Resulting in Earnings per Share of NT$ 0.54 or Earnings per ADS of
US$ 0.08 for Second Quarter 2009 TAICHUNG, Taiwan, July 29
/PRNewswire-Asia-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 2009 were NT$ 14,137 million, which represented a
53.6% increase in revenues compared to the first quarter of 2009
and a 10.8% decline in revenues compared to the second quarter of
2008. SPIL reported a net income of NT$ 1,664 million for the
second quarter of 2009, compared with a net income of NT$ 262
million and a net income of NT$ 2,408 million for the first quarter
of 2009 and the second quarter of 2008, respectively. Diluted
earnings per ordinary share for this quarter was NT$ 0.54, and
diluted earnings per ADS was US$ 0.08. Operating results review: --
For the second quarter of 2009, net revenues from IC packaging were
NT$ 13,002 million and represented 92% of total net revenues. Net
revenues from testing operations were NT$ 1,135 million and
represented 8% of total net revenues. -- Cost of goods sold was NT$
11,210 million, representing an increase of 34.7% compared to the
first quarter of 2009 and a decrease of 10.8% compared to the
second quarter of 2008. -- Raw materials costs were NT$ 6,470
million for the second quarter of 2009, and represented 45.8% of
total net revenues, whereas raw materials costs were NT$ 4,186
million and represented 45.5% of total net revenues for the first
quarter of 2009. -- The accrued expenses of bonuses to employees
accounted for under cost of goods sold totaled NT$ 127 million. --
Gross profit was NT$ 2,927 million for the second quarter of 2009,
representing a gross margin of 20.7%, which increased from a gross
margin of 9.5% for the first quarter of 2009 and was flat from
20.7% for the second quarter of 2008. -- Total operating expenses
for the second quarter of 2009 were NT$ 728 million, which included
selling expenses of NT$ 152 million, administrative expenses of NT$
282 million and R&D expenses of NT$ 294 million. Total
operating expenses represented 5.1% of total net revenues for the
second quarter of 2009. -- In the second quarter of 2009, the
accrued expenses of bonuses to employees, directors and supervisors
accounting for under operating expenses totaled NT$ 48 million. --
Operating income was NT$ 2,199 million for the second quarter of
2009, representing an operating margin of 15.6% for the second
quarter of 2009, which increased from 2.0% for the first quarter of
2009 and increased from 15.0% for the second quarter of 2008. --
Non-operating items: -- Net interest income was NT$ 10 million for
the second quarter of 2009. -- Our net currency exchange loss of
NT$ 125 million for the second quarter of 2009 was mainly due to
depreciation of our US dollar denominated asset as a result of an
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$ 87 million for the second quarter of
2009 was primarily due to investment gain of NT$ 83 million from
SPIL BVI. -- Net income before tax was NT$ 2,150 million for the
second quarter of 2009, which increased from a net income of NT$
317 million for the first quarter of 2009 and decreased from a net
income of NT$ 2,690 million for the second quarter of 2008. --
Income tax expense was NT$ 486 million for the second quarter of
2009, compared with income tax expense of NT$ 55 million for the
first quarter of 2009 and income tax expense of NT$ 282 million for
the second quarter of 2008. -- Net income was NT$ 1,664 million for
the second quarter of 2009, which increased from a net income of
NT$ 262 million for the first quarter of 2009 and decreased from a
net income of NT$ 2,408 million for the second quarter of 2008. --
Total number of shares outstanding was 3,122 million shares as of
Jun 30,2009. Diluted earnings per ordinary share for this quarter
was NT$ 0.54, or US$ 0.08 per ADS. Capital expenditure and balance
sheet highlight: -- Our cash balances totaled NT$ 19,123 million as
of Jun 30, 2009 from NT$ 18,448 million as of Mar 31, 2009, and NT$
24,079 million as of Jun 30, 2008. -- Capital expenditures for the
second quarter of 2009 totaled NT$ 328 million, which included NT$
277 million for packaging equipment and NT$ 51 million for testing
equipment. -- Total depreciation expenses for the second quarter of
2009 totaled NT$ 1,978 million, which included NT$ 1,502 million
was from packaging operations and NT$ 476 million from testing
operations. IC packaging service: -- Net revenues from IC packaging
operations were NT$ 13,002 million for the second quarter of 2009,
which represented an increase of NT$ 4,481 million or 52.6%
compared to the first quarter of 2009. -- Substrate-based
packaging, leadframe-based packaging and wafer bumping & FCBGA
accounted for 46%, 29% and 15%, respectively, of total net revenues
for the second quarter of 2009. -- Capital expenditures for IC
packaging operations totaled NT$ 277 million for the second quarter
of 2009, which included NT$ 189 million for packaging and building
construction and NT$ 88 million for wafer bumping operations. -- As
of Jun 30, 2009 we had 4,698 wirebonders installed, of which 90
were added and 44 were disposed in the second quarter of 2009. IC
testing service: -- Net revenues from testing operations were NT$
1,135 million for the second quarter of 2009, which represented an
increase of NT$ 453 million or 66.4% compared to the first quarter
of 2009. -- Capital expenditures for testing operations totaled NT$
51 million for the second quarter of 2009. -- As of Jun 30, 2009 we
had 375 testers installed, of which 2 were added and 2 were
disposed in the second quarter of 2009. Revenue Analysis Breakdown
by end applications: By application 2Q09 1Q09 Computing 23% 20%
Communication 48% 45% Consumer 18% 19% Memory 11% 16% Breakdown by
packaging type: By packaging type 2Q09 1Q09 Bumping & FCBGA 15%
13% Substrate Based 46% 47% Leadframe Based 29% 30% Testing 8% 8%
Others 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. 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 ROC GAAP on an unaudited unconsolidated basis. Audited
unconsolidated financial figures will be publicly announced upon
the completion of our audit process. The investment gains or losses
of our company for the three months ended Jun 30, 2009 reflect our
gains or losses attributable to the second quarter of 2009
unaudited financial results of several of our investees which are
evaluated under the equity method. Neither the unaudited
unconsolidated financial data for our company for the three months
ended Jun 30, 2009, nor the unaudited unconsolidated financial data
for our company for the six months ended Jun 30, 2009 is
necessarily indicative of the results that may be expected for any
period thereafter. -- Tables to Follow -- SILICONWARE PRECISION
INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of June 30,
2009 and 2008 (Expressed in Thousands of New Taiwan Dollars (NTD)
and U.S. Dollars (USD)) Jun 30, 2009 Jun 30, 2008 ASSETS USD NTD %
NTD % Cash and cash equivalent 583,722 19,122,744 26 24,078,606 27
Accounts receivable 315,491 10,335,470 14 11,072,532 13 Inventories
72,423 2,372,592 3 2,929,481 3 Other current assets 43,198
1,415,156 2 1,995,330 3 Total current assets 1,014,834 33,245,962
45 40,075,949 46 Long-term investments 189,334 6,202,576 8
6,968,115 8 Fixed assets 2,031,671 66,557,556 90 70,552,397 81 Less
accumulated depreciation (1,038,683) (34,027,268) -46 (32,313,818)
-37 Net fixed assets 992,988 32,530,288 44 38,238,579 44 Other
assets 72,900 2,388,208 3 1,731,995 2 Total Assets 2,270,056
74,367,034 100 87,014,638 100 LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities Accounts payable 205,083 6,718,516 9 7,276,431 8 Other
current liability 338,594 11,092,354 15 20,551,789 23 Long-term
loans -- -- -- 2,986,237 4 Other liabilities 2,524 82,691 -- 97,952
-- Total Liabilities 546,201 17,893,561 24 30,912,409 36
Stockholders' Equity Capital stock 962,329 31,525,899 42 30,746,975
35 Stock dividend to be distributed -- -- -- 778,924 1 Capital
reserve 515,428 16,885,423 23 16,819,576 19 Legal reserve 174,616
5,720,419 8 5,089,066 6 Retained earnings 63,294 2,073,510 3
4,300,752 5 Unrealized gain or loss on financial instruments 23,319
763,934 1 (893,517) -1 Cumulated translation adjustment 9,111
298,472 -- 54,637 -- Treasury stock (24,242) (794,184) -1 (794,184)
-1 Total Equity 1,723,854 56,473,473 76 56,102,229 64 Total
Liabilities & Shareholders' Equity 2,270,056 74,367,034 100
87,014,638 100 Forex (NT$ per US$) -- 32.76 -- 30.29 -- (1) All
figures are under ROC GAAP. SILICONWARE PRECISION INDUSTRIES CO.,
LTD. UNCONSOLIDATED BALANCE SHEET As of June 30, 2009 and 2008
(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S.
Dollars (USD)) (Continued) Sequential ASSETS Change % Cash and cash
equivalent (4,955,862) -21 Accounts receivable (737,062) -7
Inventories (556,889) -19 Other current assets (580,174) -29 Total
current assets (6,829,987) -17 Long-term investments (765,539) -11
Fixed assets (3,994,841) -6 Less accumulated depreciation
(1,713,450) 5 Net fixed assets (5,708,291) -15 Other assets 656,213
38 Total Assets (12,647,604) -15 LIABILITIES AND STOCKHOLDERS'
EQUITY Liabilities Accounts payable (557,915) -8 Other current
liability (9,459,435) -46 Long-term loans (2,986,237) -100 Other
liabilities (15,261) -16 Total Liabilities (13,018,848) -42
Stockholders' Equity Capital stock 778,924 3 Stock dividend to be
distributed (778,924) -100 Capital reserve 65,847 -- Legal reserve
631,353 12 Retained earnings (2,227,242) -52 Unrealized gain or
loss on financial instruments 1,657,451 -185 Cumulated translation
adjustment 243,835 446 Treasury stock -- -- Total Equity 371,244 1
Total Liabilities & Shareholders' Equity (12,647,604) -15 Forex
( NT$ per US$ ) -- -- (1) All figures are under ROC GAAP.
SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME
STATEMENT (Expressed in Thousands of New Taiwan Dollars (NTD) and
U.S. Dollars (USD)) 3 months ended on June 30 2Q 2009 2Q 2008 YOY
USD NTD % NTD change% Revenues 427,481 14,136,788 100.0 15,852,384
-10.8 Cost of Goods Sold (338,975) (11,209,888) -79.3 (12,582,543)
-10.9 Gross Profit 88,506 2,926,900 20.7 3,269,841 -10.5 Operating
Expenses Selling Expenses (4,603) (152,220) -1.1 (211,136) -27.9
Administrative Expenses (8,506) (281,283) -2.0 (339,215) -17.1
Research and Development Expenses (8,890) (293,978) -2.1 (345,327)
-14.9 (21,998) (727,481) -5.1 (895,678) -18.8 Operating Income
66,508 2,199,419 15.6 2,374,163 -7.4 Non-operating Income 4,951
163,722 1.2 373,588 -56.2 Non-operating Expenses (6,439) (212,931)
-1.5 (57,284) 271.7 Income from Continuing Operations before Income
Tax 65,020 2,150,210 15.2 2,690,467 -20.1 Income Tax Credit
(Expenses) (14,693) (485,905) -3.4 (282,577) 72.0 Net Income 50,327
1,664,305 11.8 2,407,890 -30.9 Earnings Per Ordinary Share -
Diluted -- NT$ 0.54 -- NT$ 0.77 -- Earnings Per ADS- Diluted -- US$
0.08 -- US$ 0.13 -- Weighted Average Outstanding Shares - Diluted
('k) -- 3,121,862 -- 3,126,293 -- Forex ( NT$ per US$ ) -- 33.07 --
30.38 -- (1) All figures are under ROC GAAP. (2) 1 ADS is
equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES
CO., LTD. UNCONSOLIDATED INCOME STATEMENT (Expressed in Thousands
of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) (Continued)
Sequential Comparison 2Q 2009 1Q 2009 QOQ NTD NTD change% Revenues
14,136,788 9,203,336 53.6 Cost of Goods Sold (11,209,888)
(8,324,659) 34.7 Gross Profit 2,926,900 878,677 233.1 Operating
Expenses Selling Expenses (152,220) (107,115) 42.1 Administrative
Expenses (281,283) (344,682) -18.4 Research and Development
Expenses (293,978) (236,658) 24.2 (727,481) (688,455) 5.7 Operating
Income 2,199,419 190,222 1056.2 Non-operating Income 163,722
247,076 -33.7 Non-operating Expenses (212,931) (120,203) 77.1
Income from Continuing Operations before Income Tax 2,150,210
317,095 578.1 Income Tax Credit (Expenses) (485,905) (55,310) 778.5
Net Income 1,664,305 261,785 535.8 Earnings Per Ordinary Share-
Diluted -- NT$ 0.08 -- Earnings Per ADS- Diluted -- US$ 0.01 --
Weighted Average Outstanding Shares - Diluted ('k) -- 3,136,087 --
Forex ( NT$ per US$ ) -- 33.96 -- (1) All figures are under ROC
GAAP. (2) 1 ADS is equivalent to 5 Common Shares. SILICONWARE
PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME STATEMENT For
the Six Months Ended on June 30, 2009 and 2008 (Expressed in
Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 6
months ended on June 30, 2009 and 2008 2009 2008 YOY USD NTD % NTD
Change% Net Sales 705,779 23,340,124 100.0 30,783,606 -24.2 Cost of
Goods Sold (590,703) (19,534,547) -83.7 (24,429,002) -20.0 Gross
Profit 115,076 3,805,577 16.3 6,354,604 -40.1 Operating Expenses
Selling expenses (7,842) (259,335) -1.1 (438,160) -40.8
Administrative expenses (18,928) (625,965) -2.7 (658,644) -5.0
Research and development expenses (16,046) (530,636) -2.3 (700,878)
-24.3 (42,816) (1,415,936) -6.1 (1,797,682) -21.2 Operating Income
72,260 2,389,641 10.2 4,556,922 -47.6 Non-operating Income 6,000
198,421 0.9 421,118 -52.9 Non-operating Expenses (3,652) (120,757)
-0.5 (304,610) -60.4 Income Before Income Tax 74,609 2,467,305 10.6
4,673,430 -47.2 Income Tax Credit (Expenses) (16,366) (541,215)
-2.3 (512,584) 5.6 Net Income 58,243 1,926,090 8.3 4,160,846 -53.7
Earnings Per Ordinary Share- Diluted -- NT$ 0.62 -- NT$ 1.33 --
Earnings Per ADS- Diluted -- US$ 0.09 -- US$ 0.22 -- Weighted
Average Outstanding Shares - Diluted ('k) -- 3,121,862 -- 3,126,293
-- Forex ( NT$ per US$) -- 33.07 -- 30.38 -- (1) All figures are
under ROC GAAP. (2) 1 ADS is equivalent to 5 Common Shares.
SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED
STATEMENTS OF CASH FLOWS For 6 Months Ended on June 30, 2009 and
2008 (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S.
Dollars (USD)) 6 months, 2009 6 months, 2008 USD NTD NTD Cash Flows
from Operating Activities: Net income 58,794 1,926,090 4,160,846
Depreciation 124,115 4,066,004 4,090,899 Amortization 8,224 269,413
281,200 Gains on disposal of long-term investment (179) (5,871) --
Long-term investment gain recognized by equity method 304 9,975
(42,130) Change in working capital & others (72,541)
(2,376,459) 422,519 Net cash flows provided from operating
activities 118,716 3,889,152 8,913,334 Cash Flows from Investing
Activities: Acquisition of property, plant, and equipment (22,324)
(731,343) (5,535,821) Payment for long-term investment (10,107)
(331,100) (19,032) Payment for deferred charges/other changes
(1,367) (44,798) (210,542) Net cash used in investing activities
(33,799) (1,107,241) (5,765,395) Cash Flows from Financing
Activities: Payment for long-term bank loan (91,575) (3,000,000) --
Remuneration of directors and supervisors' bonuses -- -- (157,404)
Proceeds from the exercise of employee stock option /other charges
45,012 1,474,595 (40,683) Net cash provided from financing
activities (46,563) (1,525,405) (198,087) Net increase (decrease)
in cash and cash equivalents 38,355 1,256,506 2,949,852 Cash and
cash equivalents at beginning of period 545,367 17,866,238
21,128,754 Cash and cash equivalents at end of period 583,722
19,122,744 24,078,606 Forex ( NT$ per US$ ) -- 32.76 30.29 (1): All
figures are under ROC GAAP. 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 Tel: +886-3-5795678 #3675 Email: Byron Chiang,
Spokesperson Tel: +886-3-5795678 #3671 Email: DATASOURCE:
Siliconware Precision Industries Co., Ltd. CONTACT: Janet Chen, IR
Director, +886-3-5795678, ext 3675, or , or Byron Chiang,
Spokesperson, +886-3-5795678 ext 3671, or , both for Siliconware
Precision Industries Co., Ltd. Web site: http://www.spil.com.tw/
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