Siliconware Precision Industries Reports a 9.4% Quarter-over-Quarter Growth in Revenues Resulting in Earnings per Share of NT$ 0.48 or Earnings per ADS of US$ 0.08 for Second Quarter 2012

Jul 27, 2012, 01:35 ET from Siliconware Precision Industries Co., Ltd.

TAICHUNG, Taiwan, July 27, 2012 /PRNewswire-Asia/ -- 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 2012 were NT$ 16,545 million, which represented a 9.4% growth in revenues compared to the first quarter of 2012 and a 12.3% growth in revenues compared to the second quarter of 2011. SPIL reported a net income of NT$ 1,470 million for the second quarter of 2012, compared with a net income of NT$ 891 million and a net income of NT$ 1,125 million for the first quarter of 2012 and the second quarter of 2011, 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. GAAP on a consolidated basis.

Operating results review:

  • For the second quarter of 2012, net revenues from IC packaging were NT$ 14,905 million and represented 90% of total net revenues. Net revenues from testing operations were NT$ 1,640 million and represented 10% of total net revenues.
  • Cost of goods sold was NT$ 13,356 million, representing an increase of 3.6% compared to the first quarter of 2012 and an increase of 7.4% compared to the second quarter of 2011.
    • Raw materials costs were NT$ 6,866 million for the second quarter of 2012 and represented 41.5% of total net revenues, whereas raw materials costs were NT$ 6,823 million and represented 45.1% of total net revenues for the first quarter of 2012.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 118 million.   
  • Gross profit was NT$ 3,189 million for the second quarter of 2012, representing a gross margin of 19.3%, which increased from a gross margin of 14.7% for the first quarter of 2012 and was up from 15.6% for the second quarter of 2011.   
  • Total operating expenses for the second quarter of 2012 were NT$ 1,295 million, which included selling expenses of NT$ 206 million, administrative expenses of NT$ 472 million and R&D expenses of NT$ 617 million. Total operating expenses represented 7.8% of total net revenues for the second quarter of 2012.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 52 million
  • Operating income was NT$ 1,894 million for the second quarter of 2012, representing an operating margin of 11.5%, which increased from 6.9% for the first quarter of 2012 and increased from 8.3% for the second quarter of 2011.
  • Non-operating items:
    • Our non-operating expense was NT$ 246 million, including an impairment loss of NT$ 94 million from Vertical Circuits, Inc.
  • Net income before tax was NT$ 1,786 million for the second quarter of 2012, which increased from a net income before tax of NT$ 1,082 million for the first quarter of 2012 and increased from a net income before tax of NT$ 1,268 million for the second quarter of 2011.
  • Income tax expense was NT$ 316 million for the second quarter of 2012, compared with income tax expense of NT$ 191 million for the first quarter of 2012 and income tax expense of NT$ 143 million for the second quarter of 2011.
  • Net income was NT$ 1,470 million for the second quarter of 2012, which increased from a net income of NT$ 891 million for the first quarter of 2012 and increased from a net income of NT$ 1,125 million for the second quarter of 2011.
  • Total number of shares outstanding was 3,087 million shares as of June 30,2012. 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$ 18,262 million as of June 30, 2012 from NT$ 17,204 million as of Mar 31, 2012, and NT$ 14,267 million as of June 30, 2011. 
  • Capital expenditures for the second quarter of 2012 totaled NT$ 2,265 million, which included NT$ 1,633 million for packaging equipment and NT$ 632 million for testing equipment.
  • Total depreciation expenses for the second quarter of 2012 totaled NT$ 2,306 million, which included NT$ 1,782 million was from packaging operations and NT$ 524 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 14,905 million for the second  quarter of 2012, which represented an increase of NT$ 1,183 million or 8.6% compared to the first quarter of 2012.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 38%, 27% and 25%, respectively, of total net revenues for the second quarter of 2012.
  • Capital expenditures for IC packaging operations totaled NT$ 1,633 million for the second quarter of 2012, which included NT$ 1,485 million for packaging and building construction and NT$ 148 million for wafer bumping operations.
  • As of June 30, 2012 we had 6,970 wirebonders installed, of which 590 were added   and 81 were disposed in the second quarter of 2012.

IC testing service:                     

  • Net revenues from testing operations were NT$ 1,640 million for the second quarter of 2012, which represented a increase of NT$ 244 million or 17.5% compared to the first quarter of 2012.
  • Capital expenditures for testing operations totaled NT$ 632 million for the second quarter of 2012.
  • As of June 30, 2012 we had 367 testers installed, of which 32 were added and 2 were disposed in the second quarter of 2012.

Revenue Analysis

  • Breakdown by end applications:

By application

2Q12

1Q12

Communication

48%

45%

Computing

16%

15%

Consumer

26%

27%

Memory

10%

13%

  • Breakdown by packaging type:

By packaging type

2Q12

1Q12

Bumping & Flip Chip 

25%

23%

Substrate Based

38%

42%

Leadframe Based

27%

26%

Testing 

10%

9%

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 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 a consolidated basis. The investment gains or losses of our company for the three months ended June 30, 2012 reflect our gains or losses attributable to the second quarter of 2012 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the consolidated financial data for our company for the three months ended June 30, 2012, nor the consolidated financial data for our company for the six months ended June 30, 2012 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Jun 30, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

Jun  30,2012

Jun  30,2011

Sequential

ASSETS

USD

NTD

%

NTD

%

Change

%

Cash and cash equivalent

611,183

18,262,142

21

14,266,673

17

3,995,469

28

Accounts receivable

389,021

11,623,943

13

10,195,921

12

1,428,022

14

Inventories

127,389

3,806,390

4

3,874,545

5

(68,155)

-2

Other current assets

63,537

1,898,498

2

1,702,137

2

196,361

12

Total current assets

1,191,130

35,590,973

40

30,039,276

36

5,551,697

18

Long-term investments

186,512

5,572,975

6

6,812,279

8

(1,239,304)

-18

Fixed assets

2,886,010

86,233,987

97

83,468,227

100

2,765,760

3

Less accumulated depreciation

(1,368,699)

(40,896,721)

-46

(39,339,499)

-47

(1,557,222)

4

Net fixed assets

1,517,311

45,337,266

51

44,128,728

53

1,208,538

3

Other assets

73,357

2,191,898

3

2,585,006

3

(393,108)

-15

Total Assets

2,968,310

88,693,112

100

83,565,289

100

5,127,823

6

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Short-term loans

70,000

2,091,600

2

1,436,250

2

655,350

46

Accounts payable

224,863

6,718,910

8

6,697,652

8

21,258

Current portion of long-term debt

52,895

1,580,503

2

1,580,503

Other current liability

433,578

12,955,313

14

12,542,775

15

412,538

3

Long-term loans

264,214

7,894,719

9

4,308,285

5

3,586,434

83

Other liabilities

16,655

497,665

1

349,068

148,597

43

Total  Liabilities

1,062,206

31,738,710

36

25,334,030

30

6,404,680

25

Stockholders' Equity

Capital stock

1,042,959

31,163,611

35

31,163,611

37

Capital reserve

550,654

16,453,527

18

16,453,527

19

Legal reserve

255,884

7,645,816

9

7,162,092

9

483,724

7

Retained earnings

79,551

2,376,996

3

2,228,415

3

148,581

7

Unrealized gain or loss on financial instruments

12,606

376,669

1,552,652

2

(1,175,983)

-76

Cumulated translation adjustment

9,347

279,275

(60,470)

339,745

-562

Net loss not recognized as pension cost

(12,627)

(377,304)

(268,568)

(108,736)

40

Treasury stocks

(32,269)

(964,188)

-1

(964,188)

Total Equity

1,906,104

56,954,402

64

58,231,259

70

(1,276,857)

-2

Total Liabilities & Shareholders' Equity

2,968,310

88,693,112

100

83,565,289

100

5,127,823

6

Forex ( NT$ per US$ )

29.88

28.73

(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

Sequential Comparison

2Q2012

2Q 2011

YOY

2Q 2012

1Q 2012

QOQ

USD

NTD

%

NTD

change %

NTD

NTD

change %

Revenues

558,592

16,545,486

100.0

14,735,496

12.3

16,545,486

15,117,682

9.4

Cost of Goods Sold

(450,918)

(13,356,181)

-80.7

(12,433,589)

7.4

(13,356,181)

(12,891,130)

3.6

Gross Profit

107,674

3,189,305

19.3

2,301,907

38.6

3,189,305

2,226,552

43.2

Operating Expenses

Selling Expenses

(6,966)

(206,334)

-1.2

(164,488)

25.4

(206,334)

(172,425)

19.7

Administrative Expenses

(15,927)

(471,752)

-2.9

(416,630)

13.2

(471,752)

(458,920)

2.8

Research and Development Expenses

(20,841)

(617,302)

-3.7

(493,211)

25.2

(617,302)

(555,959)

11.0

(43,734)

(1,295,388)

-7.8

(1,074,329)

20.6

(1,295,388)

(1,187,304)

9.1

Operating Income

63,940

1,893,917

11.5

1,227,578

54.3

1,893,917

1,039,248

82.2

Non-operating Income

4,671

138,363

0.8

80,242

72.4

138,363

139,192

-0.6

Non-operating Expenses

(8,320)

(246,438)

-1.5

(40,411)

509.8

(246,438)

(96,921)

154.3

Income from Continuing Operations before Income Tax

60,292

1,785,842

10.8

1,267,409

40.9

1,785,842

1,081,519

65.1

Income Tax Credit (Expenses)

(10,674)

(316,169)

-1.9

(142,828)

121.4

(316,169)

(190,267)

66.2

Net Income

49,618

1,469,673

8.9

1,124,581

30.7

1,469,673

891,252

64.9

Earnings Per Ordinary Share- Diluted

  NT$    0.48

NT$   0.36

  NT$   0.29

Earnings Per ADS- Diluted

 US$    0.08

US$   0.06

 US$    0.05

Weighted Average Outstanding Shares - Diluted ('k)

3,086,993

3,122,858

3,095,097

Forex ( NT$ per US$ )

29.62

28.83

29.70

(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, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

6 months ended on June 30, 2012 and 2011

2012

2011

YOY

USD

NTD

%

NTD

Change %

Net Sales

1,067,605

31,663,168

100.0

29,202,615

8.4

Cost of Goods Sold

(884,963)

(26,247,311)

-82.9

(24,705,791)

6.2

Gross Profit

182,642

5,415,857

17.1

4,496,824

20.4

Operating Expenses

Selling expenses

(12,772)

(378,759)

-1.2

(325,525)

16.4

Administrative expenses

(31,379)

(930,672)

-2.9

(815,582)

14.1

Research and development expenses

(39,560)

(1,173,261)

-3.7

(948,922)

23.6

(83,710)

(2,482,692)

-7.8

(2,090,029)

18.8

Operating Income

98,932

2,933,165

9.3

2,406,795

21.9

Non-operating Income

9,358

277,555

0.9

186,564

48.8

Non-operating Expenses

(11,583)

(343,359)

-1.1

(108,734)

215.8

Income Before Income Tax

99,894

2,867,361

9.1

2,484,625

15.4

Income Tax Credit (Expenses)

(17,080)

(506,436)

-1.6

(289,976)

74.6

Net Income

82,813

2,360,925

7.5

2,194,649

7.6

Earnings Per Ordinary Share- Diluted

NT$   0.76

NT$   0.70

Earnings Per ADS- Diluted

US$   0.13

US$   0.12

Weighted Average Outstanding Shares - Diluted ('k)

3,086,993

3,122,858

Forex ( NT$ per US$)

29.66

29.07

(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, 2012 and 2011

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

6 months, 2012

6 months, 2011

USD

NTD

NTD

Cash Flows from Operating Activities:

   Net income

79,014

2,360,925

2,194,649

   Depreciation 

155,781

4,654,723

4,444,029

   Amortization

9,628

287,684

279,812

   Impairment loss 

3,160

94,409

   Change in working capital & others

(36,103)

(1,078,771)

(1,751,435)

Net cash flows provided from operating activities

211,478

6,318,970

5,167,055

Cash Flows from Investing Activities:

   Acquisition of property, plant, and equipment

(142,491)

(4,257,642)

(5,792,720)

   Increase of financial asset carried at cost

(490,000)

   Proceeds from disposal of equipments

1,444

43,135

511,065

   Payment for deferred charges/other changes

(8,956)

(267,593)

(816,294)

Net cash used in investing activities

(150,003)

(4,482,100)

(6,587,949)

Cash Flows from Financing Activities:

   Increase of short-term loan

19,745

589,975

   Proceeds from the exercise of employee stock option /other charges

(2,963)

(88,524)

164,886

Net cash provided from financing activities

16,782

501,451

164,886

Foreign currency exchange effect

(595)

(17,779)

3,673

Net increase (decrease) in cash and cash equivalents

77,662

2,320,542

(1,252,335)

Cash and cash equivalents at beginning of period

533,521

15,941,600

15,519,008

Cash and cash equivalents at end of period

611,183

18,262,142

14,266,673

Forex ( NT$ per US$ )

29.88

28.73

(1) : All figures are under ROC GAAP. 

Contact:

Siliconware Precision Industries Co., Ltd. No.45, Jieh Show Rd. Hsinchu Science Park, Hsinchu Taiwan, 30056 www.spil.com.tw

Janet Chen, IR Director janet@spil.com.tw +886-3-5795678#3675

Byron Chiang, Spokesperson byronc@spil.com.tw +886-3-5795678#3671

SOURCE Siliconware Precision Industries Co., Ltd.



RELATED LINKS

http://www.spil.com.tw