SMIC Reports 2005 Fourth Quarter Results

SHANGHAI, China, Feb. 6 /Xinhua-PRNewswire/ --

All Currency Figures Stated in This Report Are in US Dollars Unless Stated Otherwise.

The Financial Statement Amounts in This Report Are Determined in Accordance With US GAAP.

    Highlights
    -- Sales increased to $333.1 million in 4Q05, up 7.5% from $310.0 million
       in 3Q05.
    -- Capacity increased to 152,219 8-inch equivalent wafers per month.
    -- Utilization rate increased to 93% in 4Q05 from 92% in 3Q05.
    -- Gross margins were 12.9% in 4Q05 up from 8.2% in 3Q05.
    -- Net loss decreased to $15.0 million in 4Q05 from $26.1 million in 3Q05.
    -- Compared to 3Q05, wafer shipments increased 5.8% to 376,227 8-inch
       wafers.

Semiconductor Manufacturing International Corporation (NYSE: SMI) "SMIC" or the "Company"), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended December 31, 2005. Sales increased 7.5% in the fourth quarter of 2005 to $333.1 million from $310.0 million in the prior quarter. The Company reported an increase in capacity to 152,219 8-inch equivalent wafers per month and a utilization rate of 93% in the fourth quarter of 2005. Gross margins were 12.9% in the fourth quarter of 2005 compared to 8.2% in the third quarter of 2005. Net loss decreased to $15.0 million in the fourth quarter of 2005 compared to a net loss of $26.1 million in the third quarter of 2005. Compared to the third quarter of 2005, wafer shipments increased 5.8% to 376,227 8-inch wafers in the fourth quarter of 2005.

"We continue to receive strong orders from our broad customer base across leading edge and mainstream technology nodes," said Dr. Richard Chang, President and Chief Executive Officer of SMIC. "As a result, our revenues and the average selling price of our wafers increased during the fourth quarter.

We continue to generate strong cash flows from operations. We generated $174 million in cash from our operations during the fourth quarter and $648 million in 2005. With almost $600 million of available cash on hand and over $600 million in available credit facilities, including the recently completed $105 million loan facility guaranteed by Atradius Dutch State Business N.V. of Amsterdam, we will continue to expand our capacity at our existing sites. Our 2006 capital expenditure budget will be approximately $1.1 billion, which will be scalable depending on market conditions. In addition, we will pursue alternative opportunities to expand our capacity through the use of strategic alliances.

During the fourth quarter, we commenced commercial production for nine new customers, two of whom are among the top fabless companies in the world. We also taped out nineteen new products, of which over half are products for Mainland China customers. Our Mainland China customers continue to represent an important area of growth. More than 8% of our revenues in December 2005 was generated from Mainland Chinese fabless companies. The new products we manufactured for those companies include the first 3G baseband chips on 0.13 micron process for the TD-SCDMA, WCDMA, and CDMA2000 standards, a digital satellite receiver chip for set-top boxes, and an HDTV video processor chip.

Our joint venture projects continue to progress on schedule. Specifically, our testing and assembly project in Chengdu began pilot production in December 2005 and is ramping up quickly. We anticipate that starting in the first quarter of 2006, we will offer in-house turn-key manufacturing services in China. In addition, our joint venture with Toppan to manufacture on-chip color filters and micro lenses began pilot production in December 2005 and is currently under qualification.

Conference call / Webcast announcement details

Date: February 7, 2006

Time: 8:00 a.m. Shanghai time

Dial-in numbers and pass code: U.S. 1-617-614-2714 or HK 852-3002-1672 (Pass code: SMIC).

A live webcast of the 2005 fourth quarter announcement will be available at http://www.smics.com under the "Investor Relations" section. An archived version of the webcast, along with a soft copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.

About SMIC

Semiconductor Manufacturing International Corporation (NYSE: SMI), headquartered in Shanghai, China, is an international company and one of the leading semiconductor foundries in the world, providing integrated circuit (IC) manufacturing at 0.35um to 90nm and finer line technologies to customers worldwide. Established in 2000, SMIC has four 8- inch wafer fabrication facilities in volume production in Shanghai and Tianjin. In the first quarter of 2005, SMIC commenced commercial production at its 12- inch wafer fabrication facility in Beijing, the first 12-inch fab in China. SMIC also maintains customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. SMIC's pool of talent includes over 2,500 semiconductor industry experts and technical staff. SMIC has achieved ISO9001, ISO/TS16949, OHSAS18001, TL9000, BS7799 and ISO14001 certifications. For additional information, please visit http://www.smics.com .

Safe Harbor Statements

(Under the Private Securities Litigation Reform Act of 1995)

This press release and the attachments contain, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements about SMIC's anticipated product development, product introduction and future performance, statements regarding SMIC's continued expansion of capacity at SMIC's existing sites, statements regarding SMIC's 2006 capital expenditure budget of approximately $1.1 billion, which will be scalable, statements regarding SMIC's pursuit of alternative opportunities to expand capacity through strategic alliances, statements regarding SMIC's anticipated offering of in- house turn-key manufacturing services in China starting in the first quarter of 2006, as well as the statements under "1Q06 Outlook" below, are based on SMIC's current assumptions, expectations and projections about future events. SMIC uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting the best judgment of SMIC's senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause SMIC's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements, including, among others, risks associated with cyclicality and market conditions in the semiconductor industry, intense competition, timely wafer acceptance by SMIC's customers, timely and successful introduction of new technologies, SMIC's ability to ramp new products into volume, supply and demand for semiconductor foundry services, industry overcapacity, shortages in equipment, components and raw materials, availability of manufacturing capacity and financial stability in end markets.

Investors should consider the information contained in SMIC's filings with the U.S. Securities and Exchange Commission (SEC), including its annual report on Form 20-F filed with the SEC on June 28, 2005, especially in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, and its registration statement on Form A-1 as filed with the Stock Exchange of Hong Kong (SEHK) on March 8, 2004, and such other documents that SMIC may file with the SEC or SEHK from time to time, including on Form 6-K. Other unknown or unpredictable factors also could have material adverse effects on SMIC's future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward- looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release.

Except as required by law, SMIC undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.

 
        For  more  information,  please  contact:

          Investor  Contacts:
          Jimmy  Lai
          Investor  Relations  Department
          Tel:  86-21-5080-2000,  ext.  16088
          Fax:  86-21-5080-3619
          Mobile:  852-9435-2603

          Calvin  Lau
          Investor  Relations  Department
          Tel:  86-21-5080-2000,  ext.  16693
          Mobile:  86-13636468590
          Fax:  86-21-5080-3619


                                                                      Summary:

                  Amounts  in  US$  thousands,  except  for  EPS  and  operating  data


                                                                    4Q05              3Q05      QoQ                4Q04        YoY

        Sales                                            333,052        309,959        7.5  %    291,842        14.1  %
        Cost  of  sales                            290,094        284,686        1.9  %    231,293        25.4  %
        Gross  profit                                42,958          25,273      70.0  %      60,549      -29.1  %
        Operating  expenses                    51,756          46,219      12.0  %      83,937      -38.3  %
        (Loss)  from  operations            (8,798)      (20,946)  -58.0  %    (23,388)    -62.4  %
        Other  income  (expenses)          (5,852)        (5,602)      4.5  %      12,358            --
        Income  tax                                                                          2,433.3
                                                                      152                    6          --  %            186      -18.3  %
        Net  (loss)  after
                        Income  taxes              (14,802)      (26,554)  -44.3  %    (11,216)      32.0  %
        Minority  interest                          (176)              439  -140.1  %              --            --
        Deemed  dividend  on
          preference  Shares                            --                  --          --                  --            --
        (Loss)  attributable  to
          holders  of  ordinary
            shares                                      (14,978)      (26,115)  -42.6  %    (11,216)      33.5  %

        Gross  margin                                    12.9  %            8.2  %      --              20.7  %        --
        Operating  margin                            -2.6  %          -6.8  %      --              -8.0  %        --

        Basic  EPS  -  per  ordinary
          share(1)                                  ($0.0008)    ($0.0014)                  ($0.0006)
        Basic  EPS  -  per  ADS              ($0.0410)    ($0.0718)                  ($0.0311)
        Diluted  EPS  -  per
          ordinary  share                      ($0.0008)    ($0.0014)                  ($0.0006)
        Diluted  EPS  -  per  ADS          ($0.0410)    ($0.0718)                  ($0.0311)

        Wafers  shipped  (in  8"
          wafers)(2)                                376,227        355,664        5.8  %    303,796        23.8  %
        Logic  ASP(3)                                    $953              $989      -3.6  %      $1,020        -6.6  %
        Blended  ASP                                      $855              $841        1.7  %          $917        -6.8  %
        Simplified  ASP(4)                          $885              $871        1.6  %          $961        -7.9  %
        Capacity  utilization                        93  %              92  %                            95  %

        Note:
        (1)  Based  on  weighted  average  ordinary  shares  of  18,251  million  in  4Q05,
                18,180  million  in  3Q05  and  18,006  million  in  4Q04
        (2)  Including  copper  interconnects
        (3)  Excluding  copper  interconnects
        (4)  Total  sales/total  wafers  shipped

        --  Sales  increased  to  $333.1  million  in  4Q05,  up  7.5%  QoQ  from
              $310.0  million  in  3Q05  and  up  14.1%  YoY  from  $291.8  million  in  4Q04.
              Key  factors  leading  to  these  increases  were  the  following:
                    --  increased  capacity  to  152,219  8-inch  equivalent  wafers;
                    --  increased  8-inch  equivalent  wafer  shipments  to  376,227,  up  5.8%
                          QoQ  from  355,664  in  3Q05;
                    --  increased  blended  ASP  by  1.7%  QoQ;  and
                    --  increased  utilization  rate  to  93%.
        --  Cost  of  sales  increased  to  $290.1  million  in  4Q05,  up  1.9%  QoQ  from
              $284.7  million  in  3Q05,  primarily  due  to  an  increase  in  wafer  shipments.
        --  Gross  profit  increased  to  $43.0  million  in  4Q05,  up  70.0%  QoQ  from
              $25.3  million  in  3Q05  and  down  29.1%  YoY  from  $60.5  million  in  4Q04.
        --  Gross  margins  increased  to  12.9%  in  4Q05  from  8.2%  in  3Q05,  primarily
              due  to  a  higher  blended  ASP  and  a  lower  inventory  write  down.
        --  R&D  expenses  increased  to  $23.7  million  in  4Q05,  up  23.5%  QoQ  from
              $19.2  million  in  3Q05,  primarily  due  to  manufacturing  process
              technology  development  costs.
        --  G&A  expenses  decreased  to  $8.1  million  in  4Q05,  down  11.0%  QoQ  from
              $9.1  million  in  3Q05,  primarily  due  to  a  decrease  in  legal  fees.
        --  Selling  &  marketing  expenses  increased  to  $5.7  million  in  4Q05,  up
              40.0%  QoQ  from  $4.1  million  in  3Q05,  primarily  due  to  an  increase  in
              engineering  material  expenses  associated  with  sales  activities.
        --  Amortization  of  intangible  assets  representing  amortization  expenses
              associated  with  the  acquisition  of  intangible  assets,  decreased  to
              $10.6  million  in  4Q05,  down  0.2%  QoQ  from  $10.7  million  in  3Q05.
        --  Loss  from  operations  decreased  to  a  loss  of  $8.8  million  in  4Q05,  down
              58.0%  QoQ  from  a  loss  of  $20.9  million  in  3Q05  and  down  62.4%  YoY  from
              a  loss  of  $23.4  million  in  4Q04.
        --  Other  non-operating  loss  of  $5.9  million  in  4Q05,  up  4.5%  QoQ  from  a
              loss  of  $5.6  million  in  3Q05.
        --  Interest  expenses  increased  to  $11.8  million  in  4Q05,  up  14.1%  QoQ  from
              $10.3  million  in  3Q05,  primarily  due  to  the  increase  in  cost  of
              borrowing.
        --  Net  foreign  exchange  loss  of  $0.7  million  based  on  a  foreign  exchange
              loss  of    $0.6  million  in  G&A  and  a  foreign  exchange  loss  of    $0.1
              million  relating  to  a  non-operating  activities  resulting  from  financing
              or  investment  transactions  (i.e.  forward  contracts)  classified  as  other
              income  (expenses).  The  net  foreign  exchange  gain  for  2005  was  $1.8
              million.
        --  Net  loss  decreased  to  $15.0  million,  down  42.6%  QoQ  from  $26.1  million
              in  3Q05  and  up  33.5%  from  a  net  loss  of  $11.2  million  in  4Q04.


                                                      1.  Analysis  of  revenues



        Sales  analysis

        By  Application                                          4Q05          3Q05        2Q05        1Q05        4Q04
          Computer                                                    34.8  %      33.7  %    39.8  %    36.8  %    26.8  %
          Communications                                        43.8  %      39.8  %    40.4  %    44.5  %    58.1  %
          Consumer                                                    16.6  %      22.8  %    15.2  %    13.6  %    10.2  %
          Others                                                          4.8  %        3.7  %      4.6  %      5.1  %      4.9  %

        By  Device                                                    4Q05          3Q05        2Q05        1Q05        4Q04
          Logic  (including  copper
            interconnect)                                        65.3  %      65.5  %    58.9  %    61.9  %    75.1  %
          DRAM(1)                                                      31.3  %      31.0  %    36.5  %    33.0  %    20.4  %
          Other  (mask  making  &  probing,
            etc.)                                                          3.4  %        3.5  %      4.6  %      5.1  %      4.5  %

        By  Customer  Type                                      4Q05          3Q05        2Q05        1Q05        4Q04
          Fabless  semiconductor  companies      43.2  %      43.2  %    42.2  %    48.1  %    50.2  %
          Integrated  device  manufacturers
            (IDM)                                                        51.7  %      52.8  %    55.2  %    49.6  %    47.5  %
          System  companies  and  others                5.1  %        4.0  %      2.6  %      2.3  %      2.3  %

        By  Geography                                              4Q05          3Q05        2Q05        1Q05        4Q04
          North  America                                          39.2  %      42.9  %    40.8  %    40.4  %    34.9  %
          Asia  Pacific  (ex.  Japan)                    28.2  %      25.7  %    26.3  %    26.9  %    43.5  %
          Japan                                                            3.6  %        4.5  %      6.0  %      8.0  %      8.8  %
          Europe                                                        29.0  %      26.9  %    26.9  %    24.7  %    12.8  %

        Wafer  revenue  analysis

        %  Revenues  by  Technology  (logic,      4Q05          3Q05        2Q05        1Q05        4Q04
          DRAM  &  copper  interconnects  only)
          of  Total  Wafer  Revenues
          0.13um                                                        42.9  %      43.8  %    44.5  %    29.2  %    13.8  %
          0.15um                                                          5.2  %        2.7  %      2.5  %    12.5  %    14.9  %
          0.18um                                                        42.3  %      45.3  %    40.7  %    40.3  %    33.6  %
          0.25um                                                          3.3  %        3.1  %      3.9  %      4.6  %      6.0  %
          0.35um                                                          6.3  %        5.1  %      8.4  %    13.4  %    31.7  %

        %  Revenues  by  Technology  of                4Q05          3Q05        2Q05        1Q05        4Q04
          Logic  Only  Revenues(1)
          0.13um(2)                                                  10.9  %      14.7  %    12.6  %      5.4  %      2.4  %
          0.15um                                                          8.6  %        5.3  %      4.8  %      2.2  %      5.3  %
          0.18um                                                        65.3  %      67.4  %    59.4  %    59.8  %    38.2  %
          0.25um                                                          4.8  %        4.0  %      7.1  %      7.1  %      7.8  %
          0.35um                                                        10.4  %        8.6  %    16.1  %    25.5  %    46.3  %

    Note:
        (1)  Excluding  0.13um  copper  interconnects
        (2)  Represents  revenues  generated  from  manufacturing  full  flow  wafers

        --  Sales  from  the  communications  products  segment  grew  faster  than  other
              applications  in  4Q05  compared  to  3Q05.
        --  Percentage  of  sales  generated  from  Asia  Pacific  (ex.  Japan)  and
              European  customers  in  4Q05  increased  to  28.2%  and  29.0%,  as  compared  to
              25.7%  and  26.9%  in  3Q05,  respectively.
        --  Percentage  of  wafer  revenues  from  0.18um  and  below  technologies
              decreased  to  90.4%  of  sales  in  4Q05,  as  compared  with  91.8%  in  3Q05,
              and  increased  from  62.3%  in  4Q04.
        --  Percentage  of  logic  only  wafer  revenues  from  0.18um  and  below
              technologies  decreased  to  84.8%  of  sales  in  4Q05,  as  compared  with
              87.4%  in  3Q05  and  45.9%  in  4Q04.


                                                                    Capacity:


        Fab  /  (Wafer  Size)                                                                4Q05(1)            3Q05(1)

        Fab  1  (8")                                                                              43,441              43,000
        Fab  2  (8")                                                                              46,451              44,378
        Fab  4  (12")                                                                            27,368              21,605
        Fab  7  (8")                                                                              15,000              15,000
        Total  monthly  wafer  fabrication  capacity                132,260            123,983

        Copper  Interconnects:
          Fab  3  (8")                                                                            19,959              19,205
        Total  monthly  copper  interconnect  capacity              19,959              19,205

        Note:
        (1)  Wafers  per  month  at  the  end  of  the  period  in  8"  wafers

        --  As  of  the  end  of  4Q05,  monthly  capacity  increased  to  152,219  8-inch
              equivalent  wafers.

                                                    Shipment  and  utilization:


        8"  wafers                                                    4Q05        3Q05        2Q05        1Q05        4Q04
        Wafer  shipments  including
          Copper  interconnects                        376,227  355,664  330,499  284,912  303,796
        Utilization  rate(1)                                      93  %        92  %        87  %        85  %        95  %

        Note:
        (1)  Capacity  utilization  based  on  total  wafer  out  divided  by  estimated
                capacity

        --  Wafer  shipments  increased  to  376,227  units  of  8-inch  equivalent  wafers
              in  4Q05,  up  5.8%  QoQ  from  355,664  units  of  8-inch  equivalent  wafers  in
              3Q05,  and  23.8%  YoY  from  303,796  8-inch  equivalent  wafers  in  4Q04.
        --  Utilization  rate  increased  to  93%.


                                              2.    Detailed  financial  analysis

                                                        Gross  profit  analysis


        Amounts  in  US$  thousands              4Q05            3Q05            QoQ          4Q04            YoY

        Cost  of  sales                              290,094      284,686          1.9  %  231,293        25.4  %
          Depreciation                              176,545      167,919          5.1  %  130,839        34.9  %
          Other  manufacturing  costs    113,549      116,767        -2.8  %  100,454        13.0  %

        Gross  Profit                                  42,958        25,273        70.0  %    60,549      -29.1  %

        Gross  Margin                                      12.9  %          8.2  %                        20.7  %

        --  Cost  of  sales  increased  to  $290.1  million  in  4Q05,  up  1.9%  QoQ  from
              $284.7  million  in  3Q05,  primarily  due  to  an  increase  in  wafer  shipments.
        --  Gross  profit  increased  to  $43.0  million  in  4Q05,  up  70.0%  QoQ  from
              $25.3  million  in  3Q05  and  down  29.1%  YoY  from  $60.5  million  in  4Q04.
        --  Gross  margins  increased  to  12.9%  in  4Q05  from  8.2%  in  3Q05,  primarily
              due  to  a  higher  blended  ASP  and  a  lower  inventory  write  down.


                                                    Operating  expense  analysis


        Amounts  in  US$  thousands                            4Q05      3Q05        QoQ        4Q04        YoY

        Total  operating  expenses                        51,756  46,219      12.0  %83,937    -38.3  %
          Research  and  development                      23,747  19,230      23.5  %24,747      -4.0  %
          General  and  administrative                    8,122    9,122    -11.0  %25,476    -68.1  %
          Selling  and  marketing                              5,699    4,072      40.0  %  2,544    124.1  %
          Litigation  settlement                                    --          --          --    23,153          --
          Amortization  of  intangible  assets    10,640  10,660      -0.2  %  4,092    160.0  %
          Amortization  of  deferred  stock
            compensation                                              3,548    3,135      13.2  %  3,925      -9.6  %

        --  Total  operating  expenses  were  $51.8  million  in  4Q05,  an  increase  of
              12.0%  QoQ  from  $46.2  million  in  3Q05.
        --  R&D  expenses  increased  to  $23.7  million  in  4Q05,  up  23.5%  QoQ  from
              $19.2  million  in  3Q05,  primarily  due  to  manufacturing  process
              technology  development  costs.
        --  G&A  expenses  including  foreign  exchange  decreased  to  $8.1  million  in
              4Q05,  down  11.0%  QoQ  from  $9.1  million  in  3Q05,  primarily  due  to  a
              decrease  in  legal  fees.
        --  Selling  &  marketing  expenses  increased  to  $5.7  million  in  4Q05,  up
              40.0%  QoQ  from  $4.1  million  in  3Q05,  primarily  due  to  an  increase  in
              engineering  material  expenses  associated  with  sales  activities.
        --  Amortization  of  acquired  intangible  assets  representing  amortization
              expenses  associated  with  the  acquisition  of  intangible  assets,
              decreased  to  $10.6  million  in  4Q05,  down  0.2%  QoQ  from  $10.7  million  in
              3Q05.


                                                      Other  income  (expenses)



        Amounts  in  US$  thousands                  4Q05            3Q05          QoQ        4Q04        YoY

        Other  income  (expenses)                (5,852)      (5,602)      4.5  %  12,358                -
          Interest  income                                4,120          3,278      25.7  %    3,264        26.2  %
          Interest  expense                          (11,792)    (10,334)    14.1  %  (4,581)    157.4  %
          Other,  net                                          1,820          1,454      25.2  %  13,675      -86.7  %


        --  Other  non-operating  loss  of  $5.9  million  in  4Q05  up  4.5%  QoQ  from  a
              loss  of  $5.6  million  in  3Q05.
        --  Interest  expenses  increased  to  $11.8  million  in  4Q05,  up  14.1%  QoQ  from
              $10.3  million  in  3Q05,  primarily  due  to  the  increase  in  cost  of
              borrowing.


                                                                3.    Liquidity



        Amounts  in  US$  thousands                                                          4Q05                      3Q05

        Cash  and  cash  equivalents                                                  585,797                576,767
        Short  term  investments                                                          13,796                    5,582
        Accounts  receivable                                                              241,334                212,823
        Inventory                                                                                  191,238                182,851
        Others                                                                                          15,300                  12,582
        Total  current  assets                                                        1,047,465                990,605

        Accounts  payable                                                                    262,318                259,797
        Short-term  borrowings                                                          265,481                266,589
        Current  portion  of  long-term  debt                                  246,081                246,081
        Others                                                                                        122,158                113,154
        Total  current  liabilities                                                  896,038                885,621

        Cash  Ratio                                                                                      0.7x                      0.7x
        Quick  Ratio                                                                                    0.9x                      0.9x
        Current  Ratio                                                                                1.2x                      1.1x



        Capital  Structure


        Amounts  in  US$  thousands                                                  4Q05                              3Q05

        Cash  and  cash  equivalents                                          585,797                        576,767
        Short-term  investment                                                    13,796                            5,582

        Current  portion  of  promissory  note                          29,242                          19,578
        Promissory  note                                                              103,254                        116,749

        Short-term  borrowings                                                  265,481                        266,589
        Current  portion  of  long-term  debt                          246,081                        246,081
        Long-term  debt                                                                494,556                        444,566
        Total  debt                                                                    1,006,118                        957,236

        Net  cash                                                                          (539,021)                    (511,214)

        Shareholders'  equity                                                3,026,099                    3,034,237

        Total  debt  to  equity  ratio                                            33.2  %                          31.5  %


                                                          4.    Cashflow  &  Capex


        Amounts  in  US$  thousands                                                            4Q05                    3Q05

        Net  loss                                                                                      (14,978)            (26,115)
        Depreciation  &  amortization                                                201,358              192,347
        Amortization  of  acquired  intangible  assets                    10,640                10,661

        Net  change  in  cash                                                                      9,030                      474


                                                                  Capex  plans

        --  Capital  expenditures  for  4Q05  was  $229.8  million.
        --  Planned  capital  expenditures  for  2006  will  be  approximately
              $1.1  billion  and  will  be  adjusted  based  on  market  conditions.


                                                            5.      1Q06  outlook
 


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