Advanced Semiconductor Engineering, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year of 2013

(PRNewswire) — Advanced Semiconductor Engineering, Inc. (TAIEX: 2311, NYSE: ASX) ("We", "ASE", or the "Company"), the world's largest independent provider of packaging and testing services, today reported unaudited net revenues[1] of NT$64,164 million for the fourth quarter of 2013 (4Q13), up by 15% year-over-year and up by 13% sequentially.  Net income attributable to shareholders of the parent for the quarter totaled NT$5,815 million, up from a net income attributable to shareholders of the parent of NT$4,373 million in 4Q12 and up from a net income attributable to shareholders of the parent of NT$4,430 million in 3Q13.  Diluted earnings per share for the quarter were NT$0.73 (or US$0.124 per ADS), compared to diluted earnings per share of NT$0.58 for 4Q12 and NT$0.57 for 3Q13.

For the full year of 2013, the Company reported net revenues of NT$219,862 million and net income attributable to shareholders of the parent of NT$16,296 million.  Diluted earnings per share for the full year of 2013 was NT$2.11 or US$0.356 per ADS.

"Despite challenges encountered in 2013, our unwavering strategy and performance resulted in ASE Group recording its highest ever revenue, hence underscoring the Company's ability to deliver results even in an uncertain growth environment," said Jason Chang, Chairman and CEO, ASE Group.

Chang continued, "As we move further into 2014, we are strategically integrating synergies between our well established OSAT and EMS business units.  Such close collaboration will ensure that our Company is in a solid position to capture the opportunities we see ahead, particularly related to delivering advanced packaging and SiP solutions to meet growth momentum across a broad range of end markets. This move sets ASE apart, and uniquely positions us to help customers achieve success and to advance swiftly and decisively by driving innovation, growth, and continued leadership."

[1] All financial information presented in this press release is unaudited, consolidated and prepared in accordance with Taiwan-IFRS (International Financial Reporting Standards as endorsed for use in R.O.C.). Such financial information is generated internally by us, and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by our 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 of operations for any future period.

RESULTS OF OPERATIONS

4Q13 Results Highlights – Consolidated

  • Net revenue contribution from packaging operations, testing operations, EMS operations, substrates sold to third parties and others each represented approximately 45%, 10%, 44%, 1% and 0%, respectively, of total net revenues for the quarter.
  • Cost of revenue was NT$51,678 million, up by 15% year-over-year and up from NT$45,161 million in the previous quarter.
    • Raw material cost totaled NT$31,589 million during the quarter, representing 49% of total net revenues, compared with NT$25,594 million and 45% of total net revenues in the previous quarter.
    • Labor cost totaled NT$7,406 million during the quarter, representing 12% of total net revenues, compared with NT$7,299 million and 13% of total net revenues in the previous quarter.
    • Depreciation, amortization and rental expenses totaled NT$6,246 million during the quarter, up by 7% year-over-year and up by 3% sequentially.
  • Gross margin decreased 0.9 percentage points to 19.5% in 4Q13 from 20.4% in 3Q13.
  • Total operating expenses during 4Q13 were NT$5,613 million, including NT$2,422 million in R&D and NT$3,191 million in SG&A, compared with total operating expenses of NT$5,488 million in 3Q13. Total operating expenses as a percentage of net revenues for the current quarter were 9%, remained the same as 4Q12, and down from 10% in 3Q13.
  • Operating income for the quarter totaled NT$6,873 million, up from NT$6,099 million in the previous quarter. Operating margin was 10.7% in 4Q13 and remained the same as 3Q13.
  • In terms of non-operating items:
    • Net interest expense was NT$567 million, up from NT$512 million in 3Q13.
    • Net foreign exchange loss of NT$82 million was primarily attributable to the appreciation of the U.S. dollar against NT dollar.
    • Gain on equity-method investments of NT$50 million was primarily attributable to the gain from investment on Hung Ching Development & Construction Co. Ltd.
    • Gain on valuation of financial assets and liabilities was NT$135 million.
    • Other net non-operating income of NT$47 million were primarily related to miscellaneous income. Total non-operating expenses for the quarter were NT$417 million, compared to total non-operating expenses of NT$119 million for 4Q12 and total non-operating expenses of NT$731 million for 3Q13.
  • Income before tax was NT$6,456 million for 4Q13, compared to NT$5,368 million in the previous quarter. We recorded income tax expense of NT$507 million during the quarter, compared to NT$822 million in 3Q13.
  • In 4Q13, net income attributable to shareholders of the parent was NT$5,815 million, compared to net income attributable to shareholders of the parent of NT$4,373 million for 4Q12 and net income attributable to shareholders of the parent of NT$4,430 million for 3Q13.
  • Our total number of shares outstanding at the end of the quarter was 7,787,826,546, including treasury stock owned by our subsidiaries. Our 4Q13 diluted earnings per share of NT$0.73 (or US$0.124 per ADS) were based on 8,070,006,433 weighted average number of shares outstanding in 4Q13.

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