最新新闻

联系我们

当前位置: 主页 > 最新新闻 >

ASE Test Limited & Subsidiaries Announce Unaudited Third


编辑:918 时间:2018-11-02


TAIPEI, Taiwan, Oct. 31 /Xinhua-PRNewswire-FirstCall/ -- ASE Test Limited (Nasdaq: ASTSF; TSE: 9101) ("We" or "the Company"), one of the world’s largest independent providers of semiconductor testing services, today announced its third quarter (3Q07) diluted earnings of $0.37 per share, compared with diluted earnings of $0.37 per share in the third quarter of 2006 (3Q06) and diluted earnings of $0.03 per share in the second quarter of 2007 (2Q07) under generally accepted accounting principles in the Republic of China ("ROC GAAP") (Note 1). The Company’s third quarter net income totaled $38.1 million, compared with a net income of $37.4 million in 3Q06 and net income of $2.8 million in 2Q07 under ROC GAAP.

Note 1: Unless otherwise stated, all financial information presented in

this press release is unaudited, consolidated, prepared in

accordance with ROC GAAP and denominated in US dollars. 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 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.

Under generally accepted accounting principles in the United States of America ("U.S. GAAP"), the Company reported its 3Q07 diluted earnings of $0.18 per share, compared with diluted earnings of $0.32 per share in 3Q06 and diluted earnings of $0.16 per share in 2Q07. Under U.S. GAAP, the Company’s third quarter net income totaled $19.1 million, compared with a net income of $31.7 million in 3Q06 and net income of $16.7 million in 2Q07.

These unaudited nine months period ended September 30, 2007 results of ASE Test and its subsidiaries will be reported on in accordance with the Singapore Code on Take-overs and Mergers.

RESULTS OF OPERATIONS

Revenues

Net revenues for 3Q07 totaled $128.2 million. This amount is down 6% from $136.8 million in 3Q06 and up 11% from $115.0 million in 2Q07. As compared with 3Q06, the decrease in our net revenue was primarily due to lower testing volumes. As compared to 2Q07, the increase in our net revenue was primarily due to higher testing volumes. As a percentage of the Company’s net revenues, testing revenues and IC packaging revenues accounted for 77% and 23%, respectively, in 3Q07, 82% and 18%, respectively, in 3Q06, and 76% and 24%, respectively, in 2Q07.

The Company’s top ten customers in 3Q07 included (in alphabetical order) Altera Corporation, ATI Technologies, Atmel, Cambridge Silicon Radio, IEE, Infineon Technologies AG, Lattice Semiconductor, Legerity, Qualcomm, and VIA Technologies. Net revenues from the Company’s top ten and top five customers accounted for 57% and 39% of net revenues in 3Q07, respectively. Two customers individually accounted for more than 10% of net revenues in 3Q07. Net revenues from integrated device manufacturers (IDM’s) represented approximately 20% of net revenues in 3Q07.

The following is the Company’s estimated end-market composition of net revenues:

3Q06 2Q07 3Q07

Communications 47% 56% 56%

Computers 23% 21% 22%

Consumer 27% 22% 21%

Industrial 2% 0% 0%

Other 1% 1% 1%

Expenses

The Company’s cost of revenues in 3Q07 totaled $77.9 million, down 4% from $81.1 million in 3Q06 and relatively flat with $78.1 million in 2Q07. Depreciation, amortization and rental expenses totaled $32.3 million, representing 25% of net revenues in 3Q07, compared with $37.9 million, or 28% of net revenues, in 3Q06 and $34.4 million, or 30% of net revenues, in 2Q07. As compared with 3Q06 and 2Q07, the decreases in depreciation, amortization and rental expenses were primarily attributable to certain machinery and equipment completing their operating lease terms.

The Company’s gross margin for 3Q07 was 39%, down from 41% in 3Q06 and up from 32% in 2Q07. As compared with 3Q06, the gross margin decrease was primarily due to lower testing volumes. As compared with 2Q07, the gross margin increase was primarily attributable to increased testing volumes and a slight increase in average selling prices (ASP). This increase in ASP was due to a continued shift in product mix towards more complex devices which require higher ASP testers. The gross margin for IC testing was 44% in 3Q07, compared with 46% in 3Q06 and 36% in 2Q07. The gross margin for IC packaging was 21% in 3Q07, compared with 17% in 3Q06 and 19% in 2Q07.

The Company’s operating expenses (R&D and SG&A expenses) in 3Q07 totaled $15.9 million, down 1.3% from 3Q06 and 31% from 2Q07. Operating expenses represented 12%, 12% and 20% of the net revenues in 3Q07, 3Q06 and 2Q07, respectively. As compared to 2Q07, operating expenses in 3Q07 decreased due to the recognition of annual employee cash bonuses and board of director compensation expenses totaling $8.6 million in 2Q07. Without taking these items into account, operating expenses in 3Q07 represent an increase of 10% compared to 2Q07, primarily attributable to higher general and administrative costs related to the pending privatization transaction of ASE Test. The operating margin for 3Q07 was 27%, down from 29% in 3Q06 and up from 12% in 2Q07.

The Company’s net non-operating income totaled $12.4 million in 3Q07, compared with net non-operating income of $2.4 million in 3Q06 and net non-operating income of $3.2 million in 2Q07. The Company’s non-operating income is primarily composed of investment income from ASE (Korea) Inc. and Advanced Semiconductor Engineering Inc., or ASE Inc., net interest expense, and the results of our foreign exchange and other non-operational gains/losses. Investment income from our ownership interest in ASE Korea totaled $4.3 million in 3Q07, down from $5.6 million in 3Q06 and up from $3.0 million in 2Q07. Investment income in 3Q07 also included a cash dividend in the amount of $8.1 million received in respect of the Company’s ownership interest in ASE Inc.. Net interest expense totaled $0.4 million in 3Q07, down from $2.7 million in 3Q06 and down from $0.7 million in 2Q07. Finally, foreign exchange and other non-operational gains totaled $0.3 million in 3Q07, up from a loss of $0.6 million in 3Q06 and down from a gain of $1.0 million in 2Q07.

During 3Q07, the Company recognized a net income tax expense of $8.7 million, compared with a net income tax expense of $4.6 million in 3Q06 and $14.2 million in 2Q07. As compared to 3Q06, the increase in our net income tax expense was primarily attributable to the recognition of $3.1 million of withholding tax on dividends received with respect to the company’s ownership of its parent company stock, ASE Inc. As compared to 2Q07, the decrease in our income tax expense was primarily attributable to the recognition of $8.8 million of undistributed earnings tax during 2Q07 and the recognition of higher investment tax credits during 3Q07; these decreases were partially offset by higher income taxes recognized in 3Q07 due to higher pretax income and the recognition of $3.1 million of withholding tax in 3Q07.

At the end of 3Q07, the Company had total headcount of 5,356. This is up from 5,212 at the end of 2Q07.

Earnings

Net income in 3Q07 was $38.1 million, compared with net income of $37.4 million in 3Q06 and net income of $2.8 million in 2Q07. Diluted earnings per share were $0.37 in 3Q07, compared with diluted earnings per share of $0.37 in 3Q06 and diluted earnings per share of $0.03 in 2Q07.

U.S. GAAP Adjustment

For 3Q07, the ROC GAAP to U.S. GAAP net income reconciliation totaled $19.0 million and primarily consists of 4 components:

1. Cash and share bonuses -- $9.1 million negative adjustment to net

income;

2. Investment gain -- $8.1 million negative adjustment to net income

related to cash dividend from ASE Inc.;

3. Undistributed earnings tax -- $2.0 million negative adjustment to net

income; and

4. Other adjustments -- $0.2 million positive adjustment related to

other items.

Under U.S. GAAP, dividends received in respect of the ownership of parent company stock are not treated as non-operating income as is the case under ROC GAAP; instead, they should be recorded as additional paid-in capital reported within stockholder equity on our balance sheet and, as a result, such dividends do not impact net income.

BUSINESS REVIEW

Testing Business

The Company’s testing revenues for 3Q07 were $99.2 million, down 12% from 3Q06 and up 14% from 2Q07. The testing revenue breakdown by type of testing service is shown in the table below:

Testing Service 3Q06 2Q07 3Q07

Final Test 64% 62% 62%

Wafer Sort 29% 31% 33%

Engineering Test 7% 7% 5%

Total Test 100% 100% 100%

The gross margin for the testing operations in 3Q07 was 44%, down from 46% in 3Q06 and up from 36% in 2Q07. As compared to 3Q06, the decrease in this gross margin was primarily due to lower testing volumes. As compared to 2Q07, the increase in this gross margin was primarily due to an increase in testing volume and a slight increase in ASP. This ASP increase was primarily a result of a shift in product mix towards testing more complex devices which require higher ASP testers.

The Company spent $37.1 million on testing equipment in 3Q07. A total of 105 testers were added through purchase, lease and/or consignment while 28 testers were disposed. At the end of the period, the Company had a total of 854 testers, of which 348 testers were either leased or consigned.

IC Packaging Business

IC packaging revenues for 3Q07 were $29.0 million, up 20% from 3Q06 and up 3% from 2Q07. IC packaging revenue breakdown by package type is as follows:

Package Type 3Q06 2Q07 3Q07

Substrate & Advanced

Leadframe Packages 84% 88% 86%

Traditional Leadframe

Packages 16% 12% 14%

Total Package 100% 100% 100%

The gross margin for packaging operations in 3Q07 was 21%, up from 17% in 3Q06 and up from 19% in 2Q07. The gross margin increase was primarily the result of a shift in product mix towards more advanced packages. The Company spent $0.4 million on packaging equipment in 3Q07. The company ended the quarter with 402 wirebonders which is unchanged from 2Q07.

LIQUIDITY AND BALANCE SHEET

As of September 30, 2007, the Company had $240.4 million in cash and current financial assets, an increase of $21.0 million compared with the end of the 2Q07. The Company had $91.8 million in accounts receivable, which represents an increase of $16.2 million compared with the end of the 2Q07. The increase in accounts receivable was related primarily to the increase in net sales in 3Q07 and the reduced usage of accounts receivable factoring during this quarter. Total unused credit lines amounted to $173.6 million. Within the Company’s non-current financial assets, the Company held 206.8 million shares of its parent company, ASE Inc (2311.TW), as of September 30, 2007, recorded at $229.5 million. Compared to June 30, 2007, this represents an increase by 26.6 million shares as a result of a share dividend distributed in 3Q07. Total debt of $85.8 million was comprised of $20.3 million of current portion of long-term debt, and $65.5 million of long-term debt. Total debt decreased by $18.8 million during 3Q07. The Company’s debt maturity schedule, as of the end of 3Q07, was as follows:

Amount ($ million)

Within the first year 20.3

During the second year 33.7

During the third year 31.8

During the fourth year 0.0

During the fifth year and thereafter 0.0

EBITDA (Note 2) for 3Q07 totaled $72.7 million, as compared to $44.8 million in 2Q07.

Note 2: EBITDA for any period consists of profit from operating

activities before extraordinary gains (including a fire

insurance settlement gain recognized in the nine months period

ended September 30, 2006) and expenditures plus depreciation

expenses. EBITDA is not a standard measure under ROC GAAP or US

GAAP. EBITDA is a widely used financial indicator of a

company's ability to service and incur debt. EBITDA should not

be considered in isolation or construed as an alternative to

cash flows, net income or any other measure of performance or as

an indicator or our operating performance, liquidity,

profitability or cash flows generated by operating, investing or

financing activities. EBITDA does not account for taxes,

interest expense or other non-operating cash expenses. In

evaluating EBITDA, we believe that investors should consider,

among other things, the components of EBITDA such as

turnover and operating expenses and the amount by which EBITDA

exceeds capital expenditures and other changes. We have

included EBITDA because we believe it is a useful supplement to

cash flow data as a measure of our performance and our ability

to generate cash flow from operations to cover debt service and

taxes. EBITDA presented herein may not be comparable to

similarly titled measures presented by other companies.

Investors should not compare our EBITDA to EBITDA presented by

other companies because not all companies use the same

definition.

CASHFLOW AND CAPITAL EXPENDITURES

As of the end of 3Q07, the Company’s year-to-date operating cashflow was $131.3 million as compared to operating cashflow of $194.2 million during the year-to-date period ended 3Q06. The year-to-date operating cashflow was lower than in the corresponding period in 2006 primarily due to lower net income and changes in operating assets and liabilities during the nine months period ended September 30, 2007, partially offset by a non-cash gain on fire damage recognized in the corresponding period in 2006.

In 3Q07, total capital expenditures totaled $38.0 million, of which $37.1 million was spent on test equipment, and $0.4 million on IC packaging equipment.

On September 4, 2007, the directors of the Company and the directors of ASE Inc. jointly announced a proposal to privatize the Company by way of a scheme of arrangement under Section 210 of the Companies Act, Chapter 50 of Singapore and in accordance with the Singapore Code on Take-overs and Merger (the "Code"). Rule 25 of the Code provides, inter alia, that any unaudited profit figures published during an offer period must be reported on by the auditor or reporting accountant and financial adviser in accordance with Rule 25 of the Code. Accordingly, these unaudited nine months period ended September 30, 2007 results will be reported on in accordance with Rule 25 of the Code.

About ASE Test Limited

ASE Test Limited is one of the world’s largest independent providers of semiconductor testing services. ASE Test Limited provides customers with a complete range of semiconductor testing services, including front-end engineering testing, wafer probing, final production testing of packaged semiconductors and other test-related services. ASE Test Limited has been quoted on Nasdaq since 1996 under the symbol "ASTSF".

Safe Harbor Notice

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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 press release. 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 testing and packaging services we offer and for such outsourced services generally; the highly competitive semiconductor industry; our ability to introduce new testing technologies in order to remain competitive; our ability to maintain a high capacity utilization rate relative to our fixed costs; international business activities; our business strategy; our future expansion plans and capital expenditures; the strained relationship between the ROC and the People’s Republic of China; general economic and political conditions; possible disruptions in commercial activities caused by natural and 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 --

ASE Test Limited

Consolidated Statements of Income

(US$ thousands, except percentages and per share data)

(unaudited)

For the three months For the nine

ended months period

ended

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

2006 2007 2007 2006 2007

ROC GAAP:

Net revenues 136,842 114,988 128,189 408,045 340,430

Cost of revenues 81,110 78,099 77,889 248,700 230,336

Gross profit 55,732 36,889 50,300 159,345 110,094

Operating expense

R&D 5,039 4,311 4,733 15,430 14,146

SG&A 11,044 18,732 11,134 31,570 38,365

Subtotal 16,083 23,043 15,867 47,000 52,511

Operating income 39,649 13,846 34,433 112,345 57,583

Non-operating expense

(income)

Interest income (948) (811) (987) (2,400) (2,542)

Interest expense 3,632 1,541 1,398 10,536 4,455

Investment income (5,604) (2,998) (12,431) (13,318) (19,815)

Others 561 (958) (345) (19,011) (2,755)

Subtotal (2,359) (3,226) (12,365) (24,193) (20,657)

Income before tax 42,008 17,072 46,798 136,538 78,240

Income tax expense 4,582 14,241 8,741 18,970 24,809

Net income (ROC GAAP) 37,426 2,831 38,057 117,568 53,431

Net income (U.S. GAAP) 31,737 16,656 19,092 88,589 45,408

Diluted EPS (ROC GAAP) 0.37 0.03 0.37 1.17 0.52

Diluted EPS (U.S. GAAP) 0.32 0.16 0.18 0.88 0.44

Margin Analysis:

Gross margin 40.7% 32.1% 39.2% 39.1% 32.3%

Operating margin 29.0% 12.0% 26.9% 27.5% 16.9%

Net margin (ROC GAAP) 27.3% 2.5% 29.7% 28.8% 15.7%

Net margin (U.S. GAAP) 23.2% 14.5% 14.9% 21.7% 13.3%

Additional Data:

Testing revenues 112,613 86,841 99,198 335,407 259,457

IC packaging revenues 24,229 28,147 28,991 72,638 80,973

Shares outstanding

(in thousands) 100,089 100,340 100,920 100,074 100,482

Shares used in diluted EPS

calculation(ROC GAAP)

(in thousands) 100,239 102,667 103,351 100,235 102,626

Shares used in diluted EPS

calculation(U.S. GAAP)

(in thousands) 100,142 102,597 103,226 100,128 102,559

ASE Test Limited

Consolidated Statements of Cash Flows

(US$ thousands)

(unaudited)

For the nine For the nine

Months Ended Months Ended

Sep. 30, 2006 Sep. 30, 2007

Cash Flows From Operating Activities

Net income 117,568 53,431

Adjustments

Depreciation and amortization 90,310 87,661

Provision (reversal) for

doubtful accounts and sales

discounts 378 (898)

Gain on insurance settlement and

impairment recovery (32,120) 0

Loss on idle assets 6,349 811

Equity in earnings from

equity method investees (13,318) (11,704)

Allowance for inventory

obsolescence 4,830 1,740

Gain on disposal of assets (835) (1,479)

Deferred income taxes 11,292 19,310

Other 1,168 713

Changes in operating assets

and liabilities 8,594 (18,248)

Net Cash Provided by

Operating Activities 194,216 131,337

Cash Flows From Investing Activities

Acquisition of available-for-sale

financial assets-current (120,828) (65,613)

Proceeds from sale of

available-for-sale financial

assets-current 23,405 30,164

Acquisition of properties (63,886) (49,327)

Proceeds from sale of properties 16,265 4,776

Proceeds from insurance claims 26,407 0

Decrease (increase) in guarantee

deposit paid (769) 2,472

Decrease (increase) in pledged

time deposits (126) 548

Increase in other assets (6,788) (931)

Net Cash Used in Investing Activities (126,320) (77,911)

Cash Flows From Financing Activities

Proceeds from issuance of ordinary shares 252 9,050

Increase (decrease) in collection of

sold accounts receivable 285 (3,545)

Increase in guarantee deposits received 2,497 (2,500)

Increase in short-term borrowings 2,900 0

Repayments of long-term debts (84,002) (34,192)

Net Cash Used in Financing Activities (78,068) (31,187)

Effect of exchange of rate changes on cash 2,984 1,233

Net Increase (decrease) in Cash (7,188) 23,472

Cash, Beginning of Period 138,211 89,715

Cash, End of Period 131,023 113,187

Interest paid 7,829 3,177

Income tax paid 1,332 8,845

Cash paid for acquisitions of

properties Purchase price 71,965 57,290

Increase in payable and obligation

under capital leases (8,079) (7,963)

63,886 49,327

ASE Test Limited

Consolidated Balance Sheet

(US$ thousands)

(unaudited)

Jun. 30, Sep. 30,

2007 2007

Cash 105,824 113,187

Financial assets - current 113,612 127,235

Accounts receivable, net 75,612 91,846

Inventories, net 11,973 11,844

Other 27,540 27,618

Total current assets 334,561 371,730

Financial assets - noncurrent 330,610 318,142

Fixed assets, net 350,443 359,108

Intangible assets 22,830 22,845

Other 42,327 38,521

Total assets 1,080,771 1,110,346

Accounts payable 12,169 17,316

Payable for fixed assets 7,465 12,700

Current portion of long-term debt 21,984 20,282

Other current liabilities 39,543 50,180

Total current liabilities 81,161 100,478

Long-term debt 82,665 65,511

Other liabilities 11,548 10,482

Total liabilities 175,374 176,471

Shareholders’ equity 905,397 933,875

Total liabilities &

shareholders’ equity 1,080,771 1,110,346

Contact:

Ken Hsiang, Chief Financial Officer

Tel: +1-510-687-2475

Email: ken_hsiang@aseglobal.com

本文源自: AG游戏网站