TAICHUNG, Taiwan, April 30 /Xinhua-PRNewswire-FirstCall/ -- SiliconwarePrecision Industries Co., Ltd. (''SPIL'' or the ''Company'')(TAIEX: 2325;Nasdaq: SPIL) today announced that its sales revenues for 1Q 2008 wasNT$ 14,931 million, representing 15.8% sequential decline QoQ and 8.6% growthcompared to the same period of year 2007.
SPIL reported a net income of NT$1,753 million in 1Q 2008, compared with anet income of NT$ 4,770 million in 4Q 2007 and a net income of NT$ 3,833million in 1Q 2007.
Unconsolidated 1Q 2008 Financial Results
-- Net revenue was NT$ 14,931 million, in which NT$ 13,570 million was from assembly business and NT$ 1,361 million was from testing business. -- Cost of goods sold was NT$ 11,860 million, and gross profit was NT$ 3,071 million, representing a gross margin of 20.6%. -- Operating expenses were NT$ 902 million, including selling expenses of NT$ 227 million, administrative expenses of NT$ 319 million, and R & D expenses of NT$ 356 million. Operating profit was NT$ 2,169 million, representing an operating margin of 14.5%. -- Net income was NT$ 1,753 million. -- Diluted earnings per ordinary share for this quarter was NT$ 0.58, or diluted earnings per ADS of US$ 0.10. Total weighted average outstanding ordinary shares-diluted for 1Q 2008 were 3,039 million shares.
Capital Expenditure
-- Capital expenditure in 1Q 2008 totaled NT$ 2,776 million, in which NT$ 2,158 million were spent on assembly equipment, and NT$ 618 million were spent on testing equipment. -- The depreciation expenses in 1Q 2008 were NT$ 2,018 million, in which NT$ 1,393 million were from assembly business and NT$ 625 million were from testing business.
Assembly Operation
-- Substrate products revenues accounted for 47% of total revenues, remaining flat from previous quarter; wafer bumping and FCBGA accounted for 14%, up from 13% in previous quarter; lead frame products revenues accounted for 28%, down from 29% in previous quarter. Testing service generated 9% of total revenues in 1Q 2008.
About SPIL
Siliconware Precision Industries Ltd. ('SPIL')(Nasdaq: SPIL; TSE:2325) isa leading provider of comprehensive semiconductor assembly and test services.SPIL is dedicated to meeting all of its customers' integrated circuitpackaging and testing requirements, with turnkey solutions that range fromdesign consultations, modeling and simulations, wafer bumping, wafer probe andsort, package assembly, final test, burn-in, to drop ship. Products includeadvanced leadframe and substrate packages, which are widely used in personalcomputers, communications, Internet appliances, cellular phones, digitalcameras, cable modems, personal digital assistants and LCD monitors. SPILsupplies services and support to fabless design houses, integrated devicemanufacturers and wafer foundries globally. For further information, visitSPIL's web site at http://www.spil.com.tw .
Safe Harbor Statement
The information herein contains forward-looking statements. We have basedthese forward-looking statements on our current expectations and projectionsabout future events. Although we believe that these expectations andprojections are reasonable, such forward-looking statements are inherentlysubject to risks, uncertainties and assumptions about us, including, amongother 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 report for the year ended December 31, 2006 on Form 20-F filed with the U.S. Securities and Exchange Commission on June 20, 2007.
The words ''anticipate,'' ''believe,'' ''estimate,'' ''expect,'' ''intend,''''plan'' and similar expressions, as they relate to us, are intended toidentify a number of these forward-looking statements. We undertake noobligation to update or revise any forward-looking statements whether as aresult of new information, future events or otherwise. In light of theserisks, uncertainties and assumptions, the forward-looking events discussedherein might not occur and our actual results could differ materially fromthose anticipated in these forward-looking statements.
All financial figures discussed herein are prepared pursuant to ROC GAAPon an unaudited unconsolidated basis. Audited unconsolidated financial figureswill be publicly announced upon the completion of our audited process. Theinvestment gains or losses of our company for the three months ended Mar 31,2008 reflect our gains or losses attributable to the first quarter 2008unaudited financial results of several of our investments (the ''Investees'')which are evaluated under the equity method.
