SHANGHAI, June 29 /PRNewswire-Asia/ -- Semiconductor Manufacturing International Corporation ("SMIC" or the "Company") (NYSE: SMI; SEHK: 981), one of the leading semiconductor foundries in the world, announces today an upward revision of Q2 revenue guidance for the three months ended June 30, 2009, which was originally released by the Company in its results for the three months ended March 31, 2009 on April 29, 2009 (the "Original Revenue Guidance").
"Since the release of our Q2 revenue guidance, we have seen strong growth in our customer orders, exceeding our earlier expectation, due to the robust demand in the China market. Therefore, we are now revising up our Q2 revenue guidance to a quarter-on-quarter increase of 76% to 78%, from the original guidance of an increase of 58% to 62%," said Morning Wu, Acting Chief Financial Officer and Chief Accounting Officer.
There is evidence that the economy is stabilizing but it is far from recovery. It is unclear whether the strong growth in our customer orders seen by the Company for Q2 comes from rushed orders by customers to replenish inventory or is an indication of the beginning of a sustainable recovery of the economy in general. The Company cannot at the moment give, and is not giving, any guidance on Q3 or onwards revenues.
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, providing integrated circuit (IC) foundry and technology services at 0.35um to 45nm. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and three 200mm wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab, a 200mm wafer fab in Tianjin, a 200mm fab under construction in Shenzhen, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. For more information, please visit http://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 concerning expected increase in our second quarter 2009 revenue from the Original Revenue Guidance, anticipated strong growth in our customer orders and our expectations regarding robust demand in the China market are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe", "anticipate", "intend", "estimate", "expect", "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of SMIC's senior management and 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 cyclicality and market conditions in the semiconductor industry, the downturn in the global economy and the impact on China's economy, intense competition, timely wafer acceptance by SMIC's customers, SMIC's ability to capture growth opportunities in China, SMIC's ability to strengthen its products portfolio, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, orders or judgments from pending litigation, availability of manufacturing capacity and financial stability in end markets.
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 June 22, 2009, especially in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, and such other documents that SMIC may file with the SEC or SEHK from time to time, including 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 announcement 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 announcement. Except as required by applicable laws or regulations (including the Listing Rules) or as otherwise considered by SMIC to be appropriate, 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.
Media contacts:
Edith Kwan (Shanghai)
Investor Relations
Tel: +86-21-3861-0000 x18951
Email: Edith_Kwan@smics.com
Meifung Hoo (Hong Kong)
Tel: +852-2537-8480
Email: Meifung_Hoo@smics.com
