Revs up 17.8 % sequential. gross margin of 23.2%, cash balance of $530M

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Siliconware Precision Beats

By Zacks Equity Research
On 10:11 am EST, Wednesday November 4, 2009
Siliconware Precision Industries Co., Ltd. (NasdaqGS: SPIL - News) earned a net income of NT$* 2,561 million (*32.77 NT$= 1$) for the third quarter of 2009 or diluted earnings per ordinary share of NT$ 0.82 for the quarter, and diluted earnings per ADS of 13 cents. This was higher than the Zacks Consensus Estimate of 11 cents per share.

For the third quarter of 2009, net revenues from IC packaging were NT$ 15,322 million and represented 91% of total net revenues. Net revenues from testing operations were NT$ 1,411 million and represented 9% of total net revenues.

Net revenues from IC packaging operations were NT$ 15,322 million for the third quarter of 2009, which represented an increase of NT$ 2,320 million or 17.8% compared to the second quarter of 2009.Substrate-based packaging, lead-frame-based packaging and wafer bumping & FCBGA accounted for 44%, 29% and 16%, respectively of the total net revenues for the second quarter of 2009. Net revenues from testing operations were NT$ 1,411 million for the third quarter of 2009, which represented an increase of NT$ 276 million or 24.3% compared to the second quarter of 2009.

Gross profit was NT$ 3,877 million for the third quarter of 2009, representing a gross margin of 23.2%, which increased from a gross margin of 20.7% for the second quarter of 2009. Operating income was NT$ 3,048 million for the third quarter of 2009, representing an operating margin of 18.2% for the third quarter of 2009, which increased from 15.6% for the second quarter of 2009.

Cash balances totaled NT$ 17,427 million as of Sep 30, 2009 from NT$ 19,123 million as of Jun 30, 2009, and NT$ 13,512 million as of Sep 30, 2008. Capital expenditures for the third quarter of 2009 totaled NT$ 1,070 million, which included NT$ 566 million for packaging equipment and NT$ 504 million for testing equipment.

Siliconware Precision Industries Ltd. is a leading provider of comprehensive semiconductor assembly and test services. SPIL is dedicated towards 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. Major competitors are Advanced Semiconductor Engineering Inc. (NYSE: ASX - News) and Amkor Technology Inc. (NasdaqGS: AMKR - News).



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