SEYI Announces a 38% Increase in Sales, an 80% Increase in Net Income, and Details for the TWD 0.6 Per Share Dividend

SEYI releases audited financial results for the Six Months Ended June 30, 2011, and the Company's Board of Directors establishes the ex-dividend date for the 2010 dividend.

TAIPEI, Sept. 7, 2011 /PRNewswire-Asia/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, released its audited financial results for the Six Months Ended June 30, 2011.

SEYI posted strong financial results for the first six months of 2011. Net Sales of TWD 2,060,574,000 (US $71,116,810) represented a 38% increase over Net Sales of TWD 1,492,177,000 (US $51,499,663) recorded in the same period last year. SEYI's continued growth compares favorably with overall industry experience. ITIS, a respected industry technology and intelligence service, estimates Taiwan machinery industry sales growth to be in the range of 16% to 17% in 2011 as compared to 2010.

During the first six months, SEYI's Gross Profit remained stable at 22%, but Operating Expenses declined from 17% of Net Sales in 2010, to 15% in 2011. As result, Operating Income of TWD 141,025,000 (US $4,867,127) increased by 93% over Operating Income of TWD 73,184,000 (US $2,525,807) earned in the same period last year.

After taking into account a higher income tax rate, Consolidated Net Income of TWD 86,290,000 (US $2,978,136) during this year's first six month period was 80% higher than Consolidated Net Income of TWD 47,880,000 (US $1,652,487) during the first six months of 2010. Earnings Per Share was TWD 0.60 as of June 30, compared to TWD 0.39 at the same time last year.

Separately, SEYI announced that the Company's Board of Directors established June 28, 2011 as the ex-dividend date for the payment of the dividend of TWD 0.6 per common share. The dividend for 2010 was approved at the Company's annual meeting of shareholders which was held on June 10, 2011.

In commenting on SEYI's first half results, Ms. Claire Kuo, Chairman and Chief Executive Officer said, "Sales from China have been strong for the past several years, but I am particularly pleased by the strong showing of our Taiwan operation. With both facilities operating well, we have been able to grow at more than twice the industry rate as estimated by ITIS, which is testimony to the market diversification strategy that we have pursued." Going forward, Ms. Kuo added, "SEYI will benefit from the increased capacity for larger machines that is coming on stream at Kunshan II, as well as the new line of servo presses that we are now introducing to the marketplace."

About SEYI

Founded in 1962, SEYI has established a position of global leadership in the press building industry over the past 49 years. SEYI manufactures mechanical presses, ranging in size from 25 to 2400 tons, at facilities located in Taiwan and the People's Republic of China. At its original location in Taoyuan, Taiwan, SEYI operates a 12,500 square meter facility, and in 2003 the Company began production in Mainland China at an 11,000 square meter facility located in Kunshan, Jiangsu Province. Combined production capacity at the Taoyuan and Kunshan plants approaches 4,000 presses annually.  Construction of a second 11,000 square meter facility in Kunshan was completed in 2009 and began production in 2011. The new facility in Kunshan will manufacture up to 300 presses annually, ranging in size from 300 to 4,000 tons. SEYI products have been sold to customers in over 40 countries around the world, and the Company is the dominant foreign supplier to Mainland China, India, South East Asia and the Americas in terms of volume.  SEYI is the recipient of numerous quality awards from around the world.

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

Note: TWD 28.9745 to USD 1.0