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As Of Filer Filing As/For/On Docs:Pgs Issuer Agent 12/10/02 Asat Holdings Ltd 6-K 12/10/02 1:24 Donnell..Financial/NY/FA
Document/Exhibit Description Pages Size 1: 6-K Report of a Foreign Private Issuer HTML 182K
| Form 6-K |
| ASAT Holdings Reports Q2 2003 Financial Results |
Page 2 of 6 |
• |
Revenue to be flat to minus 5 percent |
• |
Net loss per ADS of $0.03 to $0.04 |
• |
EBITDA of $4.0 million to $4.5 million |
| ASAT Holdings Reports Q2 2003 Financial Results |
Page 3 of 6 |
| Contacts: |
||
| Stan Baumgartner |
Jim Fanucchi | |
| Chief Financial Officer |
Stapleton Communications Inc. | |
| Hong Kong |
Palo Alto, CA | |
| 852-2439-8788 |
650-470-4237 | |
| ASAT Holdings Reports Q2 2003 Financial Results |
Page 4 of 6 |
| Three Months Ended | ||||
| |
| |||
| Market Segment |
% of Net Revenues |
% of Net Revenues | ||
| Communications |
62 |
64 | ||
| Consumer |
17 |
15 | ||
| PC/Computing |
4 |
3 | ||
| Industrial, Automotive & Other |
17 |
18 | ||
| Three Months Ended | ||||
| |
| |||
| Region |
% of Net Revenues |
% of Net Revenues | ||
| United States |
78 |
92 | ||
| Europe |
20 |
7 | ||
| Asia |
2 |
1 | ||
| Three Months Ended | ||||
| |
| |||
| Customer Type |
% of Net Revenues |
% of Net Revenues | ||
| Fabless |
44 |
48 | ||
| IDM |
56 |
52 | ||
| ASAT Holdings Reports Q2 2003 Financial Results |
Page 5 of 6 |
| Three Months Ended |
Six Months Ended |
|||||||||||||||||||
| 2002 |
2002
|
2001 |
2002 |
2001 |
||||||||||||||||
| (Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
||||||||||||||||
| Net Sales |
|
40,719 |
|
|
35,098 |
|
|
27,052 |
|
|
75,817 |
|
|
52,078 |
| |||||
| Total cost of sales (Note 1) |
|
34,753 |
|
|
38,678 |
|
|
37,327 |
|
|
73,431 |
|
|
71,145 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Gross profit (loss) |
|
5,966 |
|
|
(3,580 |
) |
|
(10,275 |
) |
|
2,386 |
|
|
(19,067 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Operating expenses: |
||||||||||||||||||||
| Selling, general and administrative |
|
5,848 |
|
|
6,971 |
|
|
7,712 |
|
|
12,819 |
|
|
15,814 |
| |||||
| Research and development |
|
1,314 |
|
|
1,500 |
|
|
1,702 |
|
|
2,814 |
|
|
3,242 |
| |||||
| Reorganization expenses |
|
— |
|
|
128 |
|
|
485 |
|
|
128 |
|
|
2,317 |
| |||||
| Impairment of construction in progress (Note 4) |
|
— |
|
|
— |
|
|
4,500 |
|
|
— |
|
|
4,500 |
| |||||
| Impairment of property, plant and equipment (Note 3) |
|
— |
|
|
59,189 |
|
|
— |
|
|
59,189 |
|
|
— |
| |||||
| Assets written off in relation to ASAT SA |
|
— |
|
|
— |
|
|
24,285 |
|
|
— |
|
|
24,285 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Total operating expenses |
|
7,162 |
|
|
67,788 |
|
|
38,684 |
|
|
74,950 |
|
|
50,158 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Loss from operations |
|
(1,196 |
) |
|
(71,368 |
) |
|
(48,959 |
) |
|
(72,564 |
) |
|
(69,225 |
) | |||||
| Other income, net |
|
551 |
|
|
351 |
|
|
770 |
|
|
902 |
|
|
1,642 |
| |||||
| Interest expense: |
||||||||||||||||||||
| — amortization of deferred charges |
|
(233 |
) |
|
(233 |
) |
|
(228 |
) |
|
(466 |
) |
|
(458 |
) | |||||
| — third parties |
|
(3,293 |
) |
|
(2,851 |
) |
|
(3,362 |
) |
|
(6,144 |
) |
|
(6,724 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Loss before income taxes |
|
(4,171 |
) |
|
(74,101 |
) |
|
(51,779 |
) |
|
(78,272 |
) |
|
(74,765 |
) | |||||
| Income tax benefit |
|
294 |
|
|
11,671 |
|
|
2,284 |
|
|
11,965 |
|
|
4,932 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Net loss |
|
(3,877 |
) |
|
(62,430 |
) |
|
(49,495 |
) |
|
(66,307 |
) |
|
(69,833 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| EBITDA (Note 2) |
|
5,439 |
|
|
804 |
|
|
(5,465 |
) |
|
6,243 |
|
|
(13,851 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Depreciation and amortization |
|
6,635 |
|
|
9,848 |
|
|
10,224 |
|
|
16,483 |
|
|
20,272 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Net loss per ADS: |
||||||||||||||||||||
| Basic: |
||||||||||||||||||||
| Net loss |
$ |
(0.03 |
) |
$ |
(0.47 |
) |
$ |
(0.37 |
) |
$ |
(0.50 |
) |
$ |
(0.52 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Basic weighted average number of ADS outstanding |
|
133,789,400 |
|
|
133,789,400 |
|
|
133,862,373 |
|
|
133,789,400 |
|
|
133,895,558 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Net loss per ordinary share: |
||||||||||||||||||||
| Basic: |
||||||||||||||||||||
| Net loss |
$ |
(0.01 |
) |
$ |
(0.09 |
) |
$ |
(0.07 |
) |
$ |
(0.10 |
) |
$ |
(0.10 |
) | |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Basic weighted average number of ordinary shares outstanding |
|
668,947,000 |
|
|
668,947,000 |
|
|
669,311,864 |
|
|
668,947,000 |
|
|
669,477,788 |
| |||||
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Note 1: |
Includes provision for inventory writedown in the amount of $4,000, $3,007 and $270 respectively for the October 2001, July 2002 and October 2002
quarters. | |
| Note 2: |
EBITDA is defined as Loss from operations plus depreciation and amortization plus specific charges and inventory write-down except inventory write-down for
October 2002 quarter. $ 270 inventory write-down in October 2002 quarter were not added back to EBIDTA as those were within normal operations. | |
| Note 3: |
Represents $59,189 non-cash charge for the write-off and impairment related to cetain property, plant and equipment in the July 2002 quarter.
| |
| Note 4: |
Specific charge incurred for nonrecoverable & unutilized architectural costs related to former China location. |
| ASAT Holding Reports Q2 2003 Financial Results |
Page 6 of 6 |
| 2002 |
2002 |
2001 |
|||||||
| ASSETS |
|||||||||
| Current assets: |
|||||||||
| Cash and cash equivalents |
24,160 |
|
31,732 |
|
52,700 |
| |||
| Accounts receivable, net |
23,164 |
|
17,362 |
|
11,536 |
| |||
| Inventories |
9,644 |
|
7,964 |
|
11,133 |
| |||
| Prepaid expenses and other current assets |
5,675 |
|
4,820 |
|
5,419 |
| |||
| |
|
|
|
|
| ||||
| Total current assets |
62,643 |
|
61,878 |
|
80,788 |
| |||
| Restricted Cash (Note |