Siliconware Precision Industries Reports a 3.8% Quarter-over-Quarter Decline in Revenues Resulting in Earnings per Share of NT$ 0.38 or Earnings per ADS of US$ 0.06 for Fourth Quarter 2011 - Page 2

PR Newswire

Wednesday, February 15th 2012

For the fourth quarter of 2011, net revenues from IC packaging were NT$ 14,292 million and represented 91% of total net revenues. Net revenues from testing operations were NT$ 1,418 million and represented 9% of total net revenues.
Cost of goods sold was NT$ 13,198 million, representing a decrease of 4.7% compared to the third quarter of 2011 and a decrease of 0.6% compared to the fourth quarter of 2010.
- Raw materials costs were NT$ 7,015 million for the fourth quarter of 2011, and represented 44.7% of total net revenues, whereas raw materials costs were NT$ 7,568 million and represented 46.4% of total net revenues for the third quarter of 2011.
- The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 94 million.
Gross profit was NT$ 2,512 million for the fourth quarter of 2011, representing a gross margin of 16.0%, which increased from a gross margin of 15.2% for the third quarter of 2011 and was up from 14.3% for the fourth quarter of 2010.
Total operating expenses for the fourth quarter of 2011 were NT$ 1,175 million, which included selling expenses of NT$ 209 million, administrative expenses of NT$ 422 million and R&D expenses of NT$ 544 million. Total operating expenses represented 7.5% of total net revenues for the fourth quarter of 2011.
- The accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 31 million.
Operating income was NT$ 1,337 million for the fourth quarter of 2011, representing an operating margin of 8.5%, which increased from 8.2% for the third quarter of 2011 and increased from 7.9% for the fourth quarter of 2010.
Non-operating items:
- Our net currency exchange gain of NT$ 45 million for the fourth quarter of 2011 was mainly due to appreciation of our US dollar denominated asset as a result of an appreciation in the foreign currency exchange rate of the US dollar against NT dollar, our reporting currency.
Net income before tax was NT$ 1,431 million for the fourth quarter of 2011, which decreased from a net income before tax of NT$ 1,629 million for the third quarter of 2011 and increased from a net income before tax of NT$ 1,194 million for the fourth quarter of 2010.
Income tax expense was NT$ 260 million for the fourth quarter of 2011, compared with income tax expense of NT$ 158 million for the third quarter of 2011 and income tax expense of NT$ 80 million for the fourth quarter of 2010.
Net income was NT$ 1,171 million for the fourth quarter of 2011, which decreased from a net income of NT$ 1,471 million for the third quarter of 2011 and increased from a net income of NT$ 1,114 million for the fourth quarter of 2010.
Total number of shares outstanding was 3,097 million shares as of Dec 31, 2011. Diluted earnings per ordinary share for this quarter was NT$ 0.38, or US$ 0.06 per ADS.

Capital expenditure and balance sheet highlight:

Our cash balances totaled NT$ 15,942 million as of Dec 31, 2011 from NT$ 14,230 million as of Sept 30, 2011, and NT$ 15,519 million as of Dec 31, 2010.
Capital expenditures for the fourth quarter of 2011 totaled NT$ 2,509 million, which included NT$ 2,131 million for packaging equipment and NT$ 378 million for testing equipment.
Total depreciation expenses for the fourth quarter of 2011 totaled NT$ 2,349 million, which included NT$ 1,780 million was from packaging operations and NT$ 569 million from testing operations.