STATS ChipPAC Ltd.
Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
-------------------- --------------------
June 25, July 1, June 25, July 1,
2006 2007 2006 2007
--------- --------- --------- ---------
Net revenues $ 418,133 $ 370,183 $ 803,842 $ 760,653
Cost of revenues (331,327) (303,236) (640,443) (616,147)
--------- --------- --------- ---------
Gross profit 86,806 66,947 163,399 144,506
Operating expenses:
Selling, general and
administrative 39,914 28,036 79,625 56,035
Research and development 7,909 8,985 14,882 17,170
Tender offer expenses - 4,114 - 10,922
Held for sale asset
impairment - 1,725 - 1,725
Restructuring charges - 990 - 990
--------- --------- --------- ---------
Total operating expenses 47,823 43,850 94,507 86,842
--------- --------- --------- ---------
Operating income 38,983 23,097 68,892 57,664
Other income (expenses), net (10,575) (8,503) (20,005) (17,222)
--------- --------- --------- ---------
Income before income taxes 28,408 14,594 48,887 40,442
Income tax expense (7,211) (5,782) (13,129) (13,433)
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Income before minority interest 21,197 8,812 35,758 27,009
Minority interest (3,177) (1,383) (5,722) (2,533)
--------- --------- --------- ---------
Net income $ 18,020 $ 7,429 $ 30,036 $ 24,476
========= ========= ========= =========
Net income per ordinary share:
Basic $ 0.01 $ 0.00 $ 0.02 $ 0.01
Diluted $ 0.01 $ 0.00 $ 0.01 $ 0.01
Net income per ADS:
Basic $ 0.09 $ 0.04 $ 0.15 $ 0.12
Diluted $ 0.09 $ 0.04 $ 0.14 $ 0.12
Ordinary shares (in thousands)
used in per ordinary share
calculation:
Basic 1,988,133 2,031,435 1,984,671 2,020,633
Diluted 2,158,312 2,186,078 2,156,948 2,180,555
ADS (in thousands) used in per
ADS calculation:
Basic 198,813 203,144 198,467 202,063
Diluted 215,831 218,608 215,695 218,056
Key Ratios and Information:
Gross Margin 20.8% 18.1% 20.3% 19.0%
Operating Expenses as a % of
Revenue 11.5% 11.9% 11.7% 11.4%
Operating Margin 9.3% 6.2% 8.6% 7.6%
Depreciation & Amortization,
including
Amortization of Debt
Issuance Costs $ 72,036 $ 62,687 $ 141,556 $ 124,084
Capital Expenditures $ 112,453 $ 55,373 $ 245,307 $ 112,159
Share-based compensation
expense included under
SFAS 123(R) were as follows:
Cost of revenues $ 1,629 $ 1,069 $ 3,143 $ 2,557
Selling, general and
administrative 763 722 3,233 1,740
Research and development 391 196 852 572
--------- --------- --------- ---------
$ 2,783 $ 1,987 $ 7,228 $ 4,869
========= ========= ========= =========
STATS ChipPAC Ltd.
Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
December
31, July 1,
2006 2007
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and marketable securities $ 216,583 $ 229,832
Accounts receivable, net 243,779 224,354
Inventories 111,614 89,645
Other current assets 27,845 23,635
----------- -----------
Total current assets 599,821 567,466
Marketable securities 15,358 15,133
Property, plant and equipment, net 1,192,830 1,171,505
Investment in equity investee 10,292 10,171
Goodwill and intangible assets 555,358 553,078
Other non-current assets * 84,621 78,367
----------- -----------
Total assets $ 2,458,280 $ 2,395,720
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and other payables $ 201,999 $ 168,504
Other current liabilities 104,482 93,017
Short-term debts 65,373 152,024
----------- -----------
Total current liabilities 371,854 413,545
Long-term debts 697,523 534,052
Other non-current liabilities 84,807 92,200
----------- -----------
Total liabilities 1,154,184 1,039,797
----------- -----------
Minority interest 57,946 54,115
----------- -----------
Shareholders' equity 1,246,150 1,301,808
----------- -----------
Total liabilities and shareholders' equity $ 2,458,280 $ 2,395,720
----------- -----------
* Includes $980 and $981 of non-current restricted cash as of July 1,
2007 and December 31, 2006, respectively.
STATS ChipPAC Ltd.
Other Supplemental Information
(Unaudited)
2Q 2006 1Q 2007 2Q 2007
Net Revenues by Product Line
Packaging - array 55.3% 58.6% 56.0%
Packaging - leaded 18.4% 16.9% 18.6%
Test and other services 26.3% 24.5% 25.4%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by End User Market
Communications 57.3% 52.5% 50.0%
Personal Computers 19.1% 16.1% 14.8%
Consumer, Multi-applications and Others 23.6% 31.4% 35.2%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by Region
United States of America 72.3% 77.1% 71.6%
Europe 2.9% 2.2% 3.5%
Asia 24.8% 20.7% 24.9%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Number of Testers 996 938 912
Number of Wirebonders 3,801 3,808 3,759
Overall Equipment Utilization Rate 77% 75% 74%
Contact Information: Singapore Contact: Tham Kah Locke Vice President, Corporate Finance Tel: (65) 6824 7788, Fax: (65) 6720 7826 email: US Contacts: Lisa Lavin Marcom Manager Tel: (208) 939 3104, Fax: (208) 939 4817 email: The Ruth Group David Pasquale - Executive Vice President Tel: (646) 536 7006 email: