Siliconware Precision Industries Reports a 6.2% Quarter-over-Quarter Increase in Revenues Resulting in Earnings per Share of NT$ 0.79 or Earnings per ADS of US$ 0.13 for Second Quarter 2008

Wednesday, August 06, 2008 1:35 AM

TAICHUNG, Taiwan, Aug. 6 /Xinhua-PRNewswire-FirstCall/ -- Siliconware Precision Industries Co., Ltd. ('SPIL' or the 'Company') (Taiwan Stock Exchange: 2325; Nasdaq: SPIL) today announced that its sales revenues for the second quarter of 2008 were NT$ 15,852 million, which represented a 6.2% increase in revenues compared to the first quarter of 2008 and a 4.1% increase in revenues compared to the second quarter of 2007. SPIL reported a net income of NT$ 2,408 million for the second quarter of 2008, compared with a net income of NT$ 1,753 million and NT$ 3,830 million for the first quarter of 2008 and the second quarter of 2007, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.79, and diluted earnings per ADS was US$ 0.13.

SPIL announced that its sales revenues for the first six months of 2008 were NT$ 30,783 million, which represented a 6.2% increase in revenues compared to the first six months of 2007. SPIL reported a net income of NT$ 4,161 million for the first six months of 2008, compared with a net income of NT$ 7,663 million for the first six months of 2007.

Diluted earnings per ordinary share for the first six months of 2008 was NT$ 1.36, and diluted earnings per ADS was US$ 0.22.

    Operating results review:
     -- For the second quarter of 2008, net revenues from IC packaging were
        NT$ 14,446 million and represented 91% of total net revenues. Net
        revenues from testing operations were NT$ 1,406 million and
        represented 9% of total net revenues.
     -- Cost of goods sold was NT$ 12,573 million, representing an increase
        of 6.0% compared to the first quarter of 2008 and an increase of 18.7%
        compared to the second quarter of 2007.
        -- Raw materials costs were NT$ 7,100 million for the second quarter
           of 2008, and represented 44.8% of total net revenues, whereas raw
           materials costs were NT$ 6,469 million and represented 43.3% of
           total net revenues for the first quarter of 2008.
        -- The accrued expenses of bonuses to employees accounted for under
           cost of goods sold totaled NT$ 171 million for the second quarter
           of 2008.
     -- Gross profit was NT$ 3,279 million for the second quarter of 2008,
        representing a gross margin of 20.7%, which increased from a gross
        margin of 20.6% for the first quarter of 2008 and decreased from 30.5%
        for the second quarter of 2007.
     -- Total operating expenses for the second quarter of 2008 were
        NT$ 896 million, which included selling expenses of NT$ 211 million,
        administrative expenses of NT$ 339 million and R&D expenses of
        NT$ 345 million. Total operating expenses represented 5.7% of total
        net revenues for the second quarter of 2008.
        -- In the second quarter of 2008, the accrued expenses of bonuses
           to employees, directors and supervisors accounted for under
           operating expenses totaled NT$ 72 million.
     -- Operating income was NT$ 2,383 million for the second quarter of
        2008, representing an operating margin of 15.0% for the second quarter
        of 2008, which increased from 14.5% for the first quarter of 2008 and
        decreased from 25.2% for the second quarter of 2007.
     -- Non-operating items:
        -- Net interest income was NT$ 86 million for the second quarter of
           2008.
        -- Our net currency exchange gain of NT$ 103 million for the second
           quarter of 2008 was mainly due to depreciation of our US dollar
           denominated liabilities as a result of a depreciation in the
           foreign currency exchange rate of the US dollar against NT dollar,
           our reporting currency.
        -- Our net gain on long-term investment of NT$ 26 million for the
           second quarter of 2008 was primarily due to investment income of
           NT$ 15 million and NT$ 11 million from Siliconware Investment
           Company and SPIL BVI, respectively.
        -- Investment income included cash dividends of NT$ 55 from Phoenix
           Precision Technology.
     -- Net income before tax was NT$ 2,690 million for the second quarter of
        2008, which increased from NT$ 1,983 million for the first quarter of
        2008 and decreased from NT$ 4,512 million for the second quarter of
        2007.
     -- Income tax expense was NT$ 282 million for the second quarter of
        2008, compared with income tax expense of NT$ 230 million for the
        first quarter of 2008 and NT$ 682 million for the second quarter of
        2007.
     -- Net income was NT$ 2,408 million for the second quarter of 2008, which
        increased from NT$ 1,753 million for the first quarter of 2008 and
        decreased from NT$ 3,830 million for the second quarter of 2007.
     -- Total number of shares outstanding was 3,050 million shares as of June
        30,2008.

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