SEYI (SHIEH YIH MACHINERY) Announces 2015 Results

TAIPEI, , June 1, 2016 /PRNewswire/ -- SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD) (4533 TT), one of the world's leading producers of mechanical presses, announced audited financial results for its most recent fiscal year today.

For the year ended December 31, 2015, the Company reported Net Sales of TWD 3.4 billion (US$ 105.9 million), a 14% decline from Net Sales of TWD 4.0 billion (US$ 123.0 million) in 2014. Net Profit of TWD 86.2million (US$ 2.7 million), represented a 53% decline from the TWD 186.2 million (US$ 5.7 million) earned in the prior year, and Basic and Diluted Earnings Per Share were TWD 0.57 in 2015, compared to TWD 1.27 per share in 2014.

Gross Profit of TWD 895.3 million (US $27.4 million) remained stable at 26% of Net Sales due to continued strength in the sales of larger presses, but was 13% lower than Gross Profit of TWD 1.0 billion (US$ 31.5 million) due to the overall lower level of sales. Selling, marketing, general and administrative and research and development expenses remained relatively fixed at TWD 800.3 million, which resulted in Operating Profit of TWD 93.6 million (US$ 2.9 million), versus Operating Profit of TWD 191.4 million (US$ 5.9 million) in 2014.

SEYI's liquidity position remained strong in 2015. Cash on hand was TWD 1.1 billion (US$ 33.8 million) at year end, compared to Total Debt (Short and Long Term) of TWD 949.5 million (US$ 29.1 million).

Over the past five years, SEYI has been focused on building its sales in China, as well as its sales to the global automotive industry, by expanding its manufacturing capability in Kunshan, Jiangsu Province and by developing larger presses with enhanced features. As a result, SEYI's China sales have grown significantly in recent years, reaching just over 50% of the Company's sales in 2014.

Unfortunately, 2015 was a very difficult year in China's auto industry, and this in turn, caused SEYI's China sales to decline by 25% during the year.

On a positive note, U.S. sales increased by 19% in 2015 and now account for 12% of the Company's sales, up from less than 9% in 2014. Sales to customers in Japan, Malaysia were also higher, and the sales of large tonnage presses to customers gained traction. In 2015, SEYI placed many high tonnage presses in operation in all of its markets, and the Company's focus continues to be on strengthening the overall quality of its products.

As an equipment supplier, Seyi is now embracing the trend of industry 4.0 which focus on intelligent manufacturing. With the support of the of Taiwan ICT industry, Seyi develops real time data monitoring technology focus on operation status of press and tooling. The long term collective production data will be analyzed to improve the overall efficiency of the customers' factory operation.

"The sharp decline in China sales made 2015 a very challenging year for SEYI," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "Nonetheless, we believe that our strategy of developing global automotive customers and increasing the Company's sales in China and the sale of large tonnage presses is the right one for the long term. Meanwhile we were encouraged by our sales in other parts of Asia and the United States last year, and the overall sales activity so far in 2016," Ms. Kuo added.

About SEYI

Founded in 1962, SEYI has established a global leadership position in the metal forming industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 4000 tons, at facilities located in Taiwan and the People's Republic of China.

SEYI is expanding its Total Solution Service emphasizing peripherals such as feed mechanisms, transfer equipment and other ancillaries to maximize SEYI press productivity. SEYI's servo presses are highly-integrated, exquisitely designed, durable, smart, energy efficient and environmentally friendly presses that feature the latest user-friendly interfaces, safe system designs and robust machine structures. The stylish exterior designs of SEYI's presses differentiate them in the market and communicate their quality and value.

SEYI's products are sold to customers in over 40 countries around the world and have received numerous quality and industry awards. SEYI has supplied the world's leading car companies in the automobile industry. The auto, aviation machinery and medical equipment industries are expected to be future areas of growth.

The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.

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Note: TWD 32.58 to US$ 1.00

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