6-K 1 d6k.htm FORM 6-K Form 6-K

1934 Act Registration No. 1- 14700

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2009

 

 

Siliconware Precision Industries Co., Ltd.

(Translation of Registrant’s Name Into English)

 

 

NO. 123, SEC. 3, DA FONG RD. TANTZU

TAICHUNG, TAIWAN

(Address of Principal Executive Offices)

 

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F)

Form 20-F  x            Form 40-F  ¨

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes  ¨            No  x

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:            )

 

 

 


LOGO

News Release

 

  Contact:   
  Siliconware Precision Industries Co., Ltd.    Janet Chen, IR Director
  No.45, Jieh Show Rd.    janet@spil.com.tw
  Hsinchu Science Park, Hsinchu    +886-3-5795678#3675
  Taiwan, 30056    Byron Chiang, Spokesperson
  www.spil.com.tw    byronc@spil.com.tw
     +886-3-5795678#3671

 

 

Siliconware Precision Industries Reports a 18.4% Quarter-over-Quarter

Growth in Revenues Resulting in Earnings per Share of NT$ 0.82 or

Earnings per ADS of US$ 0.13 for Third Quarter 2009

Taichung, Taiwan, October 28, 2009–Siliconware Precision Industries Co., Ltd. (“SPIL” or the “Company”) (Taiwan Stock Exchange: 2325, NASDAQ: SPIL) today announced that its sales revenues for the third quarter of 2009 were NT$ 16,733 million, which represented a 18.4% increase in revenues compared to the second quarter of 2009 and a 3.0% decline in revenues compared to the third quarter of 2008. SPIL reported a net income of NT$ 2,561 million for the third quarter of 2009, compared with a net income of NT$ 1,664 million and a net income of NT$ 3,186 million for the second quarter of 2009 and the third quarter of 2008, respectively.

Diluted earnings per ordinary share for this quarter was NT$ 0.82, and diluted earnings per ADS was US$ 0.13.

Operating results review:

 

   

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.

 

   

Cost of goods sold was NT$ 12,856 million, representing an increase of 14.7% compared to the second quarter of 2009 and a decrease of 2.5% compared to the third quarter of 2008.

 

   

Raw materials costs were NT$ 7,610 million for the third quarter of 2009, and represented 45.5% of total net revenues, whereas raw materials costs were NT$ 6,470 million and represented 45.8% of total net revenues for the second quarter of 2009.

 

   

The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 203 million.

 

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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 and was down from 23.4% for the third quarter of 2008.

 

   

Total operating expenses for the third quarter of 2009 were NT$ 829 million, which included selling expenses of NT$ 194 million, administrative expenses of NT$ 292 million and R&D expenses of NT$ 343 million. Total operating expenses represented 5.0% of total net revenues for the third quarter of 2009.

 

   

In the third quarter of 2009, the accrued expenses of bonuses to employees, directors and supervisors accounting for under operating expenses totaled NT$ 76 million.

 

   

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 and increased from 18.0% for the third quarter of 2008.

 

   

Non-operating items:

 

   

Our net currency exchange loss of NT$ 123 million for the third quarter of 2009 was mainly due to depreciation of our US dollar denominated asset as a result of an depreciation in the foreign currency exchange rate of the US dollar against NT dollar, our reporting currency.

 

   

Our net gain on long-term investment of NT$ 142 million for the third quarter of 2009 was primarily due to investment gain from SPIL BVI.

 

   

Net income before tax was NT$ 3,105 million for the third quarter of 2009, which increased from a net income of NT$ 2,150 million for the second quarter of 2009 and decreased from a net income of NT$ 3,487 million for the third quarter of 2008.

 

   

Income tax expense was NT$ 544 million for the third quarter of 2009, compared with income tax expense of NT$ 486 million for the second quarter of 2009 and income tax expense of NT$ 301 million for the third quarter of 2008.

 

   

Net income was NT$ 2,561 million for the third quarter of 2009, which increased from a net income of NT$ 1,664 million for the second quarter of 2009 and decreased from a net income of NT$ 3,186 million for the third quarter of 2008.

 

   

Total number of shares outstanding was 3,127 million shares as of Sept 30,2009. Diluted earnings per ordinary share for this quarter was NT$ 0.82, or US$ 0.13 per ADS.

 

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Capital expenditure and balance sheet highlight:

 

   

Our cash balances totaled NT$ 17,427 million as of Sept 30, 2009 from NT$ 19,123 million as of Jun 30, 2009, and NT$ 13,512 million as of Sept 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.

 

   

Total depreciation expenses for the third quarter of 2009 totaled NT$ 1,916 million, which included NT$ 1,441 million was from packaging operations and NT$ 475 million from testing operations.

IC packaging service:

 

   

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, leadframe-based packaging and wafer bumping & FCBGA accounted for 44%, 29% and 16%, respectively, of total net revenues for the second quarter of 2009.

 

   

Capital expenditures for IC packaging operations totaled NT$ 566 million for the third quarter of 2009, which included NT$ 521 million for packaging and building construction and NT$ 45 million for wafer bumping operations.

 

   

As of Sept 30, 2009 we had 4,909 wirebonders installed, of which 250 were added and 39 were disposed in the third quarter of 2009.

IC testing service:

 

   

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.

 

   

Capital expenditures for testing operations totaled NT$ 504 million for the third quarter of 2009.

 

   

As of Sept 30, 2009 we had 381 testers installed, of which 6 were added in the third quarter of 2009.

 

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Revenue Analysis

 

   

Breakdown by end applications:

 

By application

   3Q09     2Q09  

Computing

   22   23

Communication

   47   48

Consumer

   19   18

Memory

   12   11

 

   

Breakdown by packaging type:

 

By packaging type

   3Q09     2Q09  

Bumping & FCBGA

   16   15

Substrate Based

   44   46

Leadframe Based

   29   29

Testing

   9   8

Others

   2   2

 

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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 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. SPIL supplies services and support to fabless design houses, integrated device manufacturers and wafer foundries globally. For further information, visit SPIL’s web site at www.spil.com.tw.

Safe Harbor Statement

The information herein contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectation and projections about future events. Such forward-looking statements are inherently subject to known and unknown risks, uncertainties, assumptions about us and other factors that may cause the actual performance, financial condition or results of operations of SPIL to be materially different from what may be implied by such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors, including, among other things:

 

   

the intensely competitive personal computer, communications, consumer ICs and non-commodity memory semiconductor industries and markets;

 

   

cyclical nature of the semiconductor industry;

 

   

risks associated with global business activities;

 

   

non-operating losses due to poor financial performance of some of our investments;

 

   

our dependence on key personnel;

 

   

general economic and political conditions;

 

   

possible disruptions in commercial activities caused by natural and human induced disaster, including terrorist activities and armed conflicts and contagious disease, such as the Severe Acute Respiratory Syndrome;

 

   

fluctuations in foreign currency exchange rates; and

 

   

other risks identified in our annual reports on Form 20-F filed with the U.S. Securities and Exchange Commission each year.

The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan” and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur and our actual results could differ materially from those anticipated in these forward-looking statements.

All financial figures discussed herein are prepared pursuant to ROC GAAP on an unaudited unconsolidated basis. Audited unconsolidated financial figures will be publicly announced upon the completion of our audit process. The investment gains or losses of our company for the three months ended Sept 30, 2009 reflect our gains or losses attributable to the third quarter of 2009 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the unaudited unconsolidated financial data for our company for the three months ended Sept 30, 2009, nor the unaudited unconsolidated financial data for our company for the nine months ended Sept 30, 2009 is necessarily indicative of the results that may be expected for any period thereafter.

 

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SILICONWARE PRECISION INDUSTRIES CO., LTD.

UNCONSOLIDATED BALANCE SHEET

As of Sept 30, 2009 and 2008

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

 

     Sept 30, 2009    Sept 30, 2008    Sequential
     USD     NTD     %    NTD     %    Change     %
ASSETS                 

Cash and cash equivalent

   541,716      17,426,995      23    13,511,631      18    3,915,364      29

Accounts receivable

   361,118      11,617,175      15    11,698,541      15    (81,366   -1

Inventories

   88,406      2,844,019      4    2,854,984      4    (10,965   0

Other current assets

   63,684      2,048,713      3    2,177,700      3    (128,987   -6
                                      

Total current assets

   1,054,924      33,936,902      45    30,242,856      40    3,694,046      12
                                      

Long-term investments

   216,295      6,958,211      9    5,879,401      8    1,078,810      18

Fixed assets

   2,104,852      67,713,088      90    71,226,723      94    (3,513,635   -5

Less accumulated depreciation

   (1,098,158   (35,327,748   -47    (33,385,427   -44    (1,942,321   6
                                      

Net fixed assets

   1,006,694      32,385,340      43    37,841,296      50    (5,455,956   -14
                                      

Other assets

   52,351      1,684,147      3    1,617,215      2    66,932      4
                                      

Total Assets

   2,330,264      74,964,600      100    75,580,768      100    (616,168   -1
                                      
LIABILITIES AND STOCKHOLDERS’ EQUITY                 
Liabilities                 

Accounts payable

   244,260      7,857,831      11    7,695,168      10    162,663      2

Other current liability

   213,272      6,860,972      9    6,073,806      8    787,166      1

Long-term loans

   —        —        —      2,981,592      4    (2,981,592   -100

Other liabilities

   3,033      97,558      —      81,985      —      15,573      19
                                      

Total Liabilities

   460,565      14,816,361      20    16,832,551      22    (2,016,190   -12
                                      
Stockholders’ Equity                 

Capital stock

   968,717      31,163,611      42    31,525,899      42    (362,288   -1

Capital reserve

   511,456      16,453,526      22    16,819,576      22    (366,050   -2

Legal reserve

   177,818      5,720,419      8    5,089,066      7    631,353      12

Retained earnings

   144,067      4,634,637      6    7,487,015      10    (2,852,378   -38

Unrealized gain or loss on financial instruments

   60,498      1,946,208      2    (1,622,544   -2    3,568,752      -220

Cumulated translation adjustment

   7,144      229,838      —      243,389      —      (13,551   -6

Treasury stock

   —        —        —      (794,184   -1    794,184      -100
                                      

Total Equity

   1,869,700      60,148,239      80    58,748,217      78    1,400,022      2
                                      

Total Liabilities & Shareholders’ Equity

   2,330,264      74,964,600      100    75,580,768      100    (616,168   -1
                                      

Forex ( NT$ per US$ )

     32.17         32.17          
                        

 

(1) All figures are under ROC GAAP.


SILICONWARE PRECISION INDUSTRIES CO., LTD.

UNCONSOLIDATED INCOME STATEMENT

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

 

    3 months ended on Sept 30   Sequential Comparison
    3Q 2009   3Q 2008     YOY   3Q 2009     2Q 2009     QOQ
    USD     NTD     %   NTD     change %   NTD     NTD     change %

Revenues

  510,299        16,732,703      100.0     17,242,039      -3.0   16,732,703        14,136,788      18.4

Cost of Goods Sold

  (392,060     (12,855,656   -76.8     (13,191,498   -2.5   (12,855,656     (11,209,888   14.7
                                               

Gross Profit

  118,239        3,877,047      23.2     4,050,541      -4.3   3,877,047        2,926,900      32.5
                                               

Operating Expenses

               

Selling Expenses

  (5,905     (193,613   -1.2     (252,001   -23.2   (193,613     (152,220   27.2

Administrative Expenses

  (8,918     (292,411   -1.7     (351,311   -16.8   (292,411     (281,283   4.0

Research and Development Expenses

  (10,457     (342,869   -2.0     (340,351   0.7   (342,869     (293,978   16.6
                                               
  (25,279     (828,893   -5.0     (943,663   -12.2   (828,893     (727,481   13.9
                                               

Operating Income

  92,960        3,048,154      18.2     3,106,878      -1.9   3,048,154        2,199,419      38.6
                                               

Non-operating Income

  6,791        222,683      1.3     496,691      -55.2   222,683        163,722      36.0

Non-operating Expenses

  (5,057     (165,820   -1.0     (116,432   42.4   (165,820     (212,931   -22.1
                                               

Income from Continuing Operations before Income Tax

  94,694        3,105,017      18.6     3,487,137      -11.0   3,105,017        2,150,210      44.4

Income Tax Credit (Expenses)

  (16,587     (543,890   -3.3     (300,874   80.8   (543,890     (485,905   11.9
                                               

Net Income

  78,107        2,561,127      15.3     3,186,263      -19.6   2,561,127        1,664,305      53.9
                                               

Earnings Per Ordinary Share- Diluted

    NT$ 0.82        NT$ 1.02          NT$ 0.54     
                                 

Earnings Per ADS- Diluted

    US$ 0.13        US$ 0.16          US$ 0.08     
                                 

Weighted Average Outstanding Shares - Diluted (’k)

      3,126,703          3,137,178            3,121,862     
                                 

Forex ( NT$ per US$ )

      32.79          31.19            33.07     
                                 

 

(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.


SILICONWARE PRECISION INDUSTRIES CO., LTD.

UNCONSOLIDATED INCOME STATEMENT

For the Nine Months Ended on Sept 30, 2009 and 2008

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

 

     9 months ended on Sept 30, 2009 and 2008
     2009    2008     YOY
     USD     NTD     %    NTD     Change %

Net Sales

   1,222,105        40,072,827      100.0      48,025,645      -16.6

Cost of Goods Sold

   (987,807     (32,390,203   -80.8      (37,620,500   -13.9
                               

Gross Profit

   234,298        7,682,624      19.2      10,405,145      -26.2
                               

Operating Expenses

           

Selling expenses

   (13,814     (452,948   -1.1      (690,161   -34.4

Administrative expenses

   (28,008     (918,376   -2.3      (1,009,955   -9.1

Research and development expenses

   (26,639     (873,505   -2.2      (1,041,229   -16.1
                               
   (68,461     (2,244,829   -5.6      (2,741,345   -18.1
                               

Operating Income

   165,837        5,437,795      13.6      7,663,800      -29.0
                               

Non-operating Income

   11,007        360,906      0.9      649,395      -44.4

Non-operating Expenses

   (6,904     (226,379   -0.6      (152,628   48.3
                               

Income Before Income Tax

   169,940        5,572,322      13.9      8,160,567      -31.7

Income Tax Credit (Expenses)

   (33,093     (1,085,105   -2.7      (813,458   33.4
                               

Net Income

   136,847        4,487,217      11.2      7,347,109      -38.9
                               

Earnings Per Ordinary Share- Diluted

     NT$ 1.44         NT$ 2.34     
                       

Earnings Per ADS- Diluted

     US$ 0.22         US$ 0.38     
                       

Weighted Average Outstanding Shares - Diluted (’k)

       3,126,703           3,137,178     
                       

Forex ( NT$ per US$)

       32.79           31.19     
                       

 

(1) All figures are under ROC GAAP.
(2) 1 ADS is equivalent to 5 Common Shares.


SILICONWARE PRECISION INDUSTRIES CO., LTD.

UNCONSOLIDATED STATEMENTS OF CASH FLOWS

For 9 Months Ended on Sept 30, 2009 and 2008

(Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))

 

     9 months, 2009     9 months, 2008  
     USD     NTD     NTD  

Cash Flows from Operating Activities:

      

Net income

   139,485      4,487,217      7,347,109   

Depreciation

   185,945      5,981,846      6,255,794   

Amortization

   12,035      387,154      430,288   

Gains on disposal of long-term investment

   (182   (5,871   —     

Long-term investment gain recognized by equity method

   (3,941   (126,781   (33,278

Change in working capital & others

   (54,381   (1,749,446   1,301,564   
                  

Net cash flows provided from operating activities

   278,959      8,974,119      15,301,477   
                  

Cash Flows from Investing Activities:

      

Acquisition of property, plant, and equipment

   (55,996   (1,801,380   (7,939,486

Proceeds from disposal of long-term investment

   182      5,871      —     

Payment for long-term investment

   (10,292   (331,100   (323,332

Payment for deferred charges/other changes

   (156   (5,018   (327,851
                  

Net cash used in investing activities

   (66,261   (2,131,627   (8,590,669
                  

Cash Flows from Financing Activities:

      

Cash dividends distributed to shareholders and cash bonus distributed to employees

   (174,368   (5,609,430   (14,774,769

Repayment for long-term investment

   (93,255   (3,000,000   —     

Remueration of directors and supervisors’ bonuses

   —        —        (157,404

Proceeds from the exercise of employee stock option /other charges

   27,187      874,595      (59,892
                  

Net cash provided from financing activities

   (240,436   (7,734,835   (14,992,065
                  

Net increase (decrease) in cash and cash equivalents

   (27,738   (892,343   (8,281,257
                  

Cash and cash equivalents at beginning of period

   569,454      18,319,338      21,792,888   
                  

Cash and cash equivalents at end of period

   541,716      17,426,995      13,511,631   
                  

Forex ( NT$ per US$ )

     32.17      32.17   
              

 

(1): All figures are under ROC GAAP.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Siliconware Precision Industries Co., Ltd
Date: October 28, 2009   By:  

/S/    MS. EVA CHEN      

    Eva Chen
    Chief Financial Officer