TAICHUNG, Taiwan, Oct. 29 /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
third quarter of 2008 were NT$ 17,242 million, which represented a 8.8%
increase in revenues compared to the second quarter of 2008 and a 3.7% decline
in revenues compared to the third quarter of 2007. SPIL reported a net income
of NT$ 3,186 million for the third quarter of 2008, compared with a net income
of NT$ 2,408 million and NT$ 5,057 million for the second quarter of 2008 and
the third quarter of 2007, respectively.
Diluted earnings per ordinary share for this quarter was NT$ 1.02, and
diluted earnings per ADS was US$ 0.16.
SPIL announced that its sales revenues for the first nine months of 2008
were NT$ 48,026 million, which represented a 2.4% increase in revenues
compared to the first nine months of 2007. SPIL reported a net income of NT$
7,347 million for the first nine months of 2008, compared with a net income of
NT$ 12,720 million for the first nine months of 2007.
Diluted earnings per ordinary share for the first nine months of 2008 was
NT$ 2.34, and diluted earnings per ADS was US$ 0.36.
Operating results review:
-- For the third quarter of 2008, net revenues from IC packaging were NT$
15,727 million and represented 91% of total net revenues. Net revenues
from testing operations were NT$ 1,515 million and represented 9% of
total net revenues.
-- Cost of goods sold was NT$ 13,203 million, representing an increase of
5.0% compared to the second quarter of 2008 and an increase of 8.0%
compared to the third quarter of 2007.
-- Raw materials costs were NT$ 7,403 million for the third quarter of
2008, and represented 42.9% of total net revenues, whereas raw
materials costs were NT$ 7,100 million and represented 44.8% of
total net revenues for the second quarter of 2008.
-- The accrued expenses of bonuses to employees accounted for under
cost of goods sold totaled NT$ 231 million for the third quarter of
2008.
-- Gross profit was NT$ 4,039 million for the third quarter of 2008,
representing a gross margin of 23.4%, which increased from a gross
margin of 20.7% for the second quarter of 2008 and decreased from 31.7%
for the third quarter of 2007.
-- Total operating expenses for the third quarter of 2008 were NT$ 944
million, which included selling expenses of NT$ 252 million,
administrative expenses of NT$ 351 million and R&D expenses of NT$ 341
million. Total operating expenses represented 5.5%
of total net revenues for the third quarter of 2008.
-- In the third quarter of 2008, the accrued expenses of bonuses to
employees, directors and supervisors accounted for under operating
expenses totaled NT$ 96 million.
-- Operating income was NT$ 3,095 million for the third quarter of 2008,
representing an operating margin of 18.0% for the third quarter of
2008, which increased from 15.0% for the second quarter of 2008 and
decreased from 27.3% for the third quarter of 2007.
-- Non-operating items:
-- Net interest income was NT$ 68 million for the third quarter of
2008.
-- Our net currency exchange gain of NT$ 268 million for the third
quarter of 2008 was mainly due to appreciation of our US dollar
denominated assets as a result of an appreciation in the foreign
currency exchange rate of the US dollar against NT dollar, our
reporting currency.
-- Our net loss on long-term investment of NT$ 14 million for the third
quarter of 2008 was primarily due to investment loss of NT$ 35
million and investment income of NT$ 21 million from Siliconware
Investment Company and SPIL BVI, respectively.
-- Net income before tax was NT$ 3,483 million for the third quarter of
2008, which increased from NT$ 2,690 million for the second quarter of
2008 and decreased from NT$ 5,716 million for the third quarter of
2007.
-- Income tax expense was NT$ 297 million for the third quarter of 2008,
compared with income tax expense of NT$ 282 million for the second
quarter of 2008 and NT$ 659 million for the third quarter of 2007.
-- Net income was NT$ 3,186 million for the third quarter of 2008, which
increased from NT$ 2,408 million for the second quarter of 2008 and
decreased from NT$ 5,057 million for the third quarter of 2007.
-- Total number of shares outstanding was 3,137 million shares as of Sept
30,2008. Diluted earnings per ordinary share for this quarter was NT$
1.02, or US$ 0.16 per ADS.
Capital expenditure and balance sheet highlight:
-- Our cash balances totaled NT$ 13,075 million as of Sept 30, 2008 from
NT$ 24,079 million as of June 30, 2008, and NT$ 14,912 million as of
Sept 30, 2007.
-- As of Sept 30, 2008 our long-term bank loans totaled NT$ 2,982 million,
compared with total long-term bank loans of NT$ 2,986 million as of
June 30, 2008.
-- Capital expenditures for the third quarter of 2008 totaled NT$ 2,404
million, which included NT$ 2,009 million for packaging equipment and
NT$ 395 million for testing equipment.
-- Total depreciation expenses for the third quarter of 2008 totaled NT$
2,165 million, which included NT$ 1,427 million was from packaging
operations and NT$ 738 million from testing operations.
IC packaging service:
-- Net revenues from IC packaging operations were NT$ 15,727 million for
the third quarter of 2008, which represented an increase of NT$ 1,281
million or 8.8% compared to the second quarter of 2008.
-- Substrate-based packaging, leadframe-based packaging and wafer bumping
& FCBGA accounted for 44%, 30% and 15%, respectively, of total net
revenues for the third quarter of 2008.
-- Capital expenditures for IC packaging operations totaled NT$ 2,009
million for the third quarter of 2008, which included NT$ 1,315 million
for packaging and building construction and NT$ 694 million for wafer
bumping operations.
-- As of Sept 30, 2008 we had 4,646 wirebonders installed, of which 140
were added in the third quarter of 2008.
IC testing service:
-- Net revenues from testing operations were NT$ 1,515 million for the
third quarter of 2008, which represented an increase of NT$ 109 million
or 7.8% compared to the second quarter of 2008.
-- Capital expenditures for testing operations totaled NT$ 395 million for
the third quarter of 2008.
-- As of Sept 30, 2008 we had 375 testers installed, of which 2 testers
were added and 3 testers were disposed in the third quarter of 2008.
Revenue Analysis
Breakdown by end applications:
By application 3Q08 2Q08 1Q08
Computing 33% 32% 33%
Communication 27% 27% 24%
Consumer 24% 22% 21%
Memory 16% 19% 22%
Breakdown by packaging type:
By packaging type 3Q08 2Q08 1Q08
Bumping & FCBGA 15% 13% 14%
Substrate Based 44% 46% 47%
Leadframe Based 30% 30% 28%
Testing 9% 9% 9%
Others 2% 2% 2%
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 drop ship.
Products include advanced leadframe and substrate packages, which are widely
used in personal computers, communications, Internet appliances, cellular
phones, digital cameras, cable modems, personal digital assistants and LCD
monitors.
