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Advanced Semiconductor Engineering, Inc. Reports Unaudited C

新闻来源:AG88 发布时间:2018-11-02

TAIPEI, Taiwan, Oct. 30 /Xinhua-PRNewswire-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 revenues (Note 1) of NT$27,733 million for the third quarter of 2007 (3Q07), up 4% year-over-year and up 19% sequentially. Net income for the quarter totaled NT$4,225 million, up from NT$4,181 million in 3Q06 and up from NT$2,575 million in 2Q07. Diluted earnings per share for the quarter was NT$0.79 (or US$0.120 per ADS), compared to NT$0.78 for 3Q06 and NT$0.48 for 2Q07.

(Note 1: 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 review 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 for any future period.)

For the nine months ended September 30, 2007, the Company reported net revenues of NT$72,188 million and net income of NT$8,461 million. Earnings per share for the 1st nine months of 2007 was NT$1.58, or US$0.241 per ADS.

RESULTS OF OPERATIONS

3Q07 Results Highlights

-- Net revenues contribution from IC packaging operations (including

module assembly), testing operations, and substrate sold to third

parties were NT$21,644 million, NT$5,282 million and NT$807 million,

respectively, and each represented approximately 78%, 19% and 3%

respectively, of total net revenues for the quarter.

-- Cost of revenues was NT$19,303 million, up 4% year-over-year and up

14% sequentially.

-- As a percentage of total net revenues, cost of revenues was 70% in

3Q07, up from 69% in 3Q06 and down from 73% in 2Q07.

-- Raw material cost totaled NT$7,830 million during the quarter,

representing 28% of total net revenues, compared with NT$6,356

million and 27% of net revenues in the previous quarter. The rise

in raw material cost as percentage of sales was primarily due to

higher revenue contribution from flip chip packages.

-- Depreciation, amortization and rental expenses totaled NT$4,100

million during the quarter, up 7% year-over-year and down 1%

sequentially.

-- Total operating expenses during 3Q07 were NT$2,321 million,

including NT$748 million in R&D and NT$1,573 million in SG&A.

Compared with operating expense of NT$2,515 million in 2Q07, the

sequential decrease was primarily attributable to the bonus to

employee and compensation to directors of subsidiary in 2Q07.

Total operating expenses as a percentage of net revenues for the

current quarter were 8%, relatively unchanged compared to 3Q06 and

down from 11% in 2Q07.

-- Operating profit for the quarter totaled NT$6,109 million, up from

NT$3,889 million in the previous quarter. Operating margin

increased from 17% in 2Q07 to 22% in 3Q07.

-- In terms of non-operating items,

-- Net interest expense was NT$273 million, down from NT$306 million

a quarter ago primarily due to a decrease in total bank loans.

-- Net exchange gain of NT$39 million was mainly attributable to the

exchange gain from the appreciation of the Renminbi against the

U.S. dollar, and partially offset by exchange loss from the

depreciation of the US dollar against the Malaysian ringgit and

Korean won.

-- Gain on long-term investment of NT$111 million was primarily

related to investment income of NT$82 million from USI, investment

income of NT$30 million from Hung Ching Construction, and

partially offset by investment loss from Hung Ching Kwan Co.

-- Other non-operating expenses of NT$157 million were primarily

related to loss from inventory provision adjustment and other

miscellaneous expenses. Together with other non-operating

expenses, total non-operating expenses for the quarter were NT$280

million, compared to NT$554 million for 3Q06 and NT$292 million

for 2Q07.

-- Income before tax was NT$5,829 million for 3Q07, compared with

NT$3,597 million in the previous quarter. We recorded an income tax

expense of NT$1,008 million during the quarter, compared with an

income tax expense of NT$866 million in 2Q07. Minority interest

adjustment was NT$596 million for 3Q07.

-- In 3Q07, net income was NT$4,225 million, compared to net income of

NT$4,181 million for 3Q06 and NT$2,575 million for 2Q07. For the

nine months ended September 30, 2007, the company reported net income

of NT$8,461 million, compared with net income of NT$14,682 million in

the same period in 2006.

-- Our total number of shares (excluding treasury stock) outstanding at

the end of the quarter was 5,237,081,632. Our diluted EPS for 3Q07

was NT$0.79, or US$0.120 per ADS, based on 5,402,950,991 shares,

being the weighted average number of shares outstanding during the

third quarter. EPS for the nine months ended September 30, 2007 was

NT$1.58, or US$0.241 per ADS.

LIQUIDITY AND CAPITAL RESOURCES

-- As of September 30, 2007, our cash and other financial assets totaled

NT$24,631 million, compared to NT$26,683 million on June 30, 2007.

-- Capital expenditures in 3Q07 totaled US$140 million, of which US$83

million was for IC packaging, US$55 million was for testing, and US$2

million was for interconnect materials.

-- For the nine months ended September 30, 2007, the Company spent

US$284 million for capital expenditures, including US$165 million for

IC packaging, US$118 million for testing, and US$1 million for

interconnect material.

-- As of September 30, 2007, we had total bank debts of NT$38,145

million, compared to NT$38,696 million as of June 30, 2007. Total

bank debts consisted of NT$7,279 million of revolving working capital

loans, NT$2,382 million of current portion of long-term debts,

NT$20,817 million of long-term debts and NT$7,667 million of long-t

term bonds payable. Total unused credit lines were NT$50,912 million.

-- Current ratio as of September 30, 2007 was 1.69, compared to 1.54 as

of June 30, 2007 and net debt to equity ratio was 0.16 as of

September 30, 2007.

-- Total number of employees was 28,553 as of September 30, 2007.

BUSINESS REVIEW

IC Packaging Services (Note 2)

-- Net revenues generated from our IC packaging operations were

NT$21,644 million during the quarter, up by NT$1,270 million or 6%

year-over-year and up by NT$3,615 million or 20% sequentially. On a

sequential basis, the increase in packaging net revenue was primarily

due to volume increase.

-- Net revenues from advanced substrate and leadframe-based packaging

accounted for 85% of total IC packaging net revenues during the

quarter, relatively unchanged compared with the previous quarter.

-- Gross margin for our IC packaging operations was 26%, up by

1 percentage point year-over-year and up by 2 percentage points

sequentially.

-- Capital expenditure for our IC packaging operations amounted to US$83

million during the quarter, of which US$81 million was for

wirebonding packaging capacity, and US$2 million was for wafer

bumping and flip chip packaging equipment.

-- As of September 30, 2007, there were 7,649 wirebonders in operation.

645 wirebonders were added, of which 20 wirebonders were from the

formation of ASEN (our joint venture with NXP). 36 wirebonders were

disposed of during the quarter.

-- Net revenues from flip chip packages and wafer bumping services

accounted for 11% of total packaging net revenues, up by one

percentage point from the previous quarter.

(Note 2: IC packaging services include module assembly services.)

Testing Services

-- Net revenues generated from our testing operations were NT$5,282

million, down by NT$528 million or 9% year-over-year and up by NT$558

million or 12% sequentially. The increase in testing net revenues

was primarily due to an increase in testing volume and average

selling prices (ASP).

-- Final testing contributed 76% to total testing net revenues,

relatively unchanged compared with the previous quarter. Wafer sort

contributed 21% to total testing net revenues, up by one percentage

point from the previous quarter. Engineering testing contributed 3%

to total testing net revenues, down by one percentage point from the

previous quarter.

-- Depreciation, amortization and rental expense associated with our

testing operations amounted to NT$1,517 million, down from NT$1,597

million in 3Q06 and down from NT$1,574 million in 2Q07.

-- In 3Q07, gross margin for our testing operations was 41%, down by

three percentage points year-over-year and up by six percentage

points sequentially. The sequential increase in gross margin was

primary due to the increase of sales and utilization.

-- Capital spending on our testing operations amounted to US$55 million

during the quarter.

-- As of September 30, 2007, there were 1,502 testers in operations, of

which 138 testers were added and 21 testers were disposed of during

the quarter. The added 138 testers consist of 16 testers from our

joint venture with NXP, 86 testers from consignment, and 36 testers

from purchase and lease

Substrate Operations

-- PBGA substrate manufactured by ASE amounted NT$2,612 million for the

quarter, up by NT$439 million or 20% from a year-ago quarter, and up

by NT$565 million or 28% from the previous quarter. Of the total

output of NT$2,612 million, NT$807 million was from sales to external

customers.

-- Gross margin for substrate operations was 24% during the quarter, up

by one percentage point compared with the year-ago quarter, and up by

three percentage points compared with the previous quarter.

-- In 3Q07, the Company’s internal substrate manufacturing operations

supplied 52% (by value) of our total substrate requirements.

-- As of September 30, 2007, the Company’s PBGA capacity was at 48

million units per month.

Customers

-- Our five largest customers together accounted for approximately 26%

of our total net revenues in 3Q07, compared to 28% in 3Q06 and 27% in

2Q07. No single customer accounted for more than 10% of our total net

revenues.

-- Our top 10 customers contributed 43% of our total net revenues during

the quarter, compared to 44% in 3Q06 and 2Q07.

-- Our customers that are integrated device manufacturers, or IDMs,

accounted for 38% of our total net revenues in 3Q07, compared to 44%

in 3Q06 and 39% in 2Q07.

About ASE, Inc.

ASE, Inc. is the world’s largest independent provider of IC packaging services and, together with its subsidiary ASE Test Limited (Nasdaq: ASTSF), the world’s largest independent provider of IC 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., CSR plc, Freescale Semiconductor, Inc., MediaTek Inc., NEC Corporation, NVIDIA Corporation, NXP Semiconductors, Qualcomm Incorporated, RF Micro Devices Inc., STMicroelectronics N.V. and VIA Technologies, Inc. With advanced technological capabilities and a global presence spanning Taiwan, 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 Securities Act and Section 21E of the Exchange Act, 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 annual report. We were not involved in the preparation of these projections. 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 press release. 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; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the ROC and the PRC; general economic and political conditions; possible disruptions in commercial activities caused by natural or human-induced disasters; 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 2006 Annual Report on Form 20-F filed on June 25, 2007.

-- Tables to follow --

Supplemental Financial Information

Consolidated Operations

Amounts in NT$ Millions 3Q/07 2Q/07 3Q/06

Net Revenues 27,733 23,362 26,726

Revenues by End Application

Communication 44% 46% 38%

Computer 22% 22% 21%

Automotive and Consumers 33% 32% 40%

Others 1% 0% 1%

Revenues by Region

North America 49% 48% 53%

Europe 13% 12% 14%

Taiwan 22% 23% 17%

Japan 8% 9% 11%

Other Asia 8% 8% 5%

IC Packaging Services

Amounts in NT$ Millions 3Q/07 2Q/07 3Q/06

Net Revenues 21,644 18,029 20,374

Revenues by Packaging Type

Advanced substrate &

leadframe based 85% 85% 84%

Traditional leadframe based 4% 5% 5%

Module assembly 6% 6% 6%

Others 5% 4% 5%

Capacity

CapEx (US$ Millions) * 83 49 47

Number of Wirebonders 7,649 7,040 6,544

Testing Services

Amounts in NT$ Millions 3Q/07 2Q/07 3Q/06

Net Revenues 5,282 4,724 5,810

Revenues by Testing Type

Final test 76% 76% 76%

Wafer sort 21% 20% 19%

Engineering test 3% 4% 5%

Capacity

CapEx (US$ Millions) * 55 20 29

Number of Testers 1,502 1,385 1,296

* 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 For the period ended

Sep. 30 Jun. 30 Sep. 30 Sep. 30 Sep. 30

2007 2007 2006 2007 2006

Net revenues:

IC Packaging 21,644 18,029 20,374 55,956 59,635

Testing 5,282 4,724 5,810 14,331 16,633

Others 807 609 542 1,901 1,582

Total net revenues 27,733 23,362 26,726 72,188 77,850

Cost of revenues 19,303 16,958 18,479 52,358 55,467

Gross profit 8,430 6,404 8,247 19,830 22,383

Operating expenses:

Research and

development 748 720 663 2,157 1,942

Selling, general

and administrative 1,573 1,795 1,491 4,905 4,217

Total operating

Expenses 2,321 2,515 2,154 7,062 6,159

Operating income (loss) 6,109 3,889 6,093 12,768 16,224

Net non-operating

(income) expenses:

Interest expenses – net 273 306 303 932 1,000

Foreign exchange loss

(gain) (39) (147) 89 (205) 66

Loss (gain) on

long-term investment (111) (65) (219) (252) (363)

Others 157 198 381 597 (2,692)

Total non-operating

(income) expenses 280 292 554 1,072 (1,989)

Income (loss)

before tax 5,829 3,597 5,539 11,696 18,213

Income tax expense

(benefit) 1,008 866 751 2,193 1,318

Income (loss) from

continuing operations 4,821 2,731 4,788 9,503 16,895

Cumulative effect of

change in

accounting principle -- -- -- -- 343

Income (loss) before

minority interest 4,821 2,731 4,788 9,503 16,552

Minority interest 596 156 607 1,042 1,870

Net income (loss) 4,225 2,575 4,181 8,461 14,682

Per share data:

Earnings (loss)

per share

- Basic NT$0.81 NT$0.50 NT$0.82 NT$1.63 NT$2.88

- Diluted NT$0.79 NT$0.48 NT$0.78 NT$1.58 NT$2.74

Earnings (loss)

per pro forma

equivalent ADS

- Basic US$0.123 US$0.075 US$0.125 US$0.248 US$0.445

- Diluted US$0.120 US$0.073 US$0.119 US$0.241 US$0.424

Number of weighted

average shares

used in diluted

EPS calculation

(in thousands) 5,402,951 5,433,905 5,418,637 5,421,150 5,404,775

Exchange rate

(NT$ per US$1) 32.86 33.11 32.70 32.94 32.36

Advanced Semiconductor Engineering, Inc.

Summary of Consolidated Balance Sheet Data

(In NT$ millions)

(Unaudited)

As of Sep. 30, As of Jun. 30,

2007 2007

Current assets:

Cash and cash equivalents 16,990 13,294

Financial assets - current 7,641 13,389

Notes and accounts receivable 18,074 13,813

Inventories 5,740 5,586

Others 3,788 3,835

Total current assets 52,233 49,917

Financial assets - non current 4,813 4,802

Properties - net 80,056 77,564

Other assets 9,762 9,870

Total assets 146,864 142,153

Current liabilities:

Short-term debts - revolving credit 7,279 4,966

Short-term debts - current

portion of long-term debts 2,382 2,425

Short-term debts - current

portion of bonds payable 0 0

Notes and accounts payable 9,709 7,616

Others 11,624 17,273

Total current liabilities 30,994 32,280

Long-term debts 20,817 22,034

Long-term bonds payable 7,667 9,271

Other liabilities 3,097 3,029

Total liabilities 62,575 66,614

Minority interest 13,260 11,760

Shareholders’ equity 71,029 63,779

Total liabilities &

shareholders’ equity 146,864 142,153

Current Ratio 1.69 1.55

Net Debt to Equity 0.16 0.16

Contact:

ASE, Inc.

Tel: +886-2-8780-5489

Fax: +886-2-2757-6121

http://www.aseglobal.com

Joseph Tung, CFO / Vice President

Freddie Liu, Vice President

Email: ir@aseglobal.com

Clare Lin, Director (US Contact)

Tel: +1-408-986-6524

Email: clare.lin@aseus.com

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