SEYI (SHIEH YIH MACHINERY) Reports First-Half Results

TAIPEI, Taiwan, Aug. 12, 2014 /PRNewswire/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, released its audited financial results for the Six Months Ended June 30, 2014.

For the first six months, SEYI reported Net Sales of TWD 2,087.6 million (US $69.6 million), an 8% increase from the TWD 1,928.7 million (US $64.3 million) recorded in the same period last year. During the first half, SEYI's product mix shifted from C Frame presses to high tonnage Straight Side presses. Continuing the trend established in 2013, SEYI's customer mix is also shifting from the company's historical 3C customers to companies that are involved in the automotive industry.

On the strength of increased sales of high tonnage presses, SEYI reported increased profits and margins. SEYI's Gross margin increased further to 26.6% during the six months ended June 30, 2014, and Net Profit was TWD 132.6 million (US $4.4 million), a 22% increase from last year's Net Profit of TWD 108.3 million (US $3.6 million). Earnings Per Share of TWD 0.94 compared to TWD 0.77 during the same period last year.

On July 31, 2014, SEYI further improved its liquidity position when it issued 15,000,000 new ordinary shares. At a subscription price per share of TWD 13.2, proceeds from the issuance totaled TWD 198.0 million (US $6.6 million).

In order to cope with rapidly growing demand from the China market, SEYI has built a strong sales and service network in the country. SEYI now has 9 representative offices in China, which the company divides into three regions: North, Central and South.

Ms. Claire Kuo, Chairman and Chief Executive Officer said, "SEYI is benefitting from good international market demand and expanded sales of high tonnage, Straight Side presses. The sale of these higher margin presses, which now exceed 50% of our total sales, demonstrates that the company has successfully met its goal of penetrating the automotive industry."

About SEYI

Founded in 1962, SEYI has established a global leadership position in the metal forming industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 4000 tons, at facilities located in Taiwan and mainland China.

SEYI is expanding its Total Solution Service emphasizing peripherals such as feed mechanisms, transfer equipment and other ancillaries to maximize SEYI press productivity. SEYI's servo presses are highly-integrated, exquisitely designed, durable, smart, energy efficient and environmentally friendly presses that feature the latest user-friendly interfaces, safe system designs and robust machine structures. The stylish exterior designs of SEYI's presses differentiate them in the market and communicate their quality and value.

SEYI's products are sold to customers in over 40 countries around the world and have received numerous quality and industry awards. SEYI has supplied the world's leading car companies in the automobile industry. The auto, aviation machinery and medical equipment industries are expected to be future areas of growth.

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

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Note: TWD 30.0 to US $1.00

SOURCE SHIEH YIH MACHINERY Company