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Siliconware Precision Industries Reports Unaudited Consolidated Financial Results for the First Quarter of 2017

Ein Wärmekraftwerk (Symbolbild). © Alex_Wang1 / iStock / Getty Images Plus / Getty Images

PR Newswire

TAICHUNG, Taiwan, April 26, 2017 /PRNewswire/ --

Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its consolidated sales revenues for the first quarter of 2017 were NT$ 19,552 million, which represented a 11.8% decline in revenues compared to the fourth quarter of 2016 and a 1.3% growth in revenues compared to the first quarter of 2016. SPIL reported a net income of NT$ 997 million for the first quarter of 2017, compared with a net income of NT$ 2,829 million and a net income of NT$ 1,604 million for the fourth quarter of 2016 and the first quarter of 2016, respectively.

Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

All figures were prepared in accordance with T-IFRS on a consolidated basis.

Operating results review:

  • For the first quarter of 2017, net revenues from IC packaging were NT$ 17,026 million and represented 87% of total net revenues. Net revenues from testing operations were NT$ 2,526 million and represented 13% of total net revenues.
  • Cost of goods sold was NT$ 15,795 million, representing a decline of 6.8% compared to the fourth quarter of 2016 and an increase of 3.0% compared to the first quarter of 2016.
    • Raw materials costs were NT$ 6,725 million for the first quarter of 2017 and represented 34.4% of total net revenues, whereas raw materials costs were NT$ 7,413 million and represented 33.5% of total net revenues for the fourth quarter of 2016.
    • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 91 million.
  • Gross profit was NT$ 3,757 million for the first quarter of 2017, representing a gross margin of 19.2%, which decreased from a gross margin of 23.6% for the fourth quarter of 2016 and decreased from 20.6% for the first quarter of 2016.
  • Total operating expenses for the first quarter of 2017 were NT$ 2,017 million, which included selling expenses of NT$ 248 million, administrative expenses of NT$ 804 million and R&D expenses of NT$ 965 million. Total operating expenses represented 10.3% of total net revenues for the first quarter of 2017.
    • The accrued expenses of bonuses to employees, directors accounted for under operating expenses totaled NT$ 50 million.
  • Operating income was NT$ 1,740 million for the first quarter of 2017, representing an operating margin of 8.9%, which decreased from 13.7% for the fourth quarter of 2016 and decreased from 9.8% for the first quarter of 2016.
  • Non-operating items:
    • Our non-operating expense was NT$ 478 million, including net foreign exchange losses of NT$ 313 million and net losses of NT$ 113 million on fair value change of financial liabilities at fair value through profit or loss.
  • Net income before tax was NT$ 1,262 million for the first quarter of 2017, which decreased from a net income before tax of NT$ 3,392 million for the fourth quarter of 2016 and decreased from a net income before tax of NT$ 1,898 million for the first quarter of 2016.
  • Income tax expense was NT$ 265 million for the first quarter of 2017, compared with income tax expense of NT$ 563 million for the fourth quarter of 2016 and income tax expense of NT$ 294 million for the first quarter of 2016.
  • Net income was NT$ 997 million for the first quarter of 2017, which decreased from a net income of NT$ 2,829 million for the fourth quarter of 2016 and decreased from a net income of NT$ 1,604 million for the first quarter of 2016.
  • Total number of shares outstanding was 3,116 million shares as of Mar 31, 2017. Basic earnings per share for this quarter was NT$ 0.32, and diluted earnings per ordinary share was NT$ 0.15. Basic earnings per ADS for this quarter was US$ 0.05, and diluted earnings per ADS was US$ 0.02.

Capital expenditure and balance sheet highlight:

  • Our cash balances totaled NT$ 23,611 million as of Mar 31, 2017 from NT$ 24,476 million as of Dec 31, 2016, and NT$ 25,406 million as of Mar 31, 2016.
  • Capital expenditures for the first quarter of 2017 totaled NT$ 3,337 million.
  • Total depreciation expenses for the first quarter of 2017 totaled NT$ 3,392 million.

IC packaging service:

  • Net revenues from IC packaging operations were NT$ 17,026 million for the first quarter of 2017, which represented a decrease of NT$ 2,380 million or 12.3% compared to the fourth quarter of 2016.
  • Substrate-based packaging, leadframe-based packaging and wafer bumping & Flip Chip accounted for 28%, 17% and 42%, respectively, of total net revenues for the first quarter of 2017.
  • As of Mar 31, 2017 we had 8,248 wirebonders installed, of which 410 were added and 158 were disposed in the first quarter of 2017.

IC testing service:


ARIVA.DE Börsen-Geflüster

  • Net revenues from testing operations were NT$ 2,526 million for the first quarter of 2017, which represented a decrease of NT$ 246 million or 8.9% compared to the fourth quarter of 2016.
  • As of Mar 31, 2017 we had 549 testers installed, of which 5 were added and 10 were disposed in the first quarter of 2017.

For more information, please visit: https://photos.prnasia.com/prnk/20170426/1835036-1 

Revenue Analysis

  • Breakdown by end applications:

By application

1Q17

4Q16

Communication

70%

69%

Computing

11%

12%

Consumer

17%

17%

Memory

2%

2%

  • Breakdown by packaging type:

By application

1Q17

4Q16

Bumping & Flip Chip 

42%

42%

Substrate Based 

28%

29%

Leadframe Based

17%

17%

Testing 

13%

12%

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 shipment. Products include advanced leadframe, substrate packages, wafer bumping and FCBGA, 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 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 TIFRS on a consolidated basis. The investment gains or losses of our company for the three months ended Mar 31, 2017 reflect our gains or losses attributable to the first quarter of 2017 unaudited financial results of several of our investees which are evaluated under the equity method. The consolidated financial data for our company for the three months ended Mar 31, 2017 is not necessarily indicative of the results that may be expected for any period thereafter.

Contact:

Siliconware Precision Industries Co., Ltd.
No. 123, Sec. 3, Da Fong Rd., Tantzu,
Taichung , Taiwan 42749
www.spil.com.tw

Eva Chen, VP of Finance Div.
SPILIR@spil.com.tw  
+886-4-25341525 #1536

Byron Chiang, Spokesperson
Spokesperson@spil.com.tw  
+886-3-5795678 #3676

SILICONWARE PRECISION INDUSTRIES CO., LTD.

CONSOLIDATED BALANCE SHEET (UNAUDITED)

As of Mar 31, 2017 and 2016

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))















Mar 31,2017


Mar 31,2016


Sequential

ASSETS


USD


NTD

%


NTD

%


Change

%

Current Assets












Cash and cash equivalent


778,476


23,611,168

19


25,405,633

21


(1,794,465)

-7.1

Accounts receivable


512,133


15,532,994

13


14,536,059

12


996,935

6.9

Inventories


224,929


6,822,101

6


5,678,642

5


1,143,459

20.1

Other current assets


51,576


1,564,299

1


1,309,843

0


254,456

19.4

Total current assets

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