MANILA, Philippines, Aug. 9 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc., (NASDAQ:PSIT), a leading independent
provider of assembly and test services for the power semiconductor
market, today announced financial results for the second quarter
ended June 30, 2007: Second Quarter Financial Results The Company
achieved sales revenue in the second quarter of 2007 of $ 22.7
million, representing an increase of 9.7% from the $ 20.7 million
in sales revenue from the same period last year, and a decline from
the previous quarter's sales of $ 24.7 million. During the second
quarter of 2007, sales of power semiconductors were weaker than
expected due to inventory adjustments in one of our key packages to
a major customer in the appliance market. Additionally, we
witnessed an overall flat demand from our other customers in the
consumer electronic and motherboard markets. In terms of sales, our
top five customers in the second quarter of 2007 (in alphabetical
order) were Infineon Technologies, NXP Semiconductors (formerly
Philips Semiconductor), ON Semiconductors, Power Integrations, and
ST Microelectronics, which remained unchanged from the previous
year. Going forward, PSi will continue to focus on developing
strategic partnerships with new customers, particularly for our new
package family of Power QFN. PSi continued to be confronted with
the appreciation of the Philippine currency in the second quarter
of 2007, which had a negative impact on our gross profit for the
period. Comparing the second quarters of 2006 and 2007, we have
experienced a shift in the value of the Philippine peso against the
U.S. dollar from Php 52.24 to Php 46.87 (approximately a 10%
appreciation). We have offset this increase in part through
continued focus on cost reduction, efficiency, and productivity
improvement programs. The continued appreciation of the Philippine
peso impacted our profit margins, resulting in a drop in EBITDA,
gross profit, and operating loss from $ 2.6 million, $ 1.3 million,
and $ 0.8 million in the first quarter of 2007 to $ 1.8 million, $
0.8 million, and $1.4 million in the second quarter of 2007,
respectively. Net other expenses increased to $ 1.3 million in the
second quarter of 2007 from $ 0.9 million in the previous quarter,
representing an increase in foreign exchange losses arising from
the continued appreciation of the Philippine peso versus the U.S.
dollar. Of the $ 1.3 million net other expenses in the second
quarter of 2007, $ 0.6 million was cost arising from the
outstanding Exchangeable Notes, and $ 0.3 million was in relation
to interest and bank charges arising from our outstanding short
term loans and trust receipts payable. Year To Date Financial
Results Sales revenue was $ 47.4 million in the first six months of
2007, representing an increase of 10.5% over the $ 42.9 million in
sales revenue booked in the same period in 2006. Excluding the $
2.2 million sales revenue that our now-closed China operations
contributed to sales in 2006, revenues from Philippine operations
alone have therefore grown by 16.6% over the corresponding period
in 2006. We were not spared from the continued appreciation of the
Philippine peso and the increase in copper prices in the first
quarter of 2007. These external factors had a negative impact on
our gross profit and EBITDA. Comparing the first halves of 2006 and
2007, we witnessed the continued appreciation of the Philippine
peso versus the U.S. dollar from Php 52.10 to Php 47.73 (9.2%
appreciation). Likewise, copper prices rose from $ 4.10/kg in the
first quarter of 2006 to $ 7.40/kg (80% increase). We have offset
these increases through continued focus on cost reductions,
efficiency, and productivity improvement programs. Additionally, we
have forged agreements with all our major customers to absorb the
copper price increases effective from the last month of the second
quarter onward. With these significant external factors, our gross
profit for the first half of 2007 was $ 2.1 million compared to $
2.3 million from the same period of the previous year. Similarly,
EBITDA was $ 4.3 million in the first half of 2007 compared to $ 5
million in the corresponding period from 2006 and operating loss
was $ 2.3 million compared to $ 2 million. Balance Sheet Highlights
Our current liabilities decreased by $ 6.4 million from $ 37.8
million as of December 31, 2006 to $ 31.4 million as of June 30,
2007. This reduction, in addition to other expenditures,
contributed to a reduction in our cash level to $ 1.9 million. New
acquisitions in property, plant and equipment totaled $ 1 million
during the first half of 2007 mostly related to machinery and
equipment upgrade to remove capacity bottlenecks. The long-term
liability account of $ 5.7 million is the carrying amount of the
Exchangeable Notes issued in July 2003 and June 2005, net of
discount representing the embedded conversion feature of the Note.
As of June 30, 2007, tangible book value was $ 0.90 per share based
on 13,289,525 issued and outstanding common shares. Business
Outlook Arthur J. Young, Jr., Chairman and CEO said, "While the
first half of the year has been a challenging period in our
financial recovery process, we have continued to make considerable
progress in our operational performance to our end customers. We
have improved our operational indices with our key customers and
have further solidified our leading market position with them.
While we do remain cautious with respect to the market developments
for the balance of the year, we continue to expect to return to
growth through the balance of the third and fourth quarters leading
to improved financial results." Gordon J. Stevenson, EVP and COO
remarked, "Our focus in operations remains on factors we can
directly control, so while the appreciation of the peso continues
to offer a challenge, more aggressive cost reduction actions are
being introduced and executed with precision. The continued success
of our Quality First Strategy introduced during 2006 is now evident
and exemplified by the prestigious Best Suppliers Award that
Infineon bestowed on PSi in May 2007. This is the second award
received from valued customers during the first half of 2007. In
addition, the pace of improvement in operations continues to gain
momentum as we attained 2nd place (out of 15) in overall ranking
from a key customer during the second quarter of 2007. These
welcome achievements have a positive strategic importance for PSi,
positioning us firmly as one of the preferred suppliers in our
industry and further developing valued partnerships with our
customers as we move forward beyond 2007." About PSi Technologies
PSi Technologies is a focused independent semiconductor assembly
and test service provider to the power semiconductor market. The
Company provides comprehensive package design, assembly and test
services for power semiconductors used in telecommunications and
networking systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products. For more information, visit the Company's web
site at http://www.psitechnologies.com/ or call: At PSi
Technologies Holdings, Inc.: At Financial Relations Board: Francis
Suarez Lasse Glassen (63 2) 838 4872 (310) 854 8313 This press
release contains forward-looking statements that involve risks and
uncertainties. Actual results and outcomes may differ materially.
Factors that might cause a difference include, but are not limited
to, those relating to the pace of development and market acceptance
of PSi's products and the power semiconductor market generally,
commercialization and technological delays or difficulties, the
impact of competitive products and technologies, competitive
pricing pressures, manufacturing risks, the possibility of our
products infringing patents and other intellectual property of
third parties, product defects, costs of product development,
manufacturing and government regulation, risks inherent in emerging
markets, including but not limited to, currency volatility and
depreciation, restricted access to financing and political and
social unrest and the possibility that the initiatives described
herein may not produce the intended results. PSi undertakes no
responsibility to update these forward-looking statements to
reflect events or circumstances after the date hereof. More
detailed information about potential factors that could affect
PSi's financial results is included in the documents PSi files from
time to time with the Securities and Exchange Commission.
-Financial Tables Follow- PSi Technologies Holdings, Inc. Unaudited
Income Statement (In US Dollars) For the Three Months Ended For the
Six Months Ended 30-Jun-07 31-Mar-07 30-Jun-06 30-Jun-07 June 30
2006 Unaudited Unaudited Unaudited Unaudited Unaudited REVENUES
$22,675,639 $24,678,665 $20,738,843 $47,354,304 $42,867,889 COST OF
SALES 18,818,243 20,069,895 16,550,899 38,888,139 33,940,243
DEPRECIATION 3,036,396 3,296,075 3,340,935 6,332,471 6,665,023
GROSS PROFIT (LOSS) 821,000 1,312,695 847,009 2,133,694 2,262,622
OPERATING EXPENSES Research and development 274,256 251,799 265,378
526,055 486,022 Stock compensation cost 29,227 29,227 39,992 58,453
99,980 Administrative expenses 1,660,905 1,648,005 1,528,986
3,308,910 3,295,263 Marketing expenses 225,038 229,475 169,504
454,513 334,481 Total Operating Expenses 2,189,426 2,158,506
2,003,861 4,347,931 4,215,746 LOSS FROM OPERATIONS (1,368,426)
(845,811) (1,156,852) (2,214,237) (1,953,125) Interest and bank
charges -net (336,662) (252,664) (268,776) (589,326) (528,292)
Foreign exchange gains(losses) -net (472,747) (133,033) 95,306
(605,780) (120,853) Lease income 41,370 41,370 - 82,740 -
Exchangeable Note interest and financing charges (612,979)
(616,929) (565,689) (1,229,908) (1,127,321) Loss on discontinued
operation and special charges - - - - (757,753) Miscellaneous
35,267 12,263 (2,934) 47,530 4,816 Net Other Expense (1,345,751)
(948,993) (742,093) (2,294,744) (2,529,403) NET LOSS $(2,714,177)
$(1,794,804)$(1,898,945)$(4,508,981)$(4,482,528) EBITDA $1,775,815
$2,558,649 $2,424,527 $4,334,464 $4,992,729 No. of Shares
Outstanding 13,289,525 13,289,525 13,289,525 13,289,525 13,289,525
EPS- based on Outstanding Shares (0.20) (0.14) (0.14) (0.34) (0.34)
PSi Technologies Holdings, Inc. Unaudited Consolidated Balance
Sheet (In US Dollars) 30-Jun-07 31-Dec-06 Unaudited Audited ASSETS
Current Assets Cash $1,867,676 $3,270,042 Restricted Cash - 102,969
Accounts receivable-net 13,130,784 14,643,596 Inventories-net
4,415,250 5,901,366 Other current assets-net 843,700 482,629 Total
Current Assets 20,257,410 24,400,602 Noncurrent Assets Property,
plant and equipment-net 30,921,482 36,099,471 Other noncurrent
assets-net 1,310,013 1,277,391 Total Noncurrent Assets 32,231,495
37,376,862 $52,488,905 $61,777,464 LIABILITIES AND STOCKHOLDERS'
EQUITY Current Liabilities Accounts payable and accrued expenses
$19,772,369 $24,604,664 Accounts payable CAPEX 558,143 2,509,204
Loans Payable 10,680,000 10,524,743 Trust receipts payable 390,031
39,998 Income tax payable - 114,773 Total Current Liabilities
31,400,543 37,793,382 Noncurrent Liabilities Exchangeable Note
5,659,880 4,541,506 Accrued retirement benefit cost 3,529,277
3,092,841 Total Noncurrent Liabilities 9,189,157 7,634,347
Stockhoders' Equity Capital stock-Philippine peso 1-2/3 par value
Authorized-37,058,100 shares Issued and outstanding-13,289,525
shares 590,818 590,818 Additional paid-in capital 79,603,039
79,544,586 Other comprehensive loss (2,055,236) (2,055,236) Deficit
(66,239,416) (61,730,435) Total Stockholders' Equity 11,899,205
16,349,734 $52,488,905 $61,777,464 PSi Technologies Holdings, Inc.
Unaudited Consolidated Statement of Cash Flows (In US Dollars) For
the Three Months Ended June 30, 2007 CASH FLOWS FROM OPERATING
ACTIVITIES Net loss (4,508,981) Adjustments to reconcile net loss
to net cash provided by operating activities: Depreciation
6,571,781 Interest on exchangeable notes converted to principal
649,604 Stock compensation costs 58,453 Amortization of debt
issuance costs and discount 478,377 Accretion of interest
receivable from sale of land, building and improvements (30,281)
Accretion of interest receivable from Manila Electric Company
(14,589) Provision for pension expense 339,450 Changes in operating
assets and liabilities: Decrease (increase) in: Trade and other
receivables 1,677,082 Inventories 1,486,115 Other current assets
(361,071) Decrease in trade and other payables (7,050,888) Net cash
provided by (used in) operating activities (704,948) CASH FLOWS
FROM INVESTING ACTIVITIES Acquisitions of property and equipment
(955,050) Decrease (increase) in other noncurrent assets (42,228)
Net cash used in investing activities (997,278) CASH FLOWS FROM
FINANCING ACTIVITIES Net proceeds from (payments of) trust receipts
payable 350,033 Net proceeds from (payments of) loans payable
155,257 Decrease in restricted cash 102,969 Net cash provided by
financing activities 608,259 NET INCREASE (DECREASE) IN CASH
(1,093,967) CASH AT BEGINNING OF YEAR 3,270,042 CASH AT END OF YEAR
2,176,075 SUPPLEMENTAL INFORMATION ON NONCASH INVESTING AND
FINANCING ACTIVITIES Property and equipment acquired on account
under accounts payable 558,143 DATASOURCE: PSi Technologies
Holdings, Inc. CONTACT: Francis Suarez of PSi Technologies
Holdings, Inc., +63 2 838 4872, ; or Lasse Glassen of Financial
Relations Board, +1-310-854-8313, , for PSi Technologies Holdings,
Inc. Web site: http://www.psitechnologies.com/
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