HONG KONG and MILPITAS, Calif., Jan. 14 /PRNewswire-FirstCall/ --
ASAT Holdings Limited (NASDAQ:ASTT), a global provider of
semiconductor package design, assembly and test services, today
announced financial results for the second quarter of fiscal 2008,
ended October 31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO) Net revenue
in the second quarter of fiscal 2008 increased 6.6 percent to $40.2
million, compared with net revenue of $37.7 million in the previous
quarter. Second quarter net loss was $5.2 million, or a net loss of
$0.13 per American Depositary Share (ADS). Second quarter net loss
includes a charge of approximately $92,000 in reorganization costs
for follow-on expenses related to completing the move of the
Company's manufacturing operations to China. Net loss in the first
quarter of fiscal 2008 was $5.7 million, or a net loss of $0.14 per
ADS, and included reorganization costs of approximately $132,000.
Additional Second Quarter Results * Net sales for assembly were
$38.5 million * Net sales for test were $1.7 million * Capital
expenditures were $3.4 million * Cash and cash equivalents at the
end of the quarter were $6.2 million "We recorded another quarter
of revenue growth and better overall financial performance, further
validating our financial improvement plan implemented in 2007 is
succeeding," said Tung Lok Li, acting chief executive officer of
ASAT Holdings Limited. "We continued to execute on our strategy to
build our client base, which has resulted in new customers and
additional qualifications along with more business from existing
customers. Also, we continue to be encouraged with the level of
design activity with new products that offer high growth for the
next year." Third Quarter Fiscal 2008 Outlook "While we are firing
on all cylinders and our long-term prospects look good, we have
seen a recent general softening in the macro economy that leads us
to be cautious in our short-term forecast. Based on current
customer feedback, we forecast revenue for the January quarter will
be in-line with the October quarter," said Mr. Li. Conference Call
and Webcast on January 14, 2008 at 8:30 a.m. ET ASAT Holdings
Limited is scheduled to hold a conference call to discuss the
financial results and other financial matters today at 8:30 a.m.
ET/5:30 a.m. PT. To access the call, dial (480) 248-5081. A replay
of the call will be available until January 21, 2008. To access the
replay, dial (303) 590- 3030. The passcode is 3826856. A live
webcast of the call will also be available via the investor
relations section of the Company's website at http://www.asat.com/.
ASAT Holdings Limited ASAT Holdings Limited is a global provider of
semiconductor package design, assembly and test services. With 19
years of experience, the Company offers a definitive selection of
semiconductor packages and world-class manufacturing lines. ASAT's
advanced package portfolio includes standard and high thermal
performance ball grid arrays, leadless plastic chip carriers, thin
array plastic packages, system-in-package and flip chip. ASAT was
the first company to develop moisture sensitive level one
capability on standard leaded products. Today the Company has
operations in the United States, Asia and Europe. For more
information, visit http://www.asat.com/. Safe Harbor This news
release contains statements and information that involve risks,
uncertainties and assumptions. These statements and information
constitute "forward-looking statements" within the meaning of
federal securities laws including Section 27A of the United States
Securities Act of 1933, as amended, and Section 21E of the United
States Securities Exchange Act of 1934, as amended. Such
forward-looking statements, including statements regarding expected
revenues, liquidity and financial position in our fiscal quarter,
our manufacturing capacity and cost structure, our operational
efficiencies, our relocation and reorganization costs, our customer
retention, growth and expectations, our obtaining additional
financing, possible delisting of the Company's securities from
Nasdaq, our continuation as a going concern and our capital needs,
involve known and unknown risks, uncertainties, assumptions and
other factors that could cause the actual performance, financial
condition or results of operations of ASAT Holdings Limited to
differ materially from those expressed or implied in any
forward-looking statement. Investors are cautioned that actual
events and results could differ materially from those contained in
these statements as a result of a variety of factors, including
conditions in the overall semiconductor market and economy, our
progress in ramping the new China facility, acceptance and demand
for the Company's products and services, continued operational
efficiencies, customer retention, growth and expectations,
operational and technological risks and revisions to the
preliminary unaudited financial results which may occur during
preparation of financial statements and disclosures and the
preparation of the Company's quarterly report on Form 6-K and
annual report on Form 20-F. The risks, uncertainties and other
factors also include, among others, our ability to successfully
implement our diversification strategy and our long-term growth
strategy, our ability to continue to realize operational
efficiencies and improvements to our cost structure, and those
risks, uncertainties, assumptions and other factors stated in the
section entitled "Risk Factors" in our Annual Report on Form 20-F
filed with the United States Securities and Exchange Commission on
October 15, 2007 and the section entitled "Risk Factors" in our
quarterly reports on Form 6-K filed with the United States
Securities and Exchange Commission. The forward-looking statements
in this release reflect the current beliefs and expectations of the
Company as of this date, and the Company undertakes no obligation
to update these projections and forward-looking statements to
reflect actual results or events or circumstances that occur after
the date of this news release. Revenue Breakdown by Market Segment
Three Months Ended October 31, 2007 July 31, 2007 Market Segment %
of Net Revenues % of Net Revenues (Unaudited) Communications 46 48
Automotive/Industrial & Other 9 15 Consumer 22 20 PC/Computing
23 17 Revenue Breakdown by Region Three Months Ended October 31,
2007 July 31, 2007 Region % of Net Revenues % of Net Revenues
(Unaudited) United States 83 82 Europe 6 5 Asia 11 13 Revenue
Breakdown by Customer Type Three Months Ended October 31, 2007 July
31, 2007 Customer Type % of Net Revenues % of Net Revenues
(Unaudited) Fabless 85 83 IDM 15 17 Summary financial data follows
ASAT Holdings Limited Condensed Consolidated Statements of
Operations (USD in thousands, except share data) For the three
months ended October 31, 2007, July 31, 2007 and October 31, 2006,
and for the six months ended October 31, 2007 and October 31, 2006
Three Months Ended October 31, July 31, October 31, 2007 2007 2006
(Unaudited) (Unaudited) (Unaudited) Net Sales 40,234 37,735 40,989
Cost of sales (Note A) 34,799 32,702 37,103 -------- --------
-------- Gross profit 5,435 5,033 3,886 -------- -------- --------
Operating expenses: Selling, general and administrative 5,145 5,227
5,311 Research and development 498 512 632 Reorganization expenses
(Note B) 92 132 607 Facilities and relocation charges - - 999
-------- -------- -------- Total operating expenses 5,735 5,871
7,549 -------- -------- -------- Loss from operations (300) (838)
(3,663) Other income, net 68 222 245 Interest expense: -
amortization of deferred charges (841) (892) (997) - third parties
(4,146) (4,100) (3,913) -------- -------- -------- Loss before
income taxes (5,219) (5,608) (8,328) Income tax expense (Note C)
(6) (105) - -------- -------- -------- Net loss (5,225) (5,713)
(8,328) Other comprehensive loss: Foreign currency translation 34 -
4 -------- -------- -------- Comprehensive loss (5,191) (5,713)
(8,324) Net loss applicable to ordinary shareholders: Net loss
(5,225) (5,713) (8,328) Preferred shares: Cumulative preferred
share dividends (507) (507) (502) Accretion of preferred shares
(385) (362) (299) -------- -------- -------- Net loss applicable to
ordinary shareholders: (6,117) (6,582) (9,129) ======== ========
======== Basic and diluted loss per ADS (Note D): Basic and
diluted: Net loss (0.13) (0.14) (0.20) ======== ======== ========
Basic and diluted weighted average number of ADSs outstanding (Note
D) 47,854,878 46,956,590 45,899,282 ======== ======== ========
Basic and diluted loss per ordinary share: Basic and diluted: Net
loss (0.01) (0.01) (0.01) ======== ======== ======== Basic and
diluted weighted average number of ordinary shares outstanding
717,823,169 704,348,844 688,489,240 ======== ======== ======== Six
Months Ended October 31, October 31, 2007 2006 (Unaudited)
(Unaudited) Net Sales 77,969 87,322 Cost of sales (Note A) 67,501
78,854 -------- -------- Gross profit 10,468 8,468 --------
-------- Operating expenses: Selling, general and administrative
10,372 10,687 Research and development 1,010 1,236 Reorganization
expenses (Note B) 224 1,028 Facilities and relocation charges -
2,553 -------- -------- Total operating expenses 11,606 15,504
-------- -------- Loss from operations (1,138) (7,036) Other
income, net 290 476 Interest expense: - amortization of deferred
charges (1,733) (2,021) - third parties (8,246) (7,827) --------
-------- Loss before income taxes (10,827) (16,408) Income tax
expense (Note C) (111) - -------- -------- Net loss (10,938)
(16,408) Other comprehensive loss: Foreign currency translation 34
9 -------- -------- Comprehensive loss (10,904) (16,399) Net loss
applicable to ordinary shareholders: Net loss (10,938) (16,408)
Preferred shares: Cumulative preferred share dividends (1,014)
(991) Accretion of preferred shares (747) (574) -------- --------
Net loss applicable to ordinary shareholders: (12,699) (17,973)
======== ======== Basic and diluted loss per ADS (Note D): Basic
and diluted: Net loss (0.27) (0.39) ======== ======== Basic and
diluted weighted average number of ADSs outstanding (Note D)
47,405,734 45,709,940 ======== ======== Basic and diluted loss per
ordinary share: Basic and diluted: Net loss (0.02) (0.03) ========
======== Basic and diluted weighted average number of ordinary
shares outstanding 711,086,007 685,649,100 ======== ======== Note
A: Includes $418, $228 and $38 inventory write-down in the three
months ended October 31, 2007, July 31, 2007 and October 31, 2006,
respectively. Includes $646 and $38 inventory write-down for the
six months ended October 31, 2007 and 2006, respectively. Note B:
Includes charges of $92, $132 and $607 associated with headcount
reductions, primarily in the Company's Hong Kong operations, in the
three months ended October 31, 2007, July 31, 2007 and October 31,
2006, respectively. Note C: The amount for the fiscal period of
2007 mainly represents provision for the Hong Kong profits tax
concerning a tax dispute for the fiscal year 2000. Note D: On
December 8, 2006, the Company announced an intention to change the
ADS ratio from 5 ordinary shares per 1 ADS to 15 ordinary shares
per 1 ADS, representing the equivalent of a 1-for-3 reverse split.
The new ADS ratio had taken effect at the close of business on
December 22, 2006 and the new ADS ratio had in place at beginning
of the next business day on December 26, 2006. The basic and
diluted loss per ADS has been prepared on the number of ADS after
the reverse share split. ASAT Holdings Limited Condensed
Consolidated Balance Sheets (USD in thousands) As of October 31,
2007, July 31, 2007 and October 31, 2006 October 31, July 31,
October 31, 2007 2007 2006 (Unaudited) (Unaudited) (Unaudited)
ASSETS Current assets: Cash and cash equivalents 6,237 9,765 8,742
Current portion of restricted cash 900 900 - Accounts receivable,
net 19,037 17,590 23,663 Inventories 16,048 13,504 18,361 Prepaid
expenses and other current assets 6,321 5,411 4,119 ---------
--------- --------- Total current assets 48,543 47,170 54,885
Restricted cash - 900 3,320 Property, plant & equipment, net
70,729 75,857 85,735 Deferred charges, net 7,808 4,931 5,968 Other
non-current assets 5,146 5,067 5,007 --------- --------- ---------
Total assets 132,226 133,925 154,915 ========= ========= =========
LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities:
Short-term bank facilities 3,964 1,331 2,533 Accounts payable
31,209 29,228 29,977 Accrued liabilities and other payable 19,567
22,781 24,031 Amount due to QPL 3,174 2,418 2,191 Current portion
of capital lease obligations 1,615 1,724 1,769 --------- ---------
--------- Total current liabilities 59,529 57,482 60,501 Other
payable, net of current portion 3,129 2,602 - Long-term bank
facilities - 2,588 - Purchase money loan 9,378 8,796 7,256 9.25%
senior notes due 2011 150,000 150,000 150,000 Capital lease
obligations, net of current portion 105 406 1,639 ---------
--------- --------- Total liabilities 222,141 221,874 219,396
--------- --------- --------- Series A Redeemable Convertible
Preferred Shares 6,487 6,105 5,085 --------- --------- ---------
Shareholders' deficit: Common stock 7,378 7,114 7,010 Less:
Repurchase of shares at par (71) (71) (71) Additional paid-in
capital 248,571 245,992 246,269 Accumulated deficits (352,130)
(346,905) (322,560) Accumulated other comprehensive loss (150)
(184) (214) --------- --------- --------- Total shareholders'
deficit (96,402) (94,054) (69,566) --------- --------- ---------
Total liabilities and shareholders' deficit 132,226 133,925 154,915
========= ========= ========= ASAT Holdings Limited Condensed
Consolidated Statements of Cash Flows (USD in thousands) For the
three months ended October 31, 2007, July 31, 2007 and October 31,
2006, and for the six months ended October 31, 2007 and October 31,
2006 Three Months Ended Six Months Ended October July October
October October 31, 31, 31, 31, 31, 2007 2007 2006 2007 2006
(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited) Operating
activities: Net loss (5,225) (5,713) (8,328) (10,938) (16,408)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization: Property,
plant and equipment 5,618 5,674 5,912 11,292 11,827 Deferred
charges and debt discount 841 892 997 1,733 2,021 (Gain) loss on
disposal of property, plant and equipment (55) 2 1 (53) 4
Unrealized foreign exchange loss 45 82 - 127 - Amortization of
stock-based compensation 89 282 223 371 541 Changes in operating
assets and liabilities: Accounts receivable, net (1,447) 114 (916)
(1,333) 5,944 Restricted cash 900 - - 900 - Inventories (2,536)
(120) 3,618 (2,656) 4,875 Prepaid expenses and other current assets
(910) (240) 3,354 (1,150) 3,965 Other non-current assets (79) (59)
(542) (138) (737) Accounts payable 4,896 2,327 (3,826) 7,223
(2,933) Accrued liabilities and other payable (3,214) 336 (1,247)
(2,878) 333 Amount due to QPL 756 (114) (1,532) 642 (3,635) Other
payable, net of current portion 527 516 - 1,043 - ------- -------
-------- -------- -------- Net cash provided by (used in) operating
activities 206 3,979 (2,286) 4,185 5,797 ------- ------- --------
-------- -------- Investing activities: Proceeds from disposal of
property, plant and equipment 71 - - 71 - Acquisition of property,
plant and equipment (3,430) (1,089) (4,144) (4,519) (10,820)
------- ------- -------- -------- -------- Net cash used in
investing activities (3,359) (1,089) (4,144) (4,448) (10,820)
------- ------- -------- -------- -------- Financing activities:
Proceeds from warrant and preferred shares exercised 1 - - 1 -
Proceeds from draw down of new loan - - 2,533 - 2,533 Repayment of
capital lease obligations (410) (450) (755) (860) (1,182) Proceeds
from right offering - - - - 490 ------- ------- -------- --------
-------- Net cash (used in) provided by financing activities (409)
(450) 1,778 (859) 1,841 ------- ------- -------- -------- --------
Net (decrease) increase in cash and cash equivalents (3,562) 2,440
(4,652) (1,122) (3,182) Cash and cash equivalents at beginning of
period 9,765 7,325 13,390 7,325 11,915 Effects of foreign exchange
rates change 34 - 4 34 9 ------- ------- -------- -------- --------
Cash and cash equivalents at end of period 6,237 9,765 8,742 6,237
8,742 ======= ======= ======== ======== ======== Supplemental
disclosure of cash flow information: Cash paid during the period
for: Interest expense 7,103 86 7,030 7,189 7,150 Income taxes 134
172 - 306 - http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO
http://photoarchive.ap.org/ DATASOURCE: ASAT Holdings Limited
CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400, ,
for ASAT Holdings Limited Web site: http://www.asat.com/
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