SEYI (SHIEH YIH MACHINERY) Announces 2011 Results

TAIPEI, , March 29, 2012 /PRNewswire-Asia/ -- 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, 2011, the Company reported Net Sales of TWD 4.02 billion (US$ 135.9 million), a 30% increase from Net Sales of TWD 3.1 billion,(US$ 104.5 million) in the prior year. The Company benefited during the year from strong demand in Mainland China and a recovery in key global markets. Mainland China sales accounted for 39.8 % of SEYI's total sales.

Due to increased sales, good product mix, and cost control measures, Gross Profit increased from TWD 690 million (US $23.3 million) in 2010 to TWD 916 million (US$ 31.0 million) last year, a 32.8% increase. The Company's Gross Profit Margin remained steady at 22.8% in 2011, up slightly from 22.3% in 2010.

Operating Expenses, which include Selling, General and Administrative, and Research and Development expenses, increased by 38.4% from 484 million(US$ 16.4 million) in 2010 to TWD 670 million (US$ 22.7 million) in 2011. As a result, the Company achieved Operating Income of TWD 245 million (US$ 8.3 million) in its most recent year, as compared to Operating Income of TWD 205 million(US$ 7.0 million) in 2010.

For the full year, SEYI reported Net Income of TWD 177 million(US$ 6.0 million), a 62.4% increase from Net Income of TWD 109 million (US$ 3.7 million) in 2010. Fully diluted Earnings Per Share was TWD 1.24 (US 0.04) in 2011, versus TWD 0.84 (US$ 0.03) per share in 2010.

SEYI remains in a strong liquidity position. Cash on hand at the 2011 year-end amounted to TWD 1.1 Billion (US$ 36.4 million), compared to long term debt of TWD 0.4 billion (US$ 13.9 million).

"Apart from SEYI's continued strong financial performance in 2011, we are pleased with the significant progress we made in developing the Company's management team and its product line during the year," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "In 2011, we filled the Chief Financial Officer position, brought in a new head of North America, significantly strengthened SEYI's research and development capability and introduced a new line of servo drive stamping and forming presses," Ms. Kuo added. "With stronger management, new products and continued strength in our core markets, particularly China and North America, we expect continued solid progress in 2012."

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.

Note: TWD 29.56568 to US$1.00