Resulting in Earnings per Share of NT$ 0.82 or Earnings per ADS of
US$ 0.13 TAICHUNG, Taiwan, Oct. 28 /PRNewswire-Asia-FirstCall/ --
Siliconware Precision Industries Co., Ltd. ("SPIL" or the
"Company") (Taiwan Stock Exchange: 2325; Nasdaq: SPIL) today
announced that its sales revenues for the third quarter of 2009
were NT$ 16,733 million, which represented a 18.4% increase in
revenues compared to the second quarter of 2009 and a 3.0% decline
in revenues compared to the third quarter of 2008. SPIL reported a
net income of NT$ 2,561 million for the third quarter of 2009,
compared with a net income of NT$ 1,664 million and a net income of
NT$ 3,186 million for the second quarter of 2009 and the third
quarter of 2008, respectively. Diluted earnings per ordinary share
for this quarter was NT$ 0.82, and diluted earnings per ADS was US$
0.13. Operating results review: -- For the third quarter of 2009,
net revenues from IC packaging were NT$ 15,322 million and
represented 91% of total net revenues. Net revenues from testing
operations were NT$ 1,411 million and represented 9% of total net
revenues. -- Cost of goods sold was NT$ 12,856 million,
representing an increase of 14.7% compared to the second quarter of
2009 and a decrease of 2.5% compared to the third quarter of 2008.
-- Raw materials costs were NT$ 7,610 million for the third quarter
of 2009, and represented 45.5% of total net revenues, whereas raw
materials costs were NT$ 6,470 million and represented 45.8% of
total net revenues for the second quarter of 2009. -- The accrued
expenses of bonuses to employees accounted for under cost of goods
sold totaled NT$ 203 million. -- Gross profit was NT$ 3,877 million
for the third quarter of 2009, representing a gross margin of
23.2%, which increased from a gross margin of 20.7% for the second
quarter of 2009 and was down from 23.4% for the third quarter of
2008. -- Total operating expenses for the third quarter of 2009
were NT$ 829 million, which included selling expenses of NT$ 194
million, administrative expenses of NT$ 292 million and R&D
expenses of NT$ 343 million. Total operating expenses represented
5.0% of total net revenues for the third quarter of 2009. -- In the
third quarter of 2009, the accrued expenses of bonuses to
employees, directors and supervisors accounting for under operating
expenses totaled NT$ 76 million. -- Operating income was NT$ 3,048
million for the third quarter of 2009, representing an operating
margin of 18.2% for the third quarter of 2009, which increased from
15.6% for the second quarter of 2009 and increased from 18.0% for
the third quarter of 2008. -- Non-operating items: -- Our net
currency exchange loss of NT$ 123 million for the third quarter of
2009 was mainly due to depreciation of our US dollar denominated
asset as a result of an depreciation in the foreign currency
exchange rate of the US dollar against NT dollar, our reporting
currency. -- Our net gain on long-term investment of NT$ 142
million for the third quarter of 2009 was primarily due to
investment gain from SPIL BVI. -- Net income before tax was NT$
3,105 million for the third quarter of 2009, which increased from a
net income of NT$ 2,150 million for the second quarter of 2009 and
decreased from a net income of NT$ 3,487 million for the third
quarter of 2008. -- Income tax expense was NT$ 544 million for the
third quarter of 2009, compared with income tax expense of NT$ 486
million for the second quarter of 2009 and income tax expense of
NT$ 301 million for the third quarter of 2008. -- Net income was
NT$ 2,561 million for the third quarter of 2009, which increased
from a net income of NT$ 1,664 million for the second quarter of
2009 and decreased from a net income of NT$ 3,186 million for the
third quarter of 2008. -- Total number of shares outstanding was
3,127 million shares as of Sept 30,2009. Diluted earnings per
ordinary share for this quarter was NT$ 0.82, or US$ 0.13 per ADS.
Capital expenditure and balance sheet highlight: -- Our cash
balances totaled NT$ 17,427 million as of Sept 30, 2009 from NT$
19,123 million as of Jun 30, 2009, and NT$ 13,512 million as of
Sept 30, 2008. -- Capital expenditures for the third quarter of
2009 totaled NT$ 1,070 million, which included NT$ 566 million for
packaging equipment and NT$ 504 million for testing equipment. --
Total depreciation expenses for the third quarter of 2009 totaled
NT$ 1,916 million, which included NT$ 1,441 million was from
packaging operations and NT$ 475 million from testing operations.
IC packaging service: -- Net revenues from IC packaging operations
were NT$ 15,322 million for the third quarter of 2009, which
represented an increase of NT$ 2,320 million or 17.8% compared to
the second quarter of 2009. -- Substrate-based packaging,
leadframe-based packaging and wafer bumping & FCBGA accounted
for 44%, 29% and 16%, respectively, of total net revenues for the
second quarter of 2009. -- Capital expenditures for IC packaging
operations totaled NT$ 566 million for the third quarter of 2009,
which included NT$ 521 million for packaging and building
construction and NT$ 45 million for wafer bumping operations. -- As
of Sept 30, 2009 we had 4,909 wirebonders installed, of which 250
were added and 39 were disposed in the third quarter of 2009. IC
testing service: -- Net revenues from testing operations were NT$
1,411 million for the third quarter of 2009, which represented an
increase of NT$ 276 million or 24.3% compared to the second quarter
of 2009. -- Capital expenditures for testing operations totaled NT$
504 million for the third quarter of 2009. -- As of Sept 30, 2009
we had 381 testers installed, of which 6 were added in the third
quarter of 2009. Revenue Analysis Breakdown by end applications: By
application 3Q09 2Q09 Computing 22% 23% Communication 47% 48%
Consumer 19% 18% Memory 12% 11% Breakdown by packaging type: By
packaging type 3Q09 2Q09 Bumping & FCBGA 16% 15% Substrate
Based 44% 46% Leadframe Based 29% 29% Testing 9% 8% Others 2% 2%
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 drop ship. Products include advanced leadframe and
substrate packages, 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
http://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 an unaudited unconsolidated basis. Audited
unconsolidated financial figures will be publicly announced upon
the completion of our audit process. The investment gains or losses
of our company for the three months ended Sept 30, 2009 reflect our
gains or losses attributable to the third quarter of 2009 unaudited
financial results of several of our investees which are evaluated
under the equity method. Neither the unaudited unconsolidated
financial data for our company for the three months ended Sept 30,
2009, nor the unaudited unconsolidated financial data for our
company for the nine months ended Sept 30, 2009 is necessarily
indicative of the results that may be expected for any period
thereafter. -- Financial Tables To Follow -- SILICONWARE PRECISION
INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of Sept 30,
2009 and 2008 (Expressed in Thousands of New Taiwan Dollars (NTD)
and U.S. Dollars (USD)) Sept 30, 2009 Sept 30, 2008 ASSETS USD NTD
% NTD % Cash and cash equivalent 541,716 17,426,995 23 13,511,631
18 Accounts receivable 361,118 11,617,175 15 11,698,541 15
Inventories 88,406 2,844,019 4 2,854,984 4 Other current assets
63,684 2,048,713 3 2,177,700 3 Total current assets 1,054,924
33,936,902 45 30,242,856 40 Long-term investments 216,295 6,958,211
9 5,879,401 8 Fixed assets 2,104,852 67,713,088 90 71,226,723 94
Less accumulated depreciation (1,098,158) (35,327,748) -47
(33,385,427) -44 Net fixed assets 1,006,694 32,385,340 43
37,841,296 50 Other assets 52,351 1,684,147 3 1,617,215 2 Total
Assets 2,330,264 74,964,600 100 75,580,768 100 LIABILITIES AND
STOCKHOLDERS' EQUITY Liabilities Accounts payable 244,260 7,857,831
11 7,695,168 10 Other current liability 213,272 6,860,972 9
6,073,806 8 Long-term loans -- -- -- 2,981,592 4 Other liabilities
3,033 97,558 -- 81,985 -- Total Liabilities 460,565 14,816,361 20
16,832,551 22 Stockholders' Equity Capital stock 968,717 31,163,611
42 31,525,899 42 Capital reserve 511,456 16,453,526 22 16,819,576
22 Legal reserve 177,818 5,720,419 8 5,089,066 7 Retained earnings
144,067 4,634,637 6 7,487,015 10 Unrealized gain or loss on
financial instruments 60,498 1,946,208 2 (1,622,544) -2 Cumulated
translation adjustment 7,144 229,838 -- 243,389 -- Treasury stock
-- -- -- (794,184) -1 Total Equity 1,869,700 60,148,239 80
58,748,217 78 Total Liabilities & Shareholders' Equity
2,330,264 74,964,600 100 75,580,768 100 Forex ( NT$ per US$ ) --
32.17 -- 32.17 -- (1) All figures are under ROC GAAP. SILICONWARE
PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of
Sept 30, 2009 and 2008 (Expressed in Thousands of New Taiwan
Dollars (NTD) and U.S. Dollars (USD)) (Continued) Sequential ASSETS
Change % Cash and cash equivalent 3,915,364 29 Accounts receivable
(81,366) -1 Inventories (10,965) 0 Other current assets (128,987)
-6 Total current assets 3,694,046 12 Long-term investments
1,078,810 18 Fixed assets (3,513,635) -5 Less accumulated
depreciation (1,942,321) 6 Net fixed assets (5,455,956) -14 Other
assets 66,932 4 Total Assets (616,168) -1 LIABILITIES AND
STOCKHOLDERS' EQUITY Liabilities Accounts payable 162,663 2 Other
current liability 787,166 1 Long-term loans (2,981,592) -100 Other
liabilities 15,573 19 Total Liabilities (2,016,190) -12
Stockholders' Equity Capital stock (362,288) -1 Capital reserve
(366,050) -2 Legal reserve 631,353 12 Retained earnings (2,852,378)
-38 Unrealized gain or loss on financial instruments 3,568,752 -220
Cumulated translation adjustment (13,551) -6 Treasury stock 794,184
-100 Total Equity 1,400,022 2 Total Liabilities & Shareholders'
Equity (616,168) -1 Forex ( NT$ per US$ ) (1) All figures are under
ROC GAAP. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED
INCOME STATEMENT (Expressed in Thousands of New Taiwan Dollars
(NTD) and U.S. Dollars (USD)) 3 months ended on June 30 3Q 2009 3Q
2008 YOY change USD NTD % NTD % Revenues 510,299 16,732,703 100.0
17,242,039 -3.0 Cost of Goods Sold (392,060) (12,855,656) -76.8
(13,191,498) -2.5 Gross Profit 118,239 3,877,047 23.2 4,050,541
-4.3 Operating Expenses Selling Expenses (5,905) (193,613) -1.2
(252,001) -23.2 Administrative Expenses (8,918) (292,411) -1.7
(351,311) -16.8 Research and Development Expenses (10,457)
(342,869) -2.0 (340,351) 0.7 (25,279) (828,893) -5.0 (943,663)
-12.2 Operating Income 92,960 3,048,154 18.2 3,106,878 -1.9
Non-operating Income 6,791 222,683 1.3 496,691 -55.2 Non-operating
Expenses (5,057) (165,820) -1.0 (116,432) 42.4 Income from
Continuing Operations before Income Tax 94,694 3,105,017 18.6
3,487,137 -11.0 Income Tax Credit (Expenses) (16,587) (543,890)
-3.3 (300,874) 80.8 Net Income 78,107 2,561,127 15.3 3,186,263
-19.6 Earnings Per Ordinary Share- Diluted -- NT$ 0.82 -- NT$ 1.02
-- Earnings Per ADS- Diluted -- US$ 0.13 -- US$ 0.16 -- Weighted
Average Outstanding Shares - Diluted ('k) -- 3,126,703 -- 3,137,178
-- Forex ( NT$ per US$ ) -- 32.79 -- 31.19 -- (1) All figures are
under ROC GAAP. (2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME
STATEMENT (Expressed in Thousands of New Taiwan Dollars (NTD) and
U.S. Dollars (USD)) (Continued) Sequential Comparison 3Q 2009 2Q
2009 QOQ NTD NTD change% Revenues 16,732,703 14,136,788 18.4 Cost
of Goods Sold (12,855,656) (11,209,888) 14.7 Gross Profit 3,877,047
2,926,900 32.5 Operating Expenses Selling Expenses (193,613)
(152,220) 27.2 Administrative Expenses (292,411) (281,283) 4.0
Research and Development Expenses (342,869) (293,978) 16.6
(828,893) (727,481) 13.9 Operating Income 3,048,154 2,199,419 38.6
Non-operating Income 222,683 163,722 36.0 Non-operating Expenses
(165,820) (212,931) -22.1 Income from Continuing Operations before
Income Tax 3,105,017 2,150,210 44.4 Income Tax Credit (Expenses)
(543,890) (485,905) 11.9 Net Income 2,561,127 1,664,305 53.9
Earnings Per Ordinary Share- Diluted -- NT$ 0.54 -- Earnings Per
ADS- Diluted -- US$ 0.08 -- Weighted Average Outstanding Shares -
Diluted ('k) -- 3,121,862 -- Forex ( NT$ per US$ ) -- 33.07 -- (1)
All figures are under ROC GAAP. (2) 1 ADS is equivalent to 5 Common
Shares. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED
INCOME STATEMENT For the Nine Months Ended on Sept 30, 2009 and
2008 (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S.
Dollars (USD)) 9 months ended on Sept 30, 2009 and 2008 2009 2008
YOY Change USD NTD % NTD % Net Sales 1,222,105 40,072,827 100.0
48,025,645 -16.6 Cost of Goods Sold (987,807) (32,390,203) -80.8
(37,620,500) -13.9 Gross Profit 234,298 7,682,624 19.2 10,405,145
-26.2 Operating Expenses Selling expenses (13,814) (452,948) -1.1
(690,161) -34.4 Administrative expenses (28,008) (918,376) -2.3
(1,009,955) -9.1 Research and development expenses (26,639)
(873,505) -2.2 (1,041,229) -16.1 (68,461) (2,244,829) -5.6
(2,741,345) -18.1 Operating Income 165,837 5,437,795 13.6 7,663,800
-29.0 Non-operating Income 11,007 360,906 0.9 649,395 -44.4
Non-operating Expenses (6,904) (226,379) -0.6 (152,628) 48.3 Income
Before Income Tax 169,940 5,572,322 13.9 8,160,567 -31.7 Income Tax
Credit (Expenses) (33,093) (1,085,105) -2.7 (813,458) 33.4 Net
Income 136,847 4,487,217 11.2 7,347,109 -38.9 Earnings Per Ordinary
Share- Diluted -- NT$ 1.44 -- NT$ 2.34 -- Earnings Per ADS- Diluted
-- US$ 0.22 -- US$ 0.38 -- Weighted Average Outstanding Shares -
Diluted ('k) -- 3,126,703 -- 3,137,178 -- Forex ( NT$ per US$) --
32.79 -- 31.19 -- (1) All figures are under ROC GAAP. (2) 1 ADS is
equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES
CO., LTD. UNCONSOLIDATED STATEMENTS OF CASH FLOWS For 9 Months
Ended on Sept 30, 2009 and 2008 (Expressed in Thousands of New
Taiwan Dollars (NTD) and U.S. Dollars (USD)) 9 months, 9 months,
2009 2008 USD NTD NTD Cash Flows from Operating Activities: Net
income 139,485 4,487,217 7,347,109 Depreciation 185,945 5,981,846
6,255,794 Amortization 12,035 387,154 430,288 Gains on disposal of
long-term investment (182) (5,871) -- Long-term investment gain
recognized by equity method (3,941) (126,781) (33,278) Change in
working capital & others (54,381) (1,749,446) 1,301,564 Net
cash flows provided from operating activities 278,959 8,974,119
15,301,477 Cash Flows from Investing Activities: Acquisition of
property, plant, and equipment (55,996) (1,801,380) (7,939,486)
Proceeds from disposal of long-term investment 182 5,871 -- Payment
for long-term investment (10,292) (331,100) (323,332) Payment for
deferred charges/other changes (156) (5,018) (327,851) Net cash
used in investing activities (66,261) (2,131,627) (8,590,669) Cash
Flows from Financing Activities: Cash dividends distributed to
shareholders and cash bonus distributed to employees (174,368)
(5,609,430) (14,774,769) Repayment for long-term investment
(93,255) (3,000,000) -- Remuneration of directors and supervisors'
bonuses -- -- (157,404) Proceeds from the exercise of employee
stock option /other charges 27,187 874,595 (59,892) Net cash
provided from financing activities (240,436) (7,734,835)
(14,992,065) Net increase (decrease) in cash and cash equivalents
(27,738) (892,343) (8,281,257) Cash and cash equivalents at
beginning of period 569,454 18,319,338 21,792,888 Cash and cash
equivalents at end of period 541,716 17,426,995 13,511,631 Forex (
NT$ per US$ ) -- 32.17 32.17 (1): All figures are under ROC GAAP.
Contact: Siliconware Precision Industries Co., Ltd. No.45, Jieh
Show Rd. Hsinchu Science Park, Hsinchu, Taiwan, 30056
http://www.spil.com.tw/ Janet Chen, IR Director Email: Tel:
+886-3-5795678#3675 Byron Chiang, Spokesperson Email: Tel:
+886-3-5795678#3671 DATASOURCE: Siliconware Precision Industries
Co., Ltd. CONTACT: Janet Chen, IR Director, +886-3-5795678, ext
3675, or , or Byron Chiang, Spokesperson, +886-3-5795678 ext 3671,
or , both for Siliconware Precision Industries Co., Ltd. Web site:
http://www.spil.com.tw/
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