SEYI (SHIEH YIH MACHINERY) Releases Details of Shareholder Meeting and 2012 Dividend

SEYI announces the details of the 2012 dividend and other matters approved by its shareholders at the company's annual meeting held on June 18.

TAIPEI, June 19, 2012 /PRNewswire-Asia/ -- SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD) (4533 TT), one of the world's leading producers of mechanical presses, held its annual meeting of shareholders on June 18, 2012 in Taipei.

At the meeting, shareholders (1) approved certain revisions to SEYI's Articles of Incorporation; (2) accepted the Company's 2011 Business Report and Financial Statements; and (3) approved a proposal from the Company's Board of Directors with respect to the distribution of 2011 profits.

For the year ended December 31, 2011, SEYI's Consolidated Sales Revenue of TWD 4.0 billion (US $133.5 million) represented a 30% increase over 2010. Sales Revenue from the Taiwan Parent Company grew by 34% to TWD 2.4 billion (US $80.1 million), far exceeding the 13.5% growth experienced by Taiwan's metal stamping industry as a whole. Earnings Per Share of TWD 1.24 (US $0.04) represented 62% growth from 2010.

Apart from its strong financial performance in 2011, the company successfully promoted the "SEYI" brand name and made substantial progress in a number of operating areas.

In terms of products, SEYI introduced last year a new line of energy efficient Servo Presses that operate at low noise levels. The company's single point Direct Drive Servo Press received the 2012 Taiwan Award for Excellence. SEYI's Straight Side Double Crank Press (SAG Series) received the Taiwan Silver Award for Excellence in 2011.

From a working capital point of view, SEYI completed a five year, TWD 1.8 billion (US $60.1 million) syndicated loan agreement with a group of banks in December.

Also in 2011, SEYI created an "STPS" production management model that reduced assembling scheduling by two-thirds, and engaged an IT consultant to upgrade its SAP enterprise management system.

At the Shareholder Meeting, SEYI's shareholders approved a cash dividend of TWD 0.86 (US $0.029) per share, payable to shareholders of record as of July 18, 2012. Of the total amount of the dividend, TWD 0.62 (US $0.021) will be paid out of Retained Earnings, and TWD 0.24 (US $0.008) will be paid out of the company's Capital Surplus account. The dividend will be paid on August 20, 2012. SEYI noted that the company's Shareholder Register will be closed from July 14 through July 18, 2012, the record and ex-dividend date, to accommodate registration transfers. The cash dividend yield rate exceeds 8%.

"From a financial and operating point of view, 2011 was a very successful year for the company," Ms. Claire Kuo, Chief Executive Officer, commented. "Our objectives for 2012 are to make further progress on our broad initiatives and to continue our move to higher margin products," Ms. Kuo added.

About SEYI

Founded in 1962, SEYI has established a position of global leadership in the press building industry over the past 50 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 can 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.