SEYI (SHIEH YIH MACHINERY) Announces 2010 Results

TAIPEI, April 20, 2011 /PRNewswire-Asia/ -- SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD) (4533 TT), one of the world's leading producers of mechanical presses, announced audited financial results for its most recent fiscal year today.

(Logo: http://www.prnasia.com/sa/2010/03/04/20100304566754.jpg)

For the year ended December 31, 2010, the Company reported Net Sales of TWD 3,090,986,000 (US$ 106.4 million), a 72.8% increase from Net Sales of TWD 1,788,508,000 (US $61.6 million) in the prior year. The Company benefited during the year from strong demand in Mainland China and a recovery in key global markets. Mainland China sales increased by 68.9% during the year and accounted for 44.5% of SEYI's total sales.

In addition to the significant increase in sales registered in 2010, profitability measures improved across the board. The combination of overall stronger demand, improved pricing and product mix, and cost control measures implemented by the Company resulted in a 187% increase in Gross Profit from TWD 240,415,000 (US$ 8.3 million) in 2009 to TWD 690,026,000 (US $23.8 million) last year. Accordingly, the Company's Gross Margin increased by 66.4% from 13.4% to 22.3% during 2010.

Operating Expenses, which include Selling, General and Administrative, and Research and Development expenses, increased by 18.1% from TWD 410,047,000 (US$ 14.1 million) in 2009 to TWD 484,303,000 (US$ 16.7 million) in 2010. As a result, the Company achieved Operating Income of TWD 205,723,000 (US$ 7.1 million) in its most recent year, as compared to an Operating Loss of TWD 169,632,000 (US$ 5.8 million) in 2009.

For the full year, SEYI reported Net Income of TWD 109,500,000 (US$ 3.8 million), compared to a Net Loss of TWD 149,918,000 (US$ 5.2 million) in 2009. Fully diluted Earnings Per Share was TWD 0.84 (US$ 0.03) versus a loss of TWD (1.41) (US $0.04) per share in 2009.

As a result of improved profitability and working capital controls, SEYI also improved its liquidity position in 2010. Cash on hand at the year-end amounted to TWD 945,543,000 (US$32.6 million) against short-term loans of TWD 256,616,000 (US$8.8 million).

"By all measures, 2010 was a very successful year for SEYI," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "I am particularly pleased with the Company's gross margin improvement and return to profitability," Ms. Kuo added. "With a solid year behind us, and our new facility in Kunshan which is targeted to serve China's rapidly growing automotive industry, we are well positioned for the future."

About SEYI

Founded in 1962, SEYI has established a position of global leadership in the press building industry over the past 48 years. SEYI manufactures mechanical presses, ranging in size from 25 to 2400 tons, at facilities located in Taiwan and the People's Republic of China. At its original location in Taoyuan, Taiwan, SEYI operates a 12,500 square meter facility, and in 2003 the Company began production in Mainland China at an 11,000 square meter facility located in Kunshan, Jiangsu Province. Combined production capacity at the Taoyuan and Kunshan plants approaches 4,000 presses annually.  Construction of a second 11,000 square meter facility in Kunshan was completed in 2009 and will begin production in 2011. The new facility in Kunshan will manufacture up to 300 presses annually, ranging in size from 300 to 4,000 tons. SEYI products have been sold to customers in over 40 countries around the world, and the Company is the dominant foreign supplier to Mainland China, India, South East Asia and the Americas in terms of volume.  SEYI is the recipient of numerous quality awards from around the world.

The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.

Note: TWD 29.0445 to US$1.00

SOURCE SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD)