MANILA, Philippines, May 8 /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 first quarter
ended March 31, 2006: First Quarter Financial Results Revenues for
the first quarter of 2006 totaled $22.1 million, a 4.1% sequential
increase compared to $21.3 million in the previous quarter, and a
15.2% increase compared to revenues of $19.2 million in the first
quarter of 2005. Revenues from Philippine operations totaled $19.9
million in first quarter, versus $19.1 million in the previous
quarter. Sales of power semiconductor packages comprised $21.5
million of first quarter revenues versus $20.7 million in the
previous quarter. Revenues from the Company's top 5 customers were
$20.0 million, a 5.3% increase compared to $19.0 million in the
previous quarter. The Company's largest customers for the first
quarter (in alphabetical order) were Infineon Technologies, ON
Semiconductor, Philips, Power Integrations and ST Microelectronics.
Products packaged for those customers are used in a variety of
end-user applications, in particular for automotive systems,
consumer electronics, communications equipment, industrial
applications, home appliances and PC motherboards. "The Company's
revenues benefited from strong demand trends, a shift towards
higher value packages, and pricing adjustments from ongoing
operations realignment blueprint initiatives," said Arthur J.
Young, Jr. Chairman and Chief Executive Officer. Cost of goods sold
increased at a lower 1.1% sequential rate, owing to increased
operating leverage, lower depreciation expense and improved cost
management derived directly from implementation of the operations
realignment blueprint. Consequently, consolidated gross margins
expanded to 6.4% versus 3.6% in the previous quarter and (3.8)% in
the same period last year. Philippine operations recorded gross
margins of 7.0% in the first quarter, an improvement of more than
50% over the previous quarter. Operating expenses were lower by
64.4% on a sequential basis to $2.2 million in the first quarter,
versus $6.2 million in the previous quarter. Fourth quarter
operating expenses included $3.9 million in asset impairment
charges due primarily to the closure of China operations and
secondarily from planned sale of remaining idle land. Excluding
these charges, operating expenses registered a 3.1% and 2.7%
reduction respectively, on a sequential and year-over-year basis.
Operations realignment activities from administration and marketing
contributed to the majority of cost savings. As a result of the
above, operating loss margin declined further to (3.6)% in the
first quarter versus (7.1)% in the fourth quarter (excluding
special charges) and (15.6)% in the same period last year. "The
financial improvement we have recognized in Q1 is a result of
executing our operations realignment blueprint, lending specific
focus in the areas of product portfolio pruning, overhead cost
reduction and price increases on non-core packages," said Gordon J.
Stevenson, Chief Operating Officer. "Moving forward, we expect to
increase our business opportunity in our Philippine Laguna Plant as
a result of our strategic decision to consolidate manufacturing
plants. Meanwhile, we expect to continue to plan further business
improvements, especially in the areas of supply chain, purchasing
and materials management." The expansion in gross and operating
margins led directly to a 6.6% sequential increase in EBITDA to
$2.6 million in the first quarter, equating to EBITDA margin of
11.6%. In the previous quarter, EBITDA and EBITDA margin was $2.4
million and 11.3%, respectively. Net other expenses increased $0.5
million on a quarter-over-quarter basis owing to a $0.8 million
charge from severance and other liquidation costs and expenses
related to the discontinuation of China operations. Excluding this,
net other expenses would have been lower by $0.3 million. The
interest expense and debt issuance cost and discount amortization
of the $4 million and $7 million senior subordinated exchangeable
notes issued in July 2003 and in June 2005 was $0.56 million in the
first quarter versus $0.75 million in the fourth quarter. The
Company historically applied debt instrument accounting with
respect to our exchangeable notes. The Company is currently
evaluating whether FAS 133 should be applied with regard to the
terms and conditions of the Exchangeable Notes. Excluding the loss
from discontinued operations and asset impairment charges, first
quarter net loss was $(1.8) million or $(0.14) per outstanding
share, compared to net loss of $(2.8) million or $(0.21) per
outstanding share in the previous quarter. This is equivalent to a
35.8% sequential reduction in net loss for the first quarter.
Including the loss from discontinued operations and asset
impairment charges, net loss was $(2.6) million and $(6.8) million,
respectively. Package Development We have reached the first one
million units for QFN in the first quarter of 2006, which is the
first critical milestone for this line. We are gradually increasing
production volume on a monthly basis until it reaches its planned
optimum level by the third to fourth quarter of 2006. Balance Sheet
Highlights Cash and cash equivalents totaled $3.0 million in the
first quarter, compared to $1.7 million at the end of 2005. New
acquisitions in property, plant and equipment totaled $1.6 million
in the first quarter, mostly related to the purchase of equipment
to improve capacity bottlenecks to accommodate new business. Total
current liabilities declined by $2.1 million to $36.0 million in
the first quarter from $38.0 million as of December 31, 2005. The
decline in current liabilities is attributable to the prepayment of
$1.4 million in loans payable and $1.1 million reduction in trust
receipts payable. Consequently, total bank debt declined to $12.2
million from $14.7 million in the fourth quarter. The long-term
liability account of $3.7 million includes 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 March 31, 2006, tangible book value was $2.13 per share on
13,289,525 outstanding shares. Business Outlook "While the order
book of the Company's Philippine operations indicate growth for the
coming quarters, we are resolutely committed towards managing this
growth and our operations towards further operational improvements
through the implementation of operations realignment blueprint
activities," said Young. 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. Their customers include most of the major power
semiconductor manufacturers in the world such as Fairchild
Semiconductor, Infineon Technologies, ON Semiconductor, Philips
Semiconductor, and ST Microelectronics. For more information, visit
the Company's web site at http://www.psitechnologies.com/ or call:
At PSi Technologies Holdings, Inc.: Thelma G. Oribello (63 2) 838
44 89 At Financial Relations Board: Lasse Glassen (310) 854 8313
Safe Harbor Statement 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. PSi Technologies Holdings, Inc. Unaudited
Income Statement (In US Dollars) For the Three Months Ended
31-Mar-06 31-Dec-05 31-Mar-05 Unaudited Unaudited Unaudited
REVENUES $22,129,046 $21,250,623 $19,210,744 COST OF SALES
17,389,345 16,530,386 15,896,128 DEPRECIATION 3,324,088 3,951,920
4,040,894 GROSS PROFIT 1,415,612 768,317 (726,278) OPERATING
EXPENSES Research and development 220,644 315,046 332,294 Stock
compensation cost 59,988 59,988 59,988 Administrative expenses
1,629,998 1,563,077 1,621,267 Special charges -- 3,927,798 --
Marketing expenses 164,977 216,481 204,354 Freight out 136,279
127,320 54,359 Total Operating Expenses 2,211,885 6,209,711
2,272,261 LOSS FROM OPERATIONS 796,273 5,441,393 2,998,539 Interest
and bank charges-net (259,517) (322,330) (305,003) Foreign exchange
gains(losses)-net (216,159) (221,584) 69,904 Early retirement cost
-- (43,857) -- Exchangeable Note interest and financing charges
(561,632) (749,674) (275,986) Loss on Discontinued Operation
(757,753) -- -- Miscellaneous 7,750 5,524 19,926 Net Other Expense
(1,787,310) (1,331,921) (491,160) NET LOSS $2,583,583 $6,773,314
$3,489,699 EBITDA $2,568,202 $2,410,177 $1,359,816 No. of Shares
Outstanding 13,289,525 13,289,525 13,289,525 EPS-based on
Outstanding Shares $(0.19) $(0.51) $(0.26) Note: *
Summations/numbers may differ due to rounding. * The accounts as
presented herein have been revised to conform to their presentation
under the 2004 Audited Financial Statements. More detailed
information can be found in the documents (such as Form 20F) PSi
files from time to time with the Securities and Exchange
Commission. PSi Technologies Holdings, Inc. Unaudited Consolidated
Balance Sheet (In US Dollars) 31-Mar-06 31-Dec-05 Unaudited
Unaudited ASSETS Current Assets Cash $2,979,854 $1,623,911 Accounts
receivable-net 11,614,623 14,196,392 Notes receivable on sale of
land and building 727,075 959,633 Inventories-net 5,344,495
5,807,984 Other current assets-net 652,246 508,872 Total Current
Assets 21,318,293 23,096,791 Noncurrent Assets Investment and
advances 143,364 144,181 Property, plant and equipment-net
45,490,912 47,284,206 Other noncurrent assets-net 1,014,231 752,218
Total Noncurrent Assets 46,648,508 48,180,605 $67,966,801
$71,277,397 LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable and accrued expenses $21,927,214
$21,512,208 Accounts payable CAPEX 1,816,876 1,748,194 Loans
Payable 10,000,000 11,400,000 Trust receipts payable 2,223,611
3,365,693 Total Current Liabilities 35,967,701 38,026,094
Noncurrent Liabilities Exchangeable Note 3,714,944 2,443,553 Total
Noncurrent Liabilities 3,714,944 2,443,553 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 79,767,582 79,707,594 Deficit
(52,074,244) (49,490,662) Total Stockholders' Equity 28,284,156
30,807,750 Total Liabilities and Stockholders' Equity $67,966,801
$71,277,397 PSi Technologies Holdings, Inc. Unaudited Consolidated
Statement of Cash Flows (In US Dollars) For the Three Months Ended
March 31, 2006 CASH FLOWS FROM OPERATING ACTIVITIES Net Income
($2,583,583) Adjustments to reconcile net income to net cash
provided by operating activities: Stock compensation cost 59,989
Depreciation and amortization 3,484,065 Provision for retirement
expense 45,373 Loss on discontinued operation 757,753 Amortization
of debt issuance cost and discount 244,601 Interest expense on
exchangeable note 271,944 Change in assets and liabilities:
Decrease (increase) in: Accounts receivables 2,581,769 Notes
receivable on sale of land and building 232,558 Inventories 463,489
Other Current Assets and tax credit receivable (143,374) Increase
(decrease) in: Accounts payable and other expenses 381,047 Net cash
provided by operating activities 5,795,632 CASH FLOWS FROM
INVESTING ACTIVITIES Acquisitions of property, plant and equipment
(1,622,089) Decrease (increase) in investments and advances 817
Decrease (increase) in other assets (276,335) Net cash used in
investing activities (1,897,607) CASH FLOWS FROM FINANCING
ACTIVITIES Net availment/(payments) of short-term loans (1,400,000)
Trust receipts and acceptances payable (1,142,081) Net cash
provided by (used in) financing activities (2,542,081) NET INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS 1,355,944 CASH AND CASH
EQUIVALENTS AT BEGINNING OF THE PERIOD 1,623,911 CASH AND CASH
EQUIVALENTS AT END OF PERIOD $2,979,854 SUPPLEMENTAL INFORMATION ON
NONCASH FINANCING AND INVESTING Property and equipment acquired
(paid) on account under accounts payable 68,683 DATASOURCE: PSi
Technologies Holdings, Inc. CONTACT: Thelma G. Oribello of PSi
Technologies Holdings, Inc., (63 2) 838 44 89, ; 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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