Siliconware Precision Industries Reports a 8.5% Quarter-over-Quarter growth in Revenues Resulting in Earnings per Share of NT$ 0.70 or Earnings per ADS of US$ 0.12 for Third Quarter 2013

TAICHUNG, Taiwan, Oct 31, 2013 /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 2013 were NT$ 19,092 million, which represented a 8.5% growth in revenues compared to the second quarter of 2013 and a 13.3% growth in revenues compared to the third quarter of 2012. SPIL reported a net income of NT$ 2,184 million for the third quarter of 2013, compared with a net income of NT$ 1,740 million and a net income of NT$ 1,548 million for the second quarter of 2013 and the third quarter of 2012, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.70, and diluted earnings per ADS was US$ 0.12.

All figures were prepared in accordance with TIFRS on a consolidated basis.

Operating results review:

  • For the third quarter of 2013, net revenues from IC packaging were NT$ 16,870 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,222 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 14,676 million, representing an increase of 5.4% compared to the second quarter of 2013 and an increase of 8.4% compared to the third quarter of 2012.
    • Raw materials costs were NT$ 6,691 million for the third quarter of 2013 and represented 35.1% of total net revenues, whereas raw materials costs were NT$ 6,509 million and represented 37.0% of total net revenues for the second quarter of 2013.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 165 million.
  • Gross profit was NT$ 4,416 million for the third quarter of 2013, representing a gross margin of 23.1%, which increased from a gross margin of 20.9% for the second quarter of 2013 and was up from 19.6% for the third quarter of 2012.
  • Total operating expenses for the third quarter of 2013 were NT$ 1,658 million, which included selling expenses of NT$ 211 million, administrative expenses of NT$ 583 million and R&D expenses of NT$ 864 million. Total operating expenses represented 8.7% of total net revenues for the third quarter of 2013.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 77 million
  • Operating income was NT$ 2,758 million for the third quarter of 2013, representing an operating margin of 14.4%, which increased from 10.8% for the second quarter of 2013 and increased from 11.2% for the third quarter of 2012.
  • Non-operating items:
    • Our non-operating income was NT$ 136 million, including cash dividends of NT$ 9 million from ChipMos Bermuda. 
  • Net income before tax was NT$ 2,715 million for the third quarter of 2013, which increased from a net income before tax of NT$ 2,148 million for the second quarter of 2013 and increased from a net income before tax of NT$ 1,843 million for the third quarter of 2012.
  • Income tax expense was NT$ 531 million for the third quarter of 2013, compared with income tax expense of NT$ 408 million for the second quarter of 2013 and income tax expense of NT$ 295 million for the third quarter of 2012.
  • Net income was NT$ 2,184 million for the third quarter of 2013, which increased from a net income of NT$ 1,740 million for the second quarter of 2013 and increased from a net income of NT$ 1,548 million for the third quarter of 2012.
  • Total number of shares outstanding was 3,128 million shares as of Sept 30, 2013. Diluted earnings per ordinary share for this quarter was NT$ 0.70, or US$ 0.12 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 13,817 million as of Sept 30, 2013 from NT$ 16,953 million as of June 30, 2013, and NT$ 16,854 million as of Sept 30, 2012. 
  • Capital expenditures for the third quarter of 2013 totaled NT$ 5,119 million, which included NT$ 4,349 million for packaging equipment and NT$ 770 million for testing equipment.
  • Total depreciation expenses for the third quarter of 2013 totaled NT$ 2,638 million, which included NT$ 2,023 million was from packaging operations and NT$ 615 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 16,870 million for the third  quarter of 2013, which represented an increase of NT$ 1,147 million or 7.3% compared to the second quarter of 2013.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 37%, 20% and 31%, respectively, of total net revenues for the third quarter of 2013.
  • Capital expenditures for IC packaging operations totaled NT$ 4,349 million for the third quarter of 2013, which included NT$ 3,303 million for packaging and building construction and NT$ 1,046 million for wafer bumping operations.
  • As of Sept 30, 2013 we had 8,121 wirebonders installed, of which 320 were added and 92 were disposed in the third quarter of 2013.

IC testing service:                     

  • Net revenues from testing operations were NT$ 2,222 million for the third quarter of 2013, which represented an increase of NT$ 343 million or 18.3% compared to the second quarter of 2013.
  • Capital expenditures for testing operations totaled NT$ 770 million for the third quarter of 2013.
  • As of Sept 30, 2013 we had 419 testers installed, of which 12 were added and 2 was disposed in the third quarter of 2013.

Revenue Analysis

Breakdown by end applications:

By application

3Q13

2Q13

Communication

59%

65%

Computing

15%

13%

Consumer

22%

18%

Memory

4%

4%

Breakdown by packaging type:

By packaging type

3Q13

2Q13

Bumping & Flip Chip 

31%

28%

Substrate Based

37%

38%

Leadframe Based

20%

23%

Testing 

12%

11%

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 TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Sept 30, 2013 reflect our gains or losses attributable to the third quarter of 2013 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, 2013, nor the consolidated financial data for the nine months ended Sept 30, 2013 is necessarily indicative of the results that may be expected for any period thereafter.

Contact:


Siliconware Precision Industries Co., Ltd.

Janet Chen, IR Director

No.45, Jieh Show Rd.

janet@spil.com.tw                          

Hsinchu Science Park, Hsinchu

+886-3-5795678#3675

Taiwan, 30056

Byron Chiang, Spokesperson

www.spil.com.tw

byronc@spil.com.tw


+886-3-5795678#3671

 

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Sept 30, 2013 and 2012

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















Sept  30,2013


Sept  30,2012


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


467,251


13,816,602

14


16,853,534

18


(3,036,932)

-18

Accounts receivable


530,737


15,693,907

15


12,657,035

13


3,036,872

24

Inventories


133,611


3,950,889

4


3,539,713

4


411,176

12

Other current assets


61,129


1,807,579

2


1,500,582

2


306,997

20

Total current assets


1,192,728


35,268,977

35


34,550,864

37


718,113

2













Non-current Assets












Available-for-sale financial assets


216,678


6,407,160

6


6,609,825

7


(202,665)

-3

Long-term investment under equity method


20,475


605,442

1


702,162

1


(96,720)

-14

Property, plant and equipment


1,912,891


56,564,196

56


49,947,843

53


6,616,353

13

Intangible assets


12,760


377,313


550,453


(173,140)

-31

Other assets


66,723


1,972,985

2


2,098,583

2


(125,598)

-6

     Total non-current assets


2,229,526


65,927,096

65


59,908,866

63


6,018,230

10

Total Assets


3,422,255


101,196,073

100


94,459,730

100


6,736,343

7













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,005


2,513,610

2


2,050,650

2


462,960

23

Accounts payable


234,437


6,932,289

7


6,338,384

7


593,905

9

Current portion of long-term debt


106,297


3,143,211

3


1,566,958

2


1,576,253

101

Other current liability


384,030


11,355,756

11


10,750,818

11


604,938

6

Non-current Liabilities












Long-term loans


519,294


15,355,509

15


13,693,717

15


1,661,792

12

Other liabilities


53,030


1,568,094

2


1,091,740

1


476,354

44

Total  Liabilities


1,382,092


40,868,469

40


35,492,267

38


5,376,202

15













Stockholders' Equity












Capital stock


1,053,893


31,163,611

31


31,163,611

33


Capital reserve


533,350


15,771,165

16


16,472,196

17


(701,031)

-4

Legal reserve


277,571


8,207,777

8


7,645,816

8


561,961

7

Special reserve


8,272


244,604



244,604

100

Retained earnings


122,624


3,625,978

4


3,447,655

4


178,323

5

Other equity


44,453


1,314,469

1


1,202,373

1


112,096

9

Treasury stock




(964,188)

-1


964,188

-100

Total Equity


2,040,162


60,327,604

60


58,967,463

62


1,360,141

2

Total Liabilities & Shareholders' Equity


3,422,255


101,196,073

100


94,459,730

100


6,736,343

7













Forex ( NT$ per US$ )




29.57



29.295





(1)All figures are under TIFRS. 


 

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



3Q2013


3Q 2012


YOY


3Q 2013


2Q 2013


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


639,157


19,091,619

100.0


16,845,815


13.3


19,091,619


17,601,598


8.5

Cost of Goods Sold


(491,311)


(14,675,459)

-76.9


(13,542,327)


8.4


(14,675,459)


(13,925,296)


5.4

Gross Profit


147,846


4,416,160

23.1


3,303,488


33.7


4,416,160


3,676,302


20.1

Operating Expenses
















Selling Expenses


(7,057)


(210,785)

-1.1


(221,430)


-4.8


(210,785)


(226,889)


-7.1

Administrative Expenses


(19,530)


(583,372)

-3.1


(522,560)


11.6


(583,372)


(590,417)


-1.2

Research and Development Expenses


(28,931)


(864,180)

-4.5


(673,782)


28.3


(864,180)


(962,811)


-10.2



(55,518)


(1,658,337)

-8.7


(1,417,772)


17.0


(1,658,337)


(1,780,117)


-6.8

Operating Income


92,328


2,757,823

14.4


1,885,716


46.2


2,757,823


1,896,185


45.4

















Non-operating Income


4,584


136,912

0.7


70,282


94.8


136,912


392,371


-65.1

Non-operating Expenses


(6,001)


(179,236)

-0.9


(112,765)


58.9


(179,236)


(140,985)


27.1

Income from Continuing Operations before Income Tax


90,911


2,715,499

14.2


1,843,233


47.3


2,715,499


2,147,571


26.4

Income Tax Credit (Expenses)


(17,780)


(531,094)

-2.8


(295,396)


79.8


(531,094)


(407,368)


30.4

Net Income


73,131


2,184,405

11.4


1,547,837


41.1


2,184,405


1,740,203


25.5

















Other comprehensive income
















Exchange difference for translating the financial statements of foreign operation




(84,385)



(140,549)






152,597



Unrealized valuation profit and loss of available-for-sale financial assets




(117,266)



782,223






692,469



Tax effect of other comprehensive income items




21,515



(76,809)






(75,067)



Total other comprehensive income




(180,136)



564,865






769,999



Total comprehensive income




2,004,269



2,112,702






2,510,202



















Earnings Per Ordinary Share- Diluted




NT$     0.70



NT$     0.50






NT$     0.56



















Earnings Per ADS- Diluted




US$     0.12



US$     0.08






US$     0.09



Weighted Average Outstanding Shares - Diluted ('k)




3,127,609



3,091,809






3,085,498



















Forex ( NT$ per US$ )




29.87



29.82






29.85



















(1) All figures are under TIFRS. 
















(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, 2013 and 2012

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












9 months ended on Sept 30, 2013 and 2012



2013


2012


YOY



USD

NTD

%


NTD


Change %

Net Sales


1,697,591

50,512,427

100.0


48,508,983


4.1

Cost of Goods Sold


(1,358,171)

(40,403,099)

-80.0


(39,810,102)


1.5

Gross Profit


339,420

10,109,328

20.0


8,698,881


16.2

Operating Expenses









Selling expenses


(20,715)

(616,240)

-1.2


(605,715)


1.7

Administrative expenses


(56,466)

(1,679,561)

-3.3


(1,454,389)


15.5

Research and development expenses


(84,776)

(2,522,420)

-5.0


(1,849,479)


36.4



(161,957)

(4,818,221)

-9.5


(3,909,583)


23.2

Operating Income


177,463

5,291,107

10.5


4,789,298


10.5










Non-operating Income


23,907

701,918

1.4


463,306


51.5

Non-operating Expenses


(45,386)

(1,332,570)

-2.7


(451,202)


195.3

Income Before Income Tax


155,984

4,660,455

9.2


4,801,402


-2.9

Income Tax Credit (Expenses)


(34,455)

(1,027,704)

-2.0


(797,670)


28.8

Net Income


121,529

3,632,751

7.2


4,003,732


-9.3










Other comprehensive income









Exchange difference for translating the financial statements of foreign operation



284,630



(236,148)



Unrealized valuation profit and loss of available-for-sale financial assets



1,012,709



1,292,680



Tax effect of other comprehensive income items



(81,634)



(159,814)



Total other comprehensive income



1,215,705



896,718



Total comprehensive income



4,848,456



4,900,450












Earnings Per Ordinary Share- Diluted



NT$     1.17



NT$     1.29












Earnings Per ADS- Diluted



US$     0.20



US$     0.22



Weighted Average Outstanding Shares - Diluted ('k)



3,127,609



3,091,809












Forex ( NT$ per US$)



29.76



29.72



(1)All figures are under TIFRS. 









(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, 2013 and 2012

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










9 months, 2013


9 months, 2012



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income before tax


157,608


4,660,455


4,801,402

   Depreciation 


259,677


7,678,639


7,018,162

   Amortization


14,993


443,345


430,184

   Change in working capital & others


(22,855)


(675,831)


(2,573,487)

Net cash flows provided from operating activities


409,422


12,106,608


9,676,261








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(427,185)


(12,631,865)


(9,843,888)

   Proceeds from disposal of equipments


1,726


51,028


82,522

   Payment for deferred charges/other changes


(18,834)


(556,929)


(983,495)

Net cash used in investing activities


(444,294)


(13,137,766)


(10,744,861)








Cash Flows from Financing Activities:







   Proceeds from short-term loan




589,975

   Proceeds from long-term loan


105,408


3,116,917


5,953,356

   Cash dividends distributed to shareholders and cash bonus
        distributed to employees


(173,850)


(5,140,752)


(4,371,188)

   Proceeds from employee's purchase of treasury stocks/other charges


32,515


961,472


(88,524)

Net cash provided from financing activities


(35,927)


(1,062,363)


2,083,619








Foreign currency exchange effect


1,949


57,631


(100,585)

Net increase (decrease) in cash and cash equivalents


(68,850)


(2,035,890)


914,434

Cash and cash equivalents at beginning of period


536,101


15,852,492


15,939,100

Cash and cash equivalents at end of period


467,251


13,816,602


16,853,534








Forex ( NT$ per US$ )




29.57


29.295








(1) All figures are under TIFRS. 







SOURCE Siliconware Precision Industries Co., Ltd.




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