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Siliconware Precision Industries Reports 15.8% Revenues Sequential decline and EPS of NT$ 0.58 or EPADS of US$ 0.10 for 1Q 2008
TAICHUNG,
SPIL reported a net income of
Unconsolidated 1Q 2008 Financial Results — Net revenue was NT$ 14,931 million, in which NT$ 13,570 million was from assembly business and NT$ 1,361 million was from testing business. — Cost of goods sold was NT$ 11,860 million, and gross profit was NT$ 3,071 million, representing a gross margin of 20.6%. — Operating expenses were NT$ 902 million, including selling expenses of NT$ 227 million, administrative expenses of NT$ 319 million, and R & D expenses of NT$ 356 million. Operating profit was NT$ 2,169 million, representing an operating margin of 14.5%. — Net income was NT$ 1,753 million. — Diluted earnings per ordinary share for this quarter was NT$ 0.58, or diluted earnings per ADS of US$ 0.10. Total weighted average outstanding ordinary shares-diluted for 1Q 2008 were 3,039 million shares. Capital Expenditure — Capital expenditure in 1Q 2008 totaled NT$ 2,776 million, in which NT$ 2,158 million were spent on assembly equipment, and NT$ 618 million were spent on testing equipment. — The depreciation expenses in 1Q 2008 were NT$ 2,018 million, in which NT$ 1,393 million were from assembly business and NT$ 625 million were from testing business. Assembly Operation — Substrate products revenues accounted for 47% of total revenues, remaining flat from previous quarter; wafer bumping and FCBGA accounted for 14%, up from 13% in previous quarter; lead frame products revenues accounted for 28%, down from 29% in previous quarter. Testing service generated 9% of total revenues in 1Q 2008.
About SPIL
Siliconware Precision Industries Ltd. ("SPIL")(Nasdaq: SPIL; TSE: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 drop ship. Products include advanced leadframe and substrate packages, 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. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that these expectations and projections are reasonable, such forward-looking statements are inherently subject to risks, uncertainties and assumptions about us, 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 report for the year ended December 31, 2006 on Form 20-F filed with the U.S. Securities and Exchange Commission on June 20, 2007.
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 unconsolidated basis. Audited unconsolidated financial figures will be publicly announced upon the completion of our audited process. The investment gains or losses of our company for the three months ended
SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of Mar 31, 2008 and 2007
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) Mar 31, 2008 ASSETS USD NTD % Cash and cash equivalent 799,212 24,296,049 28 Accounts receivable 302,923 9,208,870 11 Inventories 98,675 2,999,705 4 Other current assets 65,885 2,002,917 3 Total current assets 1,266,695 38,507,541 46 Long-term investments 249,350 7,580,254 9 Fixed assets 2,277,336 69,231,002 80 Less accumulated depreciation (1,037,622) (31,543,710) -37 Net fixed assets 1,239,714 37,687,292 43 Other assets 59,255 1,801,364 2 Total Assets 2,815,015 85,576,451 100 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable 215,242 6,543,351 8 Current portion of long-term debt — — — Other current liability 213,797 6,499,430 7 Bonds payable — — — Long-term loans 98,390 2,991,054 3 Other liabilities 3,838 116,668 — Total Liabilities 531,267 16,150,503 19 Stockholders' Equity Capital stock 1,011,414 30,746,975 36 Capital reserve 547,966 16,658,161 19 Legal reserve 109,873 3,340,131 4 Special reserve — — — Retained earnings 641,918 19,514,321 23 Unrealized gain or loss on financial instruments (1,437) (43,698) — Cumulated translation adjustment 140 4,242 — Net loss not recognized as pension cost — — — Treasury stock (26,124) (794,184) -1 Total Equity 2,283,748 69,425,948 81 Total Liabilities & Shareholders' Equity 2,815,015 85,576,451 100 Forex ( NT$ per US$ ) 30.40 (1)All figures are under ROC GAAP. (cont.) Mar 31, 2007 Sequential ASSETS NTD % Change % Cash and cash equivalent 21,086,120 26 3,209,929 15 Accounts receivable 8,681,399 10 527,471 6 Inventories 2,508,706 3 490,999 20 Other current assets 2,100,943 3 (98,026) -5 Total current assets 34,377,168 42 4,130,373 12 Long-term investments 14,045,087 17 (6,464,833) -46 Fixed assets 60,952,945 73 8,278,057 14 Less accumulated depreciation (28,593,631) -34 (2,950,079) 10 Net fixed assets 32,359,314 39 5,327,978 16 Other assets 2,147,277 2 (345,913) -16 Total Assets 82,928,846 100 2,647,605 3 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable 4,527,833 6 2,015,518 45 Current portion of long-term debt 1,184,596 1 (1,184,596) -100 Other current liability 4,971,845 6 1,527,585 31 Bonds payable — — — — Long-term loans 2,984,690 4 6,364 — Other liabilities 242,614 — (125,946) -52 Total Liabilities 13,911,578 17 2,238,925 16 Stockholders' Equity Capital stock 29,424,577 36 1,322,398 4 Capital reserve 15,703,508 18 954,653 6 Legal reserve 2,003,494 2 1,336,637 67 Special reserve 50,029 — (50,029) -100 Retained earnings 17,246,876 21 2,267,445 13 Unrealized gain or loss on financial instruments 5,360,399 7 (5,404,097) -101 Cumulated translation adjustment 24,356 — (20,114) -83 Net loss not recognized as pension cost (1,787) — 1,787 -100 Treasury stock (794,184) -1 — — Total Equity 69,017,268 83 408,680 1 Total Liabilities & Shareholders' Equity 82,928,846 100 2,647,605 3 Forex ( NT$ per US$ ) 33.08 (1) All figures are under ROC GAAP. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 3 months ended on Mar 31 1Q 2008 1Q 2007 YOY change USD NTD % NTD % Revenues 491,159 14,931,222 100.0 13,750,997 8.6 Cost of Goods Sold (390,125) (11,859,789) -79.4 (9,944,531) 19.3 Gross Profit 101,034 3,071,433 20.6 3,806,466 -19.3 Operating Expenses Selling Expenses (7,468) (227,024) -1.5 (194,583) 16.7 Administrative Expenses (10,508) (319,429) -2.1 (264,163) 20.9 Research and Development Expenses (11,696) (355,551) -2.4 (340,783) 4.3 (29,671) (902,004) -6.0 (799,529) 12.8 Operating Income 71,363 2,169,429 14.5 3,006,937 -27.9 Non-operating Income 5,196 157,970 1.1 1,256,859 -87.4 Non-operating Expenses (11,330) (344,436) -2.3 (73,746) 367.1 Income from Continuing Operations before Income Tax 65,229 1,982,963 13.3 4,190,050 -52.7 Income Tax Credit (Expenses)(7,566) (230,007) -1.5 (357,102) -35.6 Net Income 57,663 1,752,956 11.7 3,832,948 -54.3 Earnings Per Ordinary Share - Diluted NT$ 0.58 NT$ 1.28 Earnings Per ADS - Diluted US$ 0.10 US$ 0.19 Weighted Average Outstanding Shares - Diluted ('k) 3,038,819 3,038,755 Forex ( NT$ per US$ ) 30.40 33.08 (cont.) Sequential Comparison 1Q 2008 4Q 2007 QOQ NTD NTD change % Revenues 14,931,222 17,728,794 -15.8 Cost of Goods Sold (11,859,789) (12,680,536) -6.5 Gross Profit 3,071,433 5,048,258 -39.2 Operating Expenses Selling Expenses (227,024) (228,469) -0.6 Administrative Expenses (319,429) (265,221) 20.4 Research and Development Expenses (355,551) (308,805) 15.1 (902,004) (802,495) 12.4 Operating Income 2,169,429 4,245,763 -48.9 Non-operating Income 157,970 921,104 -82.8 Non-operating Expenses (344,436) (4,156) 8187.7 Income from Continuing Operations before Income Tax 1,982,963 5,162,711 -61.6 Income Tax Credit (Expenses) (230,007) (393,049) -41.5 Net Income 1,752,956 4,769,662 -63.2 Earnings Per Ordinary Share - Diluted NT$ 1.57 Earnings Per ADS - Diluted US$ 0.24 Weighted Average Outstanding Shares - Diluted ('k) 3,039,364 Forex ( NT$ per US$ ) 32.43 (1) All figures are under ROC GAAP. (2) 1 ADS is equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED STATEMENTS OF CASH FLOWS For 3 Months Ended on Mar 31, 2008 and 2007
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 3 months, 2008 3 months, 2007 USD NTD NTD Cash Flows from Operating Activities: Net income 57,663 1,752,956 3,832,948 Depreciation 66,377 2,017,868 1,752,541 Amortization 4,526 137,595 137,048 Gains on disposal of long-term investment — — (793,350) Long-term investment gain recognized by equity method (535) (16,262) (261,608) Compensation interest payable on bonds payable — — 36 Foreign currency exchange gain on bonds payable — — 34,742 Change in working capital & others 71,960 2,187,582 1,223,491 Net cash flows provided from operating activities 199,991 6,079,739 5,925,848 Cash Flows from Investing Activities: Acquisition of property, plant, and equipment (91,317) (2,776,026) (2,016,780) Increase on financial instruments — — (2,523,529) Proceeds from disposal of long- term investment — — 6,289,854 Payment for long-term investment (626) (19,032) — Payment for deferred charges/other changes (3,144) (95,589) 48,531 Net cash used in investing activities (95,087) (2,890,647) 1,798,076 Cash Flows from Financing Activities: Repayment of long-term loan — — (19,266) Proceeds from the exercise of employee stock option /other charges (717) (21,797) 28,528 Net cash provided from financing activities (717) (21,797) 9,262 Net increase (decrease) in cash and cash equivalents 104,187 3,167,295 7,733,186 Cash and cash equivalents at beginning of period 695,025 21,128,754 13,352,934 Cash and cash equivalents at end of period 799,212 24,296,049 21,086,120 Forex ( NT$ per US$ ) 30.40 33.08 (1) All figures are under ROC GAAP. Contact: Byron Chiang/Spokesperson Tel: +886-3-579-5678 ext 3671 Email: byronc@spil.com.tw Janet Chen/ Investor Relations Tel: +886-3-579-5678 ext 3675 Email: janet@spil.com.tw SPIL website: http://www.spil.com.tw
SOURCE Siliconware Precision Industries Co.
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