MANILA, Philippines, Feb. 13 /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 fourth quarter
ended December 31, 2006: Year To Date Financial Results Our sales
revenue for fiscal year 2006 totaled an all-time high of $91.8
million, compared to $80.3 million in 2005. This 14.2% increase
occurred despite the ceasing of our operations in Chengdu, China
during the end of the first quarter of 2006, in accordance with our
Business Blueprint consolidation strategy. A new record was also
achieved in terms of sales from our Philippine production
facilities, with revenues from those facilities totaling $89.5
million, a 22.9% increase compared to $72.9 million in revenues
generated from the Philippine facilities in 2005. Cost reduction
programs implemented during 2006 were effective in bringing about a
much lower increase in cost of goods sold at 2.3%, thereby
resulting to an expansion and improvement in consolidated gross
margins to 6% compared with (2.3%) in 2005. These cost reduction
programs included consolidation, portfolio pruning, material
substitutions and productivity initiatives. Operating expenses
decreased by 16.1% to $8.2 million versus $9.8 million in 2005 thus
achieving an improvement in reducing the Operating Loss Margins to
(3.1%) in 2006 from (14.5%) in 2005. As a result of the ongoing
progress in reducing cost and expenses and increasing sales, EBITDA
increased by $5.1 million in 2006 rising from $6.4 million in 2005
to $11.5 million or an 80.4% increase. Moreover, operating losses
declined from ($11.6) million in 2005 to ($2.8) million in 2006, an
improvement of 76.1%. Another highlight during 2006 was the
reduction in net loss from ($19.7) million in 2005 to ($8.0)
million in 2006. The 2006 net loss includes losses on discontinued
operations and special charges amounting to $1.5 million. Excluding
the losses on discontinued operations and special charges, net loss
would have reduced from ($14.4) million in 2005 to ($6.5) million
in 2006. Fourth Quarter Financial Results The performance
turnaround during the 2006 financial year concluded with the fourth
quarter results consolidating the positive improvements witnessed
in the previous quarters. Consistent with our expectations and
despite a shorter working period due to the holiday season during
the fourth quarter, revenues grew by 3.4% to $24.9 million, a
sequential increase compared to $24.1 million in the previous
quarter. The power semiconductor market remained buoyant and,
coupled with the Blueprint activities, helped to provide the
recovery in our financial results for the full year. Our Philippine
operations alone increased revenues by 29.8% in the fourth quarter
of 2006 compared to the same quarter last year, and revenues are
now consistently higher from our two plants than they had been in
prior quarters with three operational plants. These positive shifts
in operating conditions have culminated in a reduction in operating
loss from $1.5 million in the fourth quarter of 2005 to $0.5
million in the current quarter, although slightly higher than the
$0.3 million operating loss in the previous quarter. However,
EBITDA has improved by $0.8 million from $2.4 million in the fourth
quarter last year to $3.2 million in the same period this year,
approximating similar results in the previous quarter. "In relative
terms, 2006 was an excellent year. Despite being confronted with
the challenge of rapidly increasing copper prices, our strategies
and revitalized focus on cost management delivered us much closer
to our profitability goal which we expect to achieve in 2007," said
Arthur J. Young, Jr., Chairman and Executive Officer. Further
progress was made with respect to consolidated gross margins, where
we witnessed a rise from 3.6% in the fourth quarter last year to
6.4% in the fourth quarter of 2006. While consolidated gross
margins were slightly down by 1.3% compared with the previous
quarter, this was not unexpected given the impact of fewer
operating days in the fourth quarter. Reflecting the efforts to
control costs, operating expenses decreased to $2.1 million during
the fourth quarter of 2006, from $2.2 million in the previous
quarter and $2.3 million in the fourth quarter last year. Net other
expenses were higher by $0.4 million during the fourth quarter of
2006, mainly due to a one-time non-recurring charge and higher
financing charges related to our Exchangeable Notes. "While the
usual challenges remain, our ability to respond much quicker to
market forces has been enhanced, and we expect to strengthen our
team further this year to ensure we realize the multitude of
opportunities open to our business," said Gordon J. Stevenson, COO
& Executive Vice President. Excluding the one-time charge, net
loss decreased by 41.8% from ($2.8) million or ($0.21) per
outstanding share in the fourth quarter of 2005 to ($1.6) million
or ($0.12) per outstanding share in the fourth quarter of 2006.
Balance Sheet Highlights Cash and cash equivalents totaled $3.3
million in 2006, compared to $1.6 million as of December 31, 2005.
New acquisitions in property, plant and equipment during 2006
totaled $8.9 million, which consists of equipment purchased to
accommodate the Sales/Investment Agreement with major customers
(discussed further below) as well as to address the capabilities of
our Power QFN line. Despite the capital expenditure and increased
volume of business in 2006, total current liabilities declined to
$35.9 million as of the end of 2006 from $36.9 million as of
December 31, 2005. There was also a significant decline in the
total bank loans and trust receipts payable from $14.9 million as
of end December 31, 2005 to $10.5 million as of December 31, 2006.
The long-term liability account of $4.5 million includes the
carrying amount of the Exchangeable Notes issued in July 2003 and
June 2005, net of the discount representing the embedded conversion
feature of the Exchangeable Notes. As of December 31, 2006,
tangible book value was $1.65 per share on 13,289,525 outstanding
shares. Business Outlook Arthur J. Young, Jr., Chairman and CEO
said, "We expect volumes in the first quarter of 2007 to be
relatively stable, consistent with the general semiconductor market
and the industry's cautious approach towards managing inventory. We
do anticipate, however, incremental growth in the second quarter
and better gains in the second half of 2007, leading to an overall
satisfactory level of growth in the full year. Nevertheless, we are
sufficiently prepared to respond to volatility in the market
through our continuous drive towards reducing costs and improving
efficiencies, productivity and asset utilization. We plan and
expect to achieve profitability in 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. Their customers include most of the major
power semiconductor manufacturers in the world such as 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.: Francis Suarez (63 2) 838 4872 At
Financial Relations Board: Lasse Glassen (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
31-Dec-06 30-Sep-06 31-Dec-05 Unaudited Unaudited Unaudited
REVENUES $24,859,222 $24,052,713 $21,250,623 COST OF SALES
19,520,467 18,556,448 16,530,386 DEPRECIATION 3,754,430 3,634,203
3,951,920 GROSS PROFIT (LOSS) 1,584,325 1,862,063 768,317 OPERATING
EXPENSES Research and development 303,891 306,288 315,046 Stock
compensation cost 26,227 28,715 59,988 Administrative expenses
1,629,519 1,672,073 1,690,397 Marketing expenses 165,444 187,035
216,481 Total Operating Expenses 2,125,081 2,194,111 2,281,913 LOSS
FROM OPERATIONS (540,756) (332,049) (1,513,595) Interest and bank
charges-net (258,093) (217,845) (322,330) Foreign exchange gains
(losses)-net (235,797) (228,673) (221,584) Income on refund from a
utility company -- -- -- Lease income 28,920 28,920 -- Exchangeable
Note interest and financing charges (634,615) (595,280) (749,674)
Loss on discontinued operation and special charges (42,442) --
(3,927,798) Miscellaneous (321,852) (2,303) (38,333) Net Other
Expense (1,463,879) (1,015,181) (5,259,719) LOSS BEFORE INCOME TAX
AND MINORITY INTEREST (2,004,635) (1,347,229) (6,773,314) PROVISION
FOR INCOME TAX 16,969 -- -- NET LOSS $(2,021,604) $(1,347,229)
$(6,773,314) EBITDA $3,180,742 $3,259,133 $2,410,177 No. of Shares
Outstanding 13,289,525 13,289,525 13,289,525 EPS-based on
Outstanding Shares (0.15) (0.10) (0.51) Years Ended December 31
31-Dec-06 31-Dec-05 Unaudited Audited REVENUES $89,525,679
$80,340,821 COST OF SALES 70,226,348 64,951,990 DEPRECIATION
13,891,373 17,271,123 GROSS PROFIT (LOSS) 5,407,958 (1,882,292)
OPERATING EXPENSES Research and development 1,126,064 1,241,508
Stock compensation cost 157,922 (82,068) Administrative expenses
6,264,183 7,642,744 Marketing expenses 641,195 963,843 Total
Operating Expenses 8,189,364 9,766,027 LOSS FROM OPERATIONS
(2,781,406) (11,648,319) Interest and bank charges-net (1,007,872)
(1,180,532) Foreign exchange gains (losses)-net (535,724) (158,292)
Income on refund from a utility company -- 226,909 Lease income
134,650 110,340 Exchangeable Note interest and financing charges
(2,307,874) (1,707,331) Loss on discontinued operation and special
charges (1,169,308) (5,280,829) Miscellaneous (364,299) 8,995 Net
Other Expense (5,250,427) (7,980,740) LOSS BEFORE INCOME TAX AND
MINORITY INTEREST (8,031,833) (19,629,059) PROVISION FOR INCOME TAX
16,969 120,488 NET LOSS $(8,048,802) $(19,749,547) EBITDA
$11,508,396 $6,380,136 No. of Shares Outstanding 13,289,525
13,289,525 EPS-based on Outstanding Shares (0.61) (1.49) *
Summations/numbers may differ due to rounding. * The results of
China Operations for the first quarter of 2006 until it had ceased
operations are all included under Loss on Discontinued Operations
in accordance with US GAAP. * The accounts as presented herein have
been revised to conform to their presentation under the 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-Dec-06
31-Dec-05 Unaudited Audited ASSETS Current Assets Cash $3,340,562
$1,624,669 Accounts receivable-net 14,472,218 14,780,744 Notes
receivable on sale of land and building Inventories-net 5,606,167
5,877,177 Other current assets-net 579,787 322,160 Asset held for
sale -- 1,273,108 Total Current Assets 23,998,734 23,877,857
Noncurrent Assets Property, plant and equipment-net 38,169,751
44,023,066 Other noncurrent assets-net 1,190,724 1,629,839 Total
Noncurrent Assets 39,360,475 45,652,906 $63,359,209 $69,530,762
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts
payable and accrued expenses $22,898,859 $20,211,867 Accounts
payable CAPEX 2,563,229 1,748,194 Loans Payable 10,524,743
11,400,000 Trust receipts payable -- 3,549,606 Total Current
Liabilities 35,986,832 36,909,667 Noncurrent Liabilities
Exchangeable Note 4,541,506 2,450,100 Accrued retirement benefit
cost 874,743 807,848 Total Noncurrent Liabilities 5,416,249
3,257,949 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
79,543,495 79,385,573 Other comprehensive loss -- (483,861) Deficit
(58,178,184) (50,129,382) Total Stockholders' Equity 21,956,128
29,363,147 $63,359,209 $69,530,762 PSi Technologies Holdings, Inc.
Unaudited Consolidated Statement of Cash Flows (In US Dollars) For
the Year Ended December 31, 2006 CASH FLOWS FROM OPERATING
ACTIVITIES Net loss (8,048,802) Adjustments to reconcile net loss
to net cash provided by operating activities: Depreciation
14,425,838 Loss from discontinued operations 1,169,308 Stock
compensation costs 157,922 Amortization of debt issuance costs and
discount 901,939 Interest on exchangeable notes converted to
principal 1,207,881 Accretion of interest receivable from sale of
land, building and improvements (116,076) Loss on disposal of
property and equipment 455 Interest income from Meralco (30,534)
Provision for pension expense 514,824 Changes in operating assets
and liabilities: Decrease (increase) in: Trade and other
receivables 455,135 Inventories (846,314) Other current assets
(286,155) Increase in trade and other payables 1,194,732 Net cash
provided by (used in) operating activities 10,700,153 CASH FLOWS
FROM INVESTING ACTIVITIES Acquisitions of property and equipment
(6,316,837) Proceeds from sale of property and equipment 1,342,695
Decrease (increase) in other noncurrent assets 414,745 Net cash
used in investing activities (4,559,397) CASH FLOWS FROM FINANCING
ACTIVITIES Net proceeds from (payments of) trust receipts payable
(3,549,606) Net proceeds from (payments of) loans payable (875,257)
Net cash provided by financing activities (4,424,863) NET INCREASE
(DECREASE) IN CASH 1,715,893 CASH AT BEGINNING OF YEAR 1,624,669
CASH AT END OF YEAR 3,340,562 SUPPLEMENTAL INFORMATION ON NONCASH
INVESTING AND FINANCING ACTIVITIES Property and equipment acquired
on account under accounts payable 2,563,229 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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