Advanced Semiconductor Engineering, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2011
February 10, 2012
TAIPEI, Taiwan, Feb. 10, 2012 /PRNewswire-Asia-FirstCall/ — Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX) (“We”, “ASE”, or the “Company”), the world’s largest independent provider of IC packaging and testing services, today reported unaudited net revenue (Note 1) of NT$46,390 million for the fourth quarter of 2011 (4Q11), down by 13% year-over-year and down by 1% sequentially. Net income for the quarter totaled NT$2,639 million, down from a net income of NT$4,870 million in 4Q10 and down from a net income of NT$3,468 million in 3Q11. Diluted earnings per share for the quarter were NT$0.40 (or US$0.066 per ADS), compared to diluted earnings per share of NT$0.72 for 4Q10 and NT$0.52 for 3Q11.
For the full year of 2011, the Company reported net revenues of NT$185,347 million and net income of NT$13,726 million. Diluted earnings per share for the full year of 2011 was NT$2.03 or US$0.346 per ADS.
All financial information presented in this press
release is unaudited, consolidated and prepared in
accordance with accounting principles generally
accepted in the Republic of China, or ROC GAAP. Such
financial information is generated internally by us,
and has not been subjected to the same review and
scrutiny, including internal auditing procedures and
audit by our independent auditors, to which we
subject our audited consolidated financial
statements, and may vary materially from the audited
consolidated financial information for the same
period. Any evaluation of the financial information
presented in this press release should also take into
account our published audited consolidated financial
statements and the notes to those statements. In
addition, the financial information presented is not
necessarily indicative of our results of operations
Note 1: for any future period.
RESULTS OF OPERATIONS
4Q11 Results Highlights – Consolidated
- Net revenue contribution from IC packaging operations, testing operations, EMS operations, substrates sold to third parties and others was NT$25,543 million, NT$5,603 million, NT$14,527 million, NT$668 million, and NT$49 million, respectively, and each represented approximately 55%, 12%, 31%, 2% and 0%, respectively, of total net revenues for the quarter.
- Cost of revenue was NT$37,915 million, down by 8% year-over-year and up from NT$37,786 million.
- Raw material cost totaled NT$21,707 million during the quarter, representing 47% of total net revenue, compared with NT$21,550 million and 46% of total net revenue in the previous quarter.
- Labor cost totaled NT$5,735 million during the quarter, representing 12% of total net revenue, compared with NT$5,726 million and 12% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$5,491 million during the quarter, up by 6% year-over-year and up by 2% sequentially.
- Gross margin decreased to 18.3% in 4Q11 from 19.1% in 3Q11.
- Total operating expenses during 4Q11 were NT$4,974 million, including NT$1,954 million in R&D and NT$3,020 million in SG&A, compared with total operating expenses of NT$4,600 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 11%, up from 9% in 4Q10 and 10% in 3Q11.
- Operating income for the quarter totaled NT$3,501 million, down from NT$4,312 million in the previous quarter. Operating margin decreased to 7.5% in 4Q11 from 9.2% in 3Q11.
- In terms of non-operating items:
- Net interest expense was NT$404 million, up from NT$334 million a quarter ago.
- Net foreign exchange gain of NT$348 million was primarily attributable to the appreciation of the U.S. dollar against N.T. dollar and depreciation of the U.S. dollar against Renminbi(“RMB”).
- Loss on equity-method investments of NT$25 million was primarily attributable to our investment on Hung Ching Development & Construction Co. and StarChips Technology Inc.
- Loss on valuation of financial assets and liabilities was NT$72 million.
- Other net non-operating expenses of NT$396 million were primarily related to impairment loss. Total non-operating expenses for the quarter were NT$549 million, compared to total non-operating expenses of NT$500 million for 4Q10 and total non-operating expenses of NT$112 million for 3Q11.
- Income before tax was NT$2,952 million for 4Q11, compared to NT$4,200 million in the previous quarter. We recorded income tax expense of NT$340 million during the quarter, compared to NT$717 million in 3Q11.
- In 4Q11, net income was NT$2,639 million, compared to net income of NT$4,870 million for 4Q10 and net income of NT$3,468 million for 3Q11.
- Our total number of shares outstanding at the end of the quarter was 6,755,707,472, including treasury stock owned by our subsidiaries and shares bought back from the open market. We bought back treasury stock of 14,987,000 shares from the open market during the quarter. Our 4Q11 diluted earnings per share of NT$0.40 (or US$0.066 per ADS) were based on 6,589,701,493 weighted average number of shares outstanding in 4Q11.
4Q11 Results Highlights – IC ATM (Note 2)
- Net revenue from IC ATM was NT$31,908 million for the fourth quarter of 2011, down 2% year-over-year and sequentially. Net revenue contribution from IC packaging operations, testing operations, EMS operations, and substrates sold to third parties was NT$25,557 million, NT$5,603 million, NT$80 million and NT$668 million, respectively, and each represented approximately 80%, 18%, 0% and 2%, respectively, of total net revenues for the quarter.
- Cost of revenues was NT$25,118 million, up by 3% year-over-year and down by 1% sequentially.
- Raw material cost totaled NT$10,215 million during the quarter, representing 32% of total net revenue, compared with NT$10,395 million and 32% of total net revenue in the previous quarter.
- Labor cost totaled NT$5,131 million during the quarter, representing 16% of total net revenue, compared with NT$5,148 million and 16% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$5,174 million during the quarter, up by 8% year-over-year and up by 2% sequentially.
- Gross margin decreased to 21.3% in 4Q11 from 22.5% in 3Q11.
- Total operating expenses during 4Q11 were NT$3,634 million, including NT$1,494 million in R&D and NT$2,140 million in SG&A, compared with total operating expenses of NT$3,453 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 11%, up from 10% in 4Q10 and remained the same as 3Q11.
- Operating income for the quarter totaled NT$3,156 million, down from NT$3,866 million in the previous quarter. Operating margin decreased to 9.9% in 4Q11 from 11.9% in 3Q11.
ATM stands for Semiconductor Assembly,
Note 2: Testing and Material.
4Q11 Results Highlights – EMS
- Net revenue contribution from EMS operations was NT$14,447 million, down by 16% year-over-year and up by 2% sequentially.
- Cost of revenues was NT$12,667 million, down by 18% year-over-year and up by 2% sequentially.
- Raw material cost totaled NT$11,505 million during the quarter, representing 80% of total net revenue, compared with NT$11,168 million and 79% of total net revenue in the previous quarter.
- Labor cost totaled NT$603 million during the quarter, representing 4% of total net revenue, compared with NT$578 million and 4% of total net revenue in the previous quarter.
- Depreciation, amortization and rental expenses totaled NT$192 million during the quarter, down by 6% year-over-year and up by 3% sequentially.
- Gross margin increased to 12.3% in 4Q11 from 12.2% in 3Q11.
- Total operating expenses during 4Q11 were NT$1,295 million, including NT$467 million in R&D and NT$828 million in SG&A, compared with total operating expenses of NT$1,113 million in 3Q11. Total operating expenses as a percentage of net revenue for the current quarter were 9%, up from 7% in 4Q10 and 8% in 3Q11.
- Operating income for the quarter totaled NT$485 million, down from NT$605 million in the previous quarter. Operating margin decreased to 3.4% in 4Q11 from 4.3% in 3Q11.
2011 Full-Year Results – Consolidated
- Net revenues for the full year of 2011 amounted to NT$185,347 million, down by 2% from 2010. The revenue contribution from IC packaging operations, testing operations, EMS operations, substrates sold to third parties and others was NT$102,677 million, NT$21,932 million, NT$57,850 million, NT$2,678 million, and NT$210 million, respectively, and each represented approximately 55%, 12%, 31%, 2% and 0%, respectively, of total net revenues for the year.
- Cost of revenues for the full year of 2011 were NT$150,338 million, compared with NT$148,198 million in 2010.
- Raw material cost totaled NT$86,919 million during the year, representing 47% of total net revenues, compared with NT$88,556 million and 47% of total net revenues in 2010.
- Labor cost totaled NT$22,380 million during the year, representing 12% of total net revenues, compared with NT$20,395 million and 11% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$21,536 million during the year, representing 12% of total net revenues, compared with NT$18,584 million and 10% of total net revenues in 2010.
- Gross margin decreased to 18.9% in 2011 from 21.5% in 2010.
- Total operating expenses during 2011 were NT$18,188 million, including NT$7,118 million in R&D and NT$11,070 million in SG&A. Total operating expenses as a percentage of net revenues were 10% in 2011, up from 9% in 2010.
- Operating income for the year was NT$16,821 million, compared to operating income of NT$24,099 for the previous year. Operating margin decreased to 9.1% in 2011 from 12.8% in 2010.
- Total non-operating income for the year were NT$176 million, compared to total non-operating expenses of NT$1,275 million for 2010.
- Income before tax was NT$16,997 million for 2011. We recognized an income tax expense of NT$3,018 million during the year.
- In 2011, net income amounted to NT$13,726 million, compared with a net income of NT$18,338 million in 2010.
- Our total number of shares outstanding at the end of the year was 6,755,707,472, including treasury stock owned by our subsidiaries and shares bought back from the open market. We bought back treasury stock of 105,475,000 shares from the open market during the year. Our diluted earnings per share for 2011 were NT$2.03 (or US$0.346 per ADS), based on 6,755,116,730 weighted average number of shares outstanding.
2011 Full-Year Results – IC ATM (Note 3)
- Net revenues for the full year of 2011 amounted to NT$127,623 million, up by 1% from 2010. The revenue contribution from IC packaging operations, testing operations, EMS operations and substrates sold to third parties was NT$102,747 million, NT$21,946 million, NT$252 million, and NT$2,678 million, respectively, and each represented approximately 81%, 17%, 0% and 2% respectively, of total net revenues for the year.
- Cost of revenues for the full year of 2011 was NT$98,885 million, compared with NT$93,673 million in 2010.
- Raw material cost totaled NT$40,762 million during the year, representing 32% of total net revenues, compared with NT$40,214 million and 32% of total net revenues in 2010.
- Labor cost totaled NT$20,023 million during the year, representing 16% of total net revenues, compared with NT$18,417 million and 15% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$20,261 million during the year, representing 16% of total net revenues, compared with NT$17,363 million and 14% of total net revenues in 2010.
- Gross margin decreased to 22.5% in 2011 from 25.5% in 2010.
- Total operating expenses during 2011 were NT$13,410 million, including NT$5,425 million in R&D and NT$7,985 million in SG&A. Total operating expenses as a percentage of net revenues were 11% in 2011, up from 10% in 2010.
- Operating income for the year was NT$15,328 million, compared to operating income of NT$20,054 for the previous year. Operating margin decreased to 12.0% in 2011 from 15.9% in 2010.
ATM stands for Semiconductor Assembly,
Note 3: Testing and Material.
2011 Full-Year Results – EMS
- Net revenues contribution from EMS operations for the full year of 2011 amounted to NT$57,645 million, down by 10% from 2010.
- Cost of revenues was NT$50,983 million, down by 10% from 2010.
- Raw material cost totaled NT$46,285 million during the year, representing 80% of total net revenues, compared with NT$51,921 million and 81% of total net revenues in 2010.
- Labor cost totaled NT$2,357 million during the year, representing 4% of total net revenues, compared with NT$2,123 million and 3% of total net revenues in 2010.
- Depreciation, amortization and rental expenses totaled NT$765 million during the year, representing 1% of total net revenues, compared with NT$923 million and 1% of total net revenues in 2010.
- Gross margin increased to 11.6% in 2011 from 11.4% in 2010.
- Total operating expenses during 2011 were NT$4,610 million, including NT$1,706 million in R&D and NT$2,904 million in SG&A. Total operating expenses as a percentage of net revenues was 8% in 2011, up from 7% in 2010.
- Operating income for the year was NT$2,052 million, compared to operating income of NT$2,811 for the previous year. Operating margin decreased to 3.6% in 2011 from 4.4% in 2010.
LIQUIdiTY AND CAPITAL RESOURCES
- As of December 31, 2011, our cash and current financial assets totaled NT$25,268 million, compared to NT$33,180 million as of September 30, 2011.
- Capital expenditures in 4Q11 totaled US$128 million, of which US$81 million was used for IC packaging, US$33 million for testing, US$8 million for EMS and US$6 million for interconnect materials.
- For the full year 2011, we spent US$780 million for capital expenditures, including US$555 million for IC packaging, US$172 million for testing, US$24 million for EMS and US$29 million for interconnect materials.
- As of December 31, 2011, we had total bank debt of NT$76,593 million, compared to NT$85,904 million as of September 30, 2011. Total bank debt consisted of NT$22,965 million of revolving working capital loans, NT$3,461 million of the current portion of long-term debt, and NT$50,167 million of long-term debt. Total unused credit lines amounted to NT$85,908 million.
- Current ratio as of December 31, 2011 was 1.35, compared to 1.32 as of September 30, 2011. Net debt to equity ratio was 0.50 as of December 31, 2011.
- Total number of employees was 51,411 as of December 31, 2011, compared to 48,901 as of December 31, 2010 and 52,312 as of September 30, 2011.
Business Review
IC Packaging Operations (Note 4)
- Net revenues generated from our IC packaging operations were NT$25,557 million during the quarter, down by NT$468 million, or by 2% year-over-year, and down by NT$787 million, or by 3% sequentially.
- Net revenues from advanced substrate and leadframe-based packaging accounted for 81% of total IC packaging net revenues during the quarter, down by 1 percentage point from the previous quarter.
- Gross margin for our IC packaging operations during the quarter was 18.6%, down by 2.2 percentage points year-over-year and down by 0.9 percentage point from the previous quarter.
- Capital expenditures for our IC packaging operations amounted to US$81 million during the quarter, of which US$59 million was used for wirebonding packaging capacity and US$22 million for wafer bumping and flip chip packaging equipment.
- As of December 31, 2011, there were 13,846 wirebonders in operation. 316 wirebonders were added and 5 wirebonders were disposed of during the quarter.
- Net revenues from flip chip packages and wafer bumping services accounted for 24% of total packaging net revenues, up by 5 percentage points from the previous quarter.
IC packaging services include module
Note 4: assembly services.
Testing Operations
- Net revenues generated from our testing operations were NT$5,603 million, down by NT$391 million, or by 7% year-over-year, and up by NT$105 million, or by 2% sequentially.
- Final testing contributed 84% to total testing net revenues, down by 1 percentage point from the previous quarter. Wafer sort contributed 14% to total testing net revenues, up by 1 percentage point from the previous quarter. Engineering testing contributed 2% to total testing net revenues, which remained the same as the previous quarter.
- Depreciation, amortization and rental expense associated with our testing operations amounted to NT$1,644 million, down from NT$1,706 million in 4Q10 and up from NT$1,617 million in 3Q11.
- In 4Q11, gross margin for our testing operations was 33.7%, down by 3.4 percentage points year-over-year and up by 1.2 percentage points from the previous quarter.
- Capital spending on our testing operations amounted to US$33 million during the quarter.
- As of December 31, 2011, there were 2,585 testers in operation. 74 testers were added and 25 testers were disposed of during the quarter.
EMS Operations
- Net revenues generated from our EMS operations were NT$14,447 million, down by NT$2,781 million, or by 16% year-over-year, and up by NT$331 million, or by 2% sequentially.
- Communications products contributed 37% to total EMS net revenues, up by 4 percentage points from the previous quarter. Computing products contributed 24% to total EMS net revenues, up by 3 percentage points from the previous quarter. Consumer products contributed 15% to total EMS net revenues, down by 5 percentage points from the previous quarter. Industrial products contributed 15% to total EMS net revenues, down by 1 percentage point from the previous quarter. Car products contributed 9% to total EMS net revenues, down by 1 percentage point from the previous quarter.
- In 4Q11, gross margin for our EMS operations was 12.3%, up by 1.8 percentage points year-over-year and up by 0.1 percentage point from the previous quarter.
- Capital spending on our EMS operations amounted to US$8 million during the quarter.
Substrate Operations
- PBGA substrate manufactured by ASE amounted to NT$1,812 million during the quarter, down by NT$633 million, or by 26% year-over-year, and down by NT$601 million, or by 25% from the previous quarter. Of the total output of NT$1,812 million, NT$668 million was from sales to external customers.
- Gross margin for substrate operations was 8.3% during the quarter, down by 14.4 percentage points year-over-year and down by 6.7 percentage points from the previous quarter.
- In 4Q11, our internal substrate manufacturing operations supplied 29% (by value) of our total substrate requirements.
Customers
IC ATM consolidated Basis
- Our five largest customers together accounted for approximately 37% of our total net revenues in 4Q11, compared to 30% in 4Q10 and 32% in 3Q11. There was one customer which accounted for more than 10% of our total net revenues.
- Our top 10 customers contributed 51% of our total net revenues during the quarter, compared to 46% in 4Q10 and 47% in 3Q11.
- Our customers that are integrated device manufacturers, or IDMs, accounted for 31% of our total net revenues during the quarter, compared to 42% in 4Q10 and 34% in 3Q11.
EMS Basis
- Our five largest customers together accounted for approximately 57% of our total net revenues in 4Q11, compared to 65% in 4Q10 and 56% in 3Q11. There was one customer which accounted for more than 10% of our total net revenues.
- Our top 10 customers contributed 80% of our total net revenues during the quarter, compared to 81% in 4Q10 and 78% in 3Q11.
About ASE, Inc.
ASE, Inc. is the world‘s largest independent provider of IC packaging services and testing services, including front-end engineering testing, wafer probing and final testing services. ASE, Inc.‘s international customer base of more than 200 customers includes such leading names as ATI Technologies Inc., MediaTek Inc., NEC Electronics Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm Incorporated, RF Micro Devices Inc. and STMicroelectronics N.V. With advanced technological capabilities and a global presence spanning Taiwan, China, Korea, Japan, Singapore, Malaysia and the United States, ASE, Inc. has established a reputation for reliable, high quality products and services. For more information, visit our website at http://www.aseglobal.com.
Safe Harbor Notice
This press release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, including statements regarding our future results of operations and business prospects. Although these forward-looking statements, which may include statements regarding our future results of operations, financial condition or business prospects, are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and similar expressions, as they relate to us, are intended to identify these forward-looking statements in this presentation. Our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons, including risks associated with cyclicality and market conditions in the semiconductor industry; demand for the outsourced semiconductor packaging and testing services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new packaging, interconnect materials and testing technologies in order to remain competitive; our ability to successfully integrate pending and future mergers and acquisitions; international business activities; our business strategy; general economic and political conditions, including the recent global financial crisis; possible disruptions in commercial activities caused by natural or human-induced disasters; our future expansion plans and capital expenditures; the strained relationship between the Republic of China and the People’s Republic of China; fluctuations in foreign currency exchange rates; and other factors. For a discussion of these risks and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our 2010 Annual Report on Form 20-F filed on June 17, 2011.
Supplemental Financial Information
IC ATM Consolidated Operations
Amounts in NT$ Millions 4Q/11 3Q/11 4Q/10
Net Revenues 31,908 32,581 32,602
Revenues by End
Application
Communications 56% 53% 50%
Computers 12% 14% 15%
Automotive and Consumer 32% 32% 34%
Others 0% 1% 1%
Revenues by Region
North America 58% 56% 53%
Europe 12% 11% 14%
Taiwan 20% 19% 17%
Japan 5% 7% 9%
Other Asia 5% 7% 7%
IC Packaging Operations
Amounts in NT$ Millions 4Q/11 3Q/11 4Q/10
Net Revenues 25,557 26,344 26,025
Revenues by Packaging Type
Advanced substrate &
leadframe based 81% 82% 83%
Traditional leadframe
based 8% 9% 9%
Module assembly 6% 5% 5%
Others 5% 4% 3%
Capacity
CapEx (US$ Millions)* 81 140 72
Number of Wirebonders 13,846 13,535 10,903
* Capital expenditure amounts exclude building construction costs.
Testing Operations
Amounts in NT$ Millions 4Q/11 3Q/11 4Q/10
Net Revenues 5,603 5,498 5,994
Revenues by Testing Type
Final test 84% 85% 84%
Wafer sort 14% 13% 14%
Engineering test 2% 2% 2%
Capacity
CapEx (US$ Millions)* 33 44 47
Number of Testers 2,585 2,536 2,191
* Capital expenditure amounts exclude building construction costs.
EMS Operations
Amounts in NT$ Millions 4Q/11 3Q/11 4Q/10
Net Revenues 14,447 14,116 17,228
Revenues by End
Application
Communications 37% 33% 43%
Computing 24% 21% 20%
Consumer 15% 20% 18%
Industrial 15% 16% 11%
Car 9% 10% 7%
Others 0% 0% 1%
Capacity
CapEx (US$ Millions)* 8 8 11
* Capital expenditure amounts exclude building construction costs.
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Income Statements Data *
(In NT$ millions, except per share data)
(Unaudited)
For the three months ended
==========================
Dec. 31 Sep. 30 Dec. 31
2011 2011 2010
Net revenues:
IC Packaging 25,543 26,331 26,003
Testing 5,603 5,498 5,989
Direct Material 668 645 583
EMS 14,527 14,210 17,226
Others 49 14 3,482
Total net revenues 46,390 46,698 53,283
------ ------ ------
Cost of revenues (37,915) (37,786) (41,316)
Gross profit 8,475 8,912 11,967
----- ----- ------
Operating expenses:
Research and development (1,954) (1,830) (1,633)
Selling, general and administrative (3,020) (2,770) (2,942)
Total operating expenses (4,974) (4,600) (4,575)
Operating income (loss) 3,501 4,312 7,392
----- ----- -----
Net non-operating (expenses) income:
Interest expense - net (404) (334) (316)
Foreign exchange gain (loss) 348 (579) 256
Gain (loss) on equity-method
investments (25) (9) (7)
Gain (loss) on valuation of
financial assets and
liabilities (72) 904 (164)
Others (396) (94) (269)
---
Total non-operating (expenses)
income (549) (112) (500)
---- ---- ----
Income (loss) before tax 2,952 4,200 6,892
Income tax benefit (expense) (340) (717) (1,791)
---- ---- ------
(Loss) income from continuing
operations and 2,612 3,483 5,101
before minority interest
Minority interest 27 (15) (231)
--- --- ----
Net income (loss) 2,639 3,468 4,870
===== ===== =====
Per share data:
Earnings (losses) per share
- Basic NT$0.40 NT$0.52 NT$0.74
- Diluted NT$0.40 NT$0.52 NT$0.72
Earnings (losses) per equivalent ADS
- Basic US$0.067 US$0.091 US$0.121
- Diluted US$0.066 US$0.089 US$0.118
Number of weighted average shares
used in 6,589,701 6,696,545 6,684,226
diluted EPS calculation (in
thousands)
Exchange rate (NT$ per US$1) 30.24 28.94 30.51
For the period
ended
==============
Dec. 31 Dec. 31
2011 2010
Net revenues:
IC Packaging 102,677 101,071
Testing 21,932 21,957
Direct Material 2,678 2,656
EMS 57,850 59,577
Others 210 3,482
--- -----
Total net revenues 185,347 188,743
------- -------
Cost of revenues (150,338) (148,198)
-------- --------
Gross profit 35,009 40,545
------ ------
Operating expenses:
Research and development (7,118) (6,162)
Selling, general and administrative (11,070) (10,284)
------- -------
Total operating expenses (18,188) (16,446)
------- -------
Operating income (loss) 16,821 24,099
------ ------
Net non-operating (expenses) income:
Interest expense - net (1,336) (1,171)
Foreign exchange gain (loss) 36 318
Gain (loss) on equity-method
investments 97 73
Gain (loss) on valuation of
financial assets and
liabilities 908 96
Others 471 (591)
--- ----
Total non-operating (expenses)
income 176 (1,275)
--- ------
Income (loss) before tax 16,997 22,824
Income tax benefit (expense) (3,018) (3,629)
------ ------
(Loss) income from continuing
operations and 13,979 19,195
before minority interest
Minority interest (253) (857)
---- ----
Net income (loss) 13,726 18,338
====== ======
Per share data:
Earnings (losses) per share
- Basic NT$2.08 NT$2.78
- Diluted NT$2.03 NT$2.73
Earnings (losses) per equivalent ADS
- Basic US$0.355 US$0.441
- Diluted US$0.346 US$0.432
Number of weighted average shares
used in 6,755,117 6,669,067
diluted EPS calculation (in
thousands)
Exchange rate (NT$ per US$1) 29.34 31.55
* Figures above reflect consolidation of USI starting in February 2010.
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Income Statements Data - IC ATM
(In NT$ millions, except per share data)
(Unaudited)
For the three months ended
==========================
Dec. 31 Sep. 30 Dec. 31
2011 2011 2010
Net revenues:
IC Packaging 25,557 26,344 26,025
Testing 5,603 5,498 5,994
Direct Material 668 645 583
EMS 80 94 -
Total net revenues 31,908 32,581 32,602
------ ------ ------
Cost of revenues (25,118) (25,262) (24,391)
Gross profit 6,790 7,319 8,211
----- ----- -----
Operating expenses:
Research and development (1,494) (1,408) (1,232)
Selling, general and administrative (2,140) (2,045) (2,000)
Total operating expenses (3,634) (3,453) (3,232)
Operating income (loss) 3,156 3,866 4,979
----- ----- -----
Net non-operating (expenses)
income:
Interest expense - net (346) (282) (292)
Foreign exchange gain (loss) 301 (572) 317
Gain (loss) on equity-method
investments 369 290 1,098
Gain (loss) on valuation of
financial assets
and liabilities (84) 804 (185)
Others (459) (102) (265)
----
Total non-operating (expenses)
income (219) 138 673
---- --- ---
Income (loss) before tax 2,937 4,004 5,652
Income tax benefit (expense) (329) (523) (655)
---- ---- ----
(Loss) income from continuing
operations and 2,608 3,481 4,997
before minority interest
Minority interest 31 (13) (127)
--- --- ----
Net income (loss) 2,639 3,468 4,870
===== ===== =====
Per share data:
Earnings (losses) per share
- Basic NT$0.40 NT$0.52 NT$0.74
- Diluted NT$0.40 NT$0.52 NT$0.72
Number of weighted average shares
used in 6,589,701 6,696,545 6,684,226
diluted EPS calculation (in
thousands)
For the period
ended
==============
Dec. 31 Dec. 31
2011 2010
Net revenues:
IC Packaging 102,747 101,119
Testing 21,946 21,962
Direct Material 2,678 2,656
EMS 252 -
--- ---
Total net revenues 127,623 125,737
------- -------
Cost of revenues (98,885) (93,673)
------- -------
Gross profit 28,738 32,064
------ ------
Operating expenses:
Research and development (5,425) (4,670)
Selling, general and administrative (7,985) (7,340)
------ ------
Total operating expenses (13,410) (12,010)
------- -------
Operating income (loss) 15,328 20,054
------ ------
Net non-operating (expenses)
income:
Interest expense - net (1,174) (1,139)
Foreign exchange gain (loss) (3) 431
Gain (loss) on equity-method
investments 1,122 2,371
Gain (loss) on valuation of
financial assets
and liabilities 792 41
Others 232 (787)
--- ----
Total non-operating (expenses)
income 969 917
--- ---
Income (loss) before tax 16,297 20,971
Income tax benefit (expense) (2,330) (2,171)
------ ------
(Loss) income from continuing
operations and 13,967 18,800
before minority interest
Minority interest (241) (462)
---- ----
Net income (loss) 13,726 18,338
====== ======
Per share data:
Earnings (losses) per share
- Basic NT$2.08 NT$2.78
- Diluted NT$2.03 NT$2.73
Number of weighted average shares
used in 6,755,117 6,669,067
diluted EPS calculation (in
thousands)
Universal Scientific Industrial Co., Ltd.
Summary of Consolidated Income Statements Data - EMS
(In NT$ millions, except per share data)
(Unaudited)
For the three months ended
==========================
Dec. 31 Sep. 30 Dec. 31
2011 2011 2010
Net revenues:
Total net revenues 14,447 14,116 17,228
------ ------ ------
Cost of revenues (12,667) (12,398) (15,424)
Gross profit 1,780 1,718 1,804
----- ----- -----
Operating expenses:
Research and development (467) (426) (401)
Selling, general and administrative (828) (687) (732)
Total operating expenses (1,295) (1,113) (1,133)
Operating income (loss) 485 605 671
--- --- ---
Net non-operating (expenses)
income:
Total non-operating (expenses)
income 115 85 (39)
--- --- ---
Income (loss) before tax 600 690 632
Income tax benefit (expense) (7) (194) (219)
--- ---- ----
(Loss) income from continuing
operations and 593 496 413
before minority interest
Minority interest (6) (5) (2)
--- --- ---
Net income (loss) 587 491 411
=== === ===
For the period
ended
==============
Dec. 31 Dec. 31
2011 2010
Net revenues:
Total net revenues 57,645 63,946
------ ------
Cost of revenues (50,983) (56,667)
------- -------
Gross profit 6,662 7,279
----- -----
Operating expenses:
Research and development (1,706) (1,623)
Selling, general and administrative (2,904) (2,845)
------ ------
Total operating expenses (4,610) (4,468)
------ ------
Operating income (loss) 2,052 2,811
----- -----
Net non-operating (expenses)
income:
Total non-operating (expenses)
income 359 145
--- ---
Income (loss) before tax 2,411 2,956
Income tax benefit (expense) (651) (552)
---- ----
(Loss) income from continuing
operations and 1,760 2,404
before minority interest
Minority interest (17) (8)
--- ---
Net income (loss) 1,743 2,396
===== =====
Advanced Semiconductor Engineering, Inc.
Summary of Consolidated Balance Sheet Data - Actual Basis*
(In NT$ millions)
(Unaudited)
As of Dec. 31, As of Sep. 30,
2011 2011
=============== ===============
Current assets:
Cash and cash equivalents 24,422 32,089
Financial assets - current 846 1,091
Notes and accounts
receivable 30,476 34,613
Inventories 30,070 26,813
Others 4,318 6,387
----- -----
Total current assets 90,132 100,993
Financial assets -non
current 2,221 2,640
Properties - net 111,779 110,653
Intangible assets 15,772 14,901
Others 3,974 4,514
----- -----
Total assets 223,878 233,701
======= =======
Current liabilities:
Short-term debts -
revolving credit 22,965 31,334
Current portion of long-
term debts 3,461 3,542
Notes and accounts payable 21,192 24,082
Others 19,143 17,472
------ ------
Total current liabilities 66,761 76,430
Long-term debts 50,167 51,028
Other liabilities 4,667 4,135
----- -----
Total liabilities 121,595 131,593
Minority interest 1,113 3,262
Shareholders' equity 101,170 98,846
------- ------
Total liabilities &
shareholders' equity 223,878 233,701
======= =======
Current Ratio 1.35 1.32
Net Debt to Equity 0.50 0.52
* Figures above reflect consolidation of USI starting in February
2010.
Universal Scientific Industrial Co., Ltd.
Summary of Consolidated Balance Sheet Data
(In NT$ millions)
(Unaudited)
As of Dec. 31,
2011
===============
Current assets:
Cash and cash equivalents 10,125
Financial assets - current 50
Notes and accounts
receivable 11,958
Inventories 6,626
Others 3,658
-----
Total current assets 32,417
Financial assets -non
current 441
Properties - net 4,845
Intangible assets 202
Others 697
---
Total assets 38,602
======
Current liabilities:
Short-term debts -
revolving credit 4,409
Current portion of long-
term debts 559
Notes and accounts payable 11,090
Others 2,637
-----
Total current liabilities 18,695
Long-term debts 2,753
Other liabilities 512
---
Total liabilities 21,960
Minority interest 101
Shareholders' equity 16,541
------
Total liabilities &
shareholders' equity 38,602
======
As of Sep. 30,
2011
===============
Current assets:
Cash and cash equivalents 10,836
Financial assets - current 136
Notes and accounts
receivable 12,263
Inventories 7,216
Others 3,774
-----
Total current assets 34,225
Financial assets -non
current 439
Properties - net 4,850
Intangible assets 153
Others 824
---
Total assets 40,491
======
Current liabilities:
Short-term debts -
revolving credit 5,748
Current portion of long-
term debts 648
Notes and accounts payable 12,636
Others 2,181
-----
Total current liabilities 21,213
Long-term debts 2,732
Other liabilities 478
---
Total liabilities 24,423
Minority interest 94
Shareholders' equity 15,974
------
Total liabilities &
shareholders' equity 40,491
======
Contact:
Joseph Tung, CFO /Vice
ASE, Inc. President
Room 1901, No. 333, Section
1 Allen Kan, Director
Keelung Road, Taipei,
Taiwan, 110 ir@aseglobal.com
Clare Lin, Senior Director (US
Tel: +886-2-6636-5678 Contact)
Fax: +886-2-2757-6121 clare.lin@aseus.com
http://www.aseglobal.com Tel: +1-408-636-9524
SOURCE Advanced Semiconductor Engineering, Inc.
Source: PR Newswire