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
-------------------- --------------------
July 1, June 29, July 1, June 29,
2007 2008 2007 2008
--------- --------- --------- ---------
Net revenues $ 370,183 $ 434,142 $ 760,653 $ 861,384
Cost of revenues (303,236) (359,452) (616,147) (712,156)
--------- --------- --------- ---------
Gross profit 66,947 74,690 144,506 149,228
Operating expenses:
Selling, general and
administrative 28,036 28,616 56,035 60,082
Research and development 8,985 9,279 17,170 19,284
Accelerated share-based
compensation - 1,562 - 1,562
Tender offer expenses 4,114 - 10,922 -
Held for sale asset
impairment 1,725 - 1,725 -
Restructuring charges 990 - 990 900
--------- --------- --------- ---------
Total operating expenses 43,850 39,457 86,842 81,828
--------- --------- --------- ---------
Operating income 23,097 35,233 57,664 67,400
Other income (expenses), net (8,503) (4,818) (17,222) (10,125)
--------- --------- --------- ---------
Income before income taxes 14,594 30,415 40,442 57,275
Income tax expense (5,782) (7,009) (13,433) (14,629)
--------- --------- --------- ---------
Income before minority interest 8,812 23,406 27,009 42,646
Minority interest (1,383) (1,290) (2,533) (2,677)
--------- --------- --------- ---------
Net income $ 7,429 $ 22,116 $ 24,476 $ 39,969
========= ========= ========= =========
Net income per ordinary share:
Basic $ 0.00 $ 0.01 $ 0.01 $ 0.02
Diluted $ 0.00 $ 0.01 $ 0.01 $ 0.02
Ordinary shares (in thousands)
used in per ordinary share
calculation:
Basic 2,031,435 2,118,538 2,020,633 2,085,687
Diluted 2,186,078 2,120,798 2,180,555 2,089,239
Key Ratios and Information:
Gross Margin 18.1% 17.2% 19.0% 17.3%
Operating Expenses as a % of
Revenue 11.8% 9.1% 11.4% 9.5%
Operating Margin 6.3% 8.1% 7.6% 7.8%
Depreciation & Amortization,
including Amortization of
Debt Issuance Costs $ 62,687 $ 72,562 $ 124,084 $ 144,825
Capital Expenditures $ 55,373 $ 64,101 $ 112,159 $ 119,317
Share-based compensation
expense included under SFAS
123(R) were as follows:
Cost of revenues $ 1,069 $ 124 $ 2,557 $ 710
Selling, general and
administrative 722 179 1,740 694
Research and development 196 34 572 173
Accelerated share-based
compensation - 1,562 - 1,562
--------- --------- --------- ---------
$ 1,987 $ 1,899 $ 4,869 $ 3,139
========= ========= ========= =========
STATS ChipPAC Ltd.
Condensed Consolidated Balance Sheets
(In thousands of U.S. Dollars)
December
30, June 29,
2007 2008
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash, cash equivalents and marketable securities $ 242,691 $ 272,881
Accounts receivable, net 271,360 285,777
Inventories 83,312 85,547
Other current assets 38,489 40,991
----------- -----------
Total current assets 635,852 685,196
Marketable securities 15,296 15,437
Property, plant and equipment, net 1,276,490 1,263,302
Investment in equity investee 10,350 10,338
Goodwill and intangible assets 588,712 592,202
Other non-current assets * 70,254 62,819
----------- -----------
Total assets $ 2,596,954 $ 2,629,294
----------- -----------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and other payables $ 235,044 $ 237,600
Other current liabilities 128,417 156,662
Short-term debts 240,781 92,693
----------- -----------
Total current liabilities 604,242 486,955
Long-term debts 423,853 413,409
Other non-current liabilities 125,093 95,079
----------- -----------
Total liabilities 1,153,188 995,443
----------- -----------
Minority interest 59,797 62,103
----------- -----------
Shareholders' equity 1,383,969 1,571,748
----------- -----------
Total liabilities and shareholders' equity $ 2,596,954 $ 2,629,294
----------- -----------
* Includes $1.3million and $1.6million of non-current restricted cash as
of June29,2008 and December 30, 2007, respectively.
STATS ChipPAC Ltd.
Other Supplemental Information
(Unaudited)
2Q 2007 1Q 2008 2Q 2008
Net Revenues by Product Line
Packaging - laminate 56.0% 55.0% 57.0%
Packaging - leaded 18.6% 18.7% 17.9%
Test and other services 25.4% 26.3% 25.1%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by End User Market
Communications 50.0% 53.7% 52.6%
Personal Computers 14.8% 16.0% 14.3%
Consumer, Multi-applications and Others 35.2% 30.3% 33.1%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Net Revenues by Region
United States of America 71.6% 75.4% 73.1%
Europe 3.5% 3.4% 4.2%
Asia 24.9% 21.2% 22.7%
--------- --------- ---------
100.0% 100.0% 100.0%
========= ========= =========
Number of Testers 912 1,041 1,020
Number of Wirebonders 3,759 4,679 4,715
Overall Equipment Utilization Rate 74% 69% 67%
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: