SEYI (Shieh Yih Machinery) Announces 12% Increase In Sales And A Four-fold Increase In Net Income For The First Quarter

TAIPEI, May 16, 2013 /PRNewswire/ -- SEYI (Shieh Yih Machinery Industry Co., Ltd) (4533 TT), one of the world's leading producers of mechanical presses, announced financial results for its first quarter ended March 31, 2013.

(Logo: http://www.prnasia.com/sa/2012/11/05/20121105191750498519.jpg)

The company reported that Net Sales Revenue of TWD 846.5 million (US$ 28.5 million) during the quarter was 12% higher than Net Sales Revenue of TWD 753 million (US$ 25.3 million) reported for the first quarter of 2012. Sales in emerging markets were particularly strong, with sales in Thailand increasing by 350%, Indonesia by 266% and Central and South America by 857%.

In terms of product mix, sales of high tonnage presses increased significantly and contributed 72% of profit during the quarter, compared to 25% last year. Due primarily to higher sales of large presses, Gross Profit increased by 31% to TWD 234.2 million (US$ 7.9 million). SEYI's Gross Margin of 27% for the first three months represented a sharp increase from Gross Margin of 24% in the year earlier quarter and was one of the highest ever recorded in the company's fifty year history.

Net Income of TWD 60.9 million (US$ 2.0 million) represented a 314% increase from the TWD 14.7 million (US$ 494 thousand) earned during the first quarter of 2012. Favorable currency translations and other adjustments further boosted Total Comprehensive Income to TWD 111.8 million (US$ 3.8 million). Earnings Per Share, before currency translation and other adjustments, was TWD 0.43 for the quarter versus TWD 0.10 in 2012.

"SEYI's strong performance in the first quarter, as well as the orders we have received from Japanese automotive customers, are very gratifying because they demonstrate that our strategy of shifting the company's product mix to higher profit, large tonnage presses is the right one, and that the quality and technology of SEYI's products are now recognized as world class by the industry's most demanding customers," Ms. Claire Kuo, Chief Executive Officer, said. "Increased sales in emerging markets such as Thailand, Indonesia and Central and South America also show that our efforts to diversify our markets are paying off. All things considered, the first quarter was a great way to begin SEYI's next fifty years in business," Ms. Kuo added.

About SEYI

Founded in 1962, SEYI has established a global leadership position in the metal forming machine tool industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 2400 tons, at facilities located in Taiwan and the People's Republic of China. The company began with its original production facility in Taoyuan, Taiwan, and then expanded its capacity with a plant in Kunshan, Jiangsu Province, China in 2003. The maximum manufacturing capability is up to 2,400 tons. SEYI products are sold to customers in over 40 countries around the world. SEYI is the major foreign supplier to Mainland China, India, South East Asia and the Americas.  Over the years, SEYI has received numerous quality awards from professional organizations around the world.

The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.

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Note: TWD 29.74 to US$ 1.00

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SOURCE Shieh Yih Machinery Industry Co., Ltd.

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