SEYI (SHIEH YIH MACHINERY) Announces Third Quarter Results and Discloses Preliminary Sales Results for 2010

TAIPEI, Jan. 19, 2011 /PRNewswire-Asia/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, reported that the Company's Net Revenue in the Third Quarter of 2010 was TWD 803,737,000 (US$27,643,577), a 66% increase over the prior year. SEYI also reported strong profitability during the quarter, recording Consolidated Net Income of TWD 35,426,000 (US$1,218,435), compared to a loss of TWD 20,971,000 (US$721,273) in the Third Quarter of 2009.

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

For the first nine months of 2010, SEYI reported Net Revenue of TWD 2,295,914,000 ($78,965,228), a 78% increase over Net Revenue of TWD 1,286,094,000 (US$44,233,672) during the same period in 2009. Consolidated Net Income of TWD 83,306,000 (US$2,865,211) compared favorably with a Consolidated Net Loss of TWD 121,981,000 (US$ 4,195,391) for the first nine months of 2009. Earnings Per Share for the first nine months of 2010 was TWD 0.66.

Improved product mix due to strong customer demand, combined with increased operating efficiencies, has enabled SEYI to dramatically increase profit margins in 2010. For the first nine months of 2010, SEYI's Gross Margin was 20.8%, compared to 13.4% during the same period in the previous year. The Company has also been able to increase sales significantly without a corresponding increase in overhead costs. As a result, Operating Expenses, which include selling, administrative and research and development expenses, declined from 24.8% of Net Revenue in 2009, to 17.2% in 2010.

For the full year 2010, SEYI expects Net Revenues of TWD 3,061,066,000 (US$105,281,720), a 71% increase over 2009 Net Revenues of TWD 1,788,508,000 (US$61,513,603).

In commenting on SEYI's financial results, Ms. Claire Kuo, Chairman and Chief Executive Officer said, "We are very pleased with the Company's strong performance in 2010 and are confident in our ability to show further growth in sales and income in 2011. With a solid year behind us, and established manufacturing facilities in both Taiwan and Mainland China, the Company is well positioned to benefit from continued growth in China and a rebound in global demand."

SEYI also announced that new machinery is now being installed in the Company's second manufacturing facility in Kunshan, and that production will commence in the Second Quarter of 2011. The new capacity being installed in Kunshan will enable SEYI to produce higher tonnage stamping presses, such as those used in the automotive industry. With sales of over 18 million vehicles in 2010, China was the largest automotive market in the world for the second year in a row.

"Our second facility in Kunshan could not be coming on line at a better time," Ms. Kuo said. "We expect the growth of China's automotive industry to continue in the years ahead, and our new facility will provide us with the opportunity to benefit from that growth," she added.

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 Mainland 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 29.075 to USD1.00

SOURCE SEYI (SHIEH YIH MACHINERY)