Siliconware Precision Industries Reports a 8.8% Quarter-over-Quarter Increase in Revenues Resulting in Earnings per Share of NT$

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Spi Lasers	LSE:SPIL	London	Ordinary Share	GB00B0LL6G95	ORD 2.5P

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
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Spi Lasers (LSE:SPIL)
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TAICHUNG, Taiwan, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- Siliconware Precision Industries Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325; Nasdaq: SPIL) today announced that its sales revenues for the third quarter of 2008 were NT$ 17,242 million, which represented a 8.8% increase in revenues compared to the second quarter of 2008 and a 3.7% decline in revenues compared to the third quarter of 2007. SPIL reported a net income of NT$ 3,186 million for the third quarter of 2008, compared with a net income of NT$ 2,408 million and NT$ 5,057 million for the second quarter of 2008 and the third quarter of 2007, respectively. Diluted earnings per ordinary share for this quarter was NT$ 1.02, and diluted earnings per ADS was US$ 0.16. SPIL announced that its sales revenues for the first nine months of 2008 were NT$ 48,026 million, which represented a 2.4% increase in revenues compared to the first nine months of 2007. SPIL reported a net income of NT$ 7,347 million for the first nine months of 2008, compared with a net income of NT$ 12,720 million for the first nine months of 2007. Diluted earnings per ordinary share for the first nine months of 2008 was NT$ 2.34, and diluted earnings per ADS was US$ 0.36. Operating results review: -- For the third quarter of 2008, net revenues from IC packaging were NT$ 15,727 million and represented 91% of total net revenues. Net revenues from testing operations were NT$ 1,515 million and represented 9% of total net revenues. -- Cost of goods sold was NT$ 13,203 million, representing an increase of 5.0% compared to the second quarter of 2008 and an increase of 8.0% compared to the third quarter of 2007. -- Raw materials costs were NT$ 7,403 million for the third quarter of 2008, and represented 42.9% of total net revenues, whereas raw materials costs were NT$ 7,100 million and represented 44.8% of total net revenues for the second quarter of 2008. -- The accrued expenses of bonuses to employees accounted for under cost of goods sold totaled NT$ 231 million for the third quarter of 2008. -- Gross profit was NT$ 4,039 million for the third quarter of 2008, representing a gross margin of 23.4%, which increased from a gross margin of 20.7% for the second quarter of 2008 and decreased from 31.7% for the third quarter of 2007. -- Total operating expenses for the third quarter of 2008 were NT$ 944 million, which included selling expenses of NT$ 252 million, administrative expenses of NT$ 351 million and R&D expenses of NT$ 341 million. Total operating expenses represented 5.5% of total net revenues for the third quarter of 2008. -- In the third quarter of 2008, the accrued expenses of bonuses to employees, directors and supervisors accounted for under operating expenses totaled NT$ 96 million. -- Operating income was NT$ 3,095 million for the third quarter of 2008, representing an operating margin of 18.0% for the third quarter of 2008, which increased from 15.0% for the second quarter of 2008 and decreased from 27.3% for the third quarter of 2007. -- Non-operating items: -- Net interest income was NT$ 68 million for the third quarter of 2008. -- Our net currency exchange gain of NT$ 268 million for the third quarter of 2008 was mainly due to appreciation of our US dollar denominated assets as a result of an appreciation in the foreign currency exchange rate of the US dollar against NT dollar, our reporting currency. -- Our net loss on long-term investment of NT$ 14 million for the third quarter of 2008 was primarily due to investment loss of NT$ 35 million and investment income of NT$ 21 million from Siliconware Investment Company and SPIL BVI, respectively. -- Net income before tax was NT$ 3,483 million for the third quarter of 2008, which increased from NT$ 2,690 million for the second quarter of 2008 and decreased from NT$ 5,716 million for the third quarter of 2007. -- Income tax expense was NT$ 297 million for the third quarter of 2008, compared with income tax expense of NT$ 282 million for the second quarter of 2008 and NT$ 659 million for the third quarter of 2007. -- Net income was NT$ 3,186 million for the third quarter of 2008, which increased from NT$ 2,408 million for the second quarter of 2008 and decreased from NT$ 5,057 million for the third quarter of 2007. -- Total number of shares outstanding was 3,137 million shares as of Sept 30,2008. Diluted earnings per ordinary share for this quarter was NT$ 1.02, or US$ 0.16 per ADS. Capital expenditure and balance sheet highlight: -- Our cash balances totaled NT$ 13,075 million as of Sept 30, 2008 from NT$ 24,079 million as of June 30, 2008, and NT$ 14,912 million as of Sept 30, 2007. -- As of Sept 30, 2008 our long-term bank loans totaled NT$ 2,982 million, compared with total long-term bank loans of NT$ 2,986 million as of June 30, 2008. -- Capital expenditures for the third quarter of 2008 totaled NT$ 2,404 million, which included NT$ 2,009 million for packaging equipment and NT$ 395 million for testing equipment. -- Total depreciation expenses for the third quarter of 2008 totaled NT$ 2,165 million, which included NT$ 1,427 million was from packaging operations and NT$ 738 million from testing operations. IC packaging service: -- Net revenues from IC packaging operations were NT$ 15,727 million for the third quarter of 2008, which represented an increase of NT$ 1,281 million or 8.8% compared to the second quarter of 2008. -- Substrate-based packaging, leadframe-based packaging and wafer bumping & FCBGA accounted for 44%, 30% and 15%, respectively, of total net revenues for the third quarter of 2008. -- Capital expenditures for IC packaging operations totaled NT$ 2,009 million for the third quarter of 2008, which included NT$ 1,315 million for packaging and building construction and NT$ 694 million for wafer bumping operations. -- As of Sept 30, 2008 we had 4,646 wirebonders installed, of which 140 were added in the third quarter of 2008. IC testing service: -- Net revenues from testing operations were NT$ 1,515 million for the third quarter of 2008, which represented an increase of NT$ 109 million or 7.8% compared to the second quarter of 2008. -- Capital expenditures for testing operations totaled NT$ 395 million for the third quarter of 2008. -- As of Sept 30, 2008 we had 375 testers installed, of which 2 testers were added and 3 testers were disposed in the third quarter of 2008. Revenue Analysis Breakdown by end applications: By application 3Q08 2Q08 1Q08 Computing 33% 32% 33% Communication 27% 27% 24% Consumer 24% 22% 21% Memory 16% 19% 22% Breakdown by packaging type: By packaging type 3Q08 2Q08 1Q08 Bumping & FCBGA 15% 13% 14% Substrate Based 44% 46% 47% Leadframe Based 30% 30% 28% Testing 9% 9% 9% Others 2% 2% 2% About SPIL Siliconware Precision Industries Ltd. ("SPIL")(Nasdaq: SPIL; Taiwan Stock Exchange: 2325) is a leading provider of comprehensive semiconductor assembly and test services. SPIL is dedicated to meeting all of its customers' integrated circuit packaging and testing requirements, with turnkey solutions that range from design consultations, modeling and simulations, wafer bumping, wafer probe and sort, package assembly, final test, burn-in, to drop ship. Products include advanced leadframe and substrate packages, which are widely used in personal computers, communications, Internet appliances, cellular phones, digital cameras, cable modems, personal digital assistants and LCD monitors. SPIL supplies services and support to fabless design houses, integrated device manufacturers and wafer foundries globally. For further information, visit SPIL's web site at http://www.spil.com.tw/ . Safe Harbor Statement The information herein contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. We have based these forward-looking statements on our current expectation and projections about future events. Such forward-looking statements are inherently subject to known and unknown risks, uncertainties, assumptions about us and other factors that may cause the actual performance, financial condition or results of operations of SPIL to be materially different from what may be implied by such forward-looking statements. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors, including, among other things: -- the intensely competitive personal computer, communications, consumer ICs and non-commodity memory semiconductor industries and markets; -- cyclical nature of the semiconductor industry; -- risks associated with global business activities; -- non-operating losses due to poor financial performance of some of our investments; -- our dependence on key personnel; -- general economic and political conditions; -- possible disruptions in commercial activities caused by natural and human induced disaster, including terrorist activities and armed conflicts and contagious disease, such as the Severe Acute Respiratory Syndrome; -- fluctuations in foreign currency exchange rates; and -- other risks identified in our annual reports on Form 20-F filed with the U.S. Securities and Exchange Commission each year. The words "anticipate," "believe," "estimate," "expect," "intend," "plan" and similar expressions, as they relate to us, are intended to identify a number of these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur and our actual results could differ materially from those anticipated in these forward-looking statements. All financial figures discussed herein are prepared pursuant to ROC GAAP on an unaudited unconsolidated basis. Audited unconsolidated financial figures will be publicly announced upon the completion of our audit process. The investment gains or losses of our company for the three months and nine months ended Sept 30, 2008 reflect our gains or losses attributable to the third quarter and first nine months of 2008 unaudited financial results of several of our investees which are evaluated under the equity method. Neither the unaudited unconsolidated financial data for our company for the three months ended Sept 30, 2008, nor the unaudited unconsolidated financial data for our company for the nine months ended Sept 30, 2008 is necessarily indicative of the results that may be expected for any period thereafter. - Financial Tables to Follow - SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of Sept 30, 2008 and 2007 (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) Sept 30, 2008 ASSETS USD NTD % Cash and cash equivalent 406,430 13,074,853 17 Available-for-sale financial assets -- -- -- Accounts receivable 363,648 11,698,541 15 Inventories 88,747 2,854,984 4 Other current assets 67,533 2,172,545 3 Total current assets 926,358 29,800,923 39 Long-term investments 196,387 6,317,780 9 Fixed assets 2,214,073 71,226,723 94 Less accumulated depreciation (1,037,781) (33,385,427) -44 Net fixed assets 1,176,291 37,841,296 50 Other assets 50,271 1,617,215 2 Total Assets 2,349,307 75,577,214 100 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable 239,203 7,695,168 10 Other current liability 188,693 6,070,252 8 Long-term loans 92,682 2,981,592 4 Other liabilities 2,548 81,985 -- Total Liabilities 523,127 16,828,997 22 Stockholders' Equity Capital stock 979,978 31,525,899 42 Capital reserve 522,834 16,819,576 22 Legal reserve 158,193 5,089,066 7 Retained earnings 232,733 7,487,015 10 Unrealized gain or loss on financial instruments (50,437) (1,622,544) -2 Cumulated translation adjustment 7,566 243,389 -- Net loss not recognized as pension cost -- -- -- Treasury stock (24,687) (794,184) -1 Total Equity 1,826,180 58,748,217 78 Total Liabilities & Shareholders' Equity 2,349,307 75,577,214 100 Forex ( NT$ per US$ ) 32.17 (Cont.) Sept 30, 2007 Sequential ASSETS NTD % Change % Cash and cash equivalent 14,912,084 18 (1,837,231) -12 Available-for-sale financial assets 1,798,333 2 (1,798,333) -100 Accounts receivable 11,566,016 14 132,525 1 Inventories 3,066,634 4 (211,650) -7 Other current assets 2,557,915 3 (385,370) -15 Total current assets 33,900,982 41 (4,100,059) -12 Long-term investments 10,569,109 13 (4,251,329) -40 Fixed assets 67,712,087 82 3,514,636 5 Less accumulated depreciation (31,371,676) -38 (2,013,751) 6 Net fixed assets 36,340,411 44 1,500,885 4 Other assets 1,537,029 2 80,186 5 Total Assets 82,347,531 100 (6,770,317) -8 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accounts payable 6,323,666 8 1,371,502 22 Other current liability 6,043,058 7 27,194 1 Long-term loans 2,980,044 4 1,548 -- Other liabilities 175,309 -- (93,324) -53 Total Liabilities 15,522,077 19 1,306,920 8 Stockholders' Equity Capital stock 30,726,442 37 799,457 3 Capital reserve 16,649,510 20 170,066 1 Legal reserve 3,340,131 4 1,748,935 52 Retained earnings 12,991,704 16 (5,504,689) -42 Unrealized gain or loss on financial instruments 3,873,848 5 (5,496,392) -142 Cumulated translation adjustment 39,446 -- 203,943 517 Net loss not recognized as pension cost (1,443) -- 1,443 -100 Treasury stock (794,184) -1 -- -- Total Equity 66,825,454 81 (8,077,237) -12 Total Liabilities & Shareholders' Equity 82,347,531 100 (6,770,317) -8 Forex ( NT$ per US$ ) 32.675 (1) All figures are under ROC GAAP. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME STATEMENT (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 3 months ended on Sept 30 3Q 2008 3Q 2007 YOY change USD NTD % NTD % Revenues 535,966 17,242,039 100.0 17,909,274 -3.7 Cost of Goods Sold (410,427) (13,203,440) -76.6 (12,225,185) 8.0 Gross Profit 125,539 4,038,599 23.4 5,684,089 -28.9 Operating Expenses Selling Expenses (7,833) (252,001) -1.5 (208,356) 20.9 Administrative Expenses (10,919) (351,263) -2.0 (270,697) 29.8 Research and Development Expenses (10,580) (340,351) -2.0 (315,984) 7.7 (29,332) (943,615) -5.5 (795,037) 18.7 Operating Income 96,207 3,094,984 18.0 4,889,052 -36.7 Non-operating Income 12,941 416,307 2.4 878,654 -52.6 Non-operating Expenses (889) (28,607) -0.2 (52,153) -45.1 Income from Continuing Operations before Income Tax 108,259 3,482,684 20.2 5,715,553 -39.1 Income Tax Credit (Expenses) (9,214) (296,421) -1.7 (658,826) -55.0 Net Income 99,045 3,186,263 18.5 5,056,727 -37.0 Earnings Per Ordinary Share- Diluted NT$ 1.02 NT$ 1.62 Earnings Per ADS- Diluted US$ 0.16 US$ 0.25 Weighted Average Outstanding Shares - Diluted ('k) 3,137,178 3,115,068 Forex ( NT$ per US$ ) 32.17 32.675 (Cont.) Sequential Comparison 3Q 2008 2Q 2008 QOQ NTD NTD change% Revenues 17,242,039 15,852,384 8.8 Cost of Goods Sold (13,203,440) (12,573,587) 5.0 Gross Profit 4,038,599 3,278,797 23.2 Operating Expenses Selling Expenses (252,001) (211,136) 19.4 Administrative Expenses (351,263) (339,215) 3.6 Research and Development Expenses (340,351) (345,327) -1.4 (943,615) (895,678) 5.4 Operating Income 3,094,984 2,383,119 29.9 Non-operating Income 416,307 389,317 6.9 Non-operating Expenses (28,607) (81,969) -65.1 Income from Continuing Operations before Income Tax 3,482,684 2,690,467 29.4 Income Tax Credit (Expenses) (296,421) (282,577) 4.9 Net Income 3,186,263 2,407,890 32.3 Earnings Per Ordinary Share- Diluted NT$ 0.77 Earnings Per ADS- Diluted US$ 0.13 Weighted Average Outstanding Shares - Diluted ('k) 3,126,293 Forex ( NT$ per US$ ) 30.34 (1) All figures are under ROC GAAP. (2) 1 ADS is equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME STATEMENT For the Nine Months Ended on Sept 30, 2008 and 2007 (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 9 months ended on Sept 30, 2008 and 2007 2008 2007 YOY Change USD NTD % NTD % Net Sales 1,492,871 48,025,645 100.0 46,893,616 2.4 Cost of Goods Sold (1,169,935) (37,636,816) -78.4 (32,763,123) 14.9 Gross Profit 322,935 10,388,829 21.6 14,130,493 -26.5 Operating Expenses Selling expenses (21,454) (690,161) -1.4 (604,453) 14.2 Administrative expenses (31,393) (1,009,907) -2.1 (814,814) 23.9 Research and development expenses (32,366) (1,041,229) -2.2 (979,146) 6.3 (85,213) (2,741,297) -5.7 (2,398,413) 14.3 Operating Income 237,722 7,647,532 15.9 11,732,080 -34.8 Non-operating Income 20,143 648,004 1.3 2,838,117 -77.2 Non-operating Expenses (4,334) (139,422) -0.3 (153,065) -8.9 Income Before Income Tax 253,532 8,156,114 17.0 14,417,132 -43.4 Income Tax Credit (Expenses) (25,148) (809,005) -1.7 (1,697,443) -52.3 Net Income 228,384 7,347,109 15.3 12,719,689 -42.2 Earnings Per Ordinary Share- Diluted NT$ 2.34 NT$ 4.10 Earnings Per ADS- Diluted US$ 0.36 US$ 0.63 Weighted Average Outstanding Shares - Diluted ('k) 3,137,178 3,115,068 Forex ( NT$ per US$) 32.17 32.675 (1) All figures are under ROC GAAP. (2) 1 ADS is equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED STATEMENTS OF CASH FLOWS For 9 Months Ended on Sept 30, 2008 and 2007 (Expressed in Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD)) 9 months, 9 months, 2008 2007 USD NTD NTD Cash Flows from Operating Activities: Net income 228,384 7,347,109 12,719,689 Depreciation 194,460 6,255,784 5,416,424 Amortization 13,375 430,288 417,784 Gains on disposal of long-term investment -- -- (1,465,441) Long-term investment gain recognized by equity method (863) (27,770) (558,249) Compensation interest payable on bonds payable -- -- 36 Foreign currency exchange gain on bonds payable -- -- 34,880 Change in working capital & others 52,376 1,684,932 11,660 Net cash flows provided from operating activities 487,732 15,690,343 16,576,783 Cash Flows from Investing Activities: Acquisition of property, plant, and equipment (246,798) (7,939,486) (9,017,442) Increase on financial instruments -- -- (2,523,529) Proceeds from disposal of long-term investment -- -- 7,579,199 Payment for long-term investment (10,051) (323,332) -- Payment for deferred charges/other changes (10,194) (327,946) (109,343) Net cash used in investing activities (267,043) (8,590,764) (4,071,115) Cash Flows from Financing Activities: Cash dividends distributed to shareholders and cash bonus distributed to employees (464,289) (14,936,184) (10,795,715) Remueration of directors and supervisors' bonuses (4,893) (157,404) (120,798) Proceeds from the exercise of employee stock option /other charges (1,862) (59,892) (30,005) Net cash provided from financing activities (471,044) (15,153,480) (10,946,518) Net increase (decrease) in cash and cash equivalents (250,354) (8,053,901) 1,559,150 Cash and cash equivalents at beginning of period 656,784 21,128,754 13,352,934 Cash and cash equivalents at end of period 406,430 13,074,853 14,912,084 Forex ( NT$ per US$ ) 32.17 32.675 (1): All figures are under ROC GAAP. Contact: Siliconware Precision Industries Co., Ltd. No.45, Jieh Show Rd. Hsinchu Science Park, Hsinchu Taiwan, 30056 http://www.spil.com.tw/ Janet Chen, IR Director Tel: +886-3-5795678 #3675 Email: Byron Chiang, Spokesperson Tel: +886-3-5795678 #3671 Email: DATASOURCE: Siliconware Precision Industries Co., Ltd. CONTACT: Janet Chen, IR Director, +886-3-5795678 #3675, or , or Byron Chiang, Spokesperson+886-3-5795678 #3671, or , both for Siliconware Precision Industries Co., Ltd. Web site: http://www.spil.com.tw/

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