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, 2007: First Quarter Financial Results We achieved
sales revenue in the first quarter of 2007 of $24.7 million,
representing an increase of 11.6% over the $22.1 million in sales
revenue during the first quarter of 2006. Excluding the $2.2
million in sales revenue that our now-closed China operations
contributed to the total sales revenue from the first quarter of
2006, revenues from our Philippine operations alone have therefore
grown by 24.2% over the corresponding period in 2006. Our first
quarter 2007 sales have been relatively stable from the prior
period with sales revenue of $24.7 million, compared to $24.9
million during the fourth quarter of 2006. In terms of sales, our
top five customers in the first quarter of 2007 (in alphabetical
order) were Infineon Technologies, NXP Semiconductors (formerly
Philips Semiconductor), ON Semiconductors, Power Integrations, and
ST Microelectronics. Going forward, PSi expects to continue to
focus on developing strategic partnerships with new customers and
in particular for our new package family of Power QFN. PSi
continued to be confronted with appreciation of currency and
increase in copper prices in the first quarter of 2007. During the
most recent quarter, these factors had a negative impact on our
gross profit. Comparing the first quarters of 2006 and 2007, we
have experienced a shift in the Philippine Peso value vis-a-vis the
U.S. dollar from Php 51.88 to Php 48.57 (7% appreciation). The
copper price has risen from $4.10/kg in the first quarter of 2006
to $7.40/kg (80% increase) in the first quarter of 2007. We have
offset these increases in part through continued focus on cost
reduction, efficiency and productivity improvement programs. In
spite of these additional external factors impacting our profit
margins, our EBITDA for the first quarter of 2007 remained stable
compared to the first quarter of 2006, at $2.6 million, although
this represented a decrease from $3.2 million in the fourth quarter
of 2006. Additionally, our gross margin decreased from 6.4% in the
first quarter of 2006 to 5.4% in the first quarter of 2007, while
our operating margins improved from negative 3.6% to a negative
3.5% in the same periods. Net other expenses improved to $0.9
million in the first quarter of 2007 from $1.5 million in the
previous quarter, representing an overall $0.6 million reduction
due, in part, to a one time non-recurring expense during the fourth
quarter of 2006. Of the $0.9 million of net other expenses in the
first 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. The reduction in net loss from
$2.6 million in the first quarter of 2006 to $1.8 million in the
first quarter of 2007 also reflected a further reduction from $2
million in the previous quarter. Balance Sheet Highlights We have
reduced our current liabilities by $1.4 million from $36 million as
of December 31, 2006 to $34.6 million as of March 31, 2007. This
reduction, in addition to other expenditures, contributed to a
reduction in our cash level by $2.3 million. New acquisitions in
property, plant and equipment totaled $1 million during the first
quarter of 2007 mostly related to the purchase of machinery and
equipment to improve capacity bottlenecks and accommodate new
business. The long-term liability account of $4.8 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, 2007, tangible book value was
$1.52 per share based on 13,289,525 issued and outstanding common
shares. Business Outlook Arthur J. Young, Jr., Chairman and CEO
said, "While we continue to be focused on our business performance,
particularly with respect to sales growth, ongoing improvement in
cost management and overall levels of service quality, we do remain
cautious with respect to the market environment during the second
quarter and early third quarter of 2007." "Our view towards the
remainder of the year does remain positive, however," added Young.
"We expect a return to growth through the third and fourth quarters
of this year, leading to improved overall financial results." On
building the future, Gordon J. Stevenson, EVP and COO remarked, "I
am pleased to announce that we have appointed Mr. Thomas Moerheim
to be the Chief Technology Officer of PSi Technologies. Along with
his extensive experience in managing technology, package
development and package reliability in his previous assignment at
Philips Semiconductor, Thomas will lend his invaluable expertise to
build upon organization competencies, especially in emerging power
semiconductor packages such as Power QFN and other technology
applications." 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. PSi
Technologies Holdings, Inc. Unaudited Income Statement (In US
Dollars) For the Three Months Ended 31-Mar-07 31-Dec-06 31-Mar-06
Unaudited Unaudited Unaudited REVENUES $24,678,665 $24,859,222
$22,129,046 COST OF SALES 20,069,895 19,520,467 17,389,345
DEPRECIATION 3,296,075 3,754,430 3,324,088 GROSS PROFIT (LOSS)
1,312,695 1,584,325 1,415,612 OPERATING EXPENSES Research and
development 251,799 303,891 220,644 Stock compensation cost 29,227
26,227 59,988 Administrative expenses 1,648,005 1,629,519 1,766,276
Marketing expenses 229,475 165,444 164,977 Total Operating Expenses
2,158,506 2,125,081 2,211,885 LOSS FROM OPERATIONS (845,811)
(540,756) (796,273) Interest and bank charges-net (252,664)
(258,093) (288,347) Foreign exchange gains (losses)-net (133,033)
(235,797) (216,159) Lease income 41,370 28,920 28,830 Exchangeable
Note interest and financing charges (616,929) (634,615) (561,632)
Loss on discontinued operation and special charges (42,442)
(757,753) Miscellaneous 12,263 (321,852) 7,750 Net Other Expense
(948,993) (1,463,879) (1,787,310) LOSS BEFORE INCOME TAX AND
MINORITY INTEREST (1,794,804) (2,004,635) (2,583,583) PROVISION FOR
INCOME TAX 16,969 -- NET LOSS $(1,794,804) $(2,021,604)
$(2,583,583) EBITDA $2,558,649 $3,180,742 $2,568,202 No. of Shares
Outstanding 13,289,525 13,289,525 13,289,525 EPS- based on
Outstanding Shares (0.14) (0.15) (0.19) PSi Technologies Holdings,
Inc. Unaudited Consolidated Balance Sheet (In US Dollars) 31-Mar-07
31-Dec-06 Unaudited Unaudited ASSETS Current Assets Cash $1,069,986
$3,340,562 Accounts receivable-net 14,999,142 14,472,218
Inventories-net 6,290,776 5,606,167 Other current assets-net
1,162,947 579,787 Total Current Assets 23,522,851 23,998,734
Noncurrent Assets Property, plant and equipment-net 35,705,992
38,169,751 Other noncurrent assets-net 1,430,949 1,190,724 Total
Noncurrent Assets 37,136,941 39,360,475 60,659,792 63,359,209
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts
payable and accrued expenses $22,683,494 $22,898,859 Accounts
payable CAPEX 493,993 2,563,229 Loans Payable 10,920,000 10,524,743
Trust receipts payable 515,405 -- Total Current Liabilities
34,612,892 35,986,831 Noncurrent Liabilities Exchangeable Note
4,773,176 4,541,506 Accrued retirement benefit cost 1,083,173
874,743 Total Noncurrent Liabilities 5,856,349 5,416,249
Stockholders' 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 79,572,721
79,543,495 Other comprehensive loss -- -- Deficit (59,972,988)
(58,178,184) Total Stockholders' Equity 20,190,551 21,956,129
60,659,792 63,359,209 PSi Technologies Holdings, Inc Unaudited
Consolidated Statement of Cash Flows (In US Dollars) For the Three
Months Ended March 31, 2007 CASH FLOWS FROM OPERATING ACTIVITIES
Net loss (1,794,804) Adjustments to reconcile net loss to net cash
provided by operating activities: Depreciation 3,417,329 Stock
compensation costs 29,227 Amortization of debt issuance costs and
discount 236,430 Accretion of interest receivable from sale of
land, building and improvements (24,380) Accretion of interest
receivable from Manila Electric Company (7,268) Provision for
pension expense 166,555 Changes in operating assets and
liabilities: Decrease (increase) in: Trade and other receivables
(495,276) Inventories (684,608) Other current assets (583,160)
Decrease in trade and other payables (2,736,719) Net cash provided
by (used in) operating activities (2,476,675) CASH FLOWS FROM
INVESTING ACTIVITIES Acquisitions of property and equipment
(459,578) Decrease (increase) in other noncurrent assets (244,985)
Net cash used in investing activities (704,563) CASH FLOWS FROM
FINANCING ACTIVITIES Net proceeds from (payments of) trust receipts
payable 515,405 Net proceeds from (payments of) loans payable
395,257 Net cash provided by financing activities 910,662 NET
INCREASE (DECREASE) IN CASH (2,270,576) CASH AT BEGINNING OF YEAR
3,340,562 CASH AT END OF YEAR 1,069,986 SUPPLEMENTAL INFORMATION ON
NONCASH INVESTING AND FINANCING ACTIVITIES Property and equipment
acquired on account under accounts payable 493,993 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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