Siliconware Precision Industries Reports a 4.5% Quarter-over-Quarter Growth in Revenues Resulting in Earnings per Share of NT$ 0.49 or Earnings per ADS of US$ 0.08 for Second Quarter 2010
TAICHUNG, Taiwan, July 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 second quarter of 2010 were NT$ 16,386 million, which represented a 4.5% growth in revenues compared to the first quarter of 2010 and a 11.6% increase in revenues compared to the second quarter of 2009. SPIL reported a net income of NT$ 1,510 million for the second quarter of 2010, compared with a net income of NT$ 1,514 million and a net income of NT$ 1,664 million for the first quarter of 2010 and the second quarter of 2009, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.49, 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 second quarter of 2010, net revenues from IC packaging were NT$
15,019 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$ 13,612 million, representing an increase of
3.3% compared to the first quarter of 2010 and an increase of 16.8%
compared to the second quarter of 2009.
-- Raw materials costs were NT$ 7,876 million for the second quarter of
2010, and represented 48.1% of total net revenues, whereas raw
materials costs were NT$ 7,610 million and represented 48.5% of
total net revenues for the first quarter of 2010.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 121 million.
-- Gross profit was NT$ 2,774 million for the second quarter of 2010,
representing a gross margin of 16.9%, which increased from a gross
margin of 16.0% for the first quarter of 2010 and was down from 20.6%
for the second quarter of 2009.
-- Total operating expenses for the second quarter of 2010 were NT$ 906
million, which included selling expenses of NT$ 170 million,
administrative expenses of NT$ 362 million and R&D expenses of NT$ 374
million. Total operating expenses represented 5.5% of total net
revenues for the second quarter of 2010.
-- The accrued expenses of bonuses to employees, directors and
supervisors accounting for under operating expenses totaled NT$ 43
million.
-- Operating income was NT$ 1,868 million for the second quarter of 2010,
representing an operating margin of 11.4%, which increased from 10.9%
for the first quarter of 2010 and decreased from 15.5% for the second
quarter of 2009.
-- Net income before tax was NT$ 1,944 million for the second quarter of
2010, which increased from a net income of NT$ 1,773 million for the
first quarter of 2010 and decreased from a net income of NT$ 2,151
million for the second quarter of 2009.
-- Income tax expense was NT$ 434 million for the second quarter of 2010,
compared with income tax expense of NT$ 259 million for the first
quarter of 2010 and income tax expense of NT$ 487 million for the
second quarter of 2009.
-- Net income was NT$ 1,510 million for the second quarter of 2010, which
decreased from a net income of NT$ 1,514 million for the first quarter
of 2010 and decreased from a net income of NT$ 1,664 million for the
second quarter of 2009.
-- Total number of shares outstanding was 3,126 million shares as of June
30,2010. Diluted earnings per ordinary share for this quarter was NT$
0.49, or US$ 0.08 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 21,128 million as of June 30, 2010 from
NT$ 21,198 million as of Mar 31, 2010, and NT$ 20,031 million as of
June 30, 2009.
-- Capital expenditures for the second quarter of 2010 totaled NT$ 2,862
million, which included NT$ 2,625 million for packaging equipment and
NT$ 237 million for testing equipment.
-- Total depreciation expenses for the second quarter of 2010 totaled NT$
2,063 million, which included NT$ 1,582 million was from packaging
operations and NT$ 481 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 15,019 million for
the second quarter of 2010, which represented an increase of NT$ 698
million or 4.9% compared to the first quarter of 2010.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 42%, 29% and 20%, respectively, of total net
revenues for the second quarter of 2010.
-- Capital expenditures for IC packaging operations totaled NT$ 2,625
million for the second quarter of 2010, which included NT$ 1,992
million for packaging and building construction and NT$ 633 million for
wafer bumping operations.
-- As of June 30, 2010 we had 6,199 wirebonders installed, of which 425
were added and 81 were disposed in the second quarter of 2010.
IC testing service:
-- Net revenues from testing operations were NT$ 1,367 million for the
second quarter of 2010, which were flat compared to the first quarter
of 2010.
-- Capital expenditures for testing operations totaled NT$ 237 million for
the second quarter of 2010.
-- As of June 30, 2010 we had 284 testers installed, of which 3 were added
and 143 were disposed in the second quarter of 2010.
Revenue Analysis
-- Breakdown by end applications:
By application 2Q10 1Q10
Computing 18% 21%
Communication 50% 47%
Consumer 18% 19%
Memory 14% 13%
Breakdown by packaging type:
By packaging type 2Q10 1Q10
Bumping & FCBGA 20% 18%
Substrate Based 42% 42%
Leadframe Based 29% 30%
Testing 8% 8%
Others 1% 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 June 30, 2010 reflect our gains or losses attributable to the second quarter of 2010 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the unaudited consolidated financial data for our company for the three months ended June 30, 2010, nor the unaudited unconsolidated financial data for our company is 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 Jun 30, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Jun 30, 2010 Jun 30, 2009
ASSETS USD NTD % NTD %
Cash and cash equivalent 657,182 21,128,392 25 20,030,910 27
Accounts receivable 356,309 11,455,323 14 10,935,756 14
Inventories 104,851 3,370,974 4 2,530,772 3
Other current assets 82,814 2,662,478 3 1,319,693 3
Total current assets 1,201,156 38,617,167 46 34,817,131 47
Long-term investments 169,451 5,447,859 6 2,198,942 3
Fixed assets 2,290,291 73,632,849 88 70,730,858 95
Less accumulated
depreciation (1,104,399) (35,506,415) -42 (35,476,176) -48
Net fixed assets 1,185,892 38,126,434 46 35,254,682 47
Other assets 49,612 1,595,020 2 2,523,157 3
Total Assets 2,606,111 83,786,480 100 74,793,912 100
LIABILITIES AND
STOCKHOLDERS' EQUITY
Liabilities
Short-term loans 1,450 46,610 -- 55,702 --
Accounts payable 248,543 7,990,665 10 6,997,952 9
Other current liability 530,903 17,068,519 20 11,222,747 15
Other liabilities 1,860 59,812 -- 44,038 --
Total Liabilities 782,756 25,165,606 30 18,320,439 24
Stockholders' Equity
Capital stock 969,319 31,163,611 37 31,525,899 42
Capital reserve 511,774 16,453,527 19 16,885,423 23
Legal reserve 205,269 6,599,402 8 5,720,419 8
Retained earnings 94,598 3,041,311 4 2,073,510 3
Unrealized gain or loss
on financial
instruments 34,311 1,103,114 1 763,934 1
Cumulated translation
adjustment 8,084 259,909 1 298,472 --
Treasury stock -- -- -- (794,184) -1
Total Equity 1,823,355 58,620,874 70 56,473,473 76
Total Liabilities &
Shareholders' Equity 2,606,111 83,786,480 100 74,793,912 100
Forex ( NT$ per US$ ) -- 32.15 -- 32.81 --
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED BALANCE SHEET
As of Jun 30, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Sequential
ASSETS Change %
Cash and cash equivalent 1,097,482 5
Accounts receivable 519,567 5
Inventories 840,202 33
Other current assets 1,342,785 102
Total current assets 3,800,036 11
Long-term investments 3,248,917 148
Fixed assets 2,901,991 4
Less accumulated depreciation (30,239) --
Net fixed assets 2,871,752 8
Other assets (928,137) -37
Total Assets 8,992,568 12
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Short-term loans (9,092) -16
Accounts payable 992,713 14
Other current liability 5,845,772 52
Other liabilities 15,774 36
Total Liabilities 6,845,167 37
Stockholders' Equity
Capital stock (362,288) -1
Capital reserve (431,896) -3
Legal reserve 878,983 15
Retained earnings 967,801 47
Unrealized gain or loss on financial
instruments 339,180 44
Cumulated translation adjustment (38,563) -13
Treasury stock 794,184 -100
Total Equity 2,147,401 4
Total Liabilities & Shareholders'
Equity 8,992,568 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 Jun 30
2Q 2010 2Q 2009 YOY
change%
USD NTD % NTD
Revenues 514,335 16,386,717 100.0 14,680,980 11.6
Cost of Goods Sold (427,256) (13,612,376) -83.1 (11,658,781) 16.8
Gross Profit 87,079 2,774,341 16.9 3,022,199 -8.2
Operating Expenses
Selling Expenses (5,332) (169,877) -1.0 (107,660) 57.8
Administrative Expenses (11,367) (362,137) -2.2 (343,365) 5.5
Research and Development
Expenses (11,736) (373,912) -2.3 (298,132) 25.4
(28,435) (905,926) -5.5 (749,157) 20.9
Operating Income 58,645 1,868,415 11.4 2,273,042 -17.8
Non-operating Income 6,413 204,319 1.2 94,430 116.4
Non-operating Expenses (4,044) (128,837) -0.8 (216,507) -40.5
Income from Continuing
Operations before
Income Tax 61,014 1,943,897 11.9 2,150,965 -9.6
Income Tax Credit
(Expenses) (13,630) (434,251) -2.7 (486,660) -10.8
Net Income 47,384 1,509,646 9.2 1,664,305 -9.3
Earnings Per Ordinary
Share- Diluted -- NT$ 0.49 -- NT$ 0.54 --
Earnings Per ADS-
Diluted -- US$ 0.08 -- US$ 0.08 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,126,262 -- 3,121,862 --
Forex ( NT$ per US$ ) -- 31.86 -- 33.12 --
(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
2Q 2010 1Q 2010 QOQ
NTD NTD change%
Revenues 16,386,717 15,688,515 4.5
Cost of Goods Sold (13,612,376) (13,175,234) 3.3
Gross Profit 2,774,341 2,513,281 10.4
Operating Expenses
Selling Expenses (169,877) (130,894) 29.8
Administrative Expenses (362,137) (338,338) 7.0
Research and Development Expenses (373,912) (327,738) 14.1
(905,926) (796,970) 13.7
Operating Income 1,868,415 1,716,311 8.9
Non-operating Income 204,319 83,405 145.0
Non-operating Expenses (128,837) (26,899) 379.0
Income from Continuing Operations
before Income Tax 1,943,897 1,772,817 9.7
Income Tax Credit (Expenses) (434,251) (259,206) 67.5
Net Income 1,509,646 1,513,611 -0.3
Earnings Per Ordinary Share- Diluted -- NT$ 0.48 --
Earnings Per ADS- Diluted -- US$ 0.08 --
Weighted Average Outstanding Shares -
Diluted ('k) -- 3,147,250 --
Forex ( NT$ per US$ ) -- 31.94 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED INCOME STATEMENT
For the Six Months Ended on June 30, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months ended on June 30, 2010 and 2009
2010 2009 YOY
USD NTD % NTD Change%
Net Sales 1,006,756 32,075,232 100.0 24,300,265 32.0
Cost of Goods Sold (840,791) (26,787,610) -83.5 (20,428,704) 31.1
Gross Profit 165,964 5,287,622 16.5 3,871,561 36.6
Operating Expenses
Selling expenses (9,440) (300,771) -0.9 (198,556) 51.5
Administrative expenses (21,986) (700,474) -2.2 (759,233) -7.7
Research and development
expenses (22,023) (701,650) -2.2 (538,505) 30.3
(53,449) (1,702,895) -5.3 (1,496,294) 13.8
Operating Income 112,515 3,584,727 11.2 2,375,267 50.9
Non-operating Income 9,031 287,723 0.9 215,163 33.7
Non-operating Expenses (4,888) (155,736) -0.5 (122,036) 27.6
Income Before Income Tax 116,658 3,716,714 11.6 2,468,394 50.6
Income Tax Credit
(Expenses) (21,766) (693,457) -2.2 (542,304) 27.9
Net Income 94,892 3,023,257 9.4 1,926,090 57.0
Earnings Per Ordinary
Share- Diluted -- NT$ 0.97 -- NT$ 0.62 --
Earnings Per ADS-
Diluted -- US$ 0.15 -- US$ 0.09 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,126,262 -- 3,121,862 --
Forex ( NT$ per US$) -- 31.86 -- 33.12 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For 6 Months Ended on Jun 30, 2010 and 2009
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months, 2010 6 months, 2009
USD NTD NTD
Cash Flows from Operating Activities:
Net income 94,036 3,023,257 1,926,090
Depreciation 129,497 4,163,316 4,333,535
Amortization 6,625 212,995 274,244
Gains on disposal of long-term
investment -- -- (5,871)
Change in working capital & others (14,706) (472,783) (2,254,461)
Net cash flows provided from
operating activities 215,452 6,926,785 4,273,537
Cash Flows from Investing Activities:
Acquisition of property, plant,
and equipment (152,685) (4,908,814) (822,630)
Increase of financial asset
carried at cost (28,739) (923,950) --
Proceeds from disposal of
equipments 29,471 947,492 6,854
Payment for deferred charges/other
changes (12,043) (387,197) (130,868)
Net cash used in investing activities (163,996) (5,272,469) (946,644)
Cash Flows from Financing Activities:
Repayment for short-term loan (5,646) (181,531) (599,872)
Repayment for long-term loan -- -- (3,000,000)
Proceeds from the exercise of
employee stock option /other
charges 640 20,591 1,469,799
Net cash provided from financing
activities (5,006) (160,940) (2,130,073)
Foreign currency exchange effect 618 19,855 (6,875)
Net increase (decrease) in cash and
cash equivalents 47,068 1,513,231 1,189,945
Cash and cash equivalents at
beginning of period 610,114 19,615,161 18,840,965
Cash and cash equivalents at end of
period 657,182 21,128,392 20,030,910
Forex ( NT$ per US$ ) -- 32.15 32.81
(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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