TAICHUNG, Taiwan, July 29 /PRNewswire-Asia-FirstCall/ -- Siliconware
Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock
Exchange: 2325; Nasdaq: SPIL) today announced that its sales revenues for the
second quarter of 2009 were NT$ 14,137 million, which represented a 53.6%
increase in revenues compared to the first quarter of 2009 and a 10.8% decline
in revenues compared to the second quarter of 2008. SPIL reported a net income
of NT$ 1,664 million for the second quarter of 2009, compared with a net
income of NT$ 262 million and a net income of NT$ 2,408 million for the first
quarter of 2009 and the second quarter of 2008, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.54, and
diluted earnings per ADS was US$ 0.08.
Operating results review:
-- For the second quarter of 2009, net revenues from IC packaging were NT$
13,002 million and represented 92% of total net revenues. Net revenues
from testing operations were NT$ 1,135 million and represented 8% of
total net revenues.
-- Cost of goods sold was NT$ 11,210 million, representing an increase of
34.7% compared to the first quarter of 2009 and a decrease of 10.8%
compared to the second quarter of 2008.
-- Raw materials costs were NT$ 6,470 million for the second quarter of
2009, and represented 45.8% of total net revenues, whereas raw
materials costs were NT$ 4,186 million and represented 45.5% of
total net revenues for the first quarter of 2009.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 127 million.
-- Gross profit was NT$ 2,927 million for the second quarter of 2009,
representing a gross margin of 20.7%, which increased from a gross
margin of 9.5% for the first quarter of 2009 and was flat from 20.7%
for the second quarter of 2008.
-- Total operating expenses for the second quarter of 2009 were NT$ 728
million, which included selling expenses of NT$ 152 million,
administrative expenses of NT$ 282 million and R&D expenses of NT$ 294
million. Total operating expenses represented 5.1% of total net
revenues for the second quarter of 2009.
-- In the second quarter of 2009, the accrued expenses of bonuses to
employees, directors and supervisors accounting for under operating
expenses totaled NT$ 48 million.
-- Operating income was NT$ 2,199 million for the second quarter of 2009,
representing an operating margin of 15.6% for the second quarter of
2009, which increased from 2.0% for the first quarter of 2009 and
increased from 15.0% for the second quarter of 2008.
-- Non-operating items:
-- Net interest income was NT$ 10 million for the second quarter of
2009.
-- Our net currency exchange loss of NT$ 125 million for the second
quarter of 2009 was mainly due to depreciation of our US dollar
denominated asset as a result of an depreciation in the foreign
currency exchange rate of the US dollar against NT dollar, our
reporting currency.
-- Our net gain on long-term investment of NT$ 87 million for the
second quarter of 2009 was primarily due to investment gain of NT$
83 million from SPIL BVI.
-- Net income before tax was NT$ 2,150 million for the second quarter of
2009, which increased from a net income of NT$ 317 million for the
first quarter of 2009 and decreased from a net income of NT$ 2,690
million for the second quarter of 2008.
-- Income tax expense was NT$ 486 million for the second quarter of 2009,
compared with income tax expense of NT$ 55 million for the first
quarter of 2009 and income tax expense of NT$ 282 million for the
second quarter of 2008.
-- Net income was NT$ 1,664 million for the second quarter of 2009, which
increased from a net income of NT$ 262 million for the first quarter of
2009 and decreased from a net income of NT$ 2,408 million for the
second quarter of 2008.
-- Total number of shares outstanding was 3,122 million shares as of Jun
30,2009. Diluted earnings per ordinary share for this quarter was NT$
0.54, or US$ 0.08 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 19,123 million as of Jun 30, 2009 from
NT$ 18,448 million as of Mar 31, 2009, and NT$ 24,079 million as of Jun
30, 2008.
-- Capital expenditures for the second quarter of 2009 totaled NT$ 328
million, which included NT$ 277 million for packaging equipment and NT$
51 million for testing equipment.
-- Total depreciation expenses for the second quarter of 2009 totaled NT$
1,978 million, which included NT$ 1,502 million was from packaging
operations and NT$ 476 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 13,002 million for
the second quarter of 2009, which represented an increase of NT$ 4,481
million or 52.6% compared to the first quarter of 2009.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 46%, 29% and 15%, respectively, of total net
revenues for the second quarter of 2009.
-- Capital expenditures for IC packaging operations totaled NT$ 277
million for the second quarter of 2009, which included NT$ 189 million
for packaging and building construction and NT$ 88 million for wafer
bumping operations.
-- As of Jun 30, 2009 we had 4,698 wirebonders installed, of which 90 were
added and 44 were disposed in the second quarter of 2009.
IC testing service:
-- Net revenues from testing operations were NT$ 1,135 million for the
second quarter of 2009, which represented an increase of NT$ 453
million or 66.4% compared to the first quarter of 2009.
-- Capital expenditures for testing operations totaled NT$ 51 million for
the second quarter of 2009.
-- As of Jun 30, 2009 we had 375 testers installed, of which 2 were added
and 2 were disposed in the second quarter of 2009.
Revenue Analysis
Breakdown by end applications:
By application 2Q09 1Q09
Computing 23% 20%
Communication 48% 45%
Consumer 18% 19%
Memory 11% 16%
Breakdown by packaging type:
By packaging type 2Q09 1Q09
Bumping & FCBGA 15% 13%
Substrate Based 46% 47%
Leadframe Based 29% 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 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 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 unconsolidated basis. Audited unconsolidated 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 Jun 30,
2009 reflect our gains or losses attributable to the second quarter of 2009
unaudited financial results of several of our investees which are evaluated
under the equity method. Neither the unaudited unconsolidated financial data
for our company for the three months ended Jun 30, 2009, nor the unaudited
unconsolidated financial data for our company for the six months ended Jun 30,
2009 is necessarily indicative of the results that may be expected for any
period thereafter.
-- Tables to Follow --
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of June 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Jun 30, 2009 Jun 30, 2008
ASSETS USD NTD % NTD %
Cash and cash equivalent 583,722 19,122,744 26 24,078,606 27
Accounts receivable 315,491 10,335,470 14 11,072,532 13
Inventories 72,423 2,372,592 3 2,929,481 3
Other current assets 43,198 1,415,156 2 1,995,330 3
Total current assets 1,014,834 33,245,962 45 40,075,949 46
Long-term investments 189,334 6,202,576 8 6,968,115 8
Fixed assets 2,031,671 66,557,556 90 70,552,397 81
Less accumulated
depreciation (1,038,683) (34,027,268) -46 (32,313,818) -37
Net fixed assets 992,988 32,530,288 44 38,238,579 44
Other assets 72,900 2,388,208 3 1,731,995 2
Total Assets 2,270,056 74,367,034 100 87,014,638 100
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable 205,083 6,718,516 9 7,276,431 8
Other current liability 338,594 11,092,354 15 20,551,789 23
Long-term loans -- -- -- 2,986,237 4
Other liabilities 2,524 82,691 -- 97,952 --
Total Liabilities 546,201 17,893,561 24 30,912,409 36
Stockholders' Equity
Capital stock 962,329 31,525,899 42 30,746,975 35
Stock dividend to be
distributed -- -- -- 778,924 1
Capital reserve 515,428 16,885,423 23 16,819,576 19
Legal reserve 174,616 5,720,419 8 5,089,066 6
Retained earnings 63,294 2,073,510 3 4,300,752 5
Unrealized gain or loss
on financial
instruments 23,319 763,934 1 (893,517) -1
Cumulated translation
adjustment 9,111 298,472 -- 54,637 --
Treasury stock (24,242) (794,184) -1 (794,184) -1
Total Equity 1,723,854 56,473,473 76 56,102,229 64
Total Liabilities &
Shareholders' Equity 2,270,056 74,367,034 100 87,014,638 100
Forex (NT$ per US$) -- 32.76 -- 30.29 --
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of June 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Sequential
ASSETS Change %
Cash and cash equivalent (4,955,862) -21
Accounts receivable (737,062) -7
Inventories (556,889) -19
Other current assets (580,174) -29
Total current assets (6,829,987) -17
Long-term investments (765,539) -11
Fixed assets (3,994,841) -6
Less accumulated depreciation (1,713,450) 5
Net fixed assets (5,708,291) -15
Other assets 656,213 38
Total Assets (12,647,604) -15
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable (557,915) -8
Other current liability (9,459,435) -46
Long-term loans (2,986,237) -100
Other liabilities (15,261) -16
Total Liabilities (13,018,848) -42
Stockholders' Equity
Capital stock 778,924 3
Stock dividend to be distributed (778,924) -100
Capital reserve 65,847 --
Legal reserve 631,353 12
Retained earnings (2,227,242) -52
Unrealized gain or loss on financial
instruments 1,657,451 -185
Cumulated translation adjustment 243,835 446
Treasury stock -- --
Total Equity 371,244 1
Total Liabilities & Shareholders'
Equity (12,647,604) -15
Forex ( NT$ per US$ ) -- --
(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 June 30
2Q 2009 2Q 2008 YOY
USD NTD % NTD change%
Revenues 427,481 14,136,788 100.0 15,852,384 -10.8
Cost of Goods Sold (338,975) (11,209,888) -79.3 (12,582,543) -10.9
Gross Profit 88,506 2,926,900 20.7 3,269,841 -10.5
Operating Expenses
Selling Expenses (4,603) (152,220) -1.1 (211,136) -27.9
Administrative Expenses (8,506) (281,283) -2.0 (339,215) -17.1
Research and Development
Expenses (8,890) (293,978) -2.1 (345,327) -14.9
(21,998) (727,481) -5.1 (895,678) -18.8
Operating Income 66,508 2,199,419 15.6 2,374,163 -7.4
Non-operating Income 4,951 163,722 1.2 373,588 -56.2
Non-operating Expenses (6,439) (212,931) -1.5 (57,284) 271.7
Income from Continuing
Operations before
Income Tax 65,020 2,150,210 15.2 2,690,467 -20.1
Income Tax Credit
(Expenses) (14,693) (485,905) -3.4 (282,577) 72.0
Net Income 50,327 1,664,305 11.8 2,407,890 -30.9
Earnings Per Ordinary
Share - Diluted -- NT$ 0.54 -- NT$ 0.77 --
Earnings Per ADS-
Diluted -- US$ 0.08 -- US$ 0.13 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,121,862 -- 3,126,293 --
Forex ( NT$ per US$ ) -- 33.07 -- 30.38 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Sequential Comparison
2Q 2009 1Q 2009 QOQ
NTD NTD change%
Revenues 14,136,788 9,203,336 53.6
Cost of Goods Sold (11,209,888) (8,324,659) 34.7
Gross Profit 2,926,900 878,677 233.1
Operating Expenses
Selling Expenses (152,220) (107,115) 42.1
Administrative Expenses (281,283) (344,682) -18.4
Research and Development Expenses (293,978) (236,658) 24.2
(727,481) (688,455) 5.7
Operating Income 2,199,419 190,222 1056.2
Non-operating Income 163,722 247,076 -33.7
Non-operating Expenses (212,931) (120,203) 77.1
Income from Continuing Operations
before Income Tax 2,150,210 317,095 578.1
Income Tax Credit (Expenses) (485,905) (55,310) 778.5
Net Income 1,664,305 261,785 535.8
Earnings Per Ordinary Share- Diluted -- NT$ 0.08 --
Earnings Per ADS- Diluted -- US$ 0.01 --
Weighted Average Outstanding Shares -
Diluted ('k) -- 3,136,087 --
Forex ( NT$ per US$ ) -- 33.96 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
For the Six Months Ended on June 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months ended on June 30, 2009 and 2008
2009 2008 YOY
USD NTD % NTD Change%
Net Sales 705,779 23,340,124 100.0 30,783,606 -24.2
Cost of Goods Sold (590,703) (19,534,547) -83.7 (24,429,002) -20.0
Gross Profit 115,076 3,805,577 16.3 6,354,604 -40.1
Operating Expenses
Selling expenses (7,842) (259,335) -1.1 (438,160) -40.8
Administrative expenses (18,928) (625,965) -2.7 (658,644) -5.0
Research and development
expenses (16,046) (530,636) -2.3 (700,878) -24.3
(42,816) (1,415,936) -6.1 (1,797,682) -21.2
Operating Income 72,260 2,389,641 10.2 4,556,922 -47.6
Non-operating Income 6,000 198,421 0.9 421,118 -52.9
Non-operating Expenses (3,652) (120,757) -0.5 (304,610) -60.4
Income Before Income Tax 74,609 2,467,305 10.6 4,673,430 -47.2
Income Tax Credit
(Expenses) (16,366) (541,215) -2.3 (512,584) 5.6
Net Income 58,243 1,926,090 8.3 4,160,846 -53.7
Earnings Per Ordinary
Share- Diluted -- NT$ 0.62 -- NT$ 1.33 --
Earnings Per ADS-
Diluted -- US$ 0.09 -- US$ 0.22 --
Weighted Average
Outstanding Shares -
Diluted ('k) -- 3,121,862 -- 3,126,293 --
Forex ( NT$ per US$) -- 33.07 -- 30.38 --
(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED STATEMENTS OF CASH FLOWS
For 6 Months Ended on June 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
6 months, 2009 6 months, 2008
USD NTD NTD
Cash Flows from Operating Activities:
Net income 58,794 1,926,090 4,160,846
Depreciation 124,115 4,066,004 4,090,899
Amortization 8,224 269,413 281,200
Gains on disposal of long-term
investment (179) (5,871) --
Long-term investment gain
recognized by equity method 304 9,975 (42,130)
Change in working capital & others (72,541) (2,376,459) 422,519
Net cash flows provided from
operating activities 118,716 3,889,152 8,913,334
Cash Flows from Investing Activities:
Acquisition of property, plant,
and equipment (22,324) (731,343) (5,535,821)
Payment for long-term investment (10,107) (331,100) (19,032)
Payment for deferred charges/other
changes (1,367) (44,798) (210,542)
Net cash used in investing activities (33,799) (1,107,241) (5,765,395)
Cash Flows from Financing Activities:
Payment for long-term bank loan (91,575) (3,000,000) --
Remuneration of directors and
supervisors' bonuses -- -- (157,404)
Proceeds from the exercise of
employee stock option /other
charges 45,012 1,474,595 (40,683)
Net cash provided from financing
activities (46,563) (1,525,405) (198,087)
Net increase (decrease) in cash and
cash equivalents 38,355 1,256,506 2,949,852
Cash and cash equivalents at
beginning of period 545,367 17,866,238 21,128,754
Cash and cash equivalents at end of
period 583,722 19,122,744 24,078,606
Forex ( NT$ per US$ ) -- 32.76 30.29
(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
Tel: +886-3-5795678 #3675
Email: janet@spil.com.tw
Byron Chiang, Spokesperson
Tel: +886-3-5795678 #3671
Email: byronc@spil.com.tw
