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Diluted earnings per ordinary share for this quarter was NT$ 0.08, and diluted earnings per ADS was US$ 0.01.
Operating results review:
-- For the first quarter of 2009, net revenues from IC packaging were NT$
8,521 million and represented 92% of total net revenues. Net revenues
from testing operations were NT$ 682 million and represented 8% of
total net revenues.
-- Cost of goods sold was NT$ 8,324 million, representing a decrease of
17.2% compared to the fourth quarter of 2008 and a decrease of 29.8%
compared to the first quarter of 2008.
-- Raw materials costs were NT$ 4,186 million for the first quarter of
2009, and represented 45.5% of total net revenues, whereas raw
materials costs were NT$ 5,381 million and represented 43.2% of
total net revenues for the fourth quarter of 2008.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 25 million.
-- Gross profit was NT$ 879 million for the first quarter of 2009,
representing a gross margin of 9.5%, which decreased from a gross
margin of 19.3% for the fourth quarter of 2008 and decreased from
20.6% for the first quarter of 2008.
-- Total operating expenses for the first quarter of 2009 were NT$ 689
million, which included selling expenses of NT$ 107 million,
administrative expenses of NT$ 345 million and R&D expenses of NT$ 237
million. Total operating expenses represented 7.5% of total net
revenues for the first quarter of 2009.
-- In the first quarter of 2009, the accrued expenses of bonuses to
employees, directors and supervisors accounting for under operating
expenses totaled NT$ 9 million.
-- Operating income was NT$ 190 million for the first quarter of 2009,
representing an operating margin of 2.0% for the first quarter of 2009,
which decreased from 9.8% for the fourth quarter of 2008 and decreased
from 14.5% for the first quarter of 2008.
-- Non-operating items:
-- Net interest income was NT$ 6 million for the first quarter of
2009.
-- Our net currency exchange gain of NT$ 175 million for the first
quarter of 2009 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.
-- Our net loss on long-term investment of NT$ 97 million for the
first quarter of 2009 was primarily due to investment loss of
NT$ 98 million from SPIL BVI.
-- Net income before tax was NT$ 317 million for the first quarter of
2009, which increased from a net loss of NT$ 1,647 million for the
fourth quarter of 2008 and decreased from a net income of NT$ 1,983
million for the first quarter of 2008.
-- Income tax expense was NT$ 55 million for the first quarter of 2009,
compared with income tax credit of NT$ 613 million for the fourth
quarter of 2008 and income tax expense of NT$ 230 million for the
first quarter of 2008.
-- Net income was NT$ 262 million for the first quarter of 2009, which
increased from a net loss of NT$ 1,034 million for the fourth quarter
of 2008 and decreased from a net income of NT$ 1,753 million for the
first quarter of 2008.
-- Total number of shares outstanding was 3,136 million shares as of Mar
31,2009. Diluted earnings per ordinary share for this quarter was NT$
0.08, or US$ 0.01 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 18,448 million as of Mar 31, 2009 from
NT$ 17,866 million as of Dec 31, 2008, and NT$ 24,296 million as of
Mar 31, 2008.
-- As of Mar 31, 2009 our long-term bank loans totaled NT$ 2,243 million,
compared with total long-term bank loans of NT$ 2,248 million as of
Dec 31, 2008.
-- Capital expenditures for the first quarter of 2009 totaled NT$ 404
million, which included NT$ 314 million for packaging equipment and
NT$ 90 million for testing equipment.
-- Total depreciation expenses for the first quarter of 2009 totaled NT$
2,088 million, which included NT$ 1,466 million was from packaging
operations and NT$ 622 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 8,521 million for
the first quarter of 2009, which represented a decrease of NT$ 2,929
million or 34.4% compared to the fourth quarter of 2008.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 47%, 30% and 13%, respectively, of total net
revenues for the first quarter of 2009.
-- Capital expenditures for IC packaging operations totaled NT$ 314
million for the first quarter of 2009, which included NT$ 240 million
for packaging and building construction and NT$ 74 million for wafer
bumping operations.
-- As of Mar 31, 2009 we had 4,652 wirebonders installed, of which 4 were
disposed in the first quarter of 2009.
IC testing service:
-- Net revenues from testing operations were NT$ 682 million for the
first quarter of 2009, which represented a decrease of NT$ 317 million
or 31.7% compared to the fourth quarter of 2008.
-- Capital expenditures for testing operations totaled NT$ 90 million for
the first quarter of 2009.
-- As of Mar 31, 2009 we had 375 testers installed, of which 1 tester was
added in the first quarter of 2009.
Revenue Analysis
Breakdown by end applications:
By application 1Q09 4Q08 3Q08
Computing 29% 31% 33%
Communication 33% 29% 27%
Consumer 22% 24% 24%
Memory 16% 16% 16%
Breakdown by packaging type:
By packaging type 1Q09 4Q08 3Q08
Bumping & FCBGA 13% 15% 15%
Substrate Based 47% 52% 44%
Leadframe Based 30% 23% 30%
Testing 8% 8% 9%
Others 2% 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 Mar 31, 2009 reflect our gains or losses attributable to the first quarter of 2009 unaudited financial results of several of our investees which are evaluated under the equity method. The unaudited unconsolidated financial data for our company for the three months ended Mar 31, 2009, is not necessarily indicative of the results that may be expected for any period thereafter.
-- Financial Tables to Follow --
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of Mar 31, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
Mar 31, 2009
ASSETS USD NTD %
Cash and cash equivalent 544,042 18,448,478 26
Accounts receivable 206,924 7,016,786 10
Inventories 58,001 1,966,798 3
Other current assets 42,035 1,425,398 2
Total current assets 851,001 28,857,460 41
Long-term investments 159,921 5,422,908 8
Fixed assets 1,986,765 67,371,191 94
Less accumulated depreciation (985,370) (33,413,908) -47
Net fixed assets 1,001,394 33,957,283 47
Other assets 81,149 2,751,754 4
Total Assets 2,093,465 70,989,405 100
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable 114,793 3,892,640 6
Current portion of long-term debt 22,053 747,807 1
Other current liability 114,614 3,886,564 5
Long-term loans 66,158 2,243,420 3
Other liabilities 2,125 72,065 --
Total Liabilities 319,743 10,842,496 15
Stockholders' Equity
Capital stock 929,693 31,525,899 44
Capital reserve 496,025 16,820,211 24
Legal reserve 150,076 5,089,066 7
Retained earnings 198,031 6,715,220 9
Unrealized gain or loss on financial
instruments 11,371 385,578 1
Cumulated translation adjustment 11,947 405,119 1
Treasury stock (23,420) (794,184) -1
Total Equity 1,773,722 60,146,909 85
Total Liabilities & Shareholders'
Equity 2,093,465 70,989,405 100
Forex ( NT$ per US$ ) -- 33.91 --
(1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED BALANCE SHEET
As of Mar 31, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued)
Mar 31, 2008 Sequential
ASSETS NTD % Change %
Cash and cash equivalent 24,296,049 28 (5,847,571) -24
Accounts receivable 9,208,870 11 (2,192,084) -24
Inventories 2,999,705 4 (1,032,907) -34
Other current assets 2,002,917 2 (577,519) -29
Total current assets 38,507,541 45 (9,650,081) -25
Long-term investments 7,580,254 9 (2,157,346) -28
Fixed assets 69,231,002 81 (1,859,811) -3
Less accumulated depreciation (31,543,710) -37 (1,870,198) 6
Net fixed assets 37,687,292 44 (3,730,009) -10
Other assets 1,801,364 2 950,390 53
Total Assets 85,576,451 100 (14,587,046) -17
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable 6,543,351 8 (2,650,711) -41
Current portion of long-term debt -- -- 747,807 --
Other current liability 6,499,430 7 (2,612,866) -40
Long-term loans 2,991,054 4 (747,634) -25
Other liabilities 116,668 -- (44,603) -38
Total Liabilities 16,150,503 19 (5,308,007) -33
Stockholders' Equity
Capital stock 30,746,975 36 778,924 3
Capital reserve 16,658,161 19 162,050 1
Legal reserve 3,340,131 4 1,748,935 52
Retained earnings 19,514,321 23 (12,799,101) -66
Unrealized gain or loss on financial
instruments (43,698) -- 429,276 -982
Cumulated translation adjustment 4,242 -- 400,877 9450
Treasury stock (794,184) -1 -- --
Total Equity 69,425,948 81 (9,279,039) -13
Total Liabilities & Shareholders'
Equity 85,576,451 100 (14,587,046) -17
Forex (NT$ per US$) 30.40 -- -- --
(1)All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD.
UNCONSOLIDATED INCOME STATEMENT
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months ended on Mar 31
1Q 2009 1Q 2008 YOY
USD NTD % NTD change%
Revenues 271,005 9,203,336 100.0 14,931,222 -38.4
Cost of Goods Sold (245,131) (8,324,659) -90.5 (11,846,459) -29.7
Gross Profit 25,874 878,677 9.5 3,084,763 -71.5
Operating Expenses
Selling Expenses (3,154) (107,115) -1.2 (227,024) -52.8
Administrative Expenses (10,150) (344,682) -3.7 (319,429) 7.9
Research and Development
Expenses (6,969) (236,658) -2.6 (355,551) -33.4
(20,273) (688,455) -7.5 (902,004) -23.7
Operating Income 5,601 190,222 2.0 2,182,759 -91.3
Non-operating Income 7,276 247,076 2.7 150,723 63.9
Non-operating Expenses (3,540) (120,203) -1.3 (350,519) -65.7
Income from Continuing
Operations before Income
Tax 9,337 317,095 3.4 1,982,963 -84.0
Income Tax Credit
(Expenses) (1,629) (55,310) -0.6 (230,007) -76.0
Net Income 7,709 261,785 2.8 1,752,956 -85.1
Earnings Per Ordinary
Share -- Diluted -- NT$ 0.08 -- NT$ 0.56 --
Earnings Per ADS -- Diluted -- US$ 0.01 -- US$ 0.09 --
Weighted Average
Outstanding Shares --
Diluted ('k) -- 3,136,087 -- 3,120,054 --
Forex ( NT$ per US$ ) -- 33.96 -- 31.52 --
(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
1Q 2009 4Q 2008 QOQ
NTD NTD change%
Revenues 9,203,336 12,448,823 -26.1
Cost of Goods Sold (8,324,659) (10,048,951) -17.2
Gross Profit 878,677 2,399,872 -63.4
Operating Expenses
Selling Expenses (107,115) (513,767) -79.2
Administrative Expenses (344,682) (319,656) 7.8
Research and Development Expenses (236,658) (341,331) -30.7
(688,455) (1,174,754) -41.4
Operating Income 190,222 1,225,118 -84.5
Non-operating Income 247,076 69,934 253.3
Non-operating Expenses (120,203) (2,942,060) -95.9
Income from Continuing Operations
before Income Tax 317,095 (1,647,008) -119.3
Income Tax Credit (Expenses) (55,310) 613,429 -109.0
Net Income 261,785 (1,033,579) -125.3
Earnings Per Ordinary Share -- Diluted -- NT$ (0.33) --
Earnings Per ADS -- Diluted -- US$ (0.05) --
Weighted Average Outstanding Shares --
Diluted ('k) -- 3,139,459 --
Forex ( NT$ per US$ ) -- 32.98 --
(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, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
3 months, 2009 3 months, 2008
USD NTD NTD
Cash Flows from Operating Activities:
Net income 7,720 261,785 1,752,956
Depreciation 61,561 2,087,520 2,017,868
Amortization 4,133 140,146 137,595
Gains on disposal of long-term
investment -- (5,871) --
Long-term investment gain
recognized by equity method 2,870 97,334 (16,262)
Change in working capital & others (46,656) (1,582,116) 2,187,582
Net cash flows provided from
operating activities 29,454 998,798 6,079,739
Cash Flows from Investing Activities:
Acquisition of property, plant,
and equipment (11,904) (403,680) (2,776,026)
Proceeds from disposal of long-
term investment 973 32,980 18,827
Payment for long-term investment -- -- (19,032)
Payment for deferred charges/other
changes (790) (26,804) (114,416)
Net cash used in investing activities (11,722) (397,504) (2,890,647)
Cash Flows from Financing Activities:
Proceeds from the exercise of
employee stock option /other
charges (562) (19,054) (21,797)
Net cash provided from financing
activities (562) (19,054) (21,797)
Net increase (decrease) in cash and
cash equivalents 17,170 582,240 3,167,295
Cash and cash equivalents at
beginning of period 526,872 17,866,238 21,128,754
Cash and cash equivalents at end of
period 544,042 18,448,478 24,296,049
Forex ( NT$ per US$ ) -- 33.91 30.40
(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
SOURCE Siliconware Precision Industries Co., Ltd.
http://www.spil.com.tw
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