Siliconware Precision Industries Reports a 10.5% Quarter-over-Quarter Decline in Revenues
Resulting in Earnings per Share of NT$ 0.48 or Earnings per ADS of US$ 0.08 for First Quarter 2010
TAICHUNG, Taiwan, April 28 /PRNewswire-Asia-FirstCall/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325; Nasdaq: SPIL) today announced that its consolidated sales revenues for the first quarter of 2010 were NT$ 15,688 million, which represented a 10.5% decline in revenues compared to the fourth quarter of 2009 and a 63.1% increase in revenues compared to the first quarter of 2009. SPIL reported a net income of NT$ 1,514 million for the first quarter of 2010, compared with a net income of NT$ 4,303 million and a net income of NT$ 262 million for the fourth quarter of 2009 and the first quarter of 2009, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.48, and diluted earnings per ADS was US$ 0.08.
All figures were prepared in accordance with R.O.C. GAPP on a consolidated basis.
Operating results review:
-- For the first quarter of 2010, net revenues from IC packaging were NT$
14,321 million and represented 92% of total net revenues. Net revenues
from testing operations were NT$ 1,367 million and represented 8% of
total net revenues.
-- Cost of goods sold was NT$ 13,175 million, representing a decrease of
5.9% compared to the fourth quarter of 2009 and an increase of 50.2%
compared to the first quarter of 2009.
-- Raw materials costs were NT$ 7,610 million for the first quarter of
2010, and represented 48.5% of total net revenues, whereas raw
materials costs were NT$ 8,190 million and represented 46.7% of
total net revenues for the fourth quarter of 2009.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 122 million.
-- Gross profit was NT$ 2,513 million for the first quarter of 2010,
representing a gross margin of 16.0%, which decreased from a gross
margin of 20.1% for the fourth quarter of 2009 and was up from 8.8% for
the first quarter of 2009.
-- Total operating expenses for the first quarter of 2010 were NT$ 797
million, which included selling expenses of NT$ 131 million,
administrative expenses of NT$ 338 million and R&D expenses of NT$ 328
million. Total operating expenses represented 5.1% of total net
revenues for the first quarter of 2010.
-- The accrued expenses of bonuses to employees, directors and
supervisors accounting for under operating expenses totaled NT$ 44
million.
-- Operating income was NT$ 1,716 million for the first quarter of 2010,
representing an operating margin of 10.9%, which decreased from 14.6%
for the fourth quarter of 2009 and increased from 1.1% for the first
quarter of 2009.
-- Net income before tax was NT$ 1,773 million for the first quarter of
2010, which decreased from a net income of NT$ 4,640 million for the
fourth quarter of 2009 and increased from a net income of NT$ 317
million for the first quarter of 2009.
-- Income tax expense was NT$ 259 million for the first quarter of 2010,
compared with income tax expense of NT$ 337 million for the fourth
quarter of 2009 and income tax expense of NT$ 55 million for the first
quarter of 2009.
-- Net income was NT$ 1,514 million for the first quarter of 2010, which
decreased from a net income of NT$ 4,303 million for the fourth quarter
of 2009 and increased from a net income of NT$ 262 million for the
first quarter of 2009.
-- Total number of shares outstanding was 3,147 million shares as of Mar
31,2010. Diluted earnings per ordinary share for this quarter was NT$
0.48, or US$ 0.08 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 21,198 million as of Mar 31, 2010 from
NT$ 19,615 million as of Dec 31, 2009, and NT$ 19,427 million as of Mar
31, 2009.
-- Capital expenditures for the first quarter of 2010 totaled NT$ 2,047
million, which included NT$ 1,601 million for packaging equipment and
NT$ 446 million for testing equipment.
-- Total depreciation expenses for the first quarter of 2010 totaled NT$
2,100 million, which included NT$ 1,586 million was from packaging
operations and NT$ 514 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 14,321 million for
the first quarter of 2010, which represented a decrease of NT$ 1,741
million or 10.8% compared to the fourth quarter of 2009.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 42%, 30% and 18%, respectively, of total net
revenues for the first quarter of 2010.
-- Capital expenditures for IC packaging operations totaled NT$ 1,601
million for the first quarter of 2010, which included NT$ 1,188 million
for packaging and building construction and NT$ 413 million for wafer
bumping operations.
-- As of Mar 31, 2010 we had 5,855 wirebonders installed, of which 300
were added and 58 were disposed in the first quarter of 2010.
IC testing service:
-- Net revenues from testing operations were NT$ 1,367 million for the
first quarter of 2010, which represented a decrease of NT$ 99 million
or 7.0% compared to the fourth quarter of 2009.
-- Capital expenditures for testing operations totaled NT$ 446 million for
the first quarter of 2010.
-- As of Mar 31, 2010 we had 424 testers installed, of which 3 were added
in the first quarter of 2010.
Revenue Analysis
-- Breakdown by end applications:
By application 1Q10 4Q09
Computing 21% 22%
Communication 47% 47%
Consumer 19% 17%
Memory 13% 14%
-- Breakdown by packaging type:
By packaging type 1Q10 4Q09
Bumping & FCBGA 18% 16%
Substrate Based 42% 44%
Leadframe Based 30% 30%
Testing 8% 8%
Others 2% 2%
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 http://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 an unaudited consolidated basis. Audited consolidated financial figures will be publicly announced upon the completion of our audit process. The investment gains or losses of our company for the three months ended Mar 31, 2010 reflect our gains or losses attributable to the first quarter of 2010 unaudited financial results of several of our investees which are evaluated under the equity method. The unaudited consolidated financial data for our company for the three months ended Mar 31, 2010, is not necessarily indicative of the results that may be expected for any period thereafter.
-- Tables to Follow --
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED BALANCE SHEET
As of Mar 31, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Mar 31, 2010 Mar 31, 2009
ASSETS USD NTD % NTD %
Cash and cash equivalent 666,617 21,198,416 26 19,426,966 27
Accounts receivable 338,004 10,748,521 13 7,441,082 10
Inventories 97,864 3,112,062 4 2,055,985 3
Other current assets 64,795 2,060,493 3 1,392,831 3
Total current assets 1,167,280 37,119,492 46 30,316,864 43
Long-term investments 131,410 4,178,844 5 1,796,298 2
Fixed assets 2,386,214 75,881,590 95 71,644,463 99
Less accumulated
depreciation (1,210,867) (38,505,567) -48 (34,780,942) -48
Net fixed assets 1,175,347 37,376,023 47 36,863,521 51
Other assets 56,151 1,785,595 2 2,888,921 4
Total Assets 2,530,187 80,459,954 100 71,865,604 100
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities
Short-term loans 5,442 173,050 -- 525,007 1
Accounts payable 239,337 7,610,925 10 4,030,446 5
Current portion of long-
term debt -- -- -- 747,807 1
Other current liability 261,673 8,321,217 10 4,121,348 5
Long-term loans -- -- -- 2,243,420 3
Other liabilities 1,243 39,529 -- 50,667 --
Total Liabilities 507,696 16,144,721 20 11,718,695 15
Stockholders' Equity
Capital stock 979,988 31,163,611 39 31,525,899 44
Capital reserve 517,406 16,453,526 20 16,820,211 24
Legal reserve 179,887 5,720,419 7 5,089,066 7
Retained earnings 328,643 10,450,860 13 6,715,220 9
Unrealized gain or loss
on financial
instruments 10,683 339,720 1 385,578 1
Cumulated translation
adjustment 5,884 187,097 -- 405,119 1
Treasury stock -- -- -- (794,184) -1
Total Equity 2,022,492 64,315,233 80 60,146,909 85
Total Liabilities &
Shareholders' Equity 2,530,187 80,459,954 100 71,865,604 100
Forex ( NT$ per US$ ) -- 31.80 -- 33.91 --
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED BALANCE SHEET
As of Mar 31, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Sequential
ASSETS Change %
Cash and cash equivalent 1,771,450 9
Accounts receivable 3,307,439 44
Inventories 1,056,077 51
Other current assets 667,662 48
Total current assets 6,802,628 22
Long-term investments 2,382,546 133
Fixed assets 4,237,127 6
Less accumulated depreciation (3,724,625) 11
Net fixed assets 512,502 1
Other assets (1,103,326) -38
Total Assets 8,594,350 12
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Short-term loans (351,957) -67
Accounts payable 3,580,479 89
Current portion of long-term debt (747,807) -100
Other current liability 4,199,869 102
Long-term loans (2,243,420) -100
Other liabilities (11,138) -22
Total Liabilities 4,426,026 38
Stockholders' Equity
Capital stock (362,288) -1
Capital reserve (366,685) -2
Legal reserve 631,353 12
Retained earnings 3,735,640 56
Unrealized gain or loss on financial
instruments (45,858) -12
Cumulated translation adjustment (218,022) -54
Treasury stock 794,184 -100
Total Equity 4,168,324 7
Total Liabilities & Shareholders'
Equity 8,594,350 12
Forex ( NT$ per US$ )
(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 Mar 31
1Q 2010 1Q 2009 YOY
USD NTD % NTD change%
Revenues 491,187 15,688,515 100.0 9,619,285 63.1
Cost of Goods Sold (412,499) (13,175,234) -84.0 (8,769,923) 50.2
Gross Profit 78,688 2,513,281 16.0 849,362 195.9
Operating Expenses
Selling Expenses (4,098) (130,894) -0.8 (90,896) 44.0
Administrative Expenses (10,593) (338,338) -2.2 (415,868) -18.6
Research and Development
Expenses (10,261) (327,738) -2.1 (240,373) 36.3
(24,952) (796,970) -5.1 (747,137) 6.7
Operating Income 53,735 1,716,311 10.9 102,225 1579.0
Non-operating Income 2,611 83,405 0.5 247,184 -66.3
Non-operating Expenses (842) (26,899) -0.2 (31,980) -15.9
Income from Continuing
Operations before
Income Tax 55,505 1,772,817 11.3 317,429 458.5
Income Tax Credit
(Expenses) (8,115) (259,206) -1.7 (55,644) 365.8
Net Income 47,389 1,513,611 9.6 261,785 478.2
Earnings Per Ordinary
Share- Diluted -- NT$ 0.48 -- NT$ 0.08 --
Earnings Per ADS-
Diluted -- US$ 0.08 -- US$ 0.01 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,147,250 -- 3,136,087 --
Forex ( NT$ per US$ ) -- 31.94 -- 33.96 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Sequential Comparison
1Q 2010 4Q 2009 QOQ
NTD NTD change%
Revenues 15,688,515 17,527,853 -10.5
Cost of Goods Sold (13,175,234) (14,005,063) -5.9
Gross Profit 2,513,281 3,522,790 -28.7
Operating Expenses
Selling Expenses (130,894) (294,328) -55.5
Administrative Expenses (338,338) (286,519) 18.1
Research and Development Expenses (327,738) (390,065) -16.0
(796,970) (970,912) -17.9
Operating Income 1,716,311 2,551,878 -32.7
Non-operating Income 83,405 2,117,197 -96.1
Non-operating Expenses (26,899) (28,852) -6.8
Income from Continuing Operations
before Income Tax 1,772,817 4,640,223 -61.8
Income Tax Credit (Expenses) (259,206) (337,611) -23.2
Net Income 1,513,611 4,302,612 -64.8
Earnings Per Ordinary Share- Diluted -- NT$ 1.37 --
Earnings Per ADS- Diluted -- US$ 0.21 --
Weighted Average Outstanding Shares -
Diluted ('k) -- 3,138,273 --
Forex ( NT$ per US$ ) -- 32.30 --
(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 3 Months Ended on Mar 31, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months, 2010 3 months, 2009
USD NTD NTD
Cash Flows from Operating Activities:
Net income 47,598 1,513,611 261,785
Depreciation 66,026 2,099,635 2,222,989
Amortization 3,346 106,404 142,328
Gains on disposal of long-term
investment -- -- (5,871)
Change in working capital & others 2,874 91,404 (1,369,324)
Net cash flows provided from operating
activities 119,844 3,811,054 1,251,907
Cash Flows from Investing Activities:
Acquisition of property, plant, and
equipment (64,380) (2,047,287) (479,454)
Proceeds from disposal of equipments 78 2,481 1,208
Payment for deferred charges/other
changes (4,009) (127,496) (29,106)
Net cash used in investing activities (68,311) (2,172,302) (507,352)
Cash Flows from Financing Activities:
Repayment for short-term loan (1,608) (51,132) (152,292)
Proceeds from the exercise of
employee stock option /other
charges 1 33 (24,009)
Net cash provided from financing
activities (1,607) (51,099) (176,301)
Foreign currency exchange effect (138) (4,398) 17,747
Net increase (decrease) in cash and
cash equivalents 49,788 1,583,255 586,001
Cash and cash equivalents at beginning
of period 616,829 19,615,161 18,840,965
Cash and cash equivalents at end of
period 666,617 21,198,416 19,426,966
Forex ( NT$ per US$ ) -- 31.80 33.91
(1): All figures are under ROC GAAP.
Contact:
Siliconware Precision Industries Co., Ltd.
No.45, Jieh Show Rd.
Hsinchu Science Park, Hsinchu
Taiwan, 30056
http://www.spil.com.tw
Janet Chen, IR Director
Email: [email protected]
Tel: +886-3-5795678#3675
Byron Chiang, Spokesperson
Email: [email protected]
Tel: +886-3-5795678#3671
SOURCE Siliconware Precision Industries Co., Ltd.
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