SEC Info

Home

Search

My Interests

Help

Sign In

Please Sign In

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/12/03  Asat Holdings Ltd                 6-K         3/12/03    1:24                                     Donnell..Financial/NY/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report of a Foreign Private Issuer                  HTML    152K 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

ASAT Holdings Limited

(Exact name of Registrant as specified in its Charter)

14^th Floor

138 Texaco Road

Tsuen Wan, New Territories

Hong Kong

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F     X     Form 40-F

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes          No     X        

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

This report on Form 6-K consists of a press release dated March 4, 2003 reporting the financial results for the third quarter of fiscal year 2003, ended January 31, 2003.

2

ASAT Holdings Ltd. Reports Fiscal Q3 2003 Financial Results

Q3FY03 Revenue Up 76 Percent From Q3FY02

HONG KONG and FREMONT, Calif. – March 4, 2003 – ASAT Holdings Limited (Nasdaq: ASTT), a global provider of semiconductor package design, assembly and test services, today announced financial results for its third quarter of fiscal 2003, ended Jan. 31, 2003.

Third quarter net revenues were $39.7 million, down 2.5 percent from $40.7 million reported in the second quarter of fiscal 2003, and up 75.7 percent from $22.6 million in revenues reported in the same period a year ago.

Third quarter GAAP net loss was $5.7 million, or a loss of $0.04 per American Depository Share (ADS). This compares with a net loss of $3.9 million, or a net loss of $0.03 per ADS in the second quarter and a net loss of $17.1 million, or a net loss of $0.13 per ADS in the same period a year ago.

EBITDA in the third quarter was $3.6 million compared with EBITDA of $5.4 million in the second quarter and a negative EBITDA of $5.9 million in the same period a year ago. The decrease is due to the product mix having higher material cost content and less absorption of fixed costs.

“Revenue was down sequentially as a result of seasonality and continued marketplace uncertainty,” said Harry R. Rozakis, chief executive officer of ASAT Holdings. “We remain focused on reducing costs, improving operational efficiencies, and expanding our marketshare and end-user base, which we believe will bring us closer to our profitability targets.

“Demand for ASAT’s Leadless Plastic Chip Carrier family of packages continues to be driven by our superior technical and intellectual property position,” said Mr. Rozakis. “We have also seen increased quotation activity and design requests for our flip chip technology this past quarter. We expect these packaging technologies to drive our end-market diversification strategy throughout the year.

“Construction of our manufacturing facility in Dongguan, China remains on schedule, and we expect the facility to start volume production later this year. By strategically positioning ourselves in China, we will not only benefit from cost savings, but will also be able to provide our customers with logistic advantages relative to their OEM export markets and China end-market customers,” said Mr. Rozakis.

The company continued to revamp its management team in the third quarter by appointing three new members to its executive staff, including: Robert J. Gange, who was formerly the chief financial officer at General Semiconductor, as senior vice president and chief financial officer; Charles F. L. Ward, who was formerly vice president at Flextronics International, as senior vice president and general manager of ASAT Inc.; and George A. Shaw Jr., who was formerly senior vice president and managing director at Advanced Interconnect Technologies, as senior vice president of operations and managing director of manufacturing.

3

Financial Highlights

Net revenues from assembly services were $36.0 million, a decrease of 3 percent sequentially; revenues from test services were $3.7 million, an increase of 4 percent sequentially. Assembly revenue was 91 percent of total revenue; test revenue was 9 percent of total revenue. The top 10 customers in the third quarter accounted for 78 percent of total revenue.

The communications market remained the company’s largest revenue contributor in the third quarter at 64 percent of revenues. The consumer segment was 17 percent of revenues, personal computers were 3 percent and the remaining 16 percent was made up of industrial, automotive and multipurpose ICs.

Gross profit in the third quarter was $3.8 million or a gross margin of 9.5 percent. This compares with a gross profit in the second quarter of $6.0 million or a gross margin of 14.7 percent.

Third quarter SG&A and R&D expenses were $7.1 million, or 18.0 percent of net revenues, compared with $7.2 million, or 17.7 percent of net revenues in the second quarter.

Depreciation in the third quarter was $6.9 million compared with $6.6 million in the second quarter.

Cash at the end of the third quarter was $30.9 million, of which $1.5 million was set aside in restricted cash as a deposit on a lease and management fee arrangement for its China facility. Cash available for operations at the end of the third quarter was $29.4 million, compared with $24.2 million in the second quarter. Capital expenditures in the third quarter were $1.5 million compared with $2.1 million in the second quarter.

Total headcount at the end of the third quarter was approximately 1,420.

Outlook and Guidance

In the fourth fiscal quarter, ending April 30, 2003, ASAT expects that revenue will be down 5 to 10 percent sequentially and that there will be a net loss per ADS in the range of $0.04 to $0.06.

Third Quarter 2003 Financial Results Conference Call

ASAT Holdings third quarter fiscal 2003 financial results conference call will be held today, March 4, at 8:30 a.m. ET. To participate in the call, dial (630) 395-0021. You will need to reference the pass code: ASAT. A replay of the call will be available until March 18, 2003. To access the replay, please dial (402) 998-0587. A webcast of the conference call will be available at www.asat.com.

About ASAT Holdings Limited

ASAT Holdings Limited is a global leading provider of semiconductor assembly, test, and package design services. With almost 15 years of experience, and a reputation as a leader in advanced packaging technology, 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 and flip chip. ASAT is 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 and has broken ground on a new manufacturing facility in China. ASAT, Inc., exclusive distributor of ASAT Holdings’ services in the United States, is located at 46335 Landing Parkway, Fremont, CA 94538, phone (510) 249-1222, fax (510) 249-9105. For more information, visit www.asat.com.

4

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual performance, financial condition or results of operations of ASAT Holdings to differ materially from any future such matters expressed or implied by the statements. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy, acceptance and demand for products and services of ASAT Holdings, and technological and development risks. The risks, uncertainties and other factors include, among others, those 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 June 28, 2002. The projections and forward-looking statements in this release reflect the current belief of ASAT Holdings as of this date. ASAT Holdings undertakes no obligation to update these projections and forward-looking statements for events or circumstances that occur after the date of this news release.

Contacts:

Bob Gange

Chief Financial Officer

Hong Kong

852-2439-8788

bob_gange@asathk.com

Jim Fanucchi

Stapleton Communications Inc.

Palo Alto, CA

650-470-4237

jim@stapleton.com

5

Revenue Breakdown by Market Segment

Summary financial data follows

6

ASAT Holdings Limited

Consolidated Statements of Operations

(USD in thousands, except share data)

For the three months ended January 31, 2003, October 31, 2002 and January 31, 2002

and for the nine months ended January 31, 2003 and 2002.

7

ASAT Holdings Limited

Consolidated Balance Sheets (Unaudited)

(USD in thousands)

As at January 31, 2003, October 31, 2002 and January 31, 2002