omniture

Siliconware Precision Industries Reports a 2.9% Quarter-over-Quarter Decline in Revenues Resulting in Earnings per Share of NT$ 0.83 or Earnings per ADS of US$ 0.13 for First Quarter 2015

TAICHUNG, April 29, 2015 /PRNewswire/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the first quarter of 2015 were NT$ 20,805 million, which represented a 2.9% decline in revenues compared to the fourth quarter of 2014 and a 15.2% growth in revenues compared to the first quarter of 2014. SPIL reported a net income of NT$ 2,615 million for the first quarter of 2015, compared with a net income of NT$ 3,015 million and a net income of NT$ 2,094 million for the fourth quarter of 2014 and the first quarter of 2014, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.83, and diluted earnings per ADS was US$ 0.13.

All figures were prepared in accordance with T-IFRS on a consolidated basis.

Operating results review:

  • For the first quarter of 2015, net revenues from IC packaging were NT$ 18,369 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,436 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 15,359 million, representing a decrease of 1.9% compared to the fourth quarter of 2014 and an increase of 9.2% compared to the first quarter of 2014.
    • Raw materials costs were NT$ 6,768 million for the first quarter of 2015 and represented 32.5% of total net revenues, whereas raw materials costs were NT$ 6,953 million and represented 32.5% of total net revenues for the fourth quarter of 2014.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 185 million.
  • Gross profit was NT$ 5,446 million for the first quarter of 2015, representing a gross margin of 26.2%, which decreased from a gross margin of 26.9% for the fourth quarter of 2014 and was up from 22.1% for the first quarter of 2014.
  • Total operating expenses for the first quarter of 2015 were NT$ 1,977 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 820 million and R&D expenses of NT$ 909 million. Total operating expenses represented 9.5% of total net revenues for the first quarter of 2015.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 100 million.
  • Operating income was NT$ 3,469 million for the first quarter of 2015, representing an operating margin of 16.7%, which decreased from 18.0% for the fourth quarter of 2014 and increased from 13.2% for the first quarter of 2014.
  • Non-operating items:
    • Our non-operating expense was NT$ 579 million, including net losses of NT$ 315 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 3,014 million for the first quarter of 2015, which decreased from a net income before tax of NT$ 3,684 million for the fourth quarter of 2014 and increased from a net income before tax of NT$ 2,555 million for the first quarter of 2014.
  • Income tax expense was NT$ 399 million for the first quarter of 2015, compared with income tax expense of NT$ 669 million for the fourth quarter of 2014 and income tax expense of NT$ 460 million for the first quarter of 2014.
  • Net income was NT$ 2,615 million for the first quarter of 2015, which decreased from a net income of NT$ 3,015 million for the fourth quarter of 2014 and increased from a net income of NT$ 2,094 million for the first quarter of 2014.
  • Total number of shares outstanding was 3,143 million shares as of Mar 31, 2015. Diluted earnings per ordinary share for this quarter was NT$ 0.83, or US$ 0.13 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 28,264 million as of Mar 31, 2015 from NT$ 30,155 million as of Dec 31, 2014, and NT$ 18,945 million as of Mar 31, 2014.
  • Capital expenditures for the first quarter of 2015 totaled NT$ 3,536 million, which included NT$ 2,202 million for packaging equipment and NT$ 1,334 million for testing equipment.
  • Total depreciation expenses for the first quarter of 2015 totaled NT$ 3,212 million, which included NT$ 2,378 million was from packaging operations and NT$ 834 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 18,369 million for the first quarter of 2015, which represented a decrease of NT$ 420 million or 2.2% compared to the fourth quarter of 2014.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 26%, 19% and 43%, respectively, of total net revenues for the first quarter of 2015.
  • Capital expenditures for IC packaging operations totaled NT$ 2,202 million for the first quarter of 2015, which included NT$ 1,959 million for packaging and building construction and NT$ 243 million for wafer bumping operations.
  • As of Mar 31, 2015 we had 7,375 wirebonders installed, of which 9 were disposed in the first quarter of 2015.

IC testing service:

  • Net revenues from testing operations were NT$ 2,436 million for the first quarter of 2015, which represented a decrease of NT$ 206 million or 7.8% compared to the fourth quarter of 2014.
  • Capital expenditures for testing operations totaled NT$ 1,334 million for the first quarter of 2015.
  • As of Mar 31, 2015 we had 527 testers installed, of which 32 were added and 6 were disposed in the first quarter of 2015.

Revenue Analysis

  • Breakdown by end applications:

By application

1Q15

4Q14

Communication

66%

64%

Computing

10%

11%

Consumer

21%

21%

Memory

3%

4%

  • Breakdown by packaging type:

By packaging type

1Q15

4Q14

Bumping & Flip Chip

43%

40%

Substrate Based

26%

29%

Leadframe Based

19%

19%

Testing

12%

12%

About SPIL

Siliconware Precision Industries Ltd. ("SPIL")(NASDAQ:SPIL, Taiwan Stock Exchange:2325) is a leading provider of comprehensive semiconductor assembly and test services. SPIL is dedicated to meeting all of its customers' integrated circuit packaging and testing requirements, with turnkey solutions that range from design consultations, modeling and simulations, wafer bumping, wafer probe and sort, package assembly, final test, burn-in, to shipment. Products include advanced leadframe, substrate packages, wafer bumping and FCBGA, which are widely used in personal computers, communications, Internet appliances, cellular phones, digital cameras, cable modems, personal digital assistants and LCD monitors. SPIL supplies services and support to fabless design houses, integrated device manufacturers and wafer foundries globally. For further information, visit SPIL's web site at www.spil.com.tw.

Safe Harbor Statement

The information herein contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectation and projections about future events. Such forward-looking statements are inherently subject to known and unknown risks, uncertainties, assumptions about us and other factors that may cause the actual performance, financial condition or results of operations of SPIL to be materially different from what may be implied by such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors, including, among other things:

  • the intensely competitive personal computer, communications, consumer ICs and non-commodity memory semiconductor industries and markets;
  • cyclical nature of the semiconductor industry;
  • risks associated with global business activities;
  • non-operating losses due to poor financial performance of some of our investments;
  • our dependence on key personnel;
  • general economic and political conditions;
  • possible disruptions in commercial activities caused by natural and human induced disaster, including terrorist activities and armed conflicts and contagious disease, such as the Severe Acute Respiratory Syndrome;
  • fluctuations in foreign currency exchange rates; and
  • other risks identified in our annual reports on Form 20-F filed with the U.S. Securities and Exchange Commission each year.

The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

All financial figures discussed herein are prepared pursuant to TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Mar 31, 2015 reflect our gains or losses attributable to the first quarter of 2015 unaudited financial results of several of our investees which are evaluated under the equity method. The consolidated financial data for our company for the three months ended Mar 31, 2015, is not necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Mar 31, 2015 and 2014

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))















Mar 31, 2015


Mar 31, 2014


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


903,012


28,264,264

22


18,945,401

18


9,318,863

49

Accounts receivable


554,848


17,366,737

14


15,312,224

15


2,054,513

13

Inventories


144,049


4,508,733

4


4,114,854

4


393,879

10

Other current assets


64,964


2,033,378

1


1,888,402

1


144,976

8

Total current assets


1,666,873


52,173,112

41


40,260,881

38


11,912,231

30













Non-current Assets












Available-for-sale financial assets


302,599


9,471,354

7


7,240,470

7


2,230,884

31

Long-term investment under equity method


1,739


54,433

--


622,968

--


(568,535)

-91

Property, plant and equipment


2,025,320


63,392,501

50


55,414,638

53


7,977,863

14

Intangible assets


6,832


213,841

--


316,908

--


(103,067)

-33

Other assets


64,420


2,016,372

2


1,566,255

2


450,117

29

Total non-current assets


2,400,910


75,148,501

59


65,161,239

62


9,987,262

15

Total Assets


4,067,783


127,321,613

100


105,422,120

100


21,899,493

21













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,660,500

2


2,589,950

2


70,550

3

Financial liabilities at fair value through profit or loss


45,072


1,410,750

1


--

--


1,410,750

100

Accounts payable


230,764


7,222,899

6


6,889,708

7


333,191

5

Current portion of long-term debt


167,969


5,257,443

4


4,999,234

5


258,209

5

Other current liability


422,286


13,217,565

10


9,995,078

9


3,222,487

32

Non-current Liabilities












Bonds payable


377,593


11,818,664

9


--

--


11,818,664

100

Long-term loans


297,917


9,324,812

8


13,745,828

13


(4,421,016)

-32

Other liabilities


43,893


1,373,825

1


1,407,977

1


(34,152)

-2

Total Liabilities


1,670,494


52,286,458

41


39,627,775

37


12,658,683

32













Stockholders' Equity












Capital stock


995,643


31,163,611

25


31,163,611

30


--

--

Capital reserve


503,884


15,771,577

12


15,771,441

15


136

--

Legal reserve


281,054


8,797,005

7


8,207,777

8


589,228

7

Special reserve


--


--

--


244,604

--


244,604

-100

Retained earnings


456,653


14,293,249

11


7,982,742

8


6,310,507

79

Other equity


160,055


5,009,713

4


2,424,170

2


2,585,543

107

Total Equity


2,397,289


75,035,155

59


65,794,345

63


9,240,810

14

Total Liabilities & Shareholders' Equity


4,067,783


127,321,613

100


105,422,120

100


21,899,493

21













Forex ( NT$ per US$ )




31.30



30.47





(1)All figures are under TIFRS.


SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT


(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))



3 months ended on Mar 31


Sequential Comparison



1Q2015


1Q 2014


YOY


1Q 2015


4Q 2014


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


660,002


20,805,242

100.0


18,060,370


15.2


20,805,242


21,430,915


-2.9

Cost of Goods Sold


(487,225)


(15,358,793)

-73.8


(14,063,506)


9.2


(15,358,793)


(15,655,951)


-1.9

Gross Profit


172,777


5,446,449

26.2


3,996,864


36.3


5,446,449


5,774,964


-5.7

Operating Expenses
















Selling Expenses


(7,881)


(248,448)

-1.2


(209,592)


18.5


(248,448)


(247,455)


0.4

Administrative Expenses


(26,012)


(819,976)

-3.9


(558,248)


46.9


(819,976)


(696,858)


17.7

Research and Development Expenses


(28,830)


(908,788)

-4.4


(833,703)


9.0


(908,788)


(974,769)


-6.8



(62,723)


(1,977,212)

-9.5


(1,601,543)


23.5


(1,977,212)


(1,919,082)


3.0

Operating Income


110,054


3,469,237

16.7


2,395,321


44.8


3,469,237


3,855,882


-10.0

















Non-operating Income


3,924


123,664

0.6


308,053


-59.9


123,664


391,636


-68.4

Non-operating Expenses


(18,360)


(578,749)

-2.8


(148,800)


288.9


(578,749)


(563,725)


2.7

Income from Continuing Operations before Income Tax


95,618


3,014,152

14.5


2,554,574


18.0


3,014,152


3,683,793


-18.2

Income Tax Expenses


(12,679)


(399,652)

-1.9


(460,241)


-13.2


(399,652)


(668,523)


-40.2

Net Income


82,939


2,614,500

12.6


2,094,333


24.8


2,614,500


3,015,270


-13.3

















Other comprehensive income
















Exchange difference on translation of foreign financial statements


(4,805)


(151,472)



125,062






441,435



Unrealized gain on available-for-sale financial assets


14,956


471,451



1,153,417






522,682



Acturial gain and loss of defined benefit plan


--


--



--






(41,749)



Tax effect of other comprehensive income items


(192)


(6,064)



(39,261)






(4,543)



Total other comprehensive income


9,959


313,915



1,239,218






917,825



Total comprehensive income


92,898


2,928,415



3,333,551






3,933,095



















Earnings Per Ordinary Share- Diluted




NT$ 0.83



NT$ 0.67






NT$ 0.97



















Earnings Per ADS- Diluted




US$ 0.13



US$ 0.11






US$ 0.16



Weighted Average Outstanding Shares - Diluted ('k)




3,143,401



3,138,305






3,119,755



















Forex ( NT$ per US$ )




31.52



30.27






30.84



















(1) All figures are under TIFRS.

(2) 1 ADS is equivalent to 5 Common Shares.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 3 Months Ended on Mar 31, 2015 and 2014

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))










3 months, 2015


3 months, 2014



USD


NTD


NTD

Cash Flows from Operating Activities:







Net income before tax


98,750


3,014,152


2,554,574

Depreciation


105,242


3,212,303


2,816,070

Amortization


5,152


157,252


142,344

Change in working capital / others


13,428


409,856


(549,999)

Net cash flows provided from operating activities


222,572


6,793,563


4,962,989








Cash Flows from Investing Activities:







Acquisition of property, plant, and equipment


(115,834)


(3,535,602)


(3,010,312)

Proceeds from disposal of property, plant and equipments


3,038


92,715


165,780

Payment for deferred charges/other changes


(8,143)


(248,535)


(182,873)

Net cash used in investing activities


(120,939)


(3,691,422)


(3,027,405)








Cash Flows from Financing Activities:







Repayment of long-term loan


(161,935)


(4,942,750)


a??

Other charges


(169)


(5,173)


a??

Net cash used in financing activities


(162,104)


(4,947,923)


0








Foreign currency exchange effect


(1,463)


(44,667)


34,570

Net (decrease) increase in cash and cash equivalents


(61,934)


(1,890,449)


1,970,154

Cash and cash equivalents at beginning of period


987,934


30,154,713


16,975,247

Cash and cash equivalents at end of period


926,000


28,264,264


18,945,401








Forex ( NT$ per US$ )




30.52


30.47








(1) : All figures are under T-IFRS.



For further information, please contact IR dept.

Janet Chen, IR Director
janet@spil.com.tw
+886-3-5795678#3675

Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/siliconware-precision-industries-reports-a-29-quarter-over-quarter-decline-in-revenues-resulting-in-earnings-per-share-of-nt-083-or-earnings-per-ads-of-us-013-for-first-quarter-2015-300074048.html

Source: Siliconware Precision Industries Co., Ltd.
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