HONG KONG and MILPITAS, Calif., Nov. 7 /PRNewswire-FirstCall/ --
ASAT Holdings Limited (NASDAQ:ASTT), a global provider of
semiconductor package design, assembly and test services, today
announced financial results for the first quarter fiscal 2008,
ended July 31, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO ) Net revenue
in the first quarter increased approximately 5 percent to $37.7
million, compared with net revenue of $36.0 million in the previous
quarter. First quarter net loss was $5.7 million, or a net loss of
$0.14 per American Depositary Share (ADS). First quarter net loss
includes a charge of approximately $132,000 in reorganization costs
for follow-on expenses related to completing the move of the
Company's manufacturing operations to China. Net loss in the fourth
quarter was $11.0 million, or a net loss of $0.25 per ADS.
Additional First Quarter Results -- Net sales for assembly were
$36.3 million -- Net sales for test were $1.4 million -- Capital
expenditures were $1.1 million -- Cash and cash equivalents at the
end of the quarter were $9.8 million "Earlier this year we
implemented a clearly defined plan to improve our financial
structure. Included in this plan was securing consent from our
bondholders, obtaining financing to strengthen our balance sheet,
and improving our overall financial performance. We have delivered
on all three areas and have created a solid foundation that we will
build on," said Tung Lok Li, acting chief executive officer of ASAT
Holdings Limited. "During this challenging period we received
strong support from our customers, vendors and employees. I want to
personally thank everyone for their loyalty and dedication during
this important stage of our transition." "Following the 98 percent
approval for our consent solicitation we were able to secure a $20
million line of credit, which exceeded our original expectations,"
said Kei Hong Chua, chief financial officer of ASAT Holdings
Limited. "The terms of the line of credit -- Libor plus 0.80
percent -- are very favorable and reflect the confidence the
lenders have in our business." Second Quarter Fiscal 2008 Outlook
"We are seeing positive momentum with our expanded sales efforts
and expect revenue should continue to improve," said Mr. Li. "Based
on current expectations and our customer's forecasts, revenue in
the second quarter, which ended on October 31, should be
approximately $40.2 million. In addition, we believe revenue in the
January quarter, ending January 31, 2008, will increase in the
range of 3 percent to 8 percent above the October quarter."
Conference Call and Webcast on Wednesday, November 7, 2007 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 am ET/5:30 am PT. To access the call, dial (973)
935-8766. A replay of the call will be available until November 14,
2007. To access the replay, dial (973) 341-3080. The passcode is
9338123. 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 18 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, 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 July 31, 2007 April 30, 2007 Market Segment % of
Net Revenues % of Net Revenues (Unaudited) Communications 48 49
Automotive/Industrial & Other 15 16 Consumer 20 19 PC/Computing
17 16 Revenue Breakdown by Region Three Months Ended July 31, 2007
April 30, 2007 Region % of Net Revenues % of Net Revenues
(Unaudited) United States 82 82 Europe 5 4 Asia 13 14 Revenue
Breakdown by Customer Type Three Months Ended July 31, 2007 April
30, 2007 Customer Type % of Net Revenues % of Net Revenues
(Unaudited) Fabless 83 80 IDM 17 20 Summary financial data follows
ASAT Holdings Limited Consolidated Statements of Operations (USD in
thousands, except share data) For the three months ended July 31,
2007, April 30, 2007 and July 31, 2006 Three Months Ended July 31,
April 30, July 31, 2007 2007 2006 (Unaudited) (Unaudited)
(Unaudited) Net Sales 37,735 35,985 46,333 Cost of sales (Note A)
32,702 33,399 41,751 Gross profit 5,033 2,586 4,582 Operating
expenses: Selling, general and administrative 5,227 5,794 5,376
Research and development 512 475 604 Reorganization expenses (Note
B) 132 682 421 Facilities and relocation charges - 89 1,554 Total
operating expenses 5,871 7,040 7,955 Loss from operations (838)
(4,454) (3,373) Other income/(expense), net 222 (397) 231 Interest
expense: - amortization of deferred charges (892) (858) (1,024) -
third parties (4,100) (4,013) (3,914) Loss before income taxes
(5,608) (9,722) (8,080) Income tax expense (Note C) (105) (1,264) -
Net loss (5,713) (10,986) (8,080) Other comprehensive loss: Foreign
currency translation - 22 5 Comprehensive loss (5,713) (10,964)
(8,075) Net loss applicable to common shareholders: Net loss
(5,713) (10,986) (8,080) Preferred shares: Cumulative preferred
share dividends (507) (497) (489) Accretion of preferred shares
(362) (339) (276) Net loss applicable to common shareholders:
(6,582) (11,822) (8,845) Basis and diluted loss per ADS (Note D):
Basic and diluted: Net loss (0.14) (0.25) (0.19) Basic and diluted
weighted average number of ADS outstanding (Note D) 46,956,590
46,695,972 45,520,597 Basis and diluted loss per ordinary share:
Basic and diluted: Net loss (0.01) (0.02) (0.01) Basic and diluted
weighted average number of ordinary shares outstanding 704,348,844
700,439,575 682,808,960 Note A: Includes $228, $1,356 and $nil
inventory write-down for the three months ended July 31, 2007,
April 30, 2007 and July 31, 2006, respectively. Note B: Includes
charges of $132, $682 and $421 associated with headcount
reductions, primarily in the Company's Hong Kong operations, for
the three months ended July 31, 2007, April 30, 2007 and July 31,
2006, respectively. Note C: The amount 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 Consolidated Balance Sheet (USD in thousands) As
of July 31, 2007, April 30, 2007 and July 31, 2006 July 31, April
30, July 31, 2007 2007 2006 (Unaudited) (Audited)* (Unaudited)
ASSETS Current assets: Cash and cash equivalents 9,765 7,325 13,390
Current portion of restricted cash 900 900 - Accounts receivable,
net 17,590 17,704 22,747 Inventories 13,504 13,270 22,013 Prepaid
expenses and other current assets 5,411 5,171 7,473 Total current
assets 47,170 44,370 65,623 Restricted cash 900 900 3,320 Property,
plant & equipment, net 75,857 79,582 89,804 Deferred charges,
net 4,931 5,277 6,514 Other non-current assets 5,067 5,008 4,465
Total assets 133,925 135,137 169,726 LIABILITIES AND SHAREHOLDERS'
DEFICIT Current liabilities: Short-term bank facilities 1,331 3,837
- Accounts payable 29,228 25,926 36,138 Accrued liabilities and
other payable 22,781 22,445 25,278 Amount due to QPL 2,418 2,532
3,723 Current portion of capital lease obligations 1,724 1,822
2,072 Total current liabilities 57,482 56,562 67,211 Other payable,
net of current portion 2,602 2,086 - Long-term bank facilities
2,588 - - Purchase money loan 8,796 8,249 6,805 9.25% senior notes
due 2011 150,000 150,000 150,000 Capital lease obligations, net of
current portion 406 758 2,091 Total liabilities 221,874 217,655
226,107 Series A Redeemable Convertible Preferred Shares 6,105
5,743 4,785 Shareholders' deficit: Common stock 7,114 7,114 6,899
Less: Repurchase of shares at par (71) (71) (71) Additional paid-in
capital 245,992 246,072 246,456 Accumulated deficits (346,905)
(341,192) (314,232) Accumulated other comprehensive loss (184)
(184) (218) Total shareholders' deficit (94,054) (88,261) (61,166)
Total liabilities and shareholders' deficit 133,925 135,137 169,726
* Extracted from the audited financial statement ASAT Holdings
Limited Consolidated Statements of Cash Flows (USD in thousands)
For the three months ended July 31, 2007, April 30, 2007 and July
31, 2006 Three Months Ended July 31, April 30, July 31, 2007 2007
2006 (Unaudited) (Unaudited) (Unaudited) Operating activities: Net
loss (5,713) (10,986) (8,080) Adjustments to reconcile net loss to
net cash provided by operating activities: Depreciation and
amortization: Property, plant and equipment 5,674 5,708 5,915
Deferred charges and debt discount 892 858 1,024 Loss on disposal
of property, plant and equipment 2 173 3 Unrealised foreign
exchange loss 82 - - Amortization of stock-based compensation 282
169 318 Changes in operating assets and liabilities: Accounts
receivable, net 114 2,162 6,860 Restricted cash - 1,520 -
Inventories (120) 1,974 1,257 Prepaid expenses and other current
assets (240) (347) 611 Other non-current assets (59) 49 (195)
Accounts payable 2,327 305 893 Accrued liabilities and other
payable 336 (4,692) 1,580 Amount due to QPL (114) (222) (2,103)
Other payable, net of current portion 516 2,086 - Net cash provided
by (used in) operating activities 3,979 (1,243) 8,083 Investing
activities: Proceeds from disposal of property, plant and equipment
- 146 - Acquisition of property, plant and equipment (1,089)
(3,533) (6,676) Net cash used in investing activities (1,089)
(3,387) (6,676) Financing activities: Proceeds from draw down of
new loan - 1,304 - Repayment of capital lease obligations (450)
(443) (427) Proceeds from right offering - - 490 Net cash (used in)
provided by financing activities (450) 861 63 Net increase
(decrease) in cash and cash equivalents 2,440 (3,769) 1,470 Cash
and cash equivalents at beginning of period 7,325 11,072 11,915
Effects of foreign exchange rates change - 22 5 Cash and cash
equivalents at end of period 9,765 7,325 13,390 Supplemental
disclosure of cash flow information: Cash paid during the period
for: Interest expense 86 7,014 120 Income taxes 172 102 -
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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