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 29, June 28, June 29, June 28,
2008 2009 2008 2009
---------- ---------- ---------- ---------
Net revenues $ 434,142 $ 320,690 $ 861,384 $ 541,183
Cost of revenues (359,452) (272,289) (712,156) (494,952)
---------- ---------- ---------- ---------
Gross profit 74,690 48,401 149,228 46,231
Operating expenses:
Selling, general and
administrative 28,616 23,506 60,082 44,113
Research and development 9,279 9,771 19,284 17,396
Restructuring charges - - 900 12,933
Accelerated share-based
compensation 1,562 - 1,562 -
---------- ---------- ---------- ---------
Total operating
expenses 39,457 33,277 81,828 74,442
---------- ---------- ---------- ---------
Operating income (loss) 35,233 15,124 67,400 (28,211)
Other income (expenses),
net (4,818) (12,532) (10,125) (21,165)
---------- ---------- ---------- ---------
Income (loss) before income
taxes 30,415 2,592 57,275 (49,376)
Income tax expense (7,009) (362) (14,629) (782)
---------- ---------- ---------- ---------
Net income (loss) 23,406 2,230 42,646 (50,158)
Less: Net (income) loss
attributable to the
noncontrolling interest (1,290) (7) (2,677) 1,314
---------- ---------- ---------- ---------
Net income (loss)
attributable to STATS
ChipPAC Ltd. $ 22,116 $ 2,223 $ 39,969 $ (48,844)
========== ========== ========== =========
Net income (loss) per
ordinary share
attributable to STATS
ChipPAC Ltd.:
Basic $ 0.01 $ 0.00 $ 0.02 $ (0.02)
Diluted $ 0.01 $ 0.00 $ 0.02 $ (0.02)
Ordinary shares (in
thousands) used in per
ordinary share
calculation:
Basic 2,118,538 2,202,218 2,085,687 2,202,218
Diluted 2,120,798 2,022,223 2,089,239 2,202,218
Key Ratios and Information:
Gross Margin 17.2% 15.1% 17.3% 8.5 %
Operating Expenses as a %
of Revenue 9.1% 10.4% 9.5% 13.7 %
Operating Margin 8.1% 4.7% 7.8% (5.2)%
Depreciation & Amortization,
Including Amortization of
Debt Issuance Costs $ 72,562 $ 67,324 $ 144,825 $ 133,979
Capital Expenditures $ 64,101 $ 32,350 $ 119,317 $ 41,843
STATS ChipPAC Ltd.
Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
December 28, June 28,
2008 2009
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and marketable securities $ 337,230 $ 309,365
Accounts receivable, net 139,520 173,810
Inventories 60,717 61,641
Other current assets 33,841 35,822
----------- -----------
Total current assets 571,308 580,638
Marketable securities 15,587 16,061
Property, plant and equipment, net 1,216,342 1,129,283
Investment in equity investee 9,001 7,731
Goodwill and intangible assets 595,894 593,735
Other non-current assets * 38,931 31,096
----------- -----------
Total assets $ 2,447,063 $ 2,358,544
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and other payables $ 148,931 $ 152,610
Other current liabilities 152,836 118,198
Short-term debts 76,953 66,136
----------- -----------
Total current liabilities 378,720 336,944
Long-term debts 396,500 401,085
Other non-current liabilities 64,144 60,023
----------- -----------
Total liabilities 839,364 798,052
----------- -----------
STATS ChipPAC Ltd. shareholders' equity 1,548,657 1,504,842
----------- -----------
Noncontrolling interest 59,042 55,650
----------- -----------
Total liabilities and equity $ 2,447,063 $ 2,358,544
----------- -----------
* Includes $1.0 million of non-current restricted cash in each of June
28, 2009 and December 28, 2008.
STATS ChipPAC Ltd.
Other Supplemental Information
(Unaudited)
2Q 2008 1Q 2009 2Q 2009
Net Revenues by Product Line
Packaging - laminate 57.0% 56.5% 58.5%
Packaging - leaded 17.9% 16.7% 14.7%
Test and other services 25.1% 26.8% 26.8%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by End User Market
Communications 52.6% 50.4% 53.3%
Personal Computers 14.3% 12.3% 17.5%
Consumer, Multi-applications and Others 33.1% 37.3% 29.2%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by Region
United States of America 73.1% 80.1% 76.2%
Europe 4.2% 5.4% 3.9%
Asia 22.7% 14.5% 19.9%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Number of Testers 1,020 954 962
Number of Wirebonders 4,715 4,607 4,596
Overall Equipment Utilization Rate 67% 33% 51%
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) 867 9859 email: