Siliconware Precision Industries Reports a 21.4% Quarter-over-Quarter growth in Revenues Resulting in Earnings per Share of NT$ 1.08 or Earnings per ADS of US$ 0.18 for Second Quarter 2014
TAICHUNG, July 30, 2014 /PRNewswire/ -- 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 2014 were NT$ 21,928 million, which represented a 21.4% growth in revenues compared to the first quarter of 2014 and a 24.6% growth in revenues compared to the second quarter of 2013. SPIL reported a net income of NT$ 3,371 million for the second quarter of 2014, compared with a net income of NT$ 2,091 million and a net income of NT$ 1,740 million for the first quarter of 2014 and the second quarter of 2013, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 1.08, and diluted earnings per ADS was US$ 0.18.
All figures were prepared in accordance with TIFRS on a consolidated basis.
Operating results review:
- For the second quarter of 2014, net revenues from IC packaging were NT$ 19,437 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,491 million and represented 12% of total net revenues.
- Cost of goods sold was NT$ 16,263 million, representing an increase of 15.6% compared to the first quarter of 2014 and an increase of 16.8% compared to the second quarter of 2013.
- Raw materials costs were NT$ 7,521 million for the second quarter of 2014 and represented 34.3% of total net revenues, whereas raw materials costs were NT$ 6,180 million and represented 34.2% of total net revenues for the fisrt quarter of 2014.
- The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 253 million.
- Gross profit was NT$ 5,665 million for the second quarter of 2014, representing a gross margin of 25.8%, which increased from a gross margin of 22.1% for the first quarter of 2014 and was up from 20.9% for the second quarter of 2013.
- Total operating expenses for the second quarter of 2014 were NT$ 1,726 million, which included selling expenses of NT$ 230 million, administrative expenses of NT$ 643 million and R&D expenses of NT$ 853 million. Total operating expenses represented 7.8% of total net revenues for the second quarter of 2014.
- The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 121 million.
- Operating income was NT$ 3,939 million for the second quarter of 2014, representing an operating margin of 18.0%, which increased from 13.2% for the first quarter of 2014 and increased from 10.8% for the second quarter of 2013.
- Net income before tax was NT$ 4,058 million for the second quarter of 2014, which increased from a net income before tax of NT$ 2,551 million for the first quarter of 2014 and increased from a net income before tax of NT$ 2,147 million for the second quarter of 2013.
- Income tax expense was NT$ 687 million for the second quarter of 2014, compared with income tax expense of NT$ 460 million for the first quarter of 2014 and income tax expense of NT$ 407 million for the second quarter of 2013.
- Net income was NT$ 3,371 million for the second quarter of 2014, which increased from a net income of NT$ 2,091 million for the first quarter of 2014 and increased from a net income of NT$ 1,740 million for the second quarter of 2013.
- Total number of shares outstanding was 3,129 million shares as of June 30, 2014. Diluted earnings per ordinary share for this quarter was NT$ 1.08, or US$ 0.18 per ADS.
Capital expenditure and balance sheet highlight:
- Our cash balances totaled NT$ 18,651 million as of Jun 30, 2014 from NT$ 18,945 million as of Mar 31, 2014, and NT$ 16,953 million as of Jun 30, 2013.
- Capital expenditures for the second quarter of 2014 totaled NT$ 3,492 million, which included NT$ 1,556 million for packaging equipment and NT$ 1,936 million for testing equipment.
- Total depreciation expenses for the second quarter of 2014 totaled NT$ 2,895 million, which included NT$ 2,176 million was from packaging operations and NT$ 719 million from testing operations.
IC packaging service:
- Net revenues from IC packaging operations were NT$ 19,437 million for the second quarter of 2014, which represented an increase of NT$ 3,496 million or 21.9% compared to the first quarter of 2014.
- Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 30%, 17% and 41%, respectively, of total net revenues for the second quarter of 2014.
- Capital expenditures for IC packaging operations totaled NT$ 1,556 million for the second quarter of 2014, which included NT$ 1,486 million for packaging and building construction and NT$ 70 million for wafer bumping operations.
- As of Jun 30, 2014 we had 7,432 wirebonders installed, of which 112 were disposed in the second quarter of 2014.
IC testing service:
- Net revenues from testing operations were NT$ 2,491 million for the second quarter of 2014, which represented an increase of NT$ 372 million or 17.6% compared to the first quarter of 2014.
- Capital expenditures for testing operations totaled NT$ 1,936 million for the second quarter of 2014.
- As of Jun 30, 2014 we had 461 testers installed, of which 42 were added and 12 were disposed in the second quarter of 2014.
Revenue Analysis
- Breakdown by end applications:
| By application |
2Q14 |
1Q14 |
| Communication |
64% |
63% |
| Computing |
12% |
14% |
| Consumer |
20% |
19% |
| Memory |
4% |
4% |
- Breakdown by packaging type:
| By packaging type |
2Q14 |
1Q14 |
| Bumping & Flip Chip |
41% |
39% |
| Substrate Based |
30% |
29% |
| Leadframe Based |
17% |
20% |
| Testing |
12% |
12% |
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 TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Jun 30, 2014 reflect our gains or losses attributable to the second quarter of 2014 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 Jun 30, 2014, nor the consolidated financial data for our company is necessarily indicative of the results that may be expected for any period thereafter.
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
[email protected]
+886-3-5795678#3675
Byron Chiang, Spokesperson
[email protected]
+886-3-5795678#3671
| SILICONWARE PRECISION INDUSTRIES CO., LTD. |
|||||||||||
| CONSOLIDATED BALANCE SHEET |
|||||||||||
| As of June 30, 2014 and 2013 |
|||||||||||
| (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) |
|||||||||||
| June 30, 2014 |
June 30, 2013 |
Sequential |
|||||||||
| ASSETS |
USD |
NTD |
% |
NTD |
% |
Change |
% |
||||
| Current Assets |
|||||||||||
| Cash and cash equivalent |
624,522 |
18,651,358 |
17 |
16,953,454 |
16 |
1,697,904 |
10 |
||||
| Accounts receivable |
622,737 |
18,598,034 |
17 |
14,042,280 |
14 |
4,555,754 |
32 |
||||
| Inventories |
145,840 |
4,355,506 |
4 |
3,932,874 |
4 |
422,632 |
11 |
||||
| Other current assets |
63,870 |
1,907,471 |
1 |
1,758,128 |
2 |
149,343 |
8 |
||||
| Total current assets |
1,456,969 |
43,512,369 |
39 |
36,686,736 |
36 |
6,825,633 |
19 |
||||
| Non-current Assets |
|||||||||||
| Available-for-sale financial assets |
332,474 |
9,929,333 |
9 |
6,524,426 |
6 |
3,404,907 |
52 |
||||
| Long-term investment under equity method |
20,066 |
599,271 |
- |
638,395 |
1 |
(39,124) |
-6 |
||||
| Property, plant and equipment |
1,914,166 |
57,166,569 |
51 |
56,634,673 |
55 |
531,896 |
1 |
||||
| Intangible assets |
9,577 |
286,009 |
- |
422,994 |
- |
(136,985) |
-32 |
||||
| Other assets |
47,345 |
1,413,967 |
1 |
2,084,909 |
2 |
(670,942) |
-32 |
||||
| Total non-current assets |
2,323,628 |
69,395,149 |
61 |
66,305,397 |
64 |
3,089,752 |
5 |
||||
| Total Assets |
3,780,597 |
112,907,518 |
100 |
102,992,133 |
100 |
9,915,385 |
10 |
||||
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||||||
| Liabilities |
|||||||||||
| Current Liabilities |
|||||||||||
| Short-term loans |
85,000 |
2,538,525 |
2 |
2,550,000 |
3 |
(11,475) |
- |
||||
| Accounts payable |
263,091 |
7,857,210 |
7 |
7,291,344 |
7 |
565,866 |
8 |
||||
| Current portion of long-term debt |
165,538 |
4,943,790 |
5 |
3,164,171 |
3 |
1,779,619 |
56 |
||||
| Other current liability |
606,719 |
18,119,669 |
16 |
17,998,371 |
17 |
121,298 |
1 |
||||
| Non-current Liabilities |
|||||||||||
| Long-term loans |
402,173 |
12,010,901 |
11 |
12,488,184 |
12 |
(477,283) |
-4 |
||||
| Other liabilities |
46,634 |
1,392,718 |
1 |
1,171,679 |
1 |
221,039 |
19 |
||||
| Total Liabilities |
1,569,155 |
46,862,813 |
42 |
44,663,749 |
43 |
2,199,064 |
5 |
||||
| Stockholders' Equity |
|||||||||||
| Capital stock |
1,043,483 |
31,163,611 |
27 |
31,163,611 |
30 |
- |
- |
||||
| Capital reserve |
528,091 |
15,771,441 |
14 |
15,776,214 |
15 |
(4,773) |
- |
||||
| Legal reserve |
294,559 |
8,797,005 |
8 |
8,207,777 |
8 |
589,228 |
7 |
||||
| Special reserve |
- |
- |
- |
244,604 |
- |
(244,604) |
-100 |
||||
| Retained earnings |
183,275 |
5,473,512 |
5 |
1,441,573 |
2 |
4,031,939 |
280 |
||||
| Other equity |
162,034 |
4,839,136 |
4 |
1,494,605 |
2 |
3,344,531 |
224 |
||||
| Total Equity |
2,211,442 |
66,044,705 |
58 |
58,328,384 |
57 |
7,716,321 |
13 |
||||
| Total Liabilities & Shareholders' Equity |
3,780,597 |
112,907,518 |
100 |
102,992,133 |
100 |
9,915,385 |
10 |
||||
| Forex ( NT$ per US$ ) |
29.865 |
30.000 |
|||||||||
| (1)All figures are under TIFRS. |
|||||||||||
| 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 June 30 |
Sequential Comparison |
||||||||||||||
| 2Q2014 |
2Q 2013 |
YOY |
2Q 2014 |
1Q 2014 |
QOQ |
||||||||||
| USD |
NTD |
% |
NTD |
change % |
NTD |
NTD |
change % |
||||||||
| Revenues |
728,507 |
21,928,049 |
100.0 |
17,601,598 |
24.6 |
21,928,049 |
18,060,370 |
21.4 |
|||||||
| Cost of Goods Sold |
(540,300) |
(16,263,052) |
-74.2 |
(13,925,296) |
16.8 |
(16,263,052) |
(14,065,731) |
15.6 |
|||||||
| Gross Profit |
188,207 |
5,664,997 |
25.8 |
3,676,302 |
54.1 |
5,664,997 |
3,994,639 |
41.8 |
|||||||
| Operating Expenses |
|||||||||||||||
| Selling Expenses |
(7,643) |
(230,047) |
-1.0 |
(226,889) |
1.4 |
(230,047) |
(209,748) |
9.7 |
|||||||
| Administrative Expenses |
(21,346) |
(642,506) |
-2.9 |
(590,417) |
8.8 |
(642,506) |
(558,595) |
15.0 |
|||||||
| Research and Development Expenses |
(28,344) |
(853,144) |
-3.9 |
(962,811) |
-11.4 |
(853,144) |
(834,278) |
2.3 |
|||||||
| (57,333) |
(1,725,697) |
-7.8 |
(1,780,117) |
-3.1 |
(1,725,697) |
(1,602,621) |
7.7 |
||||||||
| Operating Income |
130,874 |
3,939,300 |
18.0 |
1,896,185 |
107.7 |
3,939,300 |
2,392,018 |
64.7 |
|||||||
| Non-operating Income |
10,150 |
305,501 |
1.4 |
392,371 |
-22.1 |
305,501 |
308,053 |
-0.8 |
|||||||
| Non-operating Expenses |
(6,200) |
(186,631) |
-0.9 |
(140,985) |
32.4 |
(186,631) |
(148,800) |
25.4 |
|||||||
| Income from Continuing Operations before Income Tax |
134,824 |
4,058,170 |
18.5 |
2,147,571 |
89.0 |
4,058,170 |
2,551,271 |
59.1 |
|||||||
| Income Tax Credit (Expenses) |
(22,819) |
(686,838) |
-3.1 |
(407,368) |
68.6 |
(686,838) |
(460,241) |
49.2 |
|||||||
| Net Income |
112,005 |
3,371,332 |
15.4 |
1,740,203 |
93.7 |
3,371,332 |
2,091,030 |
61.2 |
|||||||
| Other comprehensive income |
|||||||||||||||
| Exchange difference for translating the financial statements of |
(6,353) |
(191,223) |
152,597 |
125,062 |
|||||||||||
| Unrealized valuation profit and loss of available-for-sale financial |
89,423 |
2,691,622 |
692,469 |
1,153,417 |
|||||||||||
| Tax effect of other comprehensive income items |
(576) |
(17,348) |
(75,067) |
(39,261) |
|||||||||||
| Total other comprehensive income |
82,494 |
2,483,051 |
769,999 |
1,239,218 |
|||||||||||
| Total comprehensive income |
194,499 |
5,854,383 |
2,510,202 |
3,330,248 |
|||||||||||
| Earnings Per Ordinary Share- Diluted |
NT$ 1.08 |
NT$ 0.56 |
NT$ 0.67 |
||||||||||||
| Earnings Per ADS- Diluted |
US$ 0.18 |
US$ 0.09 |
US$ 0.11 |
||||||||||||
| Weighted Average Outstanding Shares - Diluted ('k) |
3,128,788 |
3,085,498 |
3,138,305 |
||||||||||||
| Forex ( NT$ per US$ ) |
30.10 |
29.85 |
30.27 |
||||||||||||
| (1) All figures are under TIFRS. |
|||||||||||||||
| (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, 2014 and 2013 |
||||||||
| (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) |
||||||||
| 6 months ended on June 30, 2014 and 2013 |
||||||||
| 2014 |
2013 |
YOY |
||||||
| USD |
NTD |
% |
NTD |
Change % |
||||
| Net Sales |
1,325,149 |
39,988,419 |
100.0 |
31,420,808 |
27.3 |
|||
| Cost of Goods Sold |
(1,004,976) |
(30,328,783) |
-75.8 |
(25,727,640) |
17.9 |
|||
| Gross Profit |
320,173 |
9,659,636 |
24.2 |
5,693,168 |
69.7 |
|||
| Operating Expenses |
||||||||
| Selling expenses |
(14,572) |
(439,795) |
-1.1 |
(405,455) |
8.5 |
|||
| Administrative expenses |
(39,799) |
(1,201,101) |
-3.0 |
(1,096,189) |
9.6 |
|||
| Research and development expenses |
(55,905) |
(1,687,422) |
-4.3 |
(1,658,240) |
1.8 |
|||
| (110,276) |
(3,328,318) |
-8.4 |
(3,159,884) |
5.3 |
||||
| Operating Income |
209,897 |
6,331,318 |
15.8 |
2,533,284 |
149.9 |
|||
| Non-operating Income |
20,326 |
613,554 |
1.5 |
565,006 |
8.6 |
|||
| Non-operating Expenses |
(11,116) |
(335,431) |
-0.8 |
(1,153,334) |
-70.9 |
|||
| Income Before Income Tax |
219,107 |
6,609,441 |
16.5 |
1,944,956 |
239.8 |
|||
| Income Tax Credit (Expenses) |
(38,023) |
(1,147,079) |
-2.8 |
(496,610) |
131.0 |
|||
| Net Income |
181,084 |
5,462,362 |
13.7 |
1,448,346 |
277.1 |
|||
| Other comprehensive income |
||||||||
| Exchange difference for translating the financial statements of foreign operation |
(2,221) |
(66,161) |
369,015 |
|||||
| Unrealized valuation profit and loss of available-for-sale financial assets |
127,527 |
3,845,039 |
1,129,975 |
|||||
| Tax effect of other comprehensive income items |
(1,873) |
(56,609) |
(103,149) |
|||||
| Total other comprehensive income |
123,433 |
3,722,269 |
1,395,841 |
|||||
| Total comprehensive income |
304,517 |
9,184,631 |
2,844,187 |
|||||
| Earnings Per Ordinary Share- Diluted |
NT$ 1.75 |
NT$ 0.47 |
||||||
| Earnings Per ADS- Diluted |
US$ 0.29 |
US$ 0.08 |
||||||
| Weighted Average Outstanding Shares - Diluted ('k) |
3,128,788 |
3,084,043 |
||||||
| Forex ( NT$ per US$) |
30.18 |
29.69 |
||||||
| (1)All figures are under TIFRS . |
||||||||
| (2) 1 ADS is equivalent to 5 Common Shares. |
||||||||
| SILICONWARE PRECISION INDUSTRIES CO., LTD. |
||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||
| For 6 Months Ended on June 30, 2014 and 2013 |
||||||
| (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) |
||||||
| 6 months, 2014 |
6 months, 2013 |
|||||
| USD |
NTD |
NTD |
||||
| Cash Flows from Operating Activities: |
||||||
| Net income before tax |
219,107 |
6,609,441 |
1,944,956 |
|||
| Depreciation |
191,244 |
5,711,508 |
5,040,260 |
|||
| Amortization |
9,688 |
289,323 |
295,705 |
|||
| Change in working capital & others |
(94,638) |
(2,826,365) |
679,502 |
|||
| Net cash flows provided from operating activities |
325,401 |
9,783,907 |
7,960,423 |
|||
| Cash Flows from Investing Activities: |
||||||
| Acquisition of property, plant, and equipment |
(217,713) |
(6,501,999) |
(7,512,618) |
|||
| Proceeds from disposal of equipments |
7,958 |
237,655 |
21,458 |
|||
| Increase of equity investment |
(2,137) |
(63,818) |
- |
|||
| Payment for deferred charges/other changes |
(9,374) |
(279,951) |
(478,945) |
|||
| Net cash used in investing activities |
(221,266) |
(6,608,113) |
(7,970,105) |
|||
| Cash Flows from Financing Activities: |
||||||
| Proceeds from long-term loan |
- |
- |
1,757,000 |
|||
| Repayment of long-term loan |
(53,209) |
(1,589,083) |
(1,589,083) |
|||
| Proceeds from employee's purchase of treasury stocks/other charges |
3,830 |
114,397 |
961,472 |
|||
| Net cash provided from financing activities |
(49,379) |
(1,474,686) |
1,129,389 |
|||
| Foreign currency exchange effect |
1,367 |
(24,997) |
(18,745) |
|||
| Net increase (decrease) in cash and cash equivalents |
56,123 |
1,676,111 |
1,100,962 |
|||
| Cash and cash equivalents at beginning of period |
568,399 |
16,975,247 |
15,852,492 |
|||
| Cash and cash equivalents at end of period |
624,522 |
18,651,358 |
16,953,454 |
|||
| Forex ( NT$ per US$ ) |
29.865 |
30.000 |
||||
| (1) All figures are under TIFRS. |
||||||
SOURCE Siliconware Precision Industries Co., Ltd.
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