ASTT
Now I know that below is old news but given the renewed interest in the semis I don't think this looks like a $2 stock..
ASAT Holdings Limited Reports First Quarter Fiscal 2004 Results
Tuesday August 26, 4:00 am ET
Revenue Increases 28 Percent Sequentially and 25 Percent Year-Over-Year
HONG KONG and FREMONT, Calif., Aug. 26 /PRNewswire-FirstCall/ -- ASAT Holdings Limited (Nasdaq: ASTT - News), a global provider of semiconductor package design, assembly and test services, today announced financial results for the first quarter of fiscal year 2004, ended July 31, 2003.
(Logo: newscom.com )
Net revenue in the first quarter was $44.0 million, an increase of 28 percent compared with $34.5 million in the fourth quarter of fiscal 2003, and an increase of 25 percent compared with $35.1 million in the same period a year ago.
First quarter GAAP net loss was $3.3 million, or a loss of $0.03 per American Depository Share (ADS), and includes a one-time facilities charge of $306,000 for ASAT Inc. This compares with a GAAP net loss for the fourth quarter of fiscal 2003 of $27.1 million, or a loss of $0.20 per ADS, and included an asset impairment charge of $22.6 million and one-time severance benefits of $585,000. GAAP net loss for the first quarter of fiscal 2003 was $62.4 million, or a loss of $0.47 per ADS, and included a non-cash asset impairment charge of $59.2 million, a $3.0 million non-cash charge for the write off of specific inventories and one-time severance benefits of $128,000.
EBITDA* for the first quarter was $6.1 million, or 13.8 percent of net revenue. This compares with an EBITDA* of $3.6 million, or 10.4 percent of net revenue in the previous quarter, and an EBITDA* of $800,000, or 2.3 percent of net revenue in the first quarter of fiscal 2003. The increase in EBITDA* is a direct result of revenue growth and cost reduction efforts.
"The positive financial results we are reporting today -- significantly increasing revenue both sequentially and year-over-year, achieving our fifth consecutive quarter of positive EBITDA* and generating $4.6 million in cash from operations -- are evidence that we are increasing market share, driving down costs, improving our overall equipment utilization, and capitalizing on both core and advanced packaging technologies," said Harry R. Rozakis, chief executive officer of ASAT Holdings Limited.
"In addition to increasing revenue, our key objectives for the first quarter were to prepare for growth and continue to diversify the markets we serve," said Mr. Rozakis. "We successfully attained important milestones on the way to achieving these objectives during the quarter by completing construction of our China manufacturing facility, selecting leading-edge operating software from SAP and Camstar, adding new test capacity, and increasing our market penetration in the PC/Computing segment. Our market diversification strategy will continue to evolve in fiscal 2004 with the production of our fully integrated system-in-package product family, which we announced earlier this month."
"The financial and operational results for the first quarter reflect our commitment to managing our costs and improving operational efficiencies without limiting our ability to grow our top line," said Robert J. Gange, chief financial officer of ASAT Holdings Limited. "In addition to our significant sequential revenue growth, our gross margin increased to 16.4 percent from 10.3 percent in the fourth quarter, due to increased revenues, improved sales mix and continued cost reduction efforts."
Additional first quarter results include:
-- Net revenues for assembly were $39.0 million, an increase of 27 percent
sequentially.
-- Net revenues for test were $5.0 million, an increase of 31 percent from
the previous quarter.
-- Capital expenditures in the first quarter were $1.8 million compared
with $882,000 in the previous quarter.
-- Cash at the end of the first quarter, excluding $281,000 of restricted
cash, was $28.6 million. This compares with $25.8 million, which
excluded $1.5 million of restricted cash, in the fourth quarter of
fiscal 2003.
Outlook and Guidance
"We have made solid progress in our effort to return to profitability by remaining continuously focused on increasing revenues, reducing our cost structure and improving operational efficiencies. Based on our long-term growth strategies and the positive trends taking place in our industry, we believe we will achieve sequential revenue growth in the second quarter," said Mr. Rozakis. "During the remainder of fiscal 2004 we will incur expenses associated with our new China manufacturing facility. While these additional costs for China will impact our earnings in the short-term, we nevertheless expect to achieve significant manufacturing cost savings over the long-term."
In the second quarter of fiscal 2004, ending October 31, 2003, ASAT expects revenue to increase 4 to 8 percent sequentially and GAAP earnings per ADS to be in the range of a net loss of $0.04 to net income of $0.00. |
