SEYI (SHIEH YIH MACHINERY) Announces 2014 Results

TAIPEI, March 18, 2015 /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, 2014, the Company reported that Net Sales stabilized at TWD 4.0 billion (US$ 132.3 million), following a 16% increase in sales to TWD 4.1 billion (US$ 134.9 million) in the prior year. Likewise, Net Profit stabilized at TWD 186 million (US$ 6.2million), following a year which saw a 53% increase in Net Profit.

Gross Profit was TWD 1.0 billion (US $34 million) in 2014, compared to TWD 1.1 billion (US$ 35 million) in the prior year. With a continued favorable product mix, SEYI's Gross Profit Margin remained constant at 26%.

For the full year, SEYI reported favorable foreign exchange and other adjustments added TWD 81.4 million (US$ 2.7 million) to profits, bringing Total Comprehensive Income for 2014 to TWD 268 million (US $8.8 million), compared to TWD 269 million (US $8.9 million) in 2013.

Basic and Diluted Earnings Per Share were TWD 1.27 in 2014 and TWD 1.40 per share in 2013. The earnings per share was diluted in 2014 due to capital increasing.

SEYI's liquidity position remained strong in 2014. Cash on hand was TWD 803 million (US$ 26.5 million) at year end, compared to Total Debt (Short and Long Term) of TWD 813 million (US$ 26.8 million). The Debt ratio has decreased from 55%  in 2013 to 48% in 2014.

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. From March 3^rd through March 8^th, SEYI displayed a full range of its innovative manufacturing solutions for the automotive industry at the Taipei International Machine Tool Show 2015 (TIMTOS). In 2014, sales to automotive customers in China made up more than 50% of SEYI's revenue, firmly establishing SEYI's position in the global automotive supply chain. Leading auto assemblers such as Ford, Toyota, Honda, Nissan and Kia, as well as a number of the largest global Tier 1 and Tier 2 auto suppliers, are now among the company's key customers.

Through product development, SEYI has transformed from a press manufacturer to a "Total Solution Provider" in the metal forming industry. SEYI's Servo and Straight Side presses have been designed to form heavier parts, improve efficiency, speed and output, and to do so in an environmentally friendly manner. SEYI's "smart" solutions feature robotics and offer real-time, remote monitoring of parameters such as temperature, punching load and lubrication pressure.

"While sluggish end markets for capital equipment prevented SEYI from achieving meaningful growth in 2014, I am pleased that SEYI's financial performance last year stabilized around the high level of sales and profitability achieved in 2013," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "Beyond our financial results, SEYI continued to make progress in product innovation and developing sales with automotive customers, particularly those based in China," Ms. Kuo added. According to Ms. Kuo, sales to the automotive industry have become SEYI's single biggest growth driver.

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.

Note: TWD 31.52 to US$ 1.00

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