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Siliconware Precision Industries – SPIL – Operating results review

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Siliconware Precision Industries Co., Ltd. (NASDAQ: SPIL) announced that its consolidated sales revenues for the first quarter of 2012 were NT$ 15,118 million, which represented a 3.8% decline in revenues compared to the fourth quarter of 2011 and a 4.5% growth in revenues compared to the first quarter of 2011. SPIL reported a net income of NT$ 891 million for the first quarter of 2012, compared with a net income of NT$ 1,171 million and a net income of NT$ 1,070 million for the fourth quarter of 2011 and the first quarter of 2011, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.29, and diluted earnings per ADS was US$ 0.05.

Operating results review:


  • For the first quarter of 2012, net revenues from IC packaging were NT$ 13,722 million and represented 91% of total net revenues. Net revenues from testing operations were NT$ 1,396 million and represented 9% of total net revenues.
  • Cost of goods sold was NT$ 12,891 million, representing a decrease of 2.3% compared to the fourth quarter of 2011 and an increase of 5.0% compared to the first quarter of 2011.
  • Raw materials costs were NT$ 6,823 million for the first quarter of 2012 and represented 45.1% of total net revenues, whereas raw materials costs were NT$ 7,015 million and represented 44.7% of total net revenues for the fourth quarter of 2011.
  • The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 67 million.
  • Gross profit was NT$ 2,227 million for the first quarter of 2012, representing a gross margin of 14.7%, which decreased from a gross margin of 16.0% for the fourth quarter of 2011 and was down from 15.2% for the first quarter of 2011.
  • Total operating expenses for the first quarter of 2012 were NT$ 1,188 million, which included selling expenses of NT$ 173 million, administrative expenses of NT$ 459 million and R&D expenses of NT$ 556 million. Total operating expenses represented 7.8% of total net revenues for the first quarter of 2012.
  • The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 29 million.
  • Operating income was NT$ 1,039 million for the first quarter of 2012, representing an operating margin of 6.9%, which decreased from 8.5% for the fourth quarter of 2011 and decreased from 8.2% for the first quarter of 2011.

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.

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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.


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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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