Published: February 14, 2012
Siliconware Precision Industries Reports a 3.8% Quarter-over-Quarter Decline in Revenues Resulting in Earnings per Share of NT$ 0.38 or Earnings per ADS of US$ 0.06 for Fourth Quarter 2011
TAICHUNG, Taiwan, Feb. 15, 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 fourth quarter of 2011 were NT$ 15,710 million, which represented a 3.8% decline in revenues compared to the third quarter of 2011 and a 1.5% growth in revenues compared to the fourth quarter of 2010. SPIL reported a net income of NT$ 1,171 million for the fourth quarter of 2011, compared with a net income of NT$ 1,471 million and a net income of NT$ 1,114 million for the third quarter of 2011 and the fourth quarter of 2010, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 0.38, and diluted earnings per ADS was US$ 0.06.
SPIL today announced that its consolidated sales revenues for the full-year of 2011 were NT$ 61,237 million, which represented a 4.1% decline in revenues compared to same period of 2010. SPIL reported a net income of NT$ 4,837 million for the full-year of 2011, compared with a net income of NT$ 5,627 million for the same period of 2010.
Diluted earnings per ordinary share for 2011 was NT$ 1.55, and diluted earnings per ADS was US$ 0.26.
All figures were prepared in accordance with R.O.C. GAAP on an unaudited consolidated basis.
Operating results review:
-- For the fourth quarter of 2011, net revenues from IC packaging were NT$
14,292 million and represented 91% of total net revenues. Net revenues
from testing operations were NT$ 1,418 million and represented 9% of
total net revenues.
-- Cost of goods sold was NT$ 13,198 million, representing a decrease of
4.7% compared to the third quarter of 2011 and a decrease of 0.6%
compared to the fourth quarter of 2010.
-- Raw materials costs were NT$ 7,015 million for the fourth quarter of
2011, and represented 44.7% of total net revenues, whereas raw
materials costs were NT$ 7,568 million and represented 46.4% of
total net revenues for the third quarter of 2011.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 94 million.
-- Gross profit was NT$ 2,512 million for the fourth quarter of 2011,
representing a gross margin of 16.0%, which increased from a gross
margin of 15.2% for the third quarter of 2011 and was up from 14.3% for
the fourth quarter of 2010.
-- Total operating expenses for the fourth quarter of 2011 were NT$ 1,175
million, which included selling expenses of NT$ 209 million,
administrative expenses of NT$ 422 million and R&D expenses of NT$ 544
million. Total operating expenses represented 7.5% of total net revenues
for the fourth quarter of 2011.
-- The accrued expenses of bonuses to employees, directors and
supervisors accounted for under operating expenses totaled NT$ 31
million.
-- Operating income was NT$ 1,337 million for the fourth quarter of 2011,
representing an operating margin of 8.5%, which increased from 8.2% for
the third quarter of 2011 and increased from 7.9% for the fourth quarter
of 2010.
-- Non-operating items:
-- Our net currency exchange gain of NT$ 45 million for the fourth
quarter of 2011 was mainly due to appreciation of our US dollar
denominated asset as a result of an appreciation in the foreign
currency exchange rate of the US dollar against NT dollar, our
reporting currency.
-- Net income before tax was NT$ 1,431 million for the fourth quarter of
2011, which decreased from a net income before tax of NT$ 1,629 million
for the third quarter of 2011 and increased from a net income before tax
of NT$ 1,194 million for the fourth quarter of 2010.
-- Income tax expense was NT$ 260 million for the fourth quarter of 2011,
compared with income tax expense of NT$ 158 million for the third
quarter of 2011 and income tax expense of NT$ 80 million for the fourth
quarter of 2010.
-- Net income was NT$ 1,171 million for the fourth quarter of 2011, which
decreased from a net income of NT$ 1,471 million for the third quarter
of 2011 and increased from a net income of NT$ 1,114 million for the
fourth quarter of 2010.
-- Total number of shares outstanding was 3,097 million shares as of Dec
31, 2011. Diluted earnings per ordinary share for this quarter was NT$
0.38, or US$ 0.06 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 15,942 million as of Dec 31, 2011 from NT$
14,230 million as of Sept 30, 2011, and NT$ 15,519 million as of Dec 31,
2010.
-- Capital expenditures for the fourth quarter of 2011 totaled NT$ 2,509
million, which included NT$ 2,131 million for packaging equipment and
NT$ 378 million for testing equipment.
-- Total depreciation expenses for the fourth quarter of 2011 totaled NT$
2,349 million, which included NT$ 1,780 million was from packaging
operations and NT$ 569 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 14,292 million for
the fourth quarter of 2011, which represented a decrease of NT$ 655
million or 4.4% compared to the third quarter of 2011.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping &
FCBGA accounted for 46%, 25% and 20%, respectively, of total net
revenues for the fourth quarter of 2011.
-- Capital expenditures for IC packaging operations totaled NT$ 2,131
million for the fourth quarter of 2011, which included NT$ 2,128 million
for packaging and building construction and NT$ 3 million for wafer
bumping operations.
-- As of Dec 31, 2011 we had 6,535 wirebonders installed, of which 111 were
added and 192 were disposed in the fourth quarter of 2011.
IC testing service:
-- Net revenues from testing operations were NT$ 1,418 million for the
fourth quarter of 2011, which represented an increase of NT$ 40 million
or 2.9% compared to the third quarter of 2011.
-- Capital expenditures for testing operations totaled NT$ 378 million for
the fourth quarter of 2011.
-- As of Dec 31, 2011 we had 334 testers installed, of which 10 were added
and 13 were disposed in the fourth quarter of 2011.
Revenue Analysis
Breakdown by end applications:
By application 4Q11 3Q11
Communication 48% 54%
Computing 14% 14%
Consumer 23% 19%
-------- --- ---
Memory 15% 13%
------ --- ---
Breakdown by packaging type:
By packaging type 4Q11 3Q11
Bumping & FCBGA 20% 19%
Substrate Based 46% 45%
Leadframe Based 25% 27%
--------------- --- ---
Testing 9% 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 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 Dec 31, 2011 reflect our gains or losses attributable to the fourth quarter of 2011 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 Dec 31, 2011, nor the unaudited consolidated financial data for our company for the nine months ended Dec 31, 2011 is necessarily indicative of the results that may be expected for any period thereafter.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
------------------------------------------
CONSOLIDATED BALANCE SHEET
--------------------------
As of Dec 31, 2011 and 2010
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
Dec 31, 2011
------------
ASSETS USD NTD %
------ --- --- ---
Cash and cash equivalent 526,560 15,941,600 19
Accounts receivable 338,684 10,253,663 12
Inventories 131,631 3,985,115 5
Other current assets 48,598 1,471,296 2
---
Total current assets 1,045,472 31,651,674 38
--------- ---------- ---
Long-term investments 175,207 5,304,398 6
Fixed assets 2,818,304 85,324,141 102
Less accumulated depreciation (1,360,176) (41,179,337) -49
---
Net fixed assets 1,458,127 44,144,804 53
--------- ----------
Other assets 85,553 2,590,108 3
------ ---
Total Assets 2,764,360 83,690,984 100
============ ========= ========== ===
LIABILITIES AND STOCKHOLDERS'
EQUITY
-----------------------------
Liabilities
-----------
Short-term loans 50,000 1,513,750 2
Accounts payable 211,531 6,404,096 8
Other current liability 230,042 6,964,527 9
Long-term loans 314,858 9,532,335 11
Other liabilities 15,901 481,406 -
Total Liabilities 822,332 24,896,114 30
------------------ ------- ---------- ---
Stockholders' Equity
--------------------
Capital stock 1,029,351 31,163,611 37
Capital reserve 543,469 16,453,527 19
Legal reserve 236,568 7,162,092 9
Retained earnings 160,892 4,871,009 6
Unrealized gain or loss on
financial instruments 3,669 111,072 -
Cumulated translation
adjustment 12,388 375,051 -
Net loss not recognized as
pension cost (12,463) (377,304) -
Treasury Stock (31,848) (964,188) -1
Total Equity 1,942,027 58,794,870 70
------------ --------- ---------- ---
Total Liabilities &
Shareholders' Equity 2,764,360 83,690,984 100
===================== ========= ========== ===
Forex ( NT$ per US$ ) 30.275
------
Dec 31, 2010 Sequential
------------ ----------
ASSETS NTD % Change %
------ --- --- ------ ---
Cash and cash equivalent 15,519,008 19 422,592 3
Accounts receivable 9,721,839 12 531,824 5
Inventories 3,515,897 4 469,218 13
Other current assets 2,435,324 4 (964,028) -40
---
Total current assets 31,192,068 39 459,606 1
---------- --- ------- ---
Long-term investments 6,485,268 8 (1,180,870) -18
Fixed assets 78,967,319 95 6,356,822 8
Less accumulated depreciation (36,040,524) -44 (5,138,813) 14
---
Net fixed assets 42,926,795 51 1,218,009 3
---------- --------- ---
Other assets 1,952,940 2 637,168 33
--- ------- ---
Total Assets 82,557,071 100 1,133,913 1
============ ========== === ========= ===
LIABILITIES AND STOCKHOLDERS'
EQUITY
-----------------------------
Liabilities
-----------
Short-term loans 1,461,281 2 52,469 4
Accounts payable 7,345,871 9 (941,775) -13
Other current liability 7,736,454 10 (771,927) -10
Long-term loans 4,368,158 5 5,164,177 118
Other liabilities 349,126 - 132,280 38
Total Liabilities 21,260,890 26 3,635,224 17
------------------ ---------- --- --------- ---
Stockholders' Equity
--------------------
Capital stock 31,163,611 38 - -
Capital reserve 16,453,527 19 - -
Legal reserve 6,599,402 8 562,690 9
Retained earnings 5,644,961 7 (773,952) -14
Unrealized gain or loss on
financial instruments 1,788,512 2 (1,677,440) -94
Cumulated translation
adjustment (353,832) - 728,883 -206
Net loss not recognized as
pension cost - - (377,304) -
Treasury Stock - - (964,188) -
Total Equity 61,296,181 74 (2,501,311) -4
------------ ---------- --- ---------- ---
Total Liabilities &
Shareholders' Equity 82,557,071 100 1,133,913 1
===================== ========== === ========= ===
Forex ( NT$ per US$ ) 29.13
-----
(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 Dec 31
------------------------
4Q2011
USD NTD %
--- --- ---
Revenues 519,330 15,709,747 100.0
Cost of Goods Sold (436,305) (13,198,213) -84.0
Gross Profit 83,026 2,511,534 16.0
------ --------- ----
Operating Expenses
Selling Expenses (6,911) (209,065) -1.3
Administrative Expenses (13,950) (421,973) -2.7
Research and Development Expenses (17,974) (543,701) -3.5
----
(38,834) (1,174,739) -7.5
------- ---------- ----
Operating Income 44,192 1,336,795 8.5
------ --------- ---
Non-operating Income 5,105 154,440 1.0
Non-operating Expenses (1,995) (60,345) -0.4
------ ------- ----
Income from Continuing Operations
before Income Tax 47,302 1,430,890 9.1
Income Tax Credit (Expenses) (8,581) (259,586) -1.7
------ -------- ----
Net Income 38,721 1,171,304 7.5
====== ========= ===
Earnings Per Ordinary Share-
Diluted NT$ 0.38
-----------
Earnings Per ADS- Diluted US$ 0.06
-----------
Weighted Average Outstanding Shares
-Diluted ('k) 3,097,232
---------
Forex ( NT$ per US$ ) 30.25
-----
3 months ended on Dec 31
------------------------
4Q 2010 YOY
NTD change %
--- --------
Revenues 15,478,985 1.5
Cost of Goods Sold (13,272,013) -0.6
Gross Profit 2,206,972 13.8
--------- ----
Operating Expenses
Selling Expenses (156,959) 33.2
Administrative Expenses (407,391) 3.6
Research and Development Expenses (420,206) 29.4
----
(984,556) 19.3
--------
Operating Income 1,222,416 9.4
--------- ---
Non-operating Income 75,832 103.7
Non-operating Expenses (104,491) -42.2
-------- -----
Income from Continuing Operations
before Income Tax 1,193,757 19.9
Income Tax Credit (Expenses) (79,894) 224.9
-------
Net Income 1,113,863 5.2
========= ===
Earnings Per Ordinary Share-
Diluted NT$ 0.36
----------
Earnings Per ADS- Diluted US$ 0.06
----------
Weighted Average Outstanding Shares
-Diluted ('k) 3,133,262
---------
Forex ( NT$ per US$ ) 30.35
-----
Sequential Comparison
---------------------
4Q 2011 3Q 2011 QOQ
NTD NTD change %
--- --- --------
Revenues 15,709,747 16,324,530 -3.8
Cost of Goods Sold (13,198,213) (13,842,471) -4.7
Gross Profit 2,511,534 2,482,059 1.2
--------- --------- ---
Operating Expenses
Selling Expenses (209,065) (195,942) 6.7
Administrative Expenses (421,973) (430,762) -2.0
Research and Development Expenses (543,701) (508,794) 6.9
---
(1,174,739) (1,135,498) 3.5
---------- ---------- ---
Operating Income 1,336,795 1,346,561 -0.7
--------- --------- ----
Non-operating Income 154,440 373,872 -58.7
Non-operating Expenses (60,345) (91,820) -34.3
------- ------- -----
Income from Continuing Operations
before Income Tax 1,430,890 1,628,613 -12.1
Income Tax Credit (Expenses) (259,586) (157,323) 65.0
-------- -------- ----
Net Income 1,171,304 1,471,290 -20.4
========= ========= =====
Earnings Per Ordinary Share-
Diluted NT$ 0.47
----------
Earnings Per ADS- Diluted US$ 0.08
-----------
Weighted Average Outstanding Shares
-Diluted ('k) 3,113,650
---------
Forex ( NT$ per US$ ) 29.17
-----
(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 Twelve Months Ended on Dec 31, 2011 and 2010
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
12 months ended on Dec 31, 2011 and 2010
----------------------------------------
2011
----
USD NTD %
--- --- ---
Net Sales 2,024,360 61,236,892 100.0
Cost of Goods Sold (1,710,627) (51,746,475) -84.5
Gross Profit 313,733 9,490,417 15.5
------- --------- ----
Operating Expenses
Selling expenses (24,150) (730,532) -1.2
Administrative expenses (55,151) (1,668,317) -2.7
Research and development
expenses (66,163) (2,001,417) -3.3
---------- ----
(145,463) (4,400,266) -7.2
-------- ----
Operating Income 168,269 5,090,151 8.3
------- --------- ---
Non-operating Income 23,632 714,876 1.2
Non-operating Expenses (8,625) (260,899) -0.4
------ -------- ----
Income Before Income Tax 183,277 5,544,128 9.1
Income Tax Credit
(Expenses) (23,368) (706,885) -1.2
----------------- ------- -------- ----
Net Income 159,909 4,837,243 7.9
========== ======= ========= ===
Earnings Per Ordinary
Share- Diluted NT$ 1.55
----------
Earnings Per ADS-
Diluted US$ 0.26
----------
Weighted Average
Outstanding Shares -
Diluted ('k) 3,121,771
---------
Forex ( NT$ per US$) 30.25
-----
12 months ended on Dec 31, 2011 and 2010
----------------------------------------
2010 YOY
----
NTD Change %
--- --------
Net Sales 63,857,470 -4.1
Cost of Goods Sold (54,041,264) -4.2
Gross Profit 9,816,206 -3.3
--------- ----
Operating Expenses
Selling expenses (392,391) 86.2
Administrative expenses (1,509,261) 10.5
Research and development
expenses (1,538,307) 30.1
---------- ----
(3,439,959) 27.9
----
Operating Income 6,376,247 -20.2
--------- -----
Non-operating Income 340,523 109.9
Non-operating Expenses (326,990) -20.2
-------- -----
Income Before Income Tax 6,389,780 -13.2
Income Tax Credit
(Expenses) (762,873) -7.3
----------------- -------- ----
Net Income 5,626,907 -14.0
========== ========= =====
Earnings Per Ordinary
Share- Diluted NT$ 1.80
----------
Earnings Per ADS-
Diluted US$ 0.30
----------
Weighted Average
Outstanding Shares -
Diluted ('k) 3,133,262
---------
Forex ( NT$ per US$) 30.35
-----
(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 12 Months Ended on Dec 31, 2011 and 2010
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars
(USD))
12 months,
12 months, 2011 2010
--------------- -----------
USD NTD NTD
--- --- ---
Cash Flows from
Operating
Activities:
---------------
Net income 159,777 4,837,243 5,626,907
Depreciation 300,127 9,086,334 8,479,361
Amortization 18,483 559,571 433,973
Change in working
capital & others (47,829) (1,448,034) (133,723)
------- ---------- --------
Net cash flows
provided from
operating
activities 430,557 13,035,114 14,406,518
-------------- ---------- ----------
Cash Flows from
Investing
Activities:
---------------
Acquisition of
property, plant,
and equipment (362,752) (10,982,303) (15,321,235)
Increase of
financial asset
carried at cost (16,185) (490,000) (1,133,950)
Proceeds from
disposal of
equipments 19,933 603,472 1,254,054
Payment for
deferred
charges/other
changes (34,170) (1,034,507) (881,415)
---------- --------
Net cash used in
investing
activities (393,174) (11,903,338) (16,082,546)
---------------- -------- ----------- -----------
Cash Flows from
Financing
Activities:
---------------
Increase of
short-term loan - - 1,248,592
Increase of long-
term loan 165,153 5,000,000 4,525,336
Cash dividends
distributed to
shareholders and
cash bonus
distributed to
employees (166,754) (5,048,478) (8,040,177)
Proceeds from the
exercise of
employee stock
option /other
charges (28,924) (875,664) -
Net cash provided
from financing
activities (30,525) (924,142) (2,266,249)
----------------- ------- -------- ----------
Foreign currency
exchange effect 7,100 214,958 (153,876)
------- --------
Net increase
(decrease) in
cash and cash
equivalents 13,958 422,592 (4,096,153)
------ ------- ----------
Cash and cash
equivalents at
beginning of
period 512,601 15,519,008 19,615,161
-------
Cash and cash
equivalents at
end of period 526,560 15,941,600 15,519,008
======= ========== ==========
Forex ( NT$ per
US$ ) 30.275 29.13
------ -----
(1): All figures are under ROC GAAP.
Contact:
Siliconware Precision Industries
Co., Ltd. Janet Chen, IR Director
No.45, Jieh Show Rd. janet@spil.com.tw
Hsinchu Science Park, Hsinchu +886-3-5795678#3675
Byron Chiang,
Taiwan, 30056 Spokesperson
www.spil.com.tw byronc@spil.com.tw
+886-3-5795678#3671
SOURCE Siliconware Precision Industries Co., Ltd.
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