STATS ChipPAC Ltd.
Condensed Consolidated Statements of Operations
(In thousands of U.S. Dollars, except share and per share data)
(Unaudited)
Three Months Ended Nine Months Ended
-------------------- ----------------------
September September September September
30, 28, 30, 28,
2007 2008 2007 2008
--------- --------- ---------- ----------
Net revenues $ 414,231 $ 472,191 $1,174,884 $1,333,575
Cost of revenues (330,337) (384,829) (946,484) (1,096,985)
--------- --------- ---------- ----------
Gross profit 83,894 87,362 228,400 236,590
Operating expenses:
Selling, general and
administrative 26,603 29,296 82,638 89,378
Research and development 9,006 10,100 26,176 29,384
Equipment impairment - 21,091 - 21,091
Restructuring charges - 5,130 990 6,030
Accelerated share-based
compensation - - - 1,562
Tender offer expenses - - 10,922 -
Held for sale asset
impairment - - 1,725 -
--------- --------- ---------- ----------
Total operating
expenses 35,609 65,617 122,451 147,445
--------- --------- ---------- ----------
Operating income 48,285 21,745 105,949 89,145
Other income (expenses), net (8,242) (7,340) (25,464) (17,465)
--------- --------- ---------- ----------
Income before income taxes 40,043 14,405 80,485 71,680
Income tax expense (10,812) (4,921) (24,245) (19,550)
--------- --------- ---------- ----------
Income before minority
interest 29,231 9,484 56,240 52,130
Minority interest (1,369) (1,602) (3,902) (4,279)
--------- --------- ---------- ----------
Net income $ 27,862 $ 7,882 $ 52,338 $ 47,851
========= ========= ========== ==========
Net income per ordinary
share:
Basic $ 0.01 $ 0.00 $ 0.03 $ 0.02
Diluted $ 0.01 $ 0.00 $ 0.02 $ 0.02
Ordinary shares (in
thousands) used in per
ordinary share calculation:
Basic 2,043,247 2,202,163 2,028,171 2,124,512
Diluted 2,194,438 2,204,307 2,185,182 2,127,594
Key Ratios and Information:
Gross Margin 20.3% 18.5% 19.4% 17.7%
Operating Expenses as a % of
Revenue 8.6% 13.9% 10.4% 11.0%
Operating Margin 11.7% 4.6% 9.0% 6.7%
Depreciation & Amortization,
including Amortization of
Debt Issuance Costs $ 62,883 $ 73,227 $ 186,967 $ 218,052
Capital Expenditures $ 88,817 $ 97,262 $ 200,976 $ 216,579
Share-based compensation
expense included under SFAS
123(R) were as follows:
Cost of revenues $ 1,115 $ 97 $ 3,672 $ 807
Selling, general and
administrative 742 57 2,482 751
Research and development 204 19 776 192
Accelerated share-based
compensation - - - 1,562
--------- --------- ---------- ----------
$ 2,061 $ 173 $ 6,930 $ 3,312
========= ========= ========== ==========
STATS ChipPAC Ltd.
Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
December September
30, 28,
2007 2008
=========== ===========
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and marketable securities $ 242,691 $ 290,239
Accounts receivable, net 271,360 275,161
Inventories 83,312 86,889
Other current assets 38,489 34,361
=========== ===========
Total current assets 635,852 686,650
Marketable securities 15,296 15,332
Property, plant and equipment, net 1,276,490 1,264,248
Investment in equity investee 10,350 10,021
Goodwill and intangible assets 588,712 596,064
Other non-current assets * 70,254 56,836
=========== ===========
Total assets $ 2,596,954 $ 2,629,151
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and other payables $ 235,044 $ 251,291
Other current liabilities 128,417 156,938
Short-term debts 240,781 88,837
=========== ===========
Total current liabilities 604,242 497,066
Long-term debts 423,853 409,672
Other non-current liabilities 125,093 86,469
=========== ===========
Total liabilities 1,153,188 993,207
=========== ===========
Minority interest 59,797 60,843
=========== ===========
Shareholders' equity 1,383,969 1,575,101
=========== ===========
Total liabilities and shareholders' equity $ 2,596,954 $ 2,629,151
=========== ===========
* Includes $1.0 million and $1.6 million of non-current restricted cash
as of September 28,2008 and December 30, 2007, respectively.
STATS ChipPAC Ltd.
Other Supplemental Information
(Unaudited)
3Q 2007 2Q 2008 3Q 2008
Net Revenues by Product Line
Packaging - laminate 56.4% 57.0% 58.7%
Packaging - leaded 18.5% 17.9% 17.5%
Test and other services 25.1% 25.1% 23.8%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by End User Market
Communications 52.4% 52.6% 51.7%
Personal Computers 14.6% 14.3% 15.8%
Consumer, Multi-applications and Others 33.0% 33.1% 32.5%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by Region
United States of America 73.9% 73.1% 71.4%
Europe 3.3% 4.2% 5.2%
Asia 22.8% 22.7% 23.4%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Number of Testers 891 1,020 994
Number of Wirebonders 3,933 4,715 4,760
Overall Equipment Utilization Rate 78% 67% 70%
Contact Information: Investor Relations Contact: Tham Kah Locke Vice President of Corporate Finance Tel: (65) 6824 7788 Fax: (65) 6720 7826 email: Media Contact: Lisa Lavin Deputy Director of Corporate Communications Tel: (208) 939 3104 Fax: (208) 939 4817 email: