Siliconware Precision Industries Reports a 4.2% Quarter-over-Quarter decline in Revenues Resulting in Earnings per Share of NT$ 0.67 or Earnings per ADS of US$ 0.11 for First Quarter 2014 - WRCBtv.com | Chattanooga News, Weather & Sports

Siliconware Precision Industries Reports a 4.2% Quarter-over-Quarter decline in Revenues Resulting in Earnings per Share of NT$ 0.67 or Earnings per ADS of US$ 0.11 for First Quarter 2014

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SOURCE Siliconware Precision Industries Co., Ltd.

TAICHUNG, April 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 first quarter of 2014 were NT$ 18,060 million, which represented a 4.2% decline in revenues compared to the fourth quarter of 2013 and a 30.7% growth in revenues compared to the first quarter of 2013. SPIL reported a net income of NT$ 2,091 million for the first quarter of 2014, compared with a net income of NT$ 2,260 million and a net loss of NT$ 292 million for the fourth quarter of 2013 and the first quarter of 2013, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.67, and diluted earnings per ADS was US$ 0.11.

All figures were prepared in accordance with TIFRS on a consolidated basis.

Operating results review:

  • For the first quarter of 2014, net revenues from IC packaging were NT$ 15,941 million and represented 88% of total net revenues. Net revenues from testing operations were NT$ 2,119 million and represented 12% of total net revenues.
  • Cost of goods sold was NT$ 14,065 million, representing a decrease of 3.1% compared to the fourth quarter of 2013 and an increase of 19.2% compared to the first quarter of 2013.
    • Raw materials costs were NT$ 6,180 million for the first quarter of 2014 and represented 34.2% of total net revenues, whereas raw materials costs were NT$ 6,485 million and represented 34.4% of total net revenues for the fourth quarter of 2013.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 155 million.
  • Gross profit was NT$ 3,995 million for the first quarter of 2014, representing a gross margin of 22.1%, which decreased from a gross margin of 22.9% for the fourth quarter of 2013 and was up from 14.6% for the first quarter of 2013.
  • Total operating expenses for the first quarter of 2014 were NT$ 1,603 million, which included selling expenses of NT$ 210 million, administrative expenses of NT$ 559 million and R&D expenses of NT$ 834 million. Total operating expenses represented 8.9% of total net revenues for the first quarter of 2014.
    • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 73 million.
  • Operating income was NT$ 2,392 million for the first quarter of 2014, representing an operating margin of 13.2%, which decreased from 14.0% for the fourth quarter of 2013 and increased from 4.6% for the first quarter of 2013.
  • Net income before tax was NT$ 2,551 million for the first quarter of 2014, which decreased from a net income before tax of NT$ 2,795 million for the fourth quarter of 2013 and increased from a net loss before tax of NT$ 203 million for the first quarter of 2013.
  • Income tax expense was NT$ 460 million for the first quarter of 2014, compared with income tax expense of NT$ 536 million for the fourth quarter of 2013 and income tax expense of NT$ 89 million for the first quarter of 2013.
  • Net income was NT$ 2,091 million for the first quarter of 2014, which decreased from a net income of NT$ 2,260 million for the fourth quarter of 2013 and increased from a net loss of NT$ 292 million for the first quarter of 2013.
  • Total number of shares outstanding was 3,138 million shares as of Mar 31, 2014. Diluted earnings per ordinary share for this quarter was NT$ 0.67, or US$ 0.11 per ADS.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 18,945 million as of Mar 31, 2014 from NT$ 16,975 million as of Dec 31, 2013, and NT$ 17,413 million as of Mar 31, 2013.
  • Capital expenditures for the first quarter of 2014 totaled NT$ 3,010 million, which included NT$ 2,168 million for packaging equipment and NT$ 842 million for testing equipment.
  • Total depreciation expenses for the first quarter of 2014 totaled NT$ 2,816 million, which included NT$ 2,154 million was from packaging operations and NT$ 662 million from testing operations.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 15,941 million for the first quarter of 2014, which represented a decrease of NT$ 642 million or 3.9% compared to the fourth quarter of 2013.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 29%, 20% and 39%, respectively, of total net revenues for the first quarter of 2014.
  • Capital expenditures for IC packaging operations totaled NT$ 2,168 million for the first quarter of 2014, which included NT$ 1,990 million for packaging and building construction and NT$ 178 million for wafer bumping operations.
  • As of Mar 31, 2014 we had 7,544 wirebonders installed, of which 10 were added and 225 were disposed in the first quarter of 2014.

IC testing service:

  • Net revenues from testing operations were NT$ 2,119 million for the first quarter of 2014, which represented a decrease of NT$ 142 million or 6.3% compared to the fourth quarter of 2013.
  • Capital expenditures for testing operations totaled NT$ 842 million for the first quarter of 2014.
  • As of Mar 31, 2014 we had 431 testers installed, of which 26 were added and 12 were disposed in the first quarter of 2014.

Revenue Analysis

> Breakdown by end applications:

By application

1Q14

4Q13

Communication

63%

60%

Computing

14%

14%

Consumer

19%

22%

Memory

4%

4%

> Breakdown by packaging type:

By packaging type

1Q14

4Q13

Bumping & Flip Chip

39%

38%

Substrate Based

29%

30%

Leadframe Based

20%

20%

Testing

12%

12%

About SPIL

Siliconware Precision Industries Co., 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 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 TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Mar 31, 2014 reflect our gains or losses attributable to the first quarter of 2014 unaudited financial results of several of our investees which are evaluated under the equity method. The consolidated financial data for our company for the three months ended Mar 31, 2014 is not 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
http://www.spil.com.tw

Janet Chen, IR Director  
janet@spil.com.tw
+886-3-5795678#3675

Byron Chiang, Spokesperson
byronc@spil.com.tw
+886-3-5795678#3671

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET

As of Mar 31, 2014 and 2013

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))















Mar 31,2014


Mar 31,2013


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


621,772


18,945,401

18


17,412,640

18


1,532,761

9

Accounts receivable


502,535


15,312,224

15


11,291,031

12


4,021,193

36

Inventories


135,046


4,114,854

4


3,454,543

3


660,311

19

Other current assets


61,976


1,888,402

1


1,681,929

2


206,473

12

Total current assets


1,321,329


40,260,881

38


33,840,143

35


6,420,738

19













Non-current Assets












Available-for-sale financial assets


237,626


7,240,470

7


5,831,957

6


1,408,513

24

Long-term investment under equity method


20,445


622,968

-


667,702

1


(44,734)

-7

Property, plant and equipment


1,818,662


55,414,638

53


53,794,138

56


1,620,500

3

Intangible assets


10,401


316,908

-


466,479

-


(149,571)

-32

Other assets


51,325


1,563,873

2


1,890,857

2


(326,984)

-17

     Total non-current assets


2,138,459


65,158,857

62


62,651,133

65


2,507,724

4

Total Assets


3,459,788


105,419,738

100


96,491,276

100


8,928,462

9













LIABILITIES AND STOCKHOLDERS' EQUITY












Liabilities












Current Liabilities












Short-term loans


85,000


2,589,950

2


2,535,125

3


54,825

2

Accounts payable


226,114


6,889,708

7


6,078,852

6


810,856

13

Current portion of long-term debt 


164,071


4,999,234

5


3,156,730

3


1,842,504

58

Other current liability


328,030


9,995,078

9


11,566,285

12


(1,571,207)

-14

Non-current Liabilities 












Long-term loans


451,127


13,745,828

13


12,268,120

13


1,477,708

12

Other liabilities


45,952


1,400,168

1


1,120,933

1


279,235

25

Total  Liabilities


1,300,294


39,619,966

37


36,726,045

38


2,893,921

8













Stockholders' Equity












Capital stock


1,022,764


31,163,611

30


31,163,611

32


-

-

Capital reserve


517,605


15,771,441

15


16,470,154

17


(698,713)

-4

Legal reserve


269,372


8,207,777

8


7,645,816

8


561,961

7

Special reserve


8,028


244,604

-


-

-


244,604

-

Retained earnings


264,400


8,056,254

8


4,725,232

5


3,331,022

70

Other equity


77,325


2,356,085

2


724,606

1


1,631,479

225

Treasury stock


-


-

-


(964,188)

-1


964,188

-100

Total Equity


2,159,494


65,799,772

63


59,765,231

62


6,034,541

10

Total Liabilities & Shareholders' Equity


3,459,788


105,419,738

100


96,491,276

100


8,928,462

9













Forex ( NT$ per US$ ) 




30.47



29.83





(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 Mar 31


Sequential Comparison



1Q2014


1Q 2013


YOY


1Q 2014


4Q 2013


QOQ



USD


NTD

%


NTD


change %


NTD


NTD


change %

Revenues                                                                                    


596,643


18,060,370

100.0


13,819,210


30.7


18,060,370


18,843,765


-4.2

Cost of Goods Sold


(464,676)


(14,065,731)

-77.9


(11,802,344)


19.2


(14,065,731)


(14,522,575)


-3.1

Gross Profit


131,967


3,994,639

22.1


2,016,866


98.1


3,994,639


4,321,190


-7.6

Operating Expenses
















Selling Expenses


(6,929)


(209,748)

-1.2


(178,566)


17.5


(209,748)


(223,483)


-6.1

Administrative Expenses


(18,454)


(558,595)

-3.1


(505,772)


10.4


(558,595)


(567,202)


-1.5

Research and Development Expenses


(27,561)


(834,278)

-4.6


(695,429)


20.0


(834,278)


(884,282)


-5.7



(52,944)


(1,602,621)

-8.9


(1,379,767)


16.2


(1,602,621)


(1,674,967)


-4.3

Operating Income


79,023


2,392,018

13.2


637,099


275.5


2,392,018


2,646,223


-9.6

















Non-operating Income


10,177


308,053

1.7


172,634


78.4


308,053


272,587


13.0

Non-operating Expenses


(4,916)


(148,800)

-0.8


(1,012,348)


-85.3


(148,800)


(123,332)


20.6

Income from Continuing Operations before Income Tax 


84,284


2,551,271

14.1


(202,615)


-


2,551,271


2,795,478


-8.7

Income Tax Credit (Expenses) 


(15,205)


(460,241)

-2.5


(89,242)


415.7


(460,241)


(535,946)


-14.1

Net Income


69,079


2,091,030

11.6


(291,857)


-


2,091,030


2,259,532


-7.5

















Other comprehensive income
















Exchange difference for translating the financial statements of foreign operation 


4,132


125,062



216,418






141,483



Unrealized valuation profit and loss of available-for-sale financial assets 


38,104


1,153,417



437,506






(320,107)



Acturial gain and loss of defined benefit plan


-


-



-






96,041



Tax effect of other comprehensive income items 


(1,297)


(39,261)



(28,082)






(35,305)



Total other comprehensive income 


40,939


1,239,218



625,842






(117,888)



Total comprehensive income 


110,018


3,330,248



333,985






2,141,644



















Earnings Per Ordinary Share- Diluted 




NT$     0.67



NT$     -0.09






NT$     0.72



















Earnings Per ADS- Diluted 




US$     0.11



US$     -0.02






US$     0.12



Weighted Average Outstanding Shares - Diluted ('k)




3,138,305



3,078,319






3,134,752



















Forex ( NT$ per US$ ) 




30.27



29.48






29.55



















(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 3 Months Ended on Mar 31, 2014 and 2013

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))










3 months, 2014


3 months, 2013



USD


NTD


NTD

Cash Flows from Operating Activities:







   Net income before tax


84,284


2,551,271


(202,615)

   Depreciation  


92,421


2,816,070


2,499,603

   Amortization


4,672


142,344


146,029

   Change in working capital & others


(17,942)


(546,696)


2,175,882

Net cash flows provided from operating activities


163,435


4,962,989


4,618,899








Cash Flows from Investing Activities:







   Acquisition of property, plant, and equipment


(98,796)


(3,010,312)


(3,016,241)

   Proceeds from disposal of equipments


5,441


165,780


7,063

   Payment for deferred charges/other changes


(6,002)


(182,873)


(95,673)

Net cash used in investing activities


(99,357)


(3,027,405)


(3,104,851)








Cash Flows from Financing Activities:







Net cash provided from financing activities


-


-


-








Foreign currency exchange effect 


581


34,570


46,100

Net increase (decrease) in cash and cash equivalents


64,659


1,970,154


1,560,148

Cash and cash equivalents at beginning of period


557,113


16,975,247


15,852,492

Cash and cash equivalents at end of period


621,772


18,945,401


17,412,640








Forex ( NT$ per US$ ) 




30.47


29.04








(1) All figures are under TIFRS.  







©2012 PR Newswire. All Rights Reserved.

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