398 testers installed, of which 31 were added in the third quarter of 2012.

Revenue Analysis

  • Breakdown by end applications:

By application

3Q12

2Q12

Communication

49%

48%

Computing

13%

16%

Consumer

28%

26%

Memory

9%

10%

  • Breakdown by packaging type:

By packaging type

3Q12

2Q12

Bumping & Flip Chip 

24%

25%

Substrate Based

42%

38%

Leadframe Based

24%

27%

Testing 

10%

10%

About SPIL

Siliconware Precision Industries Ltd. ("SPIL")(NASDAQ: SPIL, Taiwan Stock Exchange:2325) is a leading provider of comprehensive semiconductor assembly and test services. SPIL is dedicated to meeting all of its customers' integrated circuit packaging and testing requirements, with turnkey solutions that range from design consultations, modeling and simulations, wafer bumping, wafer probe and sort, package assembly, final test, burn-in, to shipment. Products include advanced leadframe, substrate packages, wafer bumping and FCBGA, which are widely used in personal computers, communications, Internet appliances, cellular phones, digital cameras, cable modems, personal digital assistants and LCD monitors. SPIL supplies services and support to fabless design houses, integrated device manufacturers and wafer foundries globally. For further information, visit SPIL's web site at www.spil.com.tw.

Safe Harbor Statement

The information herein contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectation and projections about future events. Such forward-looking statements are inherently subject to known and unknown risks, uncertainties, assumptions about us and other factors that may cause the actual performance, financial condition or results of operations of SPIL to be materially different from what may be implied by such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors, including, among other things:

  • the intensely competitive personal computer, communications, consumer ICs and non-commodity memory semiconductor industries and markets;
  • cyclical nature of the semiconductor industry;
  • risks associated with global business activities;
  • non-operating losses due to poor financial performance of some of our investments;
  • our dependence on key personnel;
  • general economic and political conditions;
  • possible disruptions in commercial activities caused by natural and human induced disaster, including terrorist activities and armed conflicts and contagious disease, such as the Severe Acute Respiratory Syndrome;
  • fluctuations in foreign currency exchange rates; and
  • other risks identified in our annual reports on Form 20-F filed with the U.S. Securities and Exchange Commission each year.

The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.  In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

All financial figures discussed herein are prepared pursuant to ROC GAAP on a consolidated basis. The investment gains or losses of our company for the three months ended Sept 30, 2012 reflect our gains or losses attributable to the third quarter of 2012 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the consolidated financial data for our company for the three months ended Sept 30, 2012, nor the consolidated financial data for our company for the nine months ended Sept 30, 2012 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Sept 30, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))















Sept  30,2012


Sept  30,2011


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Cash and cash equivalent


575,494


16,859,090

18


14,230,144

17


2,628,946

18

Accounts receivable


432,054


12,657,035

13


12,057,019

14


600,016

5

Inventories


120,830


3,539,713

4


4,526,124

5


(986,411)

-22

Other current assets


64,380


1,886,022

2


1,625,119

2


260,903

16

Total current assets


1,192,758


34,941,860

37


32,438,406

38


2,503,454

8













Long-term investments


230,200


6,743,709

7


5,922,993

7


820,716

14

Fixed assets


3,113,754


91,217,421

98


84,829,015

99


6,388,406

8

Less accumulated depreciation


(1,407,756)


(41,240,221)

-44


(40,241,018)

-47


(999,203)

2

Net fixed assets


1,705,998


49,977,200

54


44,587,997

52


5,389,203

12

Other assets


68,692


2,012,334

2


2,601,713

3


(589,379)

-23

Total Assets


3,197,648


93,675,103

100


85,551,109

100


8,123,994

9













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Short-term loans


70,000


2,050,650

2


1,524,000

2


526,650

35

Accounts payable


216,364


6,338,384

7


8,281,584

10


(1,943,200)

-23

Current portion of long-term debt 


53,489


1,566,958

2



1,566,958

Other current liability


359,224


10,523,478

11


7,507,635

9


3,015,843

40

Long-term loans


467,442


13,693,717

15


9,562,005

11


4,131,712

43

Other liabilities


17,356


508,452

1


349,038


159,414

46

Total  Liabilities


1,183,876


34,681,639

38


27,224,262

32


7,457,377

27













Stockholders' Equity












Capital stock


1,063,786


31,163,611

33


31,163,611

36


Capital reserve


562,317


16,473,088

17


16,453,527

20


19,561

Legal reserve


260,994


7,645,816

8


7,162,092

8


483,724

7

Retained earnings


139,120


4,075,524

4


3,699,705

4


375,819

10

Unrealized gain or loss on financial instruments


28,618


838,369

1


715,054

1


123,315

17

Cumulated translation adjustment


4,729


138,548


365,747


(227,199)

-62

Net loss not recognized as pension cost


(12,879)


(377,304)


(268,568)


(268,568)

Treasury Stock


(32,913)


(964,188)

-1


(964,321)

-1


133

Total Equity


2,013,772


58,993,464

62


58,326,847

68


666,617

1

Total Liabilities & Shareholders' Equity


3,197,648


93,675,103

100


85,551,109

100


8,123,994

9













Forex ( NT$ per US$ ) 




29.295



30.480





(1)All figures are under ROC GAAP.  


 

SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED INCOME STATEMENT

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))



3 months ended on Sept 30


Sequential Comparison



3Q2012


3Q 2011


YOY


3Q 2012


2Q 2012


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


564,917


16,845,815

100.0


16,324,530


3.2


16,845,815


16,545,486


1.8

Cost of Goods Sold


(453,735)


(13,530,387)

-80.3


(13,842,471)


-2.3


(13,530,387)


(13,356,181)


1.3

Gross Profit


111,181


3,315,428

19.7


2,482,059


33.6


3,315,428


3,189,305


4.0

Operating Expenses
















Selling Expenses


(7,323)


(218,377)

-1.3


(195,942)


11.4


(218,377)


(206,334)


5.8

Administrative Expenses


(17,503)


(521,946)

-3.1


(430,762)


21.2


(521,946)


(471,752)


10.6

Research and Development Expenses


(22,542)


(672,208)

-4.0


(508,794)


32.1


(672,208)


(617,302)


8.9



(47,369)


(1,412,531)

-8.4


(1,135,498)


24.4


(1,412,531)


(1,295,388)


9.0

Operating Income


63,813


1,902,897

11.3


1,346,561


41.3


1,902,897


1,893,917


0.5

















Non-operating Income


7,676


228,885

1.4


373,872


-38.8


228,885


138,363


65.4

Non-operating Expenses


(4,525)


(134,922)

-0.8


(91,820)


46.9


(134,922)


(246,438)


-45.3

Income from Continuing Operations before Income Tax 


66,964


1,996,860

11.9


1,628,613


22.6


1,996,860


1,785,842


11.8

Income Tax Credit (Expenses) 


(10,004)


(298,332)

-1.8


(157,323)


89.6


(298,332)


(316,169)


-5.6

Net Income


56,959


1,698,528

10.1


1,471,290


15.4


1,698,528


1,469,673


15.6

















Earnings Per Ordinary Share- Diluted 




  NT$    0.55 



NT$   0.47






  NT$   0.48 



















Earnings Per ADS- Diluted 




 US$    0.09



US$   0.08






 US$    0.08



Weighted Average Outstanding Shares - Diluted ('k)




3,091,809



3,123,946






3,086,993



















Forex ( NT$ per US$ ) 




29.82



29.17






29.62



















(1) All figures are under ROC GAAP.  
















(2) 1 ADS is equivalent to 5 Common Shares.   
















 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Nine Months Ended on Sept 30, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))












9 months ended on Sept 30, 2012 and 2011



2012


2011


YOY



USD

NTD

%


NTD


Change %

Net Sales


1,632,522

48,508,983

100.0


45,527,145


6.5

Cost of Goods Sold


(1,338,698)

(39,777,698)

-82.0


(38,548,262)


3.2

Gross Profit


293,824

8,731,285

18.0


6,978,883


25.1

Operating Expenses









Selling expenses


(20,095)

(597,136)

-1.2


(521,467)


14.5

Administrative expenses


(48,882)

(1,452,618)

-3.0


(1,246,344)


16.6

Research and development expenses             


(62,102)

(1,845,469)

-3.8


(1,457,716)


26.6



(131,079)

(3,895,223)

-8.0


(3,225,527)


20.8

Operating Income


162,745

4,836,062

10.0


3,753,356


28.8










Non-operating Income


17,033

506,440

1.0


560,436


-9.6

Non-operating Expenses


(16,108)

(478,281)

-1.0


(200,554)


138.5

Income Before Income Tax


163,670

4,864,221

10.0


4,113,238


18.3

Income Tax Credit (Expenses) 


(27,085)

(804,768)

-1.7


(447,299)


79.9

Net Income


136,585

4,059,453

8.4


3,665,939


10.7



















Earnings Per Ordinary Share- Diluted 



NT$   1.31



NT$   1.17












Earnings Per ADS- Diluted 



US$   0.22



US$   0.20



Weighted Average Outstanding Shares - Diluted ('k)



3,091,809



3,123,946












Forex ( NT$ per US$) 



29.72



29.10



(1)All figures are under ROC GAAP.  









(2) 1 ADS is equivalent to 5 Common Shares.   









SILICONWARE  PRECISION  INDUSTRIES  CO.,  LTD.

CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS

For 9 Months Ended on Sept 30, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))










9 months, 2012


9 months, 2011



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income


138,572


4,059,453


3,665,939

   Depreciation  


239,306


7,010,476


6,736,971

   Amortization


14,947


437,870


419,521

   Gains on disposal of long-term investment 


(1,975)


(57,849)


(65,083)

   Change in working capital & others


(60,517)


(1,772,846)


(2,224,475)

Net cash flows provided from operating activities


330,333


9,677,104


8,532,873








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(336,026)


(9,843,888)


(8,473,374)

   Increase of financial asset carried at cost 




(490,000)

   Proceeds from disposal of equipments


2,817


82,522


562,184

   Payment for deferred charges/other changes


(33,572)


(983,495)


(916,228)

Net cash used in investing activities


(366,781)


(10,744,861)


(9,317,418)








Cash Flows from Financing Activities:







   Increase of short-term loan


20,139


589,975


   Increase of long-term loan


203,221


5,953,356


5,000,000

   Cash dividends distributed to shareholders and cash bonus    distributed to employees


(149,213)


(4,371,188)


(5,048,478)

   Proceeds from the exercise of employee stock option /other charges


(3,022)


(88,524)


(663,410)

Net cash provided from financing activities


71,125


2,083,619


(711,888)








Foreign currency exchange effect 


(3,358)


(98,372)


207,569

Net increase (decrease) in cash and cash equivalents


31,319


917,490


(1,288,864)

Cash and cash equivalents at beginning of period


544,175


15,941,600


15,519,008

Cash and cash equivalents at end of period


575,494


16,859,090


14,230,144








Forex ( NT$ per US$ ) 




29.295


30.480








(1) : All figures are under ROC GAAP.  







Contact:

Siliconware Precision Industries Co., Ltd.                                                                                             
No.45, Jieh Show Rd. 
Hsinchu Science Park, Hsinchu
Taiwan, 30056
www.spil.com.tw

Janet Chen, IR Director  
janet@spil.com.tw
+886-3-5795678#3675

Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671

SOURCE Siliconware Precision Industries Co., Ltd.



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