omniture

Siliconware Precision Industries Reports a 9.4% Quarter-over-Quarter Growth in Revenues Resulting in Earnings per Share of NT$ 0.48 or Earnings per ADS of US$ 0.08 for Second Quarter 2012

TAICHUNG, , July 27, 2012 /PRNewswire-Asia/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the second quarter of 2012 were NT$ 16,545 million, which represented a 9.4% growth in revenues compared to the first quarter of 2012 and a 12.3% growth in revenues compared to the second quarter of 2011. SPIL reported a net income of NT$ 1,470 million for the second quarter of 2012, compared with a net income of NT$ 891 million and a net income of NT$ 1,125 million for the first quarter of 2012 and the second quarter of 2011, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.48, and diluted earnings per ADS was US$ 0.08.

All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Operating results review:

  • For the second quarter of 2012, net revenues from IC packaging were NT$ 14,905 million and represented 90% of total net revenues. Net revenues from testing operations were NT$ 1,640 million and represented 10% of total net revenues.
  • Cost of goods sold was NT$ 13,356 million, representing an increase of 3.6% compared to the first quarter of 2012 and an increase of 7.4% compared to the second quarter of 2011.
    • Raw materials costs were NT$ 6,866 million for the second quarter of 2012 and represented 41.5% of total net revenues, whereas raw materials costs were NT$ 6,823 million and represented 45.1% of total net revenues for the first quarter of 2012.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 118 million.
  • Gross profit was NT$ 3,189 million for the second quarter of 2012, representing a gross margin of 19.3%, which increased from a gross margin of 14.7% for the first quarter of 2012 and was up from 15.6% for the second quarter of 2011.
  • Total operating expenses for the second quarter of 2012 were NT$ 1,295 million, which included selling expenses of NT$ 206 million, administrative expenses of NT$ 472 million and R&D expenses of NT$ 617 million. Total operating expenses represented 7.8% of total net revenues for the second quarter of 2012.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 52 million.
  • Operating income was NT$ 1,894 million for the second quarter of 2012, representing an operating margin of 11.5%, which increased from 6.9% for the first quarter of 2012 and increased from 8.3% for the second quarter of 2011.
  • Non-operating items:
    • Our non-operating expense was NT$ 246 million, including an impairment loss of NT$ 94 million from Vertical Circuits, Inc.
  • Net income before tax was NT$ 1,786 million for the second quarter of 2012, which increased from a net income before tax of NT$ 1,082 million for the first quarter of 2012 and increased from a net income before tax of NT$ 1,268 million for the second quarter of 2011.
  • Income tax expense was NT$ 316 million for the second quarter of 2012, compared with income tax expense of NT$ 191 million for the first quarter of 2012 and income tax expense of NT$ 143 million for the second quarter of 2011.
  • Net income was NT$ 1,470 million for the second quarter of 2012, which increased from a net income of NT$ 891 million for the first quarter of 2012 and increased from a net income of NT$ 1,125 million for the second quarter of 2011.
  • Total number of shares outstanding was 3,087 million shares as of June 30,2012. Diluted earnings per ordinary share for this quarter was NT$ 0.48, or US$ 0.08 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 18,262 million as of June 30, 2012 from NT$ 17,204 million as of Mar 31, 2012, and NT$ 14,267 million as of June 30, 2011.
  • Capital expenditures for the second quarter of 2012 totaled NT$ 2,265 million, which included NT$ 1,633 million for packaging equipment and NT$ 632 million for testing equipment.
  • Total depreciation expenses for the second quarter of 2012 totaled NT$ 2,306 million, which included NT$ 1,782 million was from packaging operations and NT$ 524 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 14,905 million for the second quarter of 2012, which represented an increase of NT$ 1,183 million or 8.6% compared to the first quarter of 2012.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 38%, 27% and 25%, respectively, of total net revenues for the second quarter of 2012.
  • Capital expenditures for IC packaging operations totaled NT$ 1,633 million for the second quarter of 2012, which included NT$ 1,485 million for packaging and building construction and NT$ 148 million for wafer bumping operations.
  • As of June 30, 2012 we had 6,970 wirebonders installed, of which 590 were added and 81 were disposed in the second quarter of 2012.

IC testing service:

  • Net revenues from testing operations were NT$ 1,640 million for the second quarter of 2012, which represented a increase of NT$ 244 million or 17.5% compared to the first quarter of 2012.
  • Capital expenditures for testing operations totaled NT$ 632 million for the second quarter of 2012.
  • As of June 30, 2012 we had 367 testers installed, of which 32 were added and 2 were disposed in the second quarter of 2012.

Revenue Analysis

  • Breakdown by end applications:

By application

2Q12

1Q12

Communication

48%

45%

Computing

16%

15%

Consumer

26%

27%

Memory

10%

13%

  • Breakdown by packaging type:

By packaging type

2Q12

1Q12

Bumping & Flip Chip

25%

23%

Substrate Based

38%

42%

Leadframe Based

27%

26%

Testing

10%

9%

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 ROC GAAP on a consolidated basis. The investment gains or losses of our company for the three months ended June 30, 2012 reflect our gains or losses attributable to the second quarter of 2012 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the consolidated financial data for our company for the three months ended June 30, 2012, nor the consolidated financial data for our company for the six months ended June 30, 2012 is necessarily indicative of the results that may be expected for any period thereafter.

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Jun 30, 2012 and 2011

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















Jun 30,2012


Jun 30,2011


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Cash and cash equivalent


611,183


18,262,142

21


14,266,673

17


3,995,469

28

Accounts receivable


389,021


11,623,943

13


10,195,921

12


1,428,022

14

Inventories


127,389


3,806,390

4


3,874,545

5


(68,155)

-2

Other current assets


63,537


1,898,498

2


1,702,137

2


196,361

12

Total current assets


1,191,130


35,590,973

40


30,039,276

36


5,551,697

18













Long-term investments


186,512


5,572,975

6


6,812,279

8


(1,239,304)

-18

Fixed assets


2,886,010


86,233,987

97


83,468,227

100


2,765,760

3

Less accumulated depreciation


(1,368,699)


(40,896,721)

-46


(39,339,499)

-47


(1,557,222)

4

Net fixed assets


1,517,311


45,337,266

51


44,128,728

53


1,208,538

3

Other assets


73,357


2,191,898

3


2,585,006

3


(393,108)

-15

Total Assets


2,968,310


88,693,112

100


83,565,289

100


5,127,823

6













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Short-term loans


70,000


2,091,600

2


1,436,250

2


655,350

46

Accounts payable


224,863


6,718,910

8


6,697,652

8


21,258

a??

Current portion of long-term debt


52,895


1,580,503

2


a??

a??


1,580,503

a??

Other current liability


433,578


12,955,313

14


12,542,775

15


412,538

3

Long-term loans


264,214


7,894,719

9


4,308,285

5


3,586,434

83

Other liabilities


16,655


497,665

1


349,068

a??


148,597

43

Total Liabilities


1,062,206


31,738,710

36


25,334,030

30


6,404,680

25













Stockholders' Equity












Capital stock


1,042,959


31,163,611

35


31,163,611

37


a??

a??

Capital reserve


550,654


16,453,527

18


16,453,527

19


a??

a??

Legal reserve


255,884


7,645,816

9


7,162,092

9


483,724

7

Retained earnings


79,551


2,376,996

3


2,228,415

3


148,581

7

Unrealized gain or loss on financial instruments


12,606


376,669

a??


1,552,652

2


(1,175,983)

-76

Cumulated translation adjustment


9,347


279,275

a??


(60,470)

a??


339,745

-562

Net loss not recognized as pension cost


(12,627)


(377,304)

a??


(268,568)

a??


(108,736)

40

Treasury stocks


(32,269)


(964,188)

-1


a??

a??


(964,188)

a??

Total Equity


1,906,104


56,954,402

64


58,231,259

70


(1,276,857)

-2

Total Liabilities & Shareholders' Equity


2,968,310


88,693,112

100


83,565,289

100


5,127,823

6













Forex ( NT$ per US$ )




29.88



28.73





(1)All figures are under ROC GAAP.














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 Jun 30


Sequential Comparison



2Q2012


2Q 2011


YOY


2Q 2012


1Q 2012


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues


558,592


16,545,486

100.0


14,735,496


12.3


16,545,486


15,117,682


9.4

Cost of Goods Sold


(450,918)


(13,356,181)

-80.7


(12,433,589)


7.4


(13,356,181)


(12,891,130)


3.6

Gross Profit


107,674


3,189,305

19.3


2,301,907


38.6


3,189,305


2,226,552


43.2

Operating Expenses
















Selling Expenses


(6,966)


(206,334)

-1.2


(164,488)


25.4


(206,334)


(172,425)


19.7

Administrative Expenses


(15,927)


(471,752)

-2.9


(416,630)


13.2


(471,752)


(458,920)


2.8

Research and Development Expenses


(20,841)


(617,302)

-3.7


(493,211)


25.2


(617,302)


(555,959)


11.0



(43,734)


(1,295,388)

-7.8


(1,074,329)


20.6


(1,295,388)


(1,187,304)


9.1

Operating Income


63,940


1,893,917

11.5


1,227,578


54.3


1,893,917


1,039,248


82.2

















Non-operating Income


4,671


138,363

0.8


80,242


72.4


138,363


139,192


-0.6

Non-operating Expenses


(8,320)


(246,438)

-1.5


(40,411)


509.8


(246,438)


(96,921)


154.3

Income from Continuing Operations before Income Tax


60,292


1,785,842

10.8


1,267,409


40.9


1,785,842


1,081,519


65.1

Income Tax Credit (Expenses)


(10,674)


(316,169)

-1.9


(142,828)


121.4


(316,169)


(190,267)


66.2

Net Income


49,618


1,469,673

8.9


1,124,581


30.7


1,469,673


891,252


64.9

















Earnings Per Ordinary Share- Diluted




NT$ 0.48



NT$ 0.36






NT$ 0.29



















Earnings Per ADS- Diluted




US$ 0.08



US$ 0.06






US$ 0.05



Weighted Average Outstanding Shares - Diluted ('k)




3,086,993



3,122,858






3,095,097



















Forex ( NT$ per US$ )




29.62



28.83






29.70



















(1) All figures are under ROC GAAP.
















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
















SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED INCOME STATEMENT

For the Six Months Ended on June 30, 2012 and 2011

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












6 months ended on June 30, 2012 and 2011



2012


2011


YOY



USD

NTD

%


NTD


Change %

Net Sales


1,067,605

31,663,168

100.0


29,202,615


8.4

Cost of Goods Sold


(884,963)

(26,247,311)

-82.9


(24,705,791)


6.2

Gross Profit


182,642

5,415,857

17.1


4,496,824


20.4

Operating Expenses









Selling expenses


(12,772)

(378,759)

-1.2


(325,525)


16.4

Administrative expenses


(31,379)

(930,672)

-2.9


(815,582)


14.1

Research and development expenses


(39,560)

(1,173,261)

-3.7


(948,922)


23.6



(83,710)

(2,482,692)

-7.8


(2,090,029)


18.8

Operating Income


98,932

2,933,165

9.3


2,406,795


21.9










Non-operating Income


9,358

277,555

0.9


186,564


48.8

Non-operating Expenses


(11,583)

(343,359)

-1.1


(108,734)


215.8

Income Before Income Tax


99,894

2,867,361

9.1


2,484,625


15.4

Income Tax Credit (Expenses)


(17,080)

(506,436)

-1.6


(289,976)


74.6

Net Income


82,813

2,360,925

7.5


2,194,649


7.6



















Earnings Per Ordinary Share- Diluted



NT$ 0.76



NT$ 0.70












Earnings Per ADS- Diluted



US$ 0.13



US$ 0.12



Weighted Average Outstanding Shares - Diluted ('k)



3,086,993



3,122,858












Forex ( NT$ per US$)



29.66



29.07



(1)All figures are under ROC GAAP.









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









SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For 6 Months Ended on Jun 30, 2012 and 2011

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










6 months, 2012


6 months, 2011



USD


NTD


NTD

Cash Flows from Operating Activities:







Net income


79,014


2,360,925


2,194,649

Depreciation


155,781


4,654,723


4,444,029

Amortization


9,628


287,684


279,812

Impairment loss


3,160


94,409


a??

Change in working capital & others


(36,103)


(1,078,771)


(1,751,435)

Net cash flows provided from operating activities


211,478


6,318,970


5,167,055








Cash Flows from Investing Activities:







Acquisition of property, plant, and equipment


(142,491)


(4,257,642)


(5,792,720)

Increase of financial asset carried at cost


a??


a??


(490,000)

Proceeds from disposal of equipments


1,444


43,135


511,065

Payment for deferred charges/other changes


(8,956)


(267,593)


(816,294)

Net cash used in investing activities


(150,003)


(4,482,100)


(6,587,949)








Cash Flows from Financing Activities:







Increase of short-term loan


19,745


589,975


a??

Proceeds from the exercise of employee stock option /other charges


(2,963)


(88,524)


164,886

Net cash provided from financing activities


16,782


501,451


164,886








Foreign currency exchange effect


(595)


(17,779)


3,673

Net increase (decrease) in cash and cash equivalents


77,662


2,320,542


(1,252,335)

Cash and cash equivalents at beginning of period


533,521


15,941,600


15,519,008

Cash and cash equivalents at end of period


611,183


18,262,142


14,266,673








Forex ( NT$ per US$ )




29.88


28.73








(1) : All figures are under ROC GAAP.














Contact:

Siliconware Precision Industries Co., Ltd.
No.45, Jieh Show Rd.
Hsinchu Science Park, Hsinchu
Taiwan, 30056
www.spil.com.tw

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

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

Source: Siliconware Precision Industries Co., Ltd.
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