SEYI (SHIEH YIH MACHINERY) Reports First Half Results and Names New General Manager of China

TAIPEI, Aug. 13, 2013 /PRNewswire/ -- SEYI (SHIEH YIH MACHINERY) (4533 TT), one of the world's leading producers of mechanical presses, released its audited financial results for the Six Months Ended June 30, 2013.

For the first six months, SEYI reported Net Sales of TWD 1,928,725,000 (US $64.4 million), a 4% increase from the TWD 1,853,567,000 (US $61.9 million) recorded in the same period last year. Following a strong 12% increase in sales during the First Quarter, sales were essentially flat during the Second Quarter due to continuing economic uncertainty in Europe, a tentative economic recovery in the United States, and a slowing economy in China.

Despite slower sales, SEYI reported increased profits and margins. Net Profit for the six months ended June 30, 2013 was TWD 108,262,000 (US $3.6 million), a 9% increase from last year's Net Profit of TWD 99,749,000 (US $3.3 million). Earnings Per Share was TWD 0.77, compared to TWD 0.69 during the same period last year.

For the First Half of the year, SEYI's Gross Profit increased by 10% to TWD 507,310,000 (US $16.9 million). As a result of continued attention to costs and improved product mix, SEYI's Gross Margin showed continued improvement, reaching 26% during the period.

SEYI's financial condition remains strong. Cash and Cash Equivalents of TWD 879,758,000 (US $29.4 million) at June 30, 2013 exceeded short and long term debt of TWD 676,551,000 (US $22.6 million).

SEYI announced that its Board of Directors has established September 2, 2013 as the ex-dividend date for the payment of the TWD 0.5 per common share dividend that was approved at SEYI's annual meeting of shareholders held on June 10, 2013. Of the total amount of the dividend, TWD 0.2 will be paid out of Retained Earnings, and TWD 0.3 will be paid out of the Company's Capital Surplus account. The dividend will be paid on October 3, 2013.

SEYI also announced that Charles C. King will take over as General Manager of its China operations as of September 1. Mr. King has been a senior executive with various companies in the electronics, mechanical and telecommunication industries for nearly twenty years, and has more than nine years of experience working in China. In his most recent position, Mr. King was President of Tecom Tech Wuxi, a unit of the TECO Group, where he was responsible for managing the telecommunication equipment company's supply chain and manufacturing operations in China. Mr. King graduated with a Bachelor's degree in Mechanical Engineering from Taiwan's Chung Yuan University; received a Master's degree in Industrial Engineering from Texas Tech University; and participated in the Acer Executive Development Program at the University of Michigan.

"China remains one of our most important markets, and I am delighted that Charles King has joined us as General Manager of China," Ms. Claire Kuo, Chairman and Chief Executive Officer, said. "Charles has excellent experience in team building, process and quality improvement, and implementing lean manufacturing," Ms. Kuo added. "He will bring strong manufacturing experience and leadership skills to our China operations."

About SEYI

Founded in 1962, SEYI has established a global leadership position in the metal forming industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 4000 tons, at facilities located in Taiwan and the People's Republic of China.

SEYI is expanding its Total Solution Service emphasizing peripherals such as feed mechanisms, transfer equipment and other ancillaries to maximize SEYI press productivity. SEYI's servo presses are highly-integrated, exquisitely designed, durable, smart, energy efficient and environmentally friendly presses that feature the latest user-friendly interfaces, safe system designs and robust machine structures. The stylish exterior designs of SEYI's presses differentiate them in the market and communicate their quality and value.

SEYI's products are sold to customers in over 40 countries around the world and have received numerous quality and industry awards. SEYI has supplied the world's leading car companies in the automobile industry. The auto, aviation machinery and medical equipment industries are expected to be future areas of growth.

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 29.92 to US$ 1.00

SOURCE SEYI (SHIEH YIH MACHINERY)