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Seyi reports strong increases in sales and earnings for the year ended December 31, 2013. Net Sales increased by 16% and Net Profits increased by 53% during the year.
TAIPEI, March 13, 2014 /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, 2013, the Company reported Net Sales of TWD 4.1 billion (US$ 135.0 million), a 16% increase from Net Sales of TWD 3.5 billion (US$ 115.9 million) in the prior year.
Gross Profit was TWD 1.1 billion (US $35.1 million) in 2013, compared to TWD 837 million (US$ 27.6 million) in the prior year. Due to better product mix, including greater sales of higher margin larger presses and the Company's new servo presses, SEYI's Gross Profit Margin increased from 24% to 26%.
SEYI's Operating Income was TWD 223 million (US$ 7.4 million) in its most recent year, compared to Operating Income of TWD 181 million (US$ 6.0 million) in 2012. For the full year, SEYI reported Net Profit of TWD 196 million (US$ 6.5 million), compared to TWD 128 million (US$ 4.2 million) in 2012. Favorable foreign exchange and other adjustments added TWD 72 million (US$ 2.4 million) to profits, bringing Total Comprehensive Income for 2013 to TWD 269 million (US $8.9 million), compared to TWD 118 million (US $3.9 million) in 2012.
Basic and Diluted Earnings Per Share were TWD 1.40 (US 0.05) in 2013 and TWD 0.90 (US$ 0.03) per share in 2012.
SEYI's liquidity position remained strong in 2013. Cash on hand increased by TWD 48 million (US $1.6 million) during the year to TWD 898 million (US$ 29.6 million) at the end of 2013. Against that, the Company's Total Debt (Short and Long Term) decreased from TWD 717 million (US$ 23.7 million) at the end of 2012 to TWD 643 million (US$ 21.2 million) at the 2013 year end.
In terms of product mix, sales of straight side presses accounted for 65% of sales in 2013, compared to 40% in 2012, while sales of conventional C type presses declined from 60% of sales to 35%. Also, sales of larger tonnage presses increased by 30% and sales of SEYI's high technology servo press gained momentum during the year. Fifteen servo presses were sold to customers in Japan, Asia and the United States.
"The financial results for last year were very gratifying because 2013 was the year in which initiatives taken by management over the past three years began to pay off," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "An increased emphasis on automotive customers, new products and key additions to management, particularly in China, led to improved performance during the year. Moreover, a 44% increase in orders and further management additions in the second half of the year bode well for 2014," Ms. Kuo added.