Advanced Semiconductor Engineering, Inc. Reports Unaudited Consolidated Financial Results for the Third Quarter of 2010
TAIPEI, Taiwan, Oct. 29 /PRNewswire-Asia-FirstCall/ -- Advanced Semiconductor Engineering, Inc. (TAIEX: 2311; NYSE: ASX) ("We", "ASE", or the "Company"), the world's largest independent provider of IC packaging and testing services, today reported unaudited net revenue (1) of NT$51,489 million for the third quarter of 2010 (3Q10), up by 104% year-over-year and up by 11% sequentially. Net income for the quarter totaled NT$5,460 million, up from a net income of NT$3,187 million in 3Q09 and NT$4,613 million in 2Q10. Diluted earnings per share for the quarter was NT$0.91 (or US$0.143 per ADS), compared to diluted earnings per share of NT$0.56 for 3Q09 and NT$0.76 for 2Q10.
To aid investors in understanding the significance of the Company's successful tender offer for 98.9% of the outstanding common shares of Universal Scientific Industrial Co., Ltd. ("USI") in the second and third quarter of 2010, this earnings release includes (i) the Company's pro forma and actual financial results both reflecting the consolidation of USI, and (ii) consolidated financial results for USI. USI's financial results are reflected in the Company's actual financial results for the first quarter beginning in February 2010 and for the second and third quarter of 2010. The pro forma financial results reflect the completion of the USI tender offer as if it had occurred on January 1, 2009. The presentation of the financial results for USI and the Company as described above are for purposes of this earnings release only.
(1) All financial information presented in this press release is unaudited,
consolidated and prepared in accordance with accounting principles
generally accepted in the Republic of China, or ROC GAAP. Such
financial information is generated internally by us, and has not been
subjected to the same review and scrutiny, including internal auditing
procedures and audit by our independent auditors, to which we subject
our audited consolidated financial statements, and may vary materially
from the audited consolidated financial information for the same
period. Any evaluation of the financial information presented in this
press release should also take into account our published audited
consolidated financial statements and the notes to those statements.
In addition, the financial information presented is not necessarily
indicative of our results for any future period.
RESULTS OF OPERATIONS
3Q10 Results Highlights - Actual Basis
-- Net revenue contribution from IC packaging operations (including module
assembly), testing operations, EMS operations and substrates sold to
third parties was NT$27,289 million, NT$6,017 million, NT$17,486
million, and NT$697 million, respectively, and each represented
approximately 53%, 12%, 34% and 1%, respectively, of total net revenues
for the quarter.
-- Cost of revenue was NT$40,384 million, up by 115% year-over-year and up
by 11% sequentially.
-- Raw material cost totaled NT$24,980 million during the quarter,
representing 49% of total net revenue, compared with NT$22,108
million and 48% of total net revenue in the previous quarter.
-- Labor cost totaled NT$5,435 million during the quarter, representing
11% of total net revenue, compared with NT$5,164 million and 11% of
total net revenue in the previous quarter.
-- Depreciation, amortization and rental expenses totaled NT$4,770
million during the quarter, up by 16% year-over-year and up by 7%
sequentially.
-- Total operating expenses during 3Q10 were NT$4,440 million, including
NT$1,668 million in R&D and NT$2,772 million in SG&A, compared with
operating expenses of NT$4,153 million in 2Q10. Total operating
expenses as a percentage of net revenue for the current quarter were 9%,
the same as the same quarter last year and the previous quarter.
-- Operating income for the quarter totaled NT$6,665 million, up from
NT$5,763 million in the previous quarter. Operating margin increased
to 13% in 3Q10 from 12% in 2Q10.
-- In terms of non-operating items:
-- Net interest expense was NT$280 million, slightly down from NT$282
million a quarter ago.
-- Net foreign exchange gain of NT$146 million was primarily
attributable to the depreciation of the U.S. dollar against N.T.
dollar and Renminbi("RMB").
-- Gain on equity-method investments of NT$11 million was primarily
attributable to our investment income of NT$13 million from Hung
Ching Development & Construction Co.
-- Other non-operating expenses of NT$67 million were related to
miscellaneous loss. Total non-operating expenses for the quarter
were NT$190 million, compared to non-operating expenses of NT$156
million for 3Q09 and non-operating expenses of NT$380 million for
2Q10.
-- Income before tax was NT$6,475 million for 3Q10, compared to NT$5,383
million in the previous quarter. We recorded income tax expense of
NT$771 million during the quarter, compared to NT$611 million in 2Q10.
-- In 3Q10, net income was NT$5,460 million, compared to net income of
NT$3,187 million for 3Q09 and net income of NT$4,613 million for 2Q10.
-- Our total number of shares outstanding at the end of the quarter was
6,052,251,682, including retroactive stock dividend and treasury stock
owned by our subsidiaries. Our 3Q10 diluted earnings per share of
NT$0.91 (or US$0.143 per ADS) was based on 5,984,316,940 weighted
average number of shares outstanding in 3Q10.
3Q10 Results Highlights - IC ATM(2) Basis
-- Net revenue contribution from IC packaging operations, testing
operations, and substrates sold to third parties was NT$27,301 million,
NT$6,017 million and NT$697 million, respectively, and each represented
approximately 80%, 18% and 2%, respectively, of total net revenues for
the quarter.
-- Cost of revenues was NT$24,912 million, up by 32% year-over-year and up
by 6% sequentially.
-- Raw material cost totaled NT$10,801 million during the quarter,
representing 32% of total net revenue, compared with NT$10,278
million and 32% of total net revenue in the previous quarter.
-- Labor cost totaled NT$4,889 million during the quarter, representing
14% of total net revenue, compared with NT$4,643 million and 15% of
total net revenue in the previous quarter.
-- Depreciation, amortization and rental expenses totaled NT$4,447
million during the quarter, up by 8% year-over-year and up by 9%
sequentially.
-- Total operating expenses during 3Q10 were NT$3,213 million, including
NT$1,260 million in R&D and NT$1,953 million in SG&A, compared with
operating expenses of NT$2,936 million in 2Q10. Total operating
expenses as a percentage of net revenue for the current quarter were 9%,
the same as the same quarter last year and the previous quarter.
-- Operating income for the quarter totaled NT$5,890 million, up from
NT$5,367 million in the previous quarter. Operating margin was 17% in
3Q10, the same as the previous quarter.
-- In terms of non-operating items:
-- Net interest expense was NT$279 million, up from NT$275 million a
quarter ago.
-- Net foreign exchange gain of NT$177 million was primarily
attributable to the depreciation of the U.S. dollar against N.T.
dollar and Renminbi("RMB").
-- Gain on equity-method investments of NT$625 million was primarily
attributable to our investment income in USI.
-- Other non-operating expenses of NT$202 million were related to
miscellaneous loss. Total non-operating income for the quarter was
NT$321 million, compared to non-operating expenses of NT$155 million
for 3Q09 and non-operating expenses of NT$191 million for 2Q10.
-- Income before tax was NT$6,211 million for 3Q10, compared to NT$5,176
million in the previous quarter. We recorded income tax expense of
NT$596 million during the quarter, compared to NT$525 million in 2Q10.
-- In 3Q10, net income was NT$5,460 million, compared to a net income of
NT$3,187 million for 3Q09 and net income of NT$4,613 million for 2Q10.
(2) ATM stands for Semiconductor Assembly, Testing and Material.
3Q10 Results Highlights of USI
-- Net revenue contribution from EMS operations was NT$17,486 million, up
by 26% year-over-year and up by 19% sequentially.
-- Cost of revenues was NT$15,387 million, up by 26% year-over-year and up
by 19% sequentially.
-- Raw material cost totaled NT$14,191 million during the quarter,
representing 81% of total net revenue, compared with NT$11,838
million and 80% of total net revenue in the previous quarter.
-- Labor cost totaled NT$546 million during the quarter, representing
3% of total net revenue, compared with NT$520 million and 4% of
total net revenue in the previous quarter.
-- Depreciation, amortization and rental expenses totaled NT$233
million during the quarter, down by 19% year-over-year and up by 1%
sequentially.
-- Total operating expenses during 3Q10 were NT$1,131 million, including
NT$407 million in R&D and NT$724 million in SG&A, compared with
operating expenses of NT$1,218 million in 2Q10. Total operating
expenses as a percentage of net revenue for the current quarter were 6%,
down from 7% in 3Q09 and down from 8% in 2Q10.
-- Operating income for the quarter totaled NT$968 million, up from NT$545
million in the previous quarter. Operating margin was 6% in 3Q10, up
by 2 percentage points from the previous quarter.
-- Total non-operating income for the quarter was NT$114 million, compared
to non-operating income of NT$53 million for 3Q09 and non-operating
income of NT$91 million for 2Q10.
-- Income before tax was NT$1,082million for 3Q10, compared to NT$636
million in the previous quarter. We recorded income tax expense of
NT$174 million during the quarter, compared to NT$85 million in 2Q10.
-- In 3Q10, net income was NT$906 million, compared to a net income of
NT$605 million for 3Q09 and net income of NT$549 million for 2Q10.
LIQUIdITY AND CAPITAL RESOURCES of Actual Basis
-- As of September 30, 2010, our cash and current financial assets totaled
NT$29,353 million, compared to NT$28,061 million as of June 30, 2010.
-- Capital expenditures in 3Q10 totaled US$268 million, of which US$185
million was used for IC packaging, US$72 million was used for testing,
US$8 million was used for EMS and US$3 million was used for
interconnect materials.
-- As of September 30, 2010, we had total bank debt of NT$80,510 million,
compared to NT$68,446 million as of June 30, 2010. Total bank debt
consisted of NT$19,116 million of revolving working capital loans,
NT$3,239 million of the current portion of long-term debt, and
NT$58,155 million of long-term debt. Total unused credit lines
amounted to NT$84,740 million.
-- Current ratio as of September 30, 2010 was 1.43, compared to 1.41 as of
June 30, 2010. Net debt to equity ratio was 0.55 as of September 30,
2010.
-- Total number of employees was 47,952 as of September 30, 2010, compared
to 27,940 as of September 30, 2009 and 44,374 as of June 30, 2010.
Business Review
IC Packaging Services(3)
-- Net revenues generated from our IC packaging operations were NT$27,301
million during the quarter, up by NT$7,296 million, or 36%
year-over-year, and up by NT$1,594 million, or 6% sequentially.
-- Net revenues from advanced substrate and leadframe-based packaging
accounted for 84% of total IC packaging net revenues during the quarter,
down by 1 percentage point from the previous quarter.
-- Gross margin for our IC packaging operations during the quarter was 22%,
up by 1 percentage point from the same quarter last year and the same
as the previous quarter.
-- Capital expenditures for our IC packaging operations amounted to US$185
million during the quarter, of which US$159 million was used for
wirebonding packaging capacity and US$26 million was used for wafer
bumping and flip chip packaging equipment.
-- As of September 30, 2010, there were 11,467 wirebonders in operation.
805 wirebonders were added and 43 wirebonders were disposed of during
the quarter.
-- Net revenues from flip chip packages and wafer bumping services
accounted for 16% of total packaging net revenues, the same as the
previous quarter.
(3) IC packaging services include module assembly services.
Testing Services
-- Net revenues generated from our testing operations were NT$6,017
million, up by NT$1,429 million, or 31% year-over-year, and up by
NT$729 million, or 14%, sequentially.
-- Final testing contributed 85% to total testing net revenues, up by 3
percentage points from the previous quarter. Wafer sort contributed
13% to total testing net revenues, down by 2 percentage points from the
previous quarter. Engineering testing contributed 2% to total testing
net revenues, down by 1 percentage point from the previous quarter.
-- Depreciation, amortization and rental expense associated with our
testing operations amounted to NT$1,585 million, up from NT$1,436
million in 3Q09 and up from NT$1,403 million in 2Q10.
-- In 3Q10, gross margin for our testing operations was 39%, up by 4
percentage points year-over-year and the same as the previous quarter.
-- Capital spending on our testing operations amounted to US$72 million
during the quarter.
-- As of September 30, 2010, there were 2,060 testers in operation. 245
testers were added and 31 testers were disposed of during the quarter.
EMS Services
-- Net revenues generated from our EMS operations were NT$17,486 million,
up by NT$3,600 million, or 26% year-over-year, and up by NT$2,760
million, or 19%, sequentially.
-- Electronics Packaging & EMS products contributed 20% to total EMS net
revenues, down by 2 percentage points from the previous quarter.
Computers & Peripherals products contributed 13% to total EMS net
revenues, down by 3 percentage points from the previous quarter.
Communications products contributed 37% to total EMS net revenues, up
by 5 percentage points from the previous quarter. Network Storage &
Servers products contributed 10% to total EMS net revenues, which
remained the same as the previous quarter. Industrial & Automotive
products contributed 20% to total EMS net revenues, which remained the
same as the previous quarter.
-- In 3Q10, gross margin for our EMS operations was 12%, the same as the
same quarter last year and the previous quarter.
-- Capital spending on our EMS operations amounted to US$8 million during
the quarter.
Substrate Operations
-- PBGA substrate manufactured by ASE amounted to NT$2,669 million during
the quarter, up by NT$420 million, or 19% year-over-year, and up by
NT$109 million, or 4% from the previous quarter. Of the total output
of NT$2,669 million, NT$697 million was from sales to external
customers.
-- Gross margin for substrate operations was 25% during the quarter, up by
3 percentage points year-over-year and down by 2 percentage points
sequentially.
-- In 3Q10, our internal substrate manufacturing operations supplied 47%
(by value) of our total substrate requirements.
Customers
IC ATM consolidated Basis
-- Our five largest customers together accounted for approximately 28% of
our total net revenues in 3Q10, compared to 27% in 3Q09 and 29% in 2Q10.
No single customer accounted for more than 10% of our total net
revenues.
-- Our top 10 customers contributed 44% of our total net revenues during
the quarter, compared to 42% in 3Q09 and 43% in 2Q10.
-- Our customers that are integrated device manufacturers, or IDMs,
accounted for 38% of our total net revenues during the quarter,
compared to 36% in 3Q09 and 35% in 2Q10.
EMS Basis
-- Our five largest customers together accounted for approximately 62% of
our total net revenues in 3Q10, compared to 65% in 3Q09 and 62% in 2Q10.
There were two customers, which accounted for more than 10% of our
total net revenues.
-- Our top 10 customers contributed 78% of our total net revenues during
the quarter, compared to 82% in 3Q09 and 78% in 2Q10.
About ASE, Inc.
ASE, Inc. is the world's largest independent provider of IC packaging services and testing services, including front-end engineering testing, wafer probing and final testing services. ASE, Inc.'s international customer base of more than 200 customers includes such leading names as ATI Technologies Inc., MediaTek Inc., Broadcom Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm Incorporated, Renesas Electronics Corporation, RF Micro Devices Inc. and STMicroelectronics N.V. With advanced technological capabilities and a global presence spanning Taiwan, China, Korea, Japan, Singapore, Malaysia and the United States, ASE, Inc. has established a reputation for reliable, high quality products and services. For more information, visit our website at http://www.aseglobal.com .
Safe Harbor Notice
This press release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, including statements regarding our future results of operations and business prospects. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. The words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this presentation. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor industry; demand for the outsourced semiconductor packaging and testing services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new packaging, interconnect materials and testing technologies in order to remain competitive; our ability to successfully integrate pending and future mergers and acquisitions; international business activities; our business strategy; general economic and political conditions, including the recent global financial crisis; possible disruptions in commercial activities caused by natural or human-induced disasters; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People's Republic of China; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our 2009 Annual Report on Form 20-F filed on June 11, 2010.
Supplemental Financial Information
IC ATM Consolidated Operations
Amounts in NT$ Millions 3Q/10 2Q/10 3Q/09
Net Revenues 34,015 31,697 25,205
Revenues by End Application
Communications 48% 46% 45%
Computers 16% 18% 20%
Automotive and Consumer 36% 36% 33%
Others 0% 0% 2%
Revenues by Region
North America 54% 52% 52%
Europe 14% 14% 13%
Taiwan 18% 20% 20%
Japan 9% 9% 10%
Other Asia 5% 5% 5%
IC Packaging Services
Amounts in NT$ Millions 3Q/10 2Q/10 3Q/09
Net Revenues 27,301 25,707 20,005
Revenues by Packaging Type
Advanced substrate &
leadframe based 84% 85% 89%
Traditional leadframe based 8% 6% 5%
Module assembly 5% 5% 3%
Others 3% 4% 3%
Capacity
CapEx (US$ Millions)* 185 227 91
Number of Wirebonders 11,467 10,705 8,880
Testing Services
Amounts in NT$ Millions 3Q/10 2Q/10 3Q/09
Net Revenues 6,017 5,288 4,588
Revenues by Testing Type
Final test 85% 82% 82%
Wafer sort 13% 15% 15%
Engineering test 2% 3% 3%
Capacity
CapEx (US$ Millions)* 72 127 17
Number of Testers 2,060 1,846 1,569
EMS Services
Amounts in NT$ Millions 3Q/10 2Q/10 3Q/09
Net Revenues 17,486 14,726 13,886
Revenues by End Application
Electronics Packaging & EMS 20% 22% 28%
Computers & Peripherals 13% 16% 24%
Communications 37% 32% 24%
Network Storage & Servers 10% 10% 7%
Industrial & Automotive Products 20% 20% 17%
Capacity
CapEx (US$ Millions)* 8 7 1
* Capital expenditure amounts exclude building construction costs.
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Income Statements Data - Actual Basis*
(In NT$ millions, except per share data)
(Unaudited)
For the For the
three months ended period ended
Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30
2010 2010 2009 2010 2009
Net revenues:
IC Packaging 27,289 25,700 20,005 75,069 46,804
Testing 6,017 5,288 4,588 15,968 11,233
EMS 17,486 14,726 -- 42,351 --
Others 697 702 612 2,072 1,446
Total net revenues 51,489 46,416 25,205 135,460 59,483
Cost of revenues (40,384) (36,500) (18,802) (106,883) (47,834)
Gross profit 11,105 9,916 6,403 28,577 11,649
Operating expenses:
Research and
development (1,668) (1,560) (956) (4,529) (2,531)
Selling, general and
administrative (2,772) (2,593) (1,434) (7,341) (3,956)
Total operating
expenses (4,440) (4,153) (2,390) (11,870) (6,487)
Operating income (loss) 6,665 5,763 4,013 16,707 5,162
Net non-operating
(expenses) income:
Interest expense - net (280) (282) (303) (854) (1,078)
Foreign exchange gain
(loss) 146 (80) (30) 62 (30)
Gain (loss) on
equity-method
investments 11 36 112 80 194
Others (67) (54) 65 (63) 168
Total non-operating
(expenses) income (190) (380) (156) (775) (746)
Income (loss) before tax 6,475 5,383 3,857 15,932 4,416
Income tax benefit
(expense) (771) (611) (558) (1,838) (1,066)
(Loss) income from
continuing operations
and before minority
interest 5,704 4,772 3,299 14,094 3,350
Minority interest (244) (159) (112) (626) (55)
Net income (loss) 5,460 4,613 3,187 13,468 3,295
Per share data:
Earnings (losses)
per share
- Basic NT$0.92 NT$0.78 NT$0.56 NT$2.28 NT$0.58
- Diluted NT$0.91 NT$0.76 NT$0.56 NT$2.24 NT$0.58
Earnings (losses) per
equivalent ADS
- Basic US$0.145 US$0.122 US$0.087 US$0.358 US$0.087
- Diluted US$0.143 US$0.120 US$0.086 US$0.351 US$0.087
Number of weighted
average shares used
in diluted EPS
calculation (in
thousands) 5,984,317 6,010,599 5,705,190 5,973,908 5,722,001
Exchange rate
(NT$ per US$1) 31.87 31.78 32.81 31.90 33.26
* Figures above reflect consolidation of USI starting in February 2010.
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Income Statements Data - Pro Forma Basis Assuming USI
Consolidated at the Beginning of Each Applicable Period
(In NT$ millions, except per share data)
(Unaudited)
For the For the
three months ended period ended
Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30
2010 2010 2009 2010 2009
Net revenues:
IC Packaging 27,289 25,700 20,002 75,069 46,793
Testing 6,154 5,722 5,014 16,960 12,243
EMS 17,486 14,726 13,886 46,718 36,547
Others 697 702 612 2,072 1,446
Total net revenues 51,626 46,850 39,514 140,819 97,029
Cost of revenues (40,490) (36,754) (31,441) (111,505) (81,401)
Gross profit 11,136 10,096 8,073 29,314 15,628
Operating expenses:
Research and
development (1,668) (1,560) (1,344) (4,660) (3,660)
Selling, general and
administrative (2,713) (2,655) (2,134) (7,626) (5,921)
Total operating
expenses (4,381) (4,215) (3,478) (12,286) (9,581)
Operating income (loss) 6,755 5,881 4,595 17,028 6,047
Net non-operating
(expenses) income:
Total non-operating
(expenses) income (186) (402) (236) (853) (917)
Income (loss) before
tax 6,569 5,479 4,359 16,175 5,130
Income tax benefit
(expense) (771) (607) (670) (1,854) (1,304)
(Loss) income from
continuing operations
and before minority
interest 5,798 4,872 3,689 14,321 3,826
Minority interest (165) (41) (119) (352) (68)
Net income (loss) 5,633 4,831 3,570 13,969 3,758
Per share data:
Earnings (losses)
per share
- Basic NT$0.95 NT$0.81 NT$0.60 NT$2.35 NT$0.63
- Diluted NT$0.94 NT$0.80 NT$0.58 NT$2.31 NT$0.63
Number of weighted
average shares
used in diluted
EPS calculation
(in thousands) 5,984,317 6,010,599 5,961,964 6,008,189 5,961,964
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Income Statements Data - IC ATM Basis
(In NT$ millions, except per share data)
(Unaudited)
For the For the
three months ended period ended
Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30
2010 2010 2009 2010 2009
Net revenues:
IC Packaging 27,301 25,707 20,005 75,095 46,804
Testing 6,017 5,288 4,588 15,968 11,233
Others 697 702 612 2,072 1,446
Total net revenues 34,015 31,697 25,205 93,135 59,483
Cost of revenues (24,912) (23,394) (18,802) (69,282) (47,834)
Gross profit 9,103 8,303 6,403 23,853 11,649
Operating expenses:
Research and
development (1,260) (1,143) (956) (3,438) (2,531)
Selling, general and
administrative (1,953) (1,793) (1,434) (5,340) (3,956)
Total operating
expenses (3,213) (2,936) (2,390) (8,778) (6,487)
Operating income (loss) 5,890 5,367 4,013 15,075 5,162
Net non-operating
(expenses) income:
Interest expense - net (279) (275) (303) (847) (1,078)
Foreign exchange gain
(loss) 177 (77) (30) 114 (30)
Gain (loss) on
equity-method
investments 625 313 112 1,266 194
Others (202) (152) 65 (289) 168
Total non-operating
(expenses) income 321 (191) (156) 244 (746)
Income (loss) before tax 6,211 5,176 3,857 15,319 4,416
Income tax benefit
(expense) (596) (525) (558) (1,517) (1,066)
(Loss) income from
continuing operations
and before minority
interest 5,615 4,651 3,299 13,802 3,350
Minority interest (155) (38) (112) (334) (55)
Net income (loss) 5,460 4,613 3,187 13,468 3,295
Per share data:
Earnings (losses)
per share
- Basic NT$0.92 NT$0.78 NT$0.56 NT$2.28 NT$0.58
- Diluted NT$0.91 NT$0.76 NT$0.56 NT$2.24 NT$0.58
Number of weighted
average shares
used in diluted
EPS calculation
(in thousands) 5,984,317 6,010,599 5,705,190 5,973,908 5,722,001
Universal Scientific Industrial Co., Ltd.
Summary of Consolidated Income Statements Data
(In NT$ millions, except per share data)
(Unaudited)
For the For the
three months ended period ended
Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30
2010 2010 2009 2010 2009
Net revenues:
Total net revenues 17,486 14,726 13,886 46,718 36,547
Cost of revenues (15,387) (12,963) (12,199) (41,242) (32,319)
Gross profit 2,099 1,763 1,687 5,476 4,228
Operating expenses:
Research and
development (407) (417) (387) (1,222) (1,128)
Selling, general and
administrative (724) (801) (634) (2,114) (1,779)
Total operating
expenses (1,131) (1,218) (1,021) (3,336) (2,907)
Operating income (loss) 968 545 666 2,140 1,321
Net non-operating
(expenses) income:
Total non-operating
(expenses) income 114 91 53 185 138
Income (loss) before tax 1,082 636 719 2,325 1,459
Income tax benefit
(expense) (174) (85) (112) (333) (237)
(Loss) income from
continuing operations
and before minority
interest 908 551 607 1,992 1,222
Minority interest (2) (2) (2) (6) (4)
Net income (loss) 906 549 605 1,986 1,218
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Balance Sheet Data - Actual Basis*
(In NT$ millions)
(Unaudited)
As of As of
Sep. 30, 2010 Jun. 30, 2010
Current assets:
Cash and cash equivalents 26,278 24,771
Financial assets - current 3,075 3,290
Notes and accounts receivable 36,329 34,309
Inventories 25,220 24,905
Others 5,563 4,725
Total current assets 96,465 92,000
Financial assets - non current 2,328 2,389
Properties - net 102,698 95,906
Intangible assets 16,007 16,419
Others 5,063 4,579
Total assets 222,561 211,293
Current liabilities:
Short-term debts - revolving credit 19,116 15,494
Current portion of long-term
debts 3,239 2,136
Notes and accounts payable 24,997 24,896
Others 20,296 22,757
Total current liabilities 67,648 65,283
Long-term debts 58,155 50,816
Other liabilities 4,195 4,116
Total liabilities 129,998 120,215
Minority interest 3,897 7,055
Shareholders' equity 88,666 84,023
Total liabilities &
shareholders' equity 222,561 211,293
Current Ratio 1.43 1.41
Net Debt to Equity 0.55 0.44
* Figures above reflect consolidation of USI starting in February 2010.
Universal Scientific Industrial Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ millions)
(Unaudited)
As of As of
Sep. 30, 2010 Jun. 30, 2010
Current assets:
Cash and cash equivalents 10,490 10,769
Financial assets - current 402 415
Notes and accounts receivable 14,339 13,405
Inventories 7,302 7,455
Others 546 596
Total current assets 33,079 32,640
Financial assets - non current 529 571
Properties - net 4,892 4,975
Intangible assets 154 158
Others 924 995
Total assets 39,578 39,339
Current liabilities:
Short-term debts - revolving credit 5,832 5,592
Current portion of long-term debts 245 --
Notes and accounts payable 13,642 13,525
Others 1,852 3,827
Total current liabilities 21,571 22,944
Long-term debts 1,155 200
Other liabilities 340 340
Total liabilities 23,066 23,484
Minority interest 37 35
Shareholders' equity 16,475 15,820
Total liabilities &
shareholders' equity 39,578 39,339
Contact:
ASE, Inc.
Room 1901, No. 333, Section 1
Keelung Road, Taipei, Taiwan, 110
Tel: +886-2-8780-5489
Fax: +886-2-2757-6121
http://www.aseglobal.com
Joseph Tung, CFO / Vice President
Allen Kan, Manager
Email: [email protected]
Clare Lin, Director (US Contact)
Email: [email protected]
Tel: +1-408-636-9524
SOURCE Advanced Semiconductor Engineering, Inc.
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