SHANGHAI, May 12, 2016 /PRNewswire/ -- Semiconductor Manufacturing International Corporation (NYSE: SMI; SEHK: 981) ("SMIC" or the "Company"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended March 31, 2016.
First Quarter 2016 Highlights
Second Quarter 2016 Guidance:
The following statements are forward looking statements which are based on current expectations and which involve risks and uncertainties, some of which are set forth under "Safe Harbor Statements" below. The Company expects:
Dr. Tzu-Yin Chiu, SMIC's Chief Executive Officer and Executive Director commented, "We had another quarter with record-high revenue, continued demand strength and continued high utilizations. Purchase orders from our customers continue to be robust and are being driven by our diversified product and customer exposure, which continues to drive our utilizations high. Our customers are expanding their market share and we now target to grow revenue more than 20% this year given the great demand.
The first quarter of 2016 was another great quarter for SMIC; we surpassed the industry's revenue growth and grew more than 24% YoY. Overall utilization was 98.8% in the first quarter, in which even our newly ramping fabs experienced strong customer demand. Last quarter marks our 16th consecutive profitable quarter and we continue to target sustained profitability.
Overall, we believe SMIC is strategically building competitiveness globally and further optimizing our position as the preferred foundry provider in mainland China. We expect growth again in the second quarter, but remain constrained by the pace of our capacity growth. SMIC is optimistic in the long-term given our strategy, strong customer partnerships, and execution track record."
Conference Call / Webcast Announcement
Date: May 13, 2016
Time: 8:30 a.m. Shanghai time
Dial-in numbers and pass code:
| China |
+86 400-620-8038 |
(Pass code: SMIC) |
| Hong Kong |
+852 3018-6771 |
(Pass code: SMIC) |
| Taiwan |
+886 2-2650-7825 |
(Pass code: SMIC) |
| United States, New York |
+1 845-675-0437 |
(Pass code: SMIC) |
The call will be webcast live with audio at http://www.smics.com/eng/investors/ir_presentations.php or http://edge.media-server.com/m/p/ivhxouhj.
An archived version of the webcast, along with an electronic copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.
About SMIC
Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in mainland China. SMIC provides integrated circuit (IC) foundry and technology services at 0.35-micron to 28-nanometer. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and a 200mm mega-fab in Shanghai; a 300mm mega-fab and a second majority owned 300mm fab for advance nodes in Beijing; and 200mm fabs in Tianjin and Shenzhen. SMIC also has marketing and customer service offices in the U.S., Europe, Japan, and Taiwan, and a representative office in Hong Kong.
For more information, please visit www.smics.com.
Safe Harbor Statements
(Under the Private Securities Litigation Reform Act of 1995)
This press release contains, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements under "Second Quarter 2016 Guidance", "CapEx Summary" and the statements contained in the quotes of our CEO regarding our target for sustained profit, our revenue growth, continued demand strength and high utilization and our strategy to capture growth opportunities brought by specific markets and products are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project," "target" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements including, among others, risks associated with the cyclical nature of the semiconductor industry, changes in demand for our products, competition in our markets, our reliance on a small number of customers, orders or judgments from pending litigation, intensive intellectual property lawsuits in semiconductor industry, financial stability in end markets, general economic conditions and fluctuations in currency exchange rates.
Investors should consider the information contained in SMIC's filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on 20-F filed with the SEC on April 25, 2016, especially the consolidated financial statements, and such other documents that SMIC may file with the SEC or The Hong Kong Stock Exchange Limited ("SEHK") from time to time, including current reports on Form 6-K. Other unknown or unpredictable factors also could have material adverse effects on SMIC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except as may be required by law, SMIC undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement SMIC's consolidated financial results presented in accordance with IFRS, SMIC uses in this press release non-GAAP operating expenses which consist of total operating expenses as adjusted to exclude the effect of employee bonus accrual, government funding and gain from the disposal of living quarters. This earnings release also includes second quarter 2016 guidance for non-GAAP operating expenses. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS.
SMIC believes that use of these non-GAAP financial measures facilitates investors' and management's comparisons to SMIC's historical performance. The Group's management regularly uses these non-GAAP financial measures to understand, manage and evaluate the Group's business and make financial and operational decisions.
The accompanying table has more information and reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis.
SMIC has filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F for the year ended December 31, 2015. The annual report is available on our website at www.smics.com. In addition, all SMIC ADR holders have the ability, upon request, to receive a hard copy of our complete audited financials free of charge.
To see full financial tables, click here.
Contact:
Investor Relations
+86-21-3861-0000 ext. 12804
ir@smics.com
